# Bulletin No. 1997–45

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Internal Revenue

bulletin

Bulletin No. 1997–45
November 10, 1997

HIGHLIGHTS
OF THIS ISSUE

These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.

INCOME TAX
Rev. Rul. 97–44, page 5.
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 November 1997.

Rev. Proc. 97–51, page 9.
Section 911(d)(4) waiver. Guidance is provided to individuals who fail to meet the eligibility requirements of section
911(d)(1) of the Code because adverse conditions in a foreign
country preclude the individual from meeting those requirements. A current list of countries and the dates those countries are subject to the section 911(d)(4) waiver is provided.

EMPLOYEE PLANS
Notice 97–58, page 7.
Retirement plans; 1998 cost-of-living adjustments.
Cost-of-living adjustments, effective January 1, 1998, applicable to the dollar limits on benefits under qualified defined
benefit pension plans and to other provisions affecting certain plans of deferred compensation, are set forth.

EXEMPT ORGANIZATIONS
Announcement 97–110, page 14.
A list is provided of organizations that no longer qualify as

organizations to which contributions are deductible under
section 170 of the Code.

ADMINISTRATIVE
Rev. Proc. 97–50, page 8.
Year 2000 costs; computer software. Guidelines are provided for the examination of federal income tax returns involving the costs paid or incurred by a taxpayer in its trade
or business to convert or replace computer software to recognize dates beginning in the year 2000.

Notice 97–59, page 7.
Capital gains and losses; rates. Taxpayers are informed
of rules for netting capital gains and losses under recently
amended section 1(h) of the Code (which provides new capital gains tax rates) and how Code section 1(h) coordinates
with other provisions of the Code.

Announcement 97–106, page 11.
As a result of the Taxpayer Relief Act of 1997, changes to
reporting requirements for 1997 Forms 1099–S and
1099–LTC are provided.

Announcement 97–109, page 12.
As a result of the Taxpayer Relief Act of 1997, changes for
certain 1996 and 1997 forms are provided to reflect
changes in the capital gains tax rates.

Finding Lists begin on page 19.
Announcement of Disbarments and Suspensions begins on page 15.
Announcement of Declaratory Judgement Proceedings Under Section 7428 begins on page 14.

Department of the Treasury
Internal Revenue Service

Mission of the Service
ucts and services; and perform in a manner warranting
the highest degree of public confidence in our integrity, efficiency, and fairness.

The purpose of the Internal Revenue Service is to collect
the proper amount of tax revenue at the least cost; serve
the public by continually improving the quality of our prod-

Statement of Principles
of Internal Revenue
Tax Administration
The Service also has the responsibility of applying and
administering the law in a reasonable, practical manner.
Issues should only be raised by examining officers when
they have merit, never arbitrarily or for trading purposes.
At the same time, the examining officer should never hesitate to raise a meritorious issue. It is also important that
care be exercised not to raise an issue or to ask a court to
adopt a position inconsistent with an established Service
position.

The function of the Internal Revenue Service is to administer the Internal Revenue Code. Tax policy for raising revenue
is determined by Congress.
With this in mind, it is the duty of the Service to carry out that
policy by correctly applying the laws enacted by Congress;
to determine the reasonable meaning of various Code provisions in light of the Congressional purpose in enacting them;
and to perform this work in a fair and impartial manner, with
neither a government nor a taxpayer point of view.

Administration should be both reasonable and vigorous. It
should be conducted with as little delay as possible and
with great courtesy and considerateness. It should never
try to overreach, and should be reasonable within the
bounds of law and sound administration. It should, however, be vigorous in requiring compliance with law and it
should be relentless in its attack on unreal tax devices and
fraud.

At the heart of administration is interpretation of the Code. It
is the responsibility of each person in the Service, charged
with the duty of interpreting the law, to try to find the true
meaning of the statutory provision and not to adopt a
strained construction in the belief that he or she is “protecting the revenue.” The revenue is properly protected only
when we ascertain and apply the true meaning of the statute.

2

Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly and may be obtained
from the Superintendent of Documents on a subscription
basis. Bulletin contents of a permanent nature are consolidated semiannually into Cumulative Bulletins, which are sold
on a single-copy basis.

dures must be considered, and Service personnel and others concerned are cautioned against reaching the same conclusions in other cases unless the facts and circumstances
are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.

It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management are not published; however, statements
of internal practices and procedures that affect the rights
and duties of taxpayers are published.

Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions, and Subpart B, Legislation and Related
Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to
these subjects are contained in the other Parts and Subparts. Also included in this part are Bank Secrecy Act Administrative Rulings. Bank Secrecy Act Administrative Rulings
are issued by the Department of the Treasury’s Office of the
Assistant Secretary (Enforcement).

Revenue rulings represent the conclusions of the Service on
the application of the law to the pivotal facts stated in the
revenue ruling. In those based on positions taken in rulings
to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature
are deleted to prevent unwarranted invasions of privacy and
to comply with statutory requirements.

Part IV.—Items of General Interest.
With the exception of the Notice of Proposed Rulemaking
and the disbarment and suspension list included in this part,
none of these announcements are consolidated in the Cumulative Bulletins.

Rulings and procedures reported in the Bulletin do not have
the force and effect of Treasury Department Regulations,
but they may be used as precedents. Unpublished rulings
will not be relied on, used, or cited as precedents by Service
personnel in the disposition of other cases. In applying published rulings and procedures, the effect of subsequent legislation, regulations, court decisions, rulings, and proce-

The first Bulletin for each month includes a cumulative index
for the matters published during the preceding months.
These monthly indexes are cumulated on a quarterly and
semiannual basis, and are published in the first Bulletin of the
succeeding quarterly and semiannual period, respectively.

The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC 20402.

3

Part I. Rulings and Decisions Under the Internal Revenue Code of 1986
Section 42.—Low-Income
Housing Credit
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

Section 55.—Alternative
Minimum Tax Imposed
How does § 1(h), as amended by the Taxpayer
Relief Act of 1997, coordinate with the alternative
minimum tax provisions. See Notice 97–59,
page 7.

Section 280G.—Golden
Parachute Payments
Federal short-term, mid-term, and long-term
rates are set forth for the month of November 1997.
See Rev. Rul. 97–44, page 5.

Section 382.—Limitation on Net
Operating Loss Carryforwards
and Certain Built-In Losses
Following Ownership Change
The adjusted federal long-term rate is set forth
for the month of November 1997. See Rev. Rul.
97–44, page 5.

Section 412.—Minimum
Funding Standards
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

Section 446.—General Rule for
Methods of Accounting
26 CFR 1.446–1: General rule for methods of
accounting.
What procedures should taxpayers follow to obtain automatic consent to change their method of accounting for costs paid or incurred to convert or replace computer software to recognize dates
beginning in the year 2000. See Rev. Proc. 97–50,
page 8.

Section 468.—Special Rules for
Mining and Solid Waste
Reclamation and Closing Costs
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

Section 481.—Adjustments
Required by Changes in Method
of Accounting
26 CFR 1.481–1: Adjustments in general.
26 CFR 1.481–4: Adjustments taken into account
with consent.
What procedures should taxpayers follow to obtain automatic consent to change their method of accounting for costs paid or incurred to convert or replace computer software to recognize dates
beginning in the year 2000. See Rev. Proc. 97–50,
page 8.

Section 482.—Allocation of
Income and Deductions Among
Taxpayers
Federal short-term, mid-term, and long-term
rates are set forth for the month of November 1997.
See Rev. Rul. 97–44, page 5.

Section 483.—Interest on
Certain Deferred Payments

26 CFR 1.911–1: Partial exclusion for earned
income from sources within a foreign country
and foreign housing costs.
Guidance is provided to individuals who fail to
meet the eligibility requirements of section 911(d)(1) of the Internal Revenue Code because adverse
conditions in a foreign country preclude the individual from meeting those requirements. A current list
of countries and the dates those countries are subject
to the section 911(d)(4) waiver is provided. See Rev.
Proc. 97–51, page 9.

Section 1222.—Other Terms
Relating to Capital Gains and
Losses
What are the rules for netting gains and losses
under § 1(h), as amended by the Taxpayer Relief Act
of 1997. See Notice 97–59, page 7.

Section 1223.—Holding Period
of Property
How does § 1(h), as amended by the Taxpayer
Relief Act of 1997, coordinate with the rules for determining the holding period of property under
§ 1223. See Notice 97–59, page 7.

The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

Section 1231.—Property Used
in the Trade or Business and
Involuntary Conversions

Section 642.—Special Rules for
Credits and Deductions

What are the rules for netting gains and losses
under § 1(h), as amended by the Taxpayer Relief Act
of 1997. See Notice 97–59, page 7.

Federal short-term, mid-term, and long-term
rates are set forth for the month of November 1997.
See Rev. Rul. 97–44, page 5.

