Bulletin No. 1997–43 — Internal Revenue Bulletin 1997-43

EXCISE TAX

Announcement 97–107, page 25. This announcement corrects Rev. Proc. 97–46, 1997–42 I.R.B. 10, which contains a list of “rural airports,” as defined in section 4261(e)(1)(B), for purposes of computing the tax on air transportation.

ADMINISTRATIVE

P.L. 105–35, page 13. An Act to amend the Internal Revenue Code of 1986 to prevent the unauthorized inspection of tax returns or tax return information.

Rev. Proc. 97–48, page 19. Automatic relief for S elections. Special procedures permit taxpayers in certain situations to obtain automatic late S corporation election relief instead of applying for a private letter ruling.

Rev. Proc. 97–49, page 22.

Requests to re p o rt intercompany transactions on a separate entity basis. Guidance is provided for requesting consent under section 1.1502–13(e)(3) of the Code to treat c e rtain intercompany transactions on a separate entity basis, to revoke such consent, or to change from the unauthorized use of separate entity reporting to single entity reporting. This procedure cross-references Rev. Proc. 97–27. Rev. Proc. 82–36 modified and superseded.

Finding Lists begin on page 31. Announcement of Disbarments and Suspensions begins on page 27.

D e p a rtment of the Tr e a s u ry Internal Rev e nue Serv i c e