ADMINISTRATIVE

Notice 97–54, page 7. The Work Opportunity Tax Credit (WOTC) under section 51 of the Code has been revised and expanded, effective October 1, 1997, and the Welfare-to-Work Tax Credit goes into effect on January 1, 1998.

Rev. Proc. 97–44, page 8. Last-in, first-out inventories, automobile dealers. Relief is provided for automobile dealers that violate the LIFO inventory requirement of section 472 of the Code by providing, for credit purposes, an income statement prepared in a format required by, or on a preprinted form supplied by, their franchisor, covering any taxable year ended before October 14, 1997, that fails to reflect the LIFO inventory method.

Rev. Proc. 97–45, page 10. Optional rules are provided under which an employee of a federal government agency who is reimbursed for ord i n a ry and necessary business expenses relating to travel, entertainment, gifts, or listed pro p e rty (such as an employee’s automobile) may make an adequate accounting to the employer to substantiate those expenses by submitting only an account book, diary, log, etc., without submitting docum e n t a ry evidence such as re c e i p t s .

Announcement 98–103, page 16. Public comments are requested on the optional pro c e d u re s, p rovided in Rev. Proc. 97–45, for substantiating the re i mbursement of employee expenses.

Finding Lists begin on page 21. Announcement of Disbarments and Suspensions begins on page 17. Announcement of Declaratory Judgement Proceedings Under Section 7428 begins on page 16.

Department of the Tr e a s u r y Internal Revenue Service