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.
INCOME TAX
Rev. Rul. 96-31(PDF, 16K)
LIFO; price indexes; department stores. The April 1996 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, April 30, 1996.
Rev. Rul. 96-32(PDF, 21K)
Involuntary conversion of a residence; deduction for qualified residence interest. If a principal residence is destroyed, and the land portion is later sold, gain on the scale may be deferred under section 1033(a) if the requirements of that section are met. Taxpayers may continue to deduct otherwise deductible mortgage interest on a destroyed residence during a reasonable period between the destruction of the residence and its sale or reconstruction and reoccupation.
EXEMPT ORGANIZATIONS
Announcement 96-59(PDF, 17K)
A list is given of organizations now classified as private foundations.
ADMINISTRATIVE
Announcement 96-57(PDF, 13K)
The schedule, agenda and registration information for the 1996 Information Reporting Seminars for magnetic/electronic filing is published. Members of the public may register to attend one or more of these seminars.
Announcement 96-58(PDF, 12K)
T.D. 8658, 1996-14 I.R.B. 13, relating to the determination of the interest expense deduction of foreign corporations, is corrected.
Notice 96-35(PDF, 8K)
As part of the President's Regulatory Reinvention Initiative, certain listed regulations have been identified as obsolete. Public comments are requested.
PS-5-96(PDF, 26K)
Proposed regulations under section 708 of the Code relate to the termination of a partnership upon the sale or exchange of 50 percent or more of the total interest in partnership capital and profits.
Rev. Proc. 96-35(PDF, 48K)
Magnetic/Electronic Media Filing Program; Form 1040NR. Participants in the 1996 Magnetic/Electronic Media Program for Form 1040NR, U.S. Nonresident Alien Income Tax Return, are informed of their obligations to the Service and other participants.
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