Section 807.—Rules for Certain
Reserves
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

Section 467.—Certain
Payments for the Use of
Property or Services

Section 846.—Discounted
Unpaid Losses Defined

The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

November 10, 1997

Section 911.—Citizens or
Residents of the United States
Living Abroad

4

Section 1235.—Sale or
Exchange of Patents
How does § 1(h), as amended by the Taxpayer
Relief Act of 1997, coordinate with the rules for the
sale or exchange of patents under § 1235. See Notice
97–59, page 7.

Section 1250.—Gains From
Dispositions of Certain
Depreciable Realty
What are the rules for netting gains and losses
under § 1(h), as amended by the Taxpayer Relief Act
of 1997. See Notice 97–59, page 7.

1997–45 I.R.B.

Section 1256.—Section 1256
Contracts Marked to Market
How does § 1(h), as amended by the Taxpayer
Relief Act of 1997, coordinate with the rules for gain
or loss from section 1256 contracts. See Notice
97–59, page 7.

Section 1274.—Determination
of Issue Price in the Case of
Certain Debt Instruments Issued
for Property
(Also Sections 42, 280G, 382, 412, 467, 468, 482,
483, 642, 807, 846, 1288, 7520, 7872.)

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 November 1997.

Rev. Rul. 97–44
This revenue ruling provides various
prescribed rates for federal income tax
purposes for November 1997 (the current
month.) Table 1 contains the short-term,
mid-term, and long-term applicable federal rates (AFR) for the current month for
purposes of section 1274(d) of the Internal Revenue Code. Table 2 contains the
short-term, mid-term, and long-term adjusted applicable federal rates (adjusted

AFR) for the current month for purposes
of section 1288(b). Table 3 sets forth the
adjusted federal long-term rate and the
long-term tax-exempt rate described in
section 382(f). Table 4 contains the appropriate percentages for determining the
low-income housing credit described in
section 42(b)(2) for buildings placed in
service during the current month. Finally,
Table 5 contains the federal rate for determining the present value of an annuity, an
interest for life or for a term of years, or a
remainder or a reversionary interest for
purposes of section 7520.

REV. RUL. 97–44 TABLE 1
Applicable Federal Rates (AFR) for November 1997
Period for Compounding
Annual

Semiannual

Quarterly

Monthly

Short-Term
AFR
110% AFR
120% AFR
130% AFR

5.69%
6.27%
6.84%
7.42%

5.61%
6.17%
6.73%
7.29%

5.57%
6.12%
6.67%
7.22%

5.55%
6.09%
6.64%
7.18%

Mid-Term
AFR
110% AFR
120% AFR
130% AFR
150% AFR
175% AFR

6.10%
6.72%
7.34%
7.96%
9.22%
10.80%

6.01%
6.61%
7.21%
7.81%
9.02%
10.52%

5.97%
6.56%
7.15%
7.74%
8.92%
10.39%

5.94%
6.52%
7.10%
7.69%
8.86%
10.30%

Long-Term
AFR
110% AFR
120% AFR
130% AFR

6.42%
7.07%
7.72%
8.39%

6.32%
6.95%
7.58%
8.22%

6.27%
6.89%
7.51%
8.14%

6.24%
6.85%
7.46%
8.08%

1997–45 I.R.B.

5

November 10, 1997

REV. RUL. 97–44 TABLE 2
Adjusted AFR for November 1997
Period for Compounding
Annual

Semiannual

Quarterly

Monthly

Short-term
adjusted AFR

3.92%

3.88%

3.86%

3.85%

Mid-term
adjusted AFR

4.35%

4.30%

4.28%

4.26%

Long-term
adjusted AFR

5.15%

5.09%

5.06%

5.04%

REV. RUL. 97–44 TABLE 3
Rates Under Section 382 for November 1997
Adjusted federal long-term rate for the current month

5.15%

Long-term tax-exempt rate for ownership changes during the current month (the highest of the
adjusted federal long-term rates for the current month and the prior two months.)

5.27%

REV. RUL. 97–44 TABLE 4
Appropriate Percentages Under Section 42(b)(2) for November 1997
Appropriate percentage for the 70% present value low-income housing credit

8.47%

Appropriate percentage for the 30% present value low-income housing credit

3.63%

REV. RUL. 97–44 TABLE 5
Rate Under Section 7520 for November 1997
Applicable federal rate for determining the present value of an annuity, an interest for life or a
term of years, or a remainder or reversionary interest

Section 1288.—Treatment of
Original Issue Discount on
Tax-Exempt Obligations
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

November 10, 1997

Section 7520.—Valuation
Tables
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5

6

7.4%

Section 7872.—Treatment of
Loans with Below-Market
Interest Rates
The adjusted applicable federal short-term, midterm, and long-term rates are set forth for the month
of November 1997. See Rev. Rul. 97–44, page 5.

1997–45 I.R.B.

Part III. Administrative, Procedural, and Miscellaneous
1998 Pension Plan Limitations,
Etc.1
Notice 97–58
Section 415 of the Internal Revenue
Code (the Code) provides for dollar limitations on benefits and contributions
under qualified plans. Section 415 also
requires that the Commissioner annually
adjust these limits for cost-of-living increases. Other limitations applicable to
deferred compensation plans are also affected by these adjustments.
Effective January 1, 1998, the limitation for the annual benefit under § 415(b)(1)(A) for defined benefit plans is increased from $125,000 to $130,000. For
participants who separated from service
before January 1, 1998, the limitation for
defined benefit plans under § 415(b)(1)(B) is computed by multiplying the
participant’s compensation limitation, as
adjusted through 1997 by 1.0220. The
limitation for defined contribution plans
under § 415(c)(1)(A) remains unchanged
at $30,000.
The Code provides that various other
dollar amounts are to be adjusted at the
same time and in the same manner as the
dollar limitation of § 415(b)(1)(A) is adjusted. These dollar amounts and the adjusted amounts are as follows:
The dollar limitation on early retirement benefits for qualified police or firefighters in a defined benefit plan was
amended by § 1527 of the Taxpayer Relief Act of 1997 (TRA ‘97), effective for
years beginning after December 31, 1996.
This section amended § 415(b)(2)(G) of
the Code so that the dollar limitation for
qualified police or firefighters is not reduced where the benefit begins before the
social security retirement age.
The limitation on the exclusion for
elective deferrals under § 402(g)(1) is increased from $9,500 to $10,000.
The dollar amount under § 409(o)(1)(C)(ii) for determining the maximum account balance in an employee stock ownership plan subject to a 5-year distribution
period is increased from $710,000 to
$725,000, while the dollar amount used to
determine the lengthening of the 5-year
1Based on News Release IR-97-41, dated October 22, 1997.

1997–45 I.R.B.

distribution period is increased from
$140,000 to $145,000.
The excess distribution and excess retirement accumulation tax was repealed by
§ 1073 of TRA ‘97, effective for excess
distributions received after, and to estates
of decedents dying after, December 31,
1996. This section of TRA ‘97 repealed
§ 4980A of the Code, thereby removing
the threshold amount under § 4980A(c)(1)(B) regarding excess distributions.
The limitation used in the definition of
highly compensated employee under
§ 414(q)(1)(B) remains unchanged at
$80,000.
The annual compensation limit under
§§ 401(a)(17) and 404(l) remains unchanged at $160,000. The annual compensation limit under § 401(a)(17) for eligible participants in certain governmental
plans that, under the plan as in effect on
July 1, 1993, allowed cost-of-living adjustments to the compensation limitation
under the plan under § 401(a)(17) to be
taken into account, is $265,000.
The compensation amount under
§ 408(k)(2)(C) regarding simplified employee pension plans (SEPs) remains unchanged at $400. The compensation
amount under § 408(k)(3)(C) for SEPs remains unchanged at $160,000.
The limitation under § 408(p)(2)(A) regarding simple retirement accounts remains unchanged at $6,000.
The limitation on deferrals under
§ 457(b)(2) and (c)(1) concerning eligible
deferred compensation plans of state and
local governments and of tax-exempt organizations is increased from $7,500 to
$8,000.
Administrators of defined benefit or defined contribution plans that have received
favorable determination letters should not
request new determination letters solely
because of yearly amendments to adjust
maximum limitations in the plans.

