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. 97-48(PDF, 12K)
This ruling revokes Rev. Rul. 75-7, 1975-1 C.B. 244, and holds that the activities of a contract manufacturer cannot be attributed to a controlled foreign corporation for purposes of either section 954(d)(1) or section 954(d)(2) of the Code to determine whether the income of a controlled foreign corporation is foreign base company sales income. The ruling, however, provides section 7805(b) relief for taxable years of a controlled foreign corporation beginning before December 8,1997. Rev. Rul. 75-7 revoked.
Rev. Rul. 97-50(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 December 1997.
Rev. Rul. 97-51(PDF, 17K)
Loan to community development corporation is eligible for general business credit. The full amount of the loan made to a community development corporation (CDC) is a "transfer of cash" to the CDC for purposes of the definition of a "qualified CDC contribution."
EXEMPT ORGANIZATIONS
Announcement 97-117(PDF, 16K)
A list is provided of organizations now classified as private foundations.
Announcement 97-118(PDF, 12K)
A list is provided of organizations that no longer qualify as organizations for which contributions are deductible under section 170 of the Code.
ADMINISTRATIVE
Notice 97-62(PDF, 16K)
This notice provides up to a 90-day extension of time to perform any act described in section 7508(a)(1) of the Code for taxpayers located in Grand Forks County, North Dakota, and Polk County, Minnesota, including filing and paying federal income tax.
Notice 97-70(PDF, 12K)
This notice modifies Notice 97-9, 1997-2 I.R.B. 35, to incorporate the amendment made to adoption credit rules regarding the year(s) in which the credit for certain qualified adoption expenses is allowed.
Notice 97-71(PDF, 15K)
This notice provides tables which show the amount of an individual's income that is exempt from a notice of levy used to collect delinquent tax in 1998.
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