Internal Revenue Bulletins  

December 27, 1999

Internal Revenue Bulletin No. 1999-52

Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.


Rev. Proc. 99-50(PDF, 22K)
Combined information reporting. Combined information reporting by a successor business entity following a merger or acquisition is permitted in certain situations. Rev. Proc. 90-57 and Rev. Rul. 69-556 modified and superseded.

Rev. Rul. 99-58(PDF, 11K)
Continuity of interest on repurchase of issuer's shares. This ruling holds that an open market repurchase of shares through a broker, following a potential reorganization, has no effect on continuity of interest in a potential reorganization.�

T.D. 8847(PDF, 104K)
Final regulations under section 743, 755, and 1017 of the Code provide guidance to partnerships and their partners concerning the optional adjustments to the basis of partnership property, the allocation of basis adjustments among partnership assets, and the computation of a partner's share of the adjusted basis of depreciable partnership property.�


Notice 99-61(PDF, 6K)
Weighted average interest rate update. The weighted average interest rate for December 1999 and the resulting permissible range of interest rates used to calculate current liabilities for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth.�


Announcement 99-115(PDF, 8K)
A list is given of organizations now classified as private foundations.


Announcement 99-116(PDF, 19K)
This document corrects the Actions on Decisions published in 1999-35 I.R.B. 314. All 7 footnotes describing the "Acquiescence" or "Nonacquiescence" in each decision included the words "in result only," which were erroneous. The correct footnotes are printed in this announcement.

Notice 99-59(PDF, 12K)
Tax avoidance using distributions of encumbered property. Taxpayers and their representatives are alerted that the purported losses arising from certain types of transactions are not properly allowable for federal income tax purposes. Also, the Service may impose penalties on participants in these transactions or, as applicable on persons who participate in the promotion or reporting of these transactions.�

Notice 99-60(PDF, 7K)
Information reporting; royalty payments; Indians. Taxpayers are informed that the information reporting requirements of section 6050N of the Code do no apply to payments of royalties that are not subject to income tax because they are derived directly by a noncompetent Indian from allotted and restricted land under the General Allotment Act of similar acts.�

Rev. Proc. 99-49(PDF, 169K)
Methods of accounting; automatic consent. Procedures are provided under which a taxpayer may obtain automatic consent of the Commissioner to change certain methods of accounting. Rev. Proc. 98-60 modified and superseded.�

Rev. Proc. 99-51(PDF, 8K)
This procedure amplifies section 5 of Rev. Proc. 99-3, which sets forth areas of the Code under the jurisdiction of the Associate Chief Counsel (Domestic) in which the Service will not issue advance rulings or determination letters. The following issue is added to those listed in section 5: Whether a state law limited partnership electing under section 301.7701-3 to be classified as an association taxable as a corporation has more than one class of stock for purposes of section 1361(b)(1)(D). Rev. Proc. 99-3 amplified.�

T.D. 8848(PDF, 16K)
This rule establishes the procedures under which the Service may use penalty mail to aid in the location and recovery of missing children.�



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