Capital Gains Rates
Notice 97–59
PURPOSE
The Taxpayer Relief Act of 1997 (the
“1997 Act”) amended § 1(h) of the Inter-

7

nal Revenue Code (“new § 1(h)”) to provide for new capital gains rates for noncorporate taxpayers (individuals, estates,
and trusts), effective for tax years ending
after May 6, 1997. Pub. L. No. 105–34,
§ 311, 111 Stat. 788 (Aug. 5, 1997). The
chairmen and ranking members of both
the House Ways and Means Committee
and the Senate Finance Committee have
advised the Department of the Treasury of
their intent to pursue technical corrections
legislation which would correct and clarify the rules for netting capital gains and
losses under new § 1(h) and coordinate
new § 1(h) with certain other provisions
of the Code. Such legislation has already
been approved by the House Ways and
Means Committee. See H.R. 2645, 105th
Cong. § 4(d) (1997). When enacted, the
legislation will be effective retroactively
for tax years ending after May 6, 1997.
This notice summarizes new § 1(h) and
describes how the Internal Revenue Service is taking into account the pending
retroactive legislative corrections in administering the provision.
BACKGROUND
Under prior law, capital gains were
taxed at the same rate as ordinary income,
except that a noncorporate taxpayer was
subject to a maximum marginal rate of 28
percent on net capital gain. Under
§ 1222, net capital gain is the excess of
net long- term capital gain (from assets
held for more than one year) over net
short-term capital loss (from assets held
for one year or less).
The definitions of net capital gain, net
long-term capital gain or loss, and net
short-term capital gain or loss were not
changed by the 1997 Act. However,
under new § 1(h), if a noncorporate taxpayer has a net capital gain, the taxpayer’s
long-term capital gains and losses are separated into three tax rate groups.
(1) The 28-percent group. The 28-percent group consists of the following:
(a) capital gains and losses properly
taken into account before May 7, 1997,
from assets held for more than one year;
(b) capital gains and losses properly
taken into account after July 28, 1997,
from assets held for more than one year
but not more than 18 months; and

November 10, 1997

(c) capital gains and losses from collectibles (including works of art, rugs, antiques, metals, gems, stamps, coins, and
alcoholic beverages) held for more than
one year, regardless of the date taken into
account.
This group also includes long-term capital
loss carryovers. For sales of certain small
business stock after August 10, 1998, an
amount equal to the gain excluded under
§ 1202(a) will be included in the 28-percent group.
(2) The 25-percent group. The 25-percent group consists of unrecaptured section 1250 gain (there are no losses in this
group). Unrecaptured section 1250 gain
is long-term capital gain, not otherwise
recaptured as ordinary income, attributable to prior depreciation of real property
and which is from property held for more
than one year (if taken into account after
May 6, 1997, but before July 29, 1997), or
for more than 18 months (if taken into account after July 28, 1997).
(3) The 20-percent group. The 20-percent group (10 percent in the case of gain
that would otherwise be taxed at 15 percent) consists of long-term capital gains
and losses that are not in the 28-percent or
25-percent group. Thus, for 1997 a rate
of 20 or 10 percent applies to net capital
gain (other than collectibles gain or unrecaptured section 1250 gain) from capital
assets held for more than one year (if
taken into account after May 6 but before
July 29), or for more than 18 months (if
taken into account after July 28).
New § 1(h) also applies to gains and
losses that are characterized as capital
under § 1231, which covers certain transactions including sales of depreciable
property or real property used in a trade or
business. These gains and losses are included in the appropriate rate group, depending on the holding period and disposition date of the particular asset.
NETTING GAINS AND LOSSES
Within each group, gains and losses are
netted to arrive at a net gain or loss. Taking into account the pending legislation,
the following additional netting and ordering rules apply:
(1) Short-term capital gains and losses.
As under prior law, short-term capital
losses (including short-term capital loss
carryovers) are applied first to reduce
short-term capital gains, if any, otherwise

November 10, 1997

taxable at ordinary income rates. A net
short-term capital loss is then applied to
reduce any net long-term gain from the
28-percent group, then to reduce gain
from the 25-percent group, and finally to
reduce net gain from the 20-percent
group.
(2) Long-term capital gains and losses.
A net loss from the 28-percent group (including long-term capital loss carryovers)
is used first to reduce gain from the 25percent group, then to reduce net gain
from the 20-percent group. A net loss
from the 20-percent group is used first to
reduce net gain from the 28-percent
group, then to reduce gain from the 25percent group.
Any resulting net capital gain that is attributable to a particular rate group is
taxed at that group’s marginal tax rate.
COORDINATION WITH OTHER
PROVISIONS
The pending legislation coordinates the
multiple rates of new § 1(h) with certain
other provisions of the Code. Accordingly, the following rules apply:
(1) Holding periods. Under prior law,
certain inherited property, if disposed of
within one year after the decedent’s death,
was deemed to have been held for more
than one year under § 1223(11) or (12).
Such property, if disposed of within 18
months after the decedent’s death, is now
deemed to have been held for more than
18 months. A similar rule applies for certain patents described in § 1235(a). Gain
or loss from a section 1256 contract, to
the extent that it is treated as long-term
capital gain or loss under § 1256(a)(3), is
now treated as attributable to property
held for more than 18 months. Rules similar to those of § 1233(b) and (d) (involving short sales of substantially identical
property) and § 1092(f) (involving certain
stock options) apply with respect to property held for more than one year but not
more than 18 months.
(2) Recharacterized section 1231
gains. If a portion of the taxpayer’s net
section 1231 gain for the year is recharacterized as ordinary income under section
1231(c), the gain so recharacterized consists first of any net section 1231 gain in
the 28-percent group, then any section
1231 gain in the 25-percent group, and finally any net section 1231 gain in the 20percent group.

8

(3) Alternative minimum tax. Newlyenacted § 55(b)(3) provides favorable alternative minimum tax (“AMT”) rates for
certain categories of capital gain. The
amounts of these gains are determined according to the principles used for regular
tax purposes, although the AMT amounts
can vary from the regular tax amounts because of AMT adjustments and preferences.
FORMS AND PUBLICATIONS
The Service is amending relevant
forms, instructions, and publications (including Schedule D) to reflect the rules
set forth above.
DRAFTING INFORMATION
The principal author of this notice is
Susan J. Kassell of the Office of the Assistant Chief Counsel (Income Tax & Accounting). For further information regarding this notice contact Ms. Kassell at
(202) 622-4930 (not a toll-free call).

26 CFR 601.105: Examination of returns and
claims for refund, credit, or abatement;
determination of correct tax liability.
(Also Part I, §§ 41, 446, 481; 1.446–1, 1.481–1,
1.481–4)

Rev. Proc. 97–50
SECTION 1. PURPOSE
.01 This revenue procedure provides
guidelines to be used in connection with the
examination of federal income tax returns
involving the costs paid or incurred by a
taxpayer in its trade or business to convert
or replace computer software to recognize
dates beginning in the year 2000.
.02 This revenue procedure also provides procedures for a taxpayer to obtain
automatic consent to change to a method
of accounting described in this revenue
procedure.
SECTION 2. BACKGROUND
Many computer systems use two digits
rather than four digits to represent the
year in a date field (for example, “97” to
represent 1997). A two-digit year field,
however, may be inadequate to represent
years after 1999. For data involving the
year 2000, for example, computer systems may not recognize “00” as a year, or
may treat that year as 1900 instead of

1997–45 I.R.B.

2000. Thus, many computer systems may
fail to operate, or may operate improperly,
if the software is not converted or replaced to recognize four-digit years (i.e.,
made “year 2000 compliant”). In order to
ensure that their computer systems are
year 2000 compliant, taxpayers may pay
or incur costs to manually convert their
existing software, to develop new software to replace their existing software, to
purchase or lease new software to replace
their existing software, or to develop or
purchase software tools to assist them in
converting their existing software to be
year 2000 compliant (“year 2000 costs”).
SECTION 3. TREATMENT OF YEAR
2000 COSTS
Rev. Proc. 69–21, 1969–2 C.B. 303,
provides guidelines to be used in connection with the examination of federal income tax returns involving the costs paid
or incurred to develop, purchase, or lease
computer software. Year 2000 costs fall
within the purview of Rev. Proc. 69–21.
Accordingly, the Internal Revenue Service will not disturb a taxpayer’s treatment of its year 2000 costs if the taxpayer
treats these costs in accordance with section 3 of Rev. Proc. 69–21 (in the case of
developed software, including converted
software), section 4 of Rev. Proc. 69–21
(in the case of purchased software), or
section 5 of Rev. Proc. 69–21 (in the case
of leased software).
SECTION 4. RESEARCH CREDIT
Section 41 of the Internal Revenue
Code provides a credit against tax for increasing research activities. To be eligible for the research credit, expenditures
must be for activities satisfying the requirements of § 41 including the definition of “qualified research” in § 41(d).
Except in extraordinary circumstances,
year 2000 costs will not satisfy the definition of “qualified research” in § 41(d).
For example, year 2000 costs generally
do not involve research undertaken for the
purpose of discovering information that is
technological in nature where substantially all of the research activities constitute elements of a process of experimentation. Thus, a taxpayer that pays or incurs
year 2000 costs may not claim the research credit except in those extraordinary circumstances in which those costs
satisfy the definition of “qualified re-

1997–45 I.R.B.

search” in § 41(d) and otherwise meet all
the requirements of § 41.
SECTION 5. APPLICATION
Any change in a taxpayer’s treatment
of year 2000 costs to conform with section 3 of this revenue procedure is a
change in method of accounting to which
the provisions of §§ 446 and 481 and the
regulations thereunder apply. A taxpayer
wanting to change its method of accounting for year 2000 costs to conform with
section 3 of this revenue procedure must
follow the automatic change in accounting method provisions of Rev. Proc.
97–37, 1997–33 I.R.B. 18.
SECTION 6. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 69–21 is amplified. Rev.
Proc. 97–37 is amplified to include this
change in the Appendix.
DRAFTING INFORMATION
The principal author of this revenue
procedure is Kimberly L. Koch of the Office of Assistant Chief Counsel (Income
Tax and Accounting). For further information regarding this revenue procedure,
contact Ms. Koch on (202) 622-4950 (not
a toll-free call).

