INCOME TAX

Rev. Rul. 97–53, page 13.

Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 1998, will be 8 percent for overpayments, 9 percent for underpayments, and 11 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 6.5 percent.

Rev. Rul. 97–54, page 8.

Line pack gas; cushion gas. The cost of recoverable line pack gas or cushion gas is a capital expenditure and is not depreciable. The cost of nonrecoverable line pack gas or cushion gas is a capital expenditure and is depreciable.

Rev. Rul. 97–55, page 7.

Certain cost-sharing payments. The Wetlands Reserve Program, the Environmental Quality Incentives Program, and the Wildlife Habitat Incentives Program are substantially similar to the type of programs described in section 126(a)(1) through (8) of the Code so that cost-share payments made under such programs and in connection with small watersheds are within the scope of section 126(a)(9) and, thereby, cost-share payments received under the programs are eligible for exclusion from gross income to the extent permitted by section 126.

Rev. Rul. 97–56, page 10.

Section 1274A inflation-adjusted numbers for 1998. This ruling provides the dollar amounts, increased by the 1998 inflation adjustment, for section 1274A of the Code. Rev. Rul. 96–63 supplemented and superseded.