Bulletin No. 1997–10 March 10, 1997

EXEMPT ORGANIZATIONS

Announcement 97–18, page 67. A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

Rev. Proc. 97–19, page 55. Timely filing or payment; private delivery services. Criteria and application procedures are provided for designation of private delivery services under section 7502(f) of the Code.

Notice 97–17, page 34. The “differential earnings rate” under section 809 is tentatively determined for 1996 together with the “recomputed differential earnings rate” for 1995.

Notice 97–18, page 35. This notice provides guidance concerning the application of sections 1491 through 1494 of the Code to certain transfers of property by a U.S. person to a foreign corporation, partnership, trust, or estate. Pursuant to section 1902 of the Small Business Job Protection Act of 1996, failure to report such a transfer made after August 20, 1996, could result in a penalty equal to 35 percent of the value of the property transferred.

Notice 97–19, page 40. This notice provides guidance under sections 877, 2107, 2501, and 6039F for expatriates who lose U.S. citizenship or cease to be taxed as long-term residents of the United States with a principal purpose to avoid U.S. taxes. This notice also provides guidance on the interaction of section 7701(b)(10) with section 877, as amended by the Health Insurance Portability and Accountability Act of 1996.

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