26 CFR 601.105: Examination of returns
and claims for refund, credit, or abatement;
determination of correct tax liability.
(Also Part I, § 911, 1.911–1)

Rev. Proc. 97–51
SECTION 1. PURPOSE
01. This revenue procedure provides
information to any individual who failed
to meet the eligibility requirements of
§ 911(d)(1) of the Internal Revenue Code
because adverse conditions in a foreign
country precluded the individual from
meeting those requirements for taxable
year 1996.
02. The Internal Revenue Service previously has listed countries for which the eligibility requirements of § 911(d)(1) of the
Code are waived under § 911(d)(4) because
of adverse conditions in those countries
during the time periods stated. See Rev.
Proc. 96–33, 1996–1 C.B. 720, Rev. Proc.
95–45, 1995–2 C.B. 421, Rev. Proc. 94–31,
1994–1 C.B. 625, and Rev. Proc. 94–15,

9

1994–1 C.B. 575. This revenue procedure
relists countries where the adverse conditions are still in effect. The Central African
Republic is added to the list for 1996. Rev.
Proc. 96–33, Rev. Proc. 95–45, Rev. Proc.
94–31, and Rev. Proc. 94–15 remain in full
force and effect; the older periods listed
therein are omitted from this revenue procedure solely for brevity.
SEC. 2. BACKGROUND
01. Section 911(a) of the Code allows a
“qualified individual,” as defined in
§ 911(d)(1), to exclude foreign earned income and housing cost amounts from
gross income. Section 911(c)(3) allows a
qualified individual to deduct housing
cost amounts from gross income.
02. Section 911(d)(1) of the Code defines the term “qualified individual” as an
individual whose tax home is in a foreign
country and who is (A) a citizen of the
United States and establishes to the satisfaction of the Secretary of the Treasury
that the individual has been a bona fide
resident of a foreign country or countries
for an uninterrupted period that includes
an entire taxable year, or (B) a citizen or
resident of the United States who, during
any period of 12 consecutive months, is
present in a foreign country or countries
during at least 330 full days.
03. Section 911(d)(4) of the Code provides an exception to the eligibility requirements of § 911(d)(1). An individual
will be treated as a qualified individual
with respect to a period in which the individual was a bona fide resident of, or was
present in, a foreign country if the individual left the country during a period for
which the Secretary of the Treasury, after
consultation with the Secretary of State,
determines that individuals were required
to leave because of war, civil unrest, or
similar adverse conditions that precluded
the normal conduct of business. An individual must establish that but for those
conditions the individual could reasonably have been expected to meet the eligibility requirements.
04. For purposes of § 911(d)(4) of the
Code, the Secretary of the Treasury in
consultation with the Secretary of State,
has determined that war, civil unrest, or
similar adverse conditions that precluded
the normal conduct of business existed in
the following countries during the specified periods:

November 10, 1997

Date of Departure
Country

On or After

On or Before

Afghanistan
Bosnia and Herzegovina
Central African Republic
Croatia
Iran
Lebanon
The Former Yugoslav Republic
of Macedonia
Montenegro1
Serbia1
Somalia

April 23, 1979
April 7, 1992
May 21, 1996
April 7, 1992
September 1, 1978
August 31, 1979

(still in effect)
(still in effect)
September 12, 1996
(still in effect)
(still in effect)
(still in effect)

June 13, 1992
June 13, 1992
June 13, 1992
December 21, 1990

(still in effect)
(still in effect)
(still in effect)
(still in effect)

1Montenegro and Serbia, formerly part of the Socialist Federal Republic of Yugoslavia, have asserted the formation of a joint independent state, but this entity has not

been formally recognized as a state by the United States.

.05 Accordingly, for purposes of § 911
of the Code, an individual who left one of
the foregoing countries during the specified period shall be treated as a qualified
individual with respect to the period during which that individual was a bona fide
resident of, or present in, that foreign
country if the individual establishes a
reasonable expectation of meeting the requirements of § 911(d) but for those conditions.
.06 To qualify for relief under § 911(d)(4), an individual must have established
residency or have been physically present
in the foreign country on or prior to the
date that the Secretary of the Treasury determines that individuals were required to
leave the foreign country. Individuals
who establish residency or are first physi-

November 10, 1997

cally present in the foreign country after
the date that the Secretary prescribes, but
during the period for which the Secretary
determines that individuals were required
to leave the foreign country, shall not be
treated as qualified individuals under
§ 911(d)(4) pursuant to § 911(d)(4)(C).
For example, individuals who establish
residency or are first physically present in
Iran after September 1, 1978, are not eligible to qualify for the exemption prescribed in § 911(d)(4). The same holds
true with respect to individuals who move
to Afghanistan after April 23, 1979, or
Lebanon after August 31, 1979.
SEC. 3. INQUIRIES
A taxpayer who needs assistance on
how to claim this exclusion, or on how to

10

file an amended return, should contact a
local IRS Office or, for a taxpayer residing or traveling outside the United States,
the nearest overseas IRS office.
SEC. 4. EFFECT ON OTHER
DOCUMENTS
Rev. Proc. 92-63, 1992-2 C.B. 421 is
obsoleted.
DRAFTING INFORMATION
The principal author of this revenue
procedure is Leslie B. van der Wal of the
Office of Associate Chief Counsel (International). For further information regarding this revenue procedure contact Ms.
van der Wal on (202) 622-3840 (not a
toll-free call).

1997–45 I.R.B.

Part IV. Items of General Interest
Changes to Reporting Requirements for 1997 Forms 1099–S and 1099–LTC
Announcement 97–106
Background

Forms 1099 are released early in the year so that payers, brokers, etc., can collect necessary information
during the year to report to the IRS, recipients, sellers, etc. Because the Taxpayer Relief Act of 1997
(Public Law 105–34) was enacted August 5, 1997, changes in the 1997 reporting requirements of the following Forms 1099 are required:
• Form 1099–S, Proceeds From Real Estate Transactions
• Form 1099–LTC, Long-Term Care and Accelerated Death Benefits (also, the 1998 instructions for Form
1099–LTC will include changes suggested by industry)
Reporting changes are described in the following sections.

Form 1099–S:
Reporting the Sale of
a Principal Residence
After May 6, 1997

Filers who receive an acceptable written assurance from the seller are not required to file Form 1099–S
with the IRS nor furnish the seller Form 1099–S for any sale or exchange after May 6, 1997, of a principal residence for $250,000 or less ($500,000 or less if the written assurance includes an assurance
that the seller is married). The written assurance must state that the:
• Property sold is the seller’s principal residence, and
• Full gain on the sale or exchange is excludable from gross income under section 121 of the Code.
As soon as possible, the IRS will issue guidance on what will be considered an acceptable written assurance. Although filers are not required to obtain the written assurance, if the written assurance is not obtained, Form 1099–S must be filed with the IRS and a Form 1099–S statement must be furnished to the
seller.

Form 1099–LTC:
Telephone Number
Required

The Act requires payers to provide a telephone number of a person to contact on statements to recipients
(Copies B and C) for Form 1099–LTC. This new requirement applies to the 1997 statements due to
recipients by February 2, 1998. The number must be in any conspicuous place on the statements and
must provide direct access to a person who can answer questions about the statements.
Because this requirement was enacted after the 1997 forms were printed, a failure to include a telephone
number on the 1997 statements will be considered to have arisen from an event beyond the control of the
filer. As a result, the penalty under section 6722 of the Code will be waived for reasonable cause if the
next statement required to be provided (generally for 1998) includes the number. Although the penalty
will be waived for 1997 statements, payers are encouraged to enter the number anywhere they choose on
the statements.
Payers are not required to report the telephone number to the IRS.

Form 1099–LTC:
Instructions Changes

At the request of industry, the IRS plans to revise the 1998 instructions for box 3 of Form 1099–LTC to
require payers of accelerated death benefits to check a box to indicate whether payments were made on a
per diem or reimbursed basis. If the payments were made on behalf of a terminally ill person, payers are
not required to check either box in box 3. In addition, the instructions will make it clear that, in the case
of a group contract, the term “policyholder” means the certificate holder, and the “policyholder” statement must be furnished to the certificate holder.
Payers are encouraged to follow these new instructions in filing their 1997 forms and in providing 1997
statements to recipients.

