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. Proc. 96-41(PDF, 36K)
Tax-exempt bonds; arbitrage. If an issuer of state or local bonds used the proceeds of those bonds to pay more than fair market value for non-purpose investments deposited into an advance refunding escrow, procedures are provided for an issuer to request a closing agreement pursuant to which the purchase of those investments alone will not cause sections 103(b)(2) and 148 of the Code to apply to those bonds.

Rev. Rul. 96-37(PDF, 16K)
Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for August 1996.

Announcement 96-69(PDF, 23K)
A list is given of organizations now classified as private foundations.

Announcement 96-70(PDF, 14K)
The Frank Nappi Foundation no longer qualifies as an organization to which contributions are deductible under section 170 of the Code.

Rev. Proc. 96-40(PDF, 18K)
Exempt organizations holding group exemption letters should file the annual reports required to maintain a group exemption letter at the Ogden Service Center. Rev. Proc. 80-27 modified.

Notice 96-39(PDF, 20K)
This notice states that the Service disagrees with the Eighth Circuit's decision in Brown Group v. Commissioner 77 F.3d 217 (8th Cir. 1996), vacating and remanding 104 T.C. 105 (1995). Also, the Service intends to issue regulations under subpart F confirming that whether a controlled foreign corporation ("CFC") partner's distributive share of partnership income is subpart F income generally is determined at the CFC partner level.

Rev. Proc. 96-42(PDF, 118K)
Requirements are set forth for reproducing paper substitutes for Forms 1096, 1098, 1099 series, 5498, and W-2G, and for furnishing substitute statements to form recipients. Rev. Proc. 89-42 superseded.