Internal Revenue Bulletins  

July 18, 1994

Internal Revenue Bulletin No. 1994-29

There are no links to the official documents for the years 1989 through 1995. The information below can only be used as help for further research, as there is not enough information here to rely on for official guidance. For that you need to obtain a copy of the complete document.


INCOME TAX

Rev. Rul. 94-47
Rev. Rul 1990 and Rev. Rul. 90-23 amplified and clarified. This ruling sets forth the principles the Service will apply to determine the deductibility of daily transportation expenses incurred by a taxpayer in going between the taxpayer's residence and any work location. Rev. Ruls. 190 and 90-23 amplified and clarified.

Rev. Rul. 94-48
Section 29 credit; production attributable to net profits interest. The production attributable to a net profits interest under section 29(d)(3) of the Code is the production required to be sold to produce that portion of the gross sales from the property that is equal to the amount of income received by the holder of the net profits interest.

T.D. 8544
IA-74-93

Temporary and proposed regulations under section 170 of the Code relate to the substantiation requirement for certain charitable contributions.


EXCISE TAXES

Notice 94-74
A determination has been made to add dimethyl terephthalate to the list of taxable substances in section 4672(a)(3) of the Code.

Notice 94-75
Determinations have been made to add glycerine and phenol to the list of taxable substances in section 4672(a)(3) of the Code.

Notice 94-76
Determinations have been made to add tetrahydofuran and 1,4 butanediol to the list of taxable substances in section 4672(a)(3) of the Code.


ADMINISTRATIVE

Rev. Rul. 94-46
Failure to deposit timely; reasonable cause; electronic funds transfer. The Service provides guidance on establishing reasonable cause for abatement of the failure to timely deposit penalty where the deposits are made by electronic funds transfer.

Rev. Proc. 94-48
TAXLINK is an electronic remittance processing system that the Service uses to accept an electronically transmitted federal tax deposit. This procedure explains the types of federal tax deposits that can be made through TAXLINK, the payment options that are available, processing schedules, enrollment procedures, the role of Treasury's Financial Agents and the obligations of taxpayers and their financial institutions. Rev. Proc. 93-26 superseded.

Notice 94-73
Interim relief from penalties is provided for failure to comply with certain of the reporting requirements of section 1.6050P-1T of the regulations (relating to the reporting of discharges of indebtedness of $600 or more during any calendar year).

T.D. 8542
Final Regulations under section 7430 of the Code relate to the recovery of reasonable administrative costs incurred by taxpayers in connection with an administrative proceeding within the Service.

T.D. 8543
Final Regulations under section 7430 of the Code relate to the exhaustion of administrative remedies available within the Service for purposes of the recovery of court costs and certain fees in a civil tax proceeding brought in a court of U.S. (including the Tax Court and the Court of Federal Claims).


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