1997–45 I.R.B.

11

November 10, 1997

Changes to Reporting Requirements for Certain 1996 and 1997 Forms Because of Changes in the
Capital Gains Tax Rates
Announcement 97–109
Background

The Taxpayer Relief Act of 1997 (Public Law 105–34) amended section 1(h) of the Internal Revenue
Code to change the capital gains tax rates. As a result, changes in the reporting requirements are required
for the following forms:
• 1997 Form 1099–DIV, Dividends and Distributions
• 1997 Form 1099–B, Broker and Barter Exchange Transactions
• 1996 Form 2439 for 1996–1997 fiscal years ending after May 6, 1997
• 1996 Schedules K & K–1 for partnerships, S corporations, and estates with 1996–1997 fiscal years ending after May 6, 1997
The instructions for the forms listed above do not reflect these changes.
Also, the tax computation using maximum capital gains rates affects 1996–1997 fiscal year individuals
and estates if the taxpayer’s fiscal year ended after May 6, 1997.
The necessary changes are described in the following sections. Further guidance will be issued shortly
regarding the computation of capital gain distributions by regulated investment companies and real estate
investment trusts.
The following rules relate only to forms for the years listed above. For subsequent years, the reporting
requirements will be included on the forms and/or stated in the instructions.

Form 1099–DIV:
Reporting Capital
Gain Distributions
for 1997

Regulated investment companies, real estate investment trusts, brokers, and others reporting capital gain
distributions on the 1997 Form 1099–DIV must provide additional information with their statements to
recipients. Payers must continue to report the total capital gain distributions in box 1c. Payers should
also advise recipients that they cannot report capital gain distributions on Form 1040, line 13, as stated in
the official 1997 Form 1099–DIV. Rather, they must report the distributions on Schedule D (Form 1040),
line 13, column (f).
In addition, payers must provide to recipients information sufficient to determine the following:
• The amount of 28% rate gain distributions. Payers should advise recipients to report this amount on
Schedule D (Form 1040), line 13, column (g).
• The amount of unrecaptured section 1250 gain distributions. Payers should advise recipients to report
this amount on Schedule D (Form 1040), line 25.
Payers may provide this additional information to recipients on a substitute statement or on a separate
statement. Payers are not required to report the additional information to the IRS.

Form 2439:
Reporting
Undistributed
Long-Term Capital
Gains for 1996–1997

Regulated investment companies (RICs) and other filers completing the 1996 Form 2439 for fiscal years
ending after May 6, 1997, must provide additional information with their notices to shareholders. Filers
must continue to report the total undistributed long-term capital gains for the year on line 1 of Form
2439. Filers should also advise individual shareholders that they cannot report the amount on line 1 on
Schedule D (Form 1040), Part II, line 12, as stated in the official 1996 Form 2439 instructions. Rather,
they must report the amount on line 1 on the 1997 Schedule D (Form 1040), line 11, column (f).
In addition, filers must provide to shareholders information sufficient to determine the following:
• The amount of 28% rate gain included on line 1 of Form 2439. Filers should advise recipients to report
this amount on Schedule D (Form 1040), line 11, column (g).
• The amount of unrecaptured section 1250 gain included on line 1 of Form 2439. Filers should advise
recipients to report this amount on Schedule D (Form 1040), line 25.
Filers may provide this additional information to shareholders on a substitute statement or on a separate
statement. Filers are not required to report this additional information on Forms 2439 filed with the IRS.

November 10, 1997

12

1997–45 I.R.B.

Form 1099–B:
Reporting Aggregate
Profit or Loss From
Regulated Futures
or Foreign Currency
Contracts

Brokers and others reporting the aggregate gain or loss on regulated futures or foreign currency contracts
in box 9 of Form 1099-B must provide additional information with their statements to recipients. They
must continue to report the total aggregate amount in box 9 and also report to the recipient the amount
included in box 9 attributable to the profit or loss before May 7, 1997.

Fiscal Year
Estates and
Individuals: Reporting
Capital Gains and
Losses for 1996–1997

Estates and individuals affected by the new capital gains rates who complete the 1996 Forms 1040 and
1041 for fiscal years ending after May 6, 1997, must attach a computation similar to that shown in Part IV
of the 1997 Schedule D (Form 1040) or Part V of the 1997 Schedule D (Form 1041). These estates and
individuals may use their 1997 Schedule D to figure their 1996 tax provided they use the applicable 1996
tax rate schedules or table in the computation. Also, when figuring the amount to enter on line 29 of the
1997 Schedule D, these filers must not use the dollar amounts shown on that line. Instead, they must substitute the dollar amounts shown on line 6 of the Capital Gain Tax Worksheet in the 1996 Form 1040 instructions (or line 39 of the 1996 Schedule D (Form 1041)) .

Payers may provide this additional information to recipients on a substitute statement or on a separate
statement. Payers are not required to report the additional information to the IRS.

Note: The new capital gains rates also affect the computation of the alternative minimum tax. The
above-mentioned filers should attach a computation similar to that shown in Part IV of the 1997 Form
6251 (or Part IV, Schedule I of the 1997 Form 1041).
Estates also must continue to report each beneficiary’s share of the net long-term capital gain on line 3b
of Schedule K–1. In addition, the estate must provide the following information to its beneficiaries:
• 28% rate gain—the amount on line 3b attributable (after taking into account the netting rules described
in Notice 97–59) to “collectibles gains and losses” AND to net gain from sales, exchanges, or conversions (including installment payments received) either:
(a) before May 7, 1997, or
(b) after July 28, 1997, for assets held more than 1 year but not more than 18 months.
Estates should advise individual beneficiaries to report this amount on the 1997 Schedule D (Form 1040),
line 12, column (g).
• Unrecaptured section 1250 gain—the amount on line 3b attributable to unrecaptured section 1250 gain.
Estates should advise individual beneficiaries to report this amount on the 1997 Schedule D (Form
1040), line 25.
Each beneficiary’s share of the above amounts should be reported on line 13 of Schedule K–1.
Forms 1065 and
1120S (Schedules K
and K–1): Reporting
Capital and Section
1231 Gains and Losses
for 1996–1997

Partnerships and S corporations completing the 1996 Forms 1065 and 1120S for fiscal years ending after
May 6, 1997, must provide additional information on Schedules K and K–1. The partnership or S corporation must continue to report the net long-term capital gain or loss on line 4e of Schedules K and K–1 of
Form 1065 or 1120S, the net gain or loss under section 1231 (other than due to casualty or theft) on line
6 of Schedules K and K–1 of Form 1065 (line 5 of Schedules K and K–1 of Form 1120S), and other income on line 7 of Schedules K and K–1 of Form 1065 (line 6 of Schedules K and K–1 of Form 1120S).
In addition, the partnership or S corporation must provide the following information:
• 28% rate gain or loss—the amount that would be entered on each of the above lines if they included
only “collectibles gains and losses” AND gains and losses from sales, exchanges, or conversions (including installment payments received) either:
(a) before May 7, 1997, or
(b) after July 28, 1997, for assets held more than 1 year but not more than 18 months.
The total 28% rate gain or loss of the partnership or S corporation should be reported as an item of information on line 24 of Schedule K, Form 1065, or on line 21 of Schedule K, Form 1120S. Each partner’s or
shareholder’s share should be reported in the “Supplemental Information” space on Schedule K–1.
Partnerships and S corporations should advise partners and shareholders to report this amount on the line
of the form to which it relates in the separate column, if any, provided on that form for 28% rate gain or
loss. For example, a long-term capital gain that is also a 28% rate gain should be reported on the 1997
Schedule D (Form 1040), line 12, column (g); a section 1231 gain that is also a 28% rate gain should be
reported on the 1997 Form 4797, line 2, column (h).

1997–45 I.R.B.

13

November 10, 1997

• Unrecaptured section 1250 gain—the amount that would be entered on each of the above lines if they included only unrecaptured section 1250 gain. The total unrecaptured section 1250 gain of the partnership or S corporation should be reported as an item of information on line 24 of Schedule K, Form 1065, or on line 21 of Schedule K, Form 1120S. Each
partner’s or shareholder’s share should be reported in the “Supplemental Information” space on Schedule K–1.
Partnerships and S corporations should advise partners and shareholders to report this amount on the 1997 Schedule D
(Form 1040), line 25.

