ADMINISTRATIVE

Rev. Proc. 98–25, page 7. Books and records; automatic data processing system. This procedure specifies