Deletions from Cumulative List
of Organizations Contributions
to Which Are Deductible Under
Section 170 of the Code
Announcement 97–110
The names of organizations that no
longer qualify as organizations described
in section 170(c)(2) of the Internal Revenue Code of 1986 are listed below.
Generally, the Service will not disallow
deductions for contributions made to a
listed organization on or before the date
of announcement in the Internal Revenue
Bulletin that an organization no longer
qualifies. However, the Service is not
precluded from disallowing a deduction
for any contributions made after an organization ceases to qualify under section
170(c)(2) if the organization has not
timely filed a suit for declaratory judgment under section 7428 and if the contributor (1) had knowledge of the revocation of the ruling or determination letter,
(2) was aware that such revocation was
imminent, or (3) was in part responsible
for or was aware of the activities or omissions of the organization that brought
about this revocation.
If on the other hand a suit for declaratory judgment has been timely filed, con-

November 10, 1997

tributions from individuals and organizations described in section 170(c)(2) that
are otherwise allowable will continue to
be deductible. Protection under section
7428(c) would begin on November 10,
1997, and would end on the date the court
first determines that the organization is
not described in section 170(c)(2) as more
particularly set forth in section
7428(c)(1).
For individual contributors, the maximum deduction protected is $1,000, with
a husband and wife treated as one contributor. This benefit is not extended to any
individual who was responsible, in whole
or in part, for the acts or omissions of the
organization that were the basis for revocation.
Learning Center Association
Kettering, OH
Self Awareness Center, Inc.
Evansville, IN

Section 7428(c) Validation of
Certain Contributions Made
During Pendency of Declaratory
Judgment Proceedings
This announcement serves notice to potential donors that the organization listed
below has recently filed a timely declara-

14

tory judgment suit under section 7428 of
the Code, challenging revocation of its
status as an eligible donee under section
170(c)(2).
Protection under section 7428(c) of the
Code begins on the date that the notice of
revocation is published in the Internal
Revenue Bulletin and ends on the date on
which a court first determines that an organization is not described in section
170(c)(2), as more particularly set forth in
section 7428(c)(1). In the case of individual contributors, the maximum amount of
contributions protected during this period
is limited to $1,000.00, with a husband
and wife being treated as one contributor.
This protection is not extended to any individual who was responsible, in whole or
in part, for the acts or omissions of the organization that were the basis for the revocation. This protection also applies
(but without limitation as to amount) to
organizations described in section
170(c)(2) which are exempt from tax
under section 501(a). If the organization
ultimately prevails in its declaratory judgment suit, deductibility of contributions
would be subject to the normal limitations
set forth under section 170.
Student Ministries, Inc.
Milwaukie, OR

1997–45 I.R.B.

Announcement of the Expedited Suspension of Attorneys, Certified Public
Accountants, Enrolled Agents, and Enrolled Actuaries From Practice
Before the Internal Revenue Service
Under title 31 of the Code of Federal
Regulations, section 10.76, the Director
of Practice is authorized to immediately
suspend from practice before the Internal
Revenue Service any practitioner who,
within five years, from the date the expedited proceeding is instituted, (1) has had
a license to practice as an attorney, certified public accountant, or actuary suspended or revoked for cause; or (2) has
been convicted of any crime under title 26
of the United States Code or, of a felony
under title 18 of the United States Code
involving dishonesty or breach of trust.
Attorneys, certified public accountants,
enrolled agents, and enrolled actuaries are

prohibited in any Internal Revenue Service
matter from directly or indirectly employing, accepting assistance from, being employed by, or sharing fees with, any practitioner disbarred or suspended from practice
before the Internal Revenue Service.
To enable attorneys, certified public accountants, enrolled agents, and enrolled actuaries to identify practitioners under expedited suspension from practice before the
Internal Revenue Service, the Director of
Practice will announce in the Internal Revenue Bulletin the names and addresses of
practitioners who have been suspended
from such practice, their designation as attorney, certified public accountant, en-

rolled agent, or enrolled actuary, and date
or period of suspension. This announcement will appear in the weekly Bulletin at
the earliest practicable date after such action and will continue to appear in the
weekly Bulletins for five successive weeks
or for as many weeks as is practicable for
each attorney, certified public accountant,
enrolled agent, or enrolled actuary so suspended and will be consolidated and published in the Cumulative Bulletin.
The following individuals have been
placed under suspension from practice before the Internal Revenue Service by virtue
of the expedited proceeding provisions of
the applicable regulations:

Name

Address

Designation

Date of Suspension

Booker, William G.
Acevado, Gustavo
Piotti, Wayne H.
Burley, Franklin R.
Kent, William F.
Levine, Jack
Kapral, Stephen M.
Bell, Abraham E.
Jackson, Paul
Clay, Henry
Cooley, Donald
Duke, Charla R.
Devins, George
Williams, Ronald A.

Winston-Salem, NC
Laredo, TX
Homer, NY
Monroe, LA
Winston-Salem, NC
Phoenix, AZ
Richmond, VA
St. Louis, MO
Burley, ID
New York, NY
Springfield, MO
Oakland, CA
Munsey Park, NY
Doylestown, PA

CPA
Attorney
CPA
CPA
CPA
Attorney
Attorney
CPA
CPA
Attorney
Attorney
Attorney
CPA
Enrolled Agent

Indefinite from June 12, 1997
Indefinite from July 23, 1997
Indefinite from July 23, 1997
Indefinite from July 23, 1997
Indefinite from July 23, 1997
Indefinite from July 23, 1997
Indefinite from July 23, 1997
Indefinite from July 30, 1997
Indefinite from September 11, 1997
Indefinite from September 11, 1997
Indefinite from September 11, 1997
Indefinite from September 11, 1997
Indefinite from September 11, 1997
Indefinite from September 11, 1997

Announcement of the Consent Voluntary Suspension of Attorneys,
Certified Public Accountants, Enrolled Agents, and Enrolled Actuaries
From Practice Before the Internal Revenue Service
Under 31 Code of Federal Regulations,
Part 10, an attorney, certified public accountant, enrolled agent, or enrolled actuary, in order to avoid the institution or
conclusion of a proceeding for his disbarment or suspension from practice before
the Internal Revenue Service, may offer
his consent to suspension from such practice. The Director of Practice, in his discretion, may suspend an attorney, certi-

1997–45 I.R.B.

fied public accountant, enrolled agent, or
enrolled actuary in accordance with the
consent offered.
Attorneys, certified public accountants,
enrolled agents, and enrolled actuaries are
prohibited in any Internal Revenue Service matter from directly or indirectly employing, accepting assistance from, being
employed by, or sharing fees with, any
practitioner disbarred or suspended from

15

practice before the Internal Revenue Service.
To enable attorneys, certified public accountants, enrolled agents, and enrolled
actuaries to identify practitioners under
consent suspension from practice before the
Internal Revenue Service, the Director
of Practice will announce in the Internal
Revenue Bulletin the names and addresses of practitioners who have been

November 10, 1997

suspended from such practice, their designation as attorney, certified public accountant, enrolled agent, or enrolled actuary, and date or period of suspension. This
announcement will appear in the weekly
Bulletin at the earliest practicable date

after such action and will continue to appear in the weekly Bulletins for five successive weeks or for as many weeks as is
practicable for each attorney, certified
public accountant, enrolled agent, or enrolled actuary so suspended and will be

consolidated and published in the Cumulative Bulletin.
The following individuals have been
placed under consent suspension from
practice before the Internal Revenue Service:

Name

Address

Designation

Date of Suspension

Weksler, Mark R.
Womble, Bill R.
Robinson II, Vaughn
Kim, Kwang W.
Tymas, George M.
Rattet, Robert L.
Noles, R. Leon
Harbin, Glenn E.
Harms, John G.
Lewis, Craig S.
Terranova, Michael P.
Frantz, Barbara A.
Smith, Glen L.
Bayus Sr., Gerald A.
Winton, D. Michael
McNabb, Gerald
Ness, Stanley L.
Culmer, Thomas A.
Ziskind, Sherman
Huston, James L.
Fulthorpe, Douglas R.
Suszko, Richard J.
Bromagen, Kent E.
Shawhan, David W.
Kennedy Jr., Joseph
Brummet, Richard E.
Pollard, E. Dwain
Tamminga, Roland R.
Ayala, Simon
Balmer, Alan J.
Fox, Eugene
Sanford, Paul L.
Glemann, Richard P.
Rubey, Patrick J.
Coverdale Jr., Alphonso

Arlington Heights, IL
Dallas, TX
Midland, TX
Schaumburg, IL
Russellton, PA
New Rochelle, NY
N. Little Rock, AR
Bakersfield, CA
Lemont, PA
Savannah, GA
Lake Charles, LA
Pontiac, IL
Edina, MN
Hubbard, OH
Clovis, NM
White Bear, MN
Minneapolis, MN
Devils Lake, ND
Dunlevy, PA
Kingman, AZ
St. Petersburg, FL
La Mesa, CA
Dayton, OH
Xenia, OH
Santa Barbara, CA
Hinsdale, IL
Idabell, OK
Belmont, NH
Oxnard, CA
Fairfield, IA
Rockville Centre, NY
Avon, CT
Jacksonville Beach, FL
Chicago, IL
Philadelphia, PA

CPA
Attorney
CPA
CPA
CPA
Attorney
CPA
CPA
CPA
CPA
CPA
Attorney
Attorney
CPA
Enrolled Agent
Attorney
CPA
CPA
CPA
CPA
CPA
Enrolled Agent
CPA
CPA
Enrolled Agent
CPA
CPA
Attorney
Enrolled Agent
CPA
CPA
CPA
CPA
CPA
Enrolled Agent

June 16, 1997 to June 15, 2000
Indefinite from June 19, 1997
Indefinite from June 19, 1997
June 30, 1997 to December 29, 1997
July 1, 1997 to February 28, 1999
July 26, 1997 to June 25, 1998
July 30, 1997 to October 29, 1997
July 31, 1997 to December 30, 1998
August 1, 1997 to November 30, 1997
August 1, 1997 to July 31, 1998
August 7, 1997 to May 6, 1998
August 8, 1997 to July 31, 1999
August 9, 1997 to November 8, 1997
August 11, 1997 to July 10, 1998
August 15, 1997 to November 14, 1997
August 22, 1997 to January 21, 2000
August 25, 1997 to February 24, 1998
September 1, 1997 to November 30, 1997
September 1, 1997 to February 28, 1999
September 1, 1997 to December 31, 1997
September 1, 1997 to August 30, 1998
September 1, 1997 to August 31, 1999
September 1, 1997 to February 28, 2000
September 1, 1997 to August 31, 1999
September 1, 1997 to May 31, 1998
September 3, 1997 to January 2, 1998
September 4, 1997 to August 3, 1999
September 5, 1997 to December 4, 1997
Indefinite from September 19, 1997
September 30, 1997 to August 29, 1999
October 1, 1997 to March 31, 1998
November 1, 1997 to July 31, 1997
November 1, 1997 to October 31, 1999
November 1, 1997 to January 31, 1999
December 1, 1997 to November 30, 2000

November 10, 1997

16

1997–45 I.R.B.

Announcement of the Suspension of Attorneys, Certified Public
Accountants, Enrolled Agents, and Enrolled Actuaries From Practice
Before the Internal Revenue Service
Under Section 330, Title 31 of the United
States Code, the Secretary of the Treasury,
after due notice and opportunity for hearing,
is authorized to suspend or disbar from practice before the Internal Revenue Service any
person who has violated the rules and regulations governing the recognition of attorneys, certified public accountants, enrolled
agents, or enrolled actuaries to practice before the Internal Revenue Service.
Attorneys, certified public accountants,
enrolled agents, and enrolled actuaries are
prohibited in any Internal Revenue Service
matter from directly or indirectly employ-

ing, accepting assistance from, being employed by, or sharing fees with, any practitioner disbarred or under suspension from
practice before the Internal Revenue Service.
To enable attorneys, certified public accountants, enrolled agents, and enrolled actuaries to identify such disbarred or suspended practitioners, the Director of
Practice will announce in the Internal Revenue Bulletin the names and addresses of
practitioners who have been disbarred or
suspended from such practice, their designation as attorney, certified public accoun-

tant, enrolled agent, or enrolled actuary, and
date of disbarment or period of suspension.
This announcement will appear in the
weekly Bulletin for five successive weeks
or for as many weeks as is practicable for
each attorney, certified public accountant,
enrolled agent, or enrolled actuary so suspended and will be consolidated and published in the Cumulative Bulletin.
After due notice and opportunity for
hearing before an administrative law judge,
the following individuals have been suspended from further practice before the Internal Revenue Service:

Name

Address

Designation

Date of Suspension

Makos, Deborah
Friberg, John P.

Green Bay, WI
Milwaukee, WI

Enrolled Agent
CPA

June 20, 1997 to May 19, 2000
July 20, 1997 to June 19, 2001

Announcement of the Disbarment of Attorneys, Certified Public
Accountants, Enrolled Agents, and Enrolled Actuaries From Practice
Before the Internal Revenue Service
Under Section 330, Title 31 of the United
States Code, the Secretary of the Treasury,
after due notice and opportunity for hearing,
is authorized to suspend or disbar from practice before the Internal Revenue Service any
person who has violated the rules and regulations governing the recognition of attorneys, certified public accountants, enrolled
agents, or enrolled actuaries to practice before the Internal Revenue Service.
Attorneys, certified public accountants,
enrolled agents, and enrolled actuaries are
prohibited in any Internal Revenue Service
matter from directly or indirectly employ-

ing, accepting assistance from, being employed by, or sharing fees with, any practitioner disbarred or under suspension from
practice before the Internal Revenue Service.
To enable attorneys, certified public accountants, enrolled agents, and enrolled actuaries to identify such disbarred or suspended practitioners, the Director of
Practice will announce in the Internal Revenue Bulletin the names and addresses of
practitioners who have been disbarred or
suspended from such practice, their designation as attorney, certified public accoun-

tant, enrolled agent, or enrolled actuary, and
the date of disbarment or period of suspension. This announcement will appear in the
weekly Bulletin for five successive weeks
or for as many weeks as is practicable for
each attorney, certified public accountant,
enrolled agent, or enrolled actuary so suspended and will be consolidated and published in the Cumulative Bulletin.
After due notice and opportunity for
hearing before an administrative law judge,
the following individuals have been disbarred from further practice before the Internal Revenue Service:

Name

Address

Designation

Effective Date

Hoyt III, Walter J.
Lu, John S.
McCue, William T.
Foster, Dennis S.

Burns, OR
New York, NY
Glen Rock, NJ
Pittsburgh, PA

Enrolled Agent
Enrolled Agent
Attorney
CPA

July 13, 1997
July 21, 1997
July 21, 1997
September 8, 1997

1997–45 I.R.B.

17

November 10, 1997

Definition of Terms
Revenue rulings and revenue procedures
(hereinafter referred to as “rulings”) that
have an effect on previous rulings use the
following defined terms to describe the
effect:
Amplified describes a situation where
no change is being made in a prior published position, but the prior position is
being extended to apply to a variation of
the fact situation set forth therein. Thus,
if an earlier ruling held that a principle
applied to A, and the new ruling holds
that the same principle also applies to B,
the earlier ruling is amplified. (Compare
with modified, below).
Clarified is used in those instances
where the language in a prior ruling is
being made clear because the language
has caused, or may cause, some confusion. It is not used where a position in a
prior ruling is being changed.
Distinguished describes a situation
where a ruling mentions a previously
published ruling and points out an essential difference between them.
Modified is used where the substance
of a previously published position is
being changed. Thus, if a prior ruling
held that a principle applied to A but not
to B, and the new ruling holds that it ap-

plies to both A and B, the prior ruling is
modified because it corrects a published
position. (Compare with amplified and
clarified, above).
Obsoleted describes a previously published ruling that is not considered determinative with respect to future transactions. This term is most commonly used
in a ruling that lists previously published
rulings that are obsoleted because of
changes in law or regulations. A ruling
may also be obsoleted because the substance has been included in regulations
subsequently adopted.
Revoked describes situations where the
position in the previously published ruling is not correct and the correct position
is being stated in the new ruling.
Superseded describes a situation where
the new ruling does nothing more than
restate the substance and situation of a
previously published ruling (or rulings).
Thus, the term is used to republish under
the 1986 Code and regulations the same
position published under the 1939 Code
and regulations. The term is also used
when it is desired to republish in a single
ruling a series of situations, names, etc.,
that were previously published over a period of time in separate rulings. If the

new ruling does more than restate the
substance of a prior ruling, a combination
of terms is used. For example, modified
and superseded describes a situation
where the substance of a previously published ruling is being changed in part and
is continued without change in part and it
is desired to restate the valid portion of
the previously published ruling in a new
ruling that is self contained. In this case
the previously published ruling is first
modified and then, as modified, is superseded.
Supplemented is used in situations in
which a list, such as a list of the names of
countries, is published in a ruling and
that list is expanded by adding further
names in subsequent rulings. After the
original ruling has been supplemented
several times, a new ruling may be published that includes the list in the original
ruling and the additions, and supersedes
all prior rulings in the series.
Suspended is used in rare situations to
show that the previous published rulings
will not be applied pending some future
action such as the issuance of new or
amended regulations, the outcome of
cases in litigation, or the outcome of a
Service study.

Abbreviations

E.O.—Executive Order.
ER—Employer.
ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduciary.
FC—Foreign Country.
FICA—Federal Insurance Contribution Act.
FISC—Foreign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Federal Unemployment Tax Act.
FX—Foreign Corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grantee.
GP—General Partner.
GR—Grantor.
IC—Insurance Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited Partner.
LR—Lessor.
M—Minor.
Nonacq.—Nonacquiescence.
O—Organization.
P—Parent Corporation.

PHC—Personal Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Partnership.
PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Real Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsidiary.
S.P.R.—Statements of Procedral Rules.
Stat.—Statutes at Large.
T—Target Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Transferee.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpayer.
TR—Trust.
TT—Trustee.
U.S.C.—United States Code.
X—Corporation.
Y—Corporation.
Z—Corporation.

The following abbreviations in current use and formerly used will appear in material published in the
Bulletin.
A—Individual.
Acq.—Acquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank.
B.T.A.—Board of Tax Appeals.
C.—Individual.
C.B.—Cumulative Bulletin.
CFR—Code of Federal Regulations.
CI—City.
COOP—Cooperative.
Ct.D.—Court Decision.
CY—County.
D—Decedent.
DC—Dummy Corporation.
DE—Donee.
Del. Order—Delegation Order.
DISC—Domestic International Sales Corporation.
DR—Donor.
E—Estate.
EE—Employee.

November 10, 1997

18

1997–45 I.R.B.

Numerical Finding List1
Bulletins 1997–27 through 1997–44
Announcements:
97–61, 1997–29 I.R.B. 13
97–67, 1997–27 I.R.B. 37
97–68, 1997–28 I.R.B. 13
97–69, 1997–28 I.R.B. 13
97–70, 1997–29 I.R.B. 14
97–71, 1997–29 I.R.B. 15
97–72, 1997–29 I.R.B. 15
97–73, 1997–30 I.R.B. 86
97–74, 1997–31 I.R.B. 16
97–75, 1997–32 I.R.B. 28
97–76, 1997–32 I.R.B. 28
97–77, 1997–33 I.R.B. 58
97–78, 1997–34 I.R.B. 11
97–79, 1997–35 I.R.B. 8
97–80, 1997–34 I.R.B. 12
97–81, 1997–34 I.R.B. 12
97–82, 1997–34 I.R.B. 12
97–83, 1997–34 I.R.B. 13
97–84, 1997–34 I.R.B. 13
97–85, 1997–35 I.R.B. 8
97–86, 1997–35 I.R.B. 9
97–87, 1997–35 I.R.B. 9
97–88, 1997–35 I.R.B. 9
97–89, 1997–36 I.R.B. 10
97–90, 1997–36 I.R.B. 10
97–91, 1997–37 I.R.B. 25
97–92, 1997–37 I.R.B. 26
97–93, 1997–36 I.R.B. 11
97–94, 1997–36 I.R.B. 12
97–95, 1997–36 I.R.B. 12
97–96, 1997–39 I.R.B. 15
97–97, 1997–38 I.R.B. 22
97–98, 1997–39 I.R.B. 15
97–99, 1997–40 I.R.B. 7
97–100, 1997–40 I.R.B. 8
97–101, 1997–41 I.R.B. 13
97–102, 1997–41 I.R.B. 15
97–103, 1997–41 I.R.B. 16
97–104, 1997–42 I.R.B. 39
97–105, 1997–42 I.R.B. 40
97–107, 1997–43 I.R.B. 25
97–108, 1997–43 I.R.B. 25

Notices–Continued

Treasury Decisions:

97–47, 1997–35 I.R.B. 5
97–48, 1997–35 I.R.B. 5
97–49, 1997–36 I.R.B. 8
97–50, 1997–37 I.R.B. 21
97–51, 1997–38 I.R.B. 20
97–52, 1997–38 I.R.B. 20
97–53, 1997–40 I.R.B. 6
97–54, 1997–41 I.R.B. 7
97–55, 1997–40 I.R.B. 6
97–56, 1997–43 I.R.B. 19
97–57, 1997–43 I.R.B. 19

8722, 1997–29 I.R.B. 4
8723, 1997–30 I.R.B. 4
8724, 1997–36 I.R.B. 4
8725, 1997–37 I.R.B. 16
8726, 1997–34 I.R.B. 7
8727, 1997–34 I.R.B. 5
8728, 1997–37 I.R.B. 4
8729, 1997–38 I.R.B. 4
8730, 1997–38 I.R.B. 16
8731, 1997–42 I.R.B. 6
8732, 1997–42 I.R.B. 4
8733, 1997–43 I.R.B. 8
8734, 1997–44 I.R.B. 5
8735, 1997–43 I.R.B. 4

Railroad Retirement Quarterly Rate:
1997–28 I.R.B. 5
Public Laws
105–35, 1997–43 I.R.B. 13
Proposed Regulations:
REG–104893–97, 1997–29 I.R.B. 13
REG–105160–97, 1997–37 I.R.B. 22
REG–106043–97, 1997–37 I.R.B. 24
REG–107644–97, 1997–32 I.R.B. 24
REG–208151–91, 1997–38 I.R.B. 21
REG–246250–96, 1997–42 I.R.B. 30
Revenue Procedures:
97–32, 1997–27 I.R.B. 9
97–32A, 1997–34 I.R.B. 10
97–33, 1997–30 I.R.B. 10
97–34, 1997–30 I.R.B. 14
97–35, 1997–33 I.R.B. 11
97–36, 1997–33 I.R.B. 14
97–37, 1997–33 I.R.B. 18
97–38, 1997–33 I.R.B. 43
97–39, 1997–33 I.R.B. 48
97–40, 1997–33 I.R.B. 50
97–41, 1997–33 I.R.B. 5
97–42, 1997–33 I.R.B. 57
97–43, 1997–39 I.R.B. 12
97–44, 1997–41 I.R.B. 8
97–45, 1997–41 I.R.B. 10
97–46, 1997–42 I.R.B. 10
97–47, 1997–42 I.R.B. 19
97–48, 1997–43 I.R.B. 19
97–49, 1997–43 I.R.B. 22

Court Decisions:

Revenue Rulings:

2061, 1997–31 I.R.B. 5
2062, 1997–32 I.R.B. 8

97–27, 1997–27 I.R.B. 4
97–28, 1997–28 I.R.B. 4
97–29, 1997–28 I.R.B. 4
97–30, 1997–31 I.R.B. 12
97–31, 1997–32 I.R.B. 4
97–32, 1997–33 I.R.B. 4
97–33, 1997–34 I.R.B. 4
97–34, 1997–34 I.R.B. 14
97–35, 1997–35 I.R.B. 4
97–36, 1997–36 I.R.B. 5
97–37, 1997–37 I.R.B. 15
97–38, 1997–38 I.R.B. 14
97–39, 1997–39 I.R.B. 4
97–40, 1997–39 I.R.B. 8
97–41, 1997–40 I.R.B. 4
97–42, 1997–41 I.R.B. 4
97–43, 1997–42 I.R.B. 8

Delegation Orders:
97 (Rev. 34), 1997–41 I.R.B. 14
172 (Rev. 5), 1997–28 I.R.B. 6
Notices:
97–37, 1997–27 I.R.B. 4
97–38, 1997–27 I.R.B. 8
97–39, 1997–27 I.R.B. 8
97–40, 1997–28 I.R.B. 6
97–41, 1997–28 I.R.B. 6
97–42, 1997–29 I.R.B. 12
97–43, 1997–30 I.R.B. 9
97–44, 1997–31 I.R.B. 15
97–45, 1997–33 I.R.B. 7
97–46, 1997–34 I.R.B. 10

1 A cumulative list of all revenue rulings, revenue

procedures, Treasury decisions, etc., published in
Internal Revenue Bulletins 1997–1 through 1997–26
will be found in Internal Revenue Bulletin 1997–27,
dated July 7, 1997.

1997–45 I.R.B.

19

November 10, 1997

Finding List of Current Action on
Previously Published Items1
Bulletins 1997–27 through 1997–44
*Denotes entry since last publication
Revenue Procedures:
82–36
Modified and superseded by
97–49, 1997–43 I.R.B. 22
96–36
Superseded by
97–34, 1997–30 I.R.B. 14
96–42
Superseded by
97–27, 1997–27 I.R.B. 9
97–32
Modified and amplified by
97–32A, 1997–34 I.R.B. 10
Revenue Rulings:
89–42
Supplemented by
97–31, 1997–32 I.R.B. 4
93–76
Clarified, modified, partially
obsoleted, and superceded by
97–39, 1997–39 I.R.B 4
94–7
Clarified, modified, partially
obsoleted, and superceded by
97–39, 1997–39 I.R.B 4

1 A cumulative finding list for previously published

items mentioned in Internal Revenue Bulletins
1997–1 through 1997–26 will be found in Internal
Revenue Bulletin 1997–27, dated July 7, 1997.

November 10, 1997

20

1997–45 I.R.B.

Notes

1997–45 I.R.B.

21

November 10, 1997

Notes

November 10, 1997

22

1997–45 I.R.B.

INTERNAL REVENUE BULLETIN
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on a yearly subscription basis by the Superintendent of Documents. Current subscribers are notified by the Superintendent of
Documents when their subscriptions must be renewed.

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WE WELCOME COMMENTS ABOUT THE
INTERNAL REVENUE BULLETIN
If you have comments concerning the format or production of the Internal Revenue Bulletin or suggestions for improving it, we
would be pleased to hear from you. You can e-mail us your suggestions or comments through the IRS Internet Home Page
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---

Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3Aaaae1304383656f7. Public record. Not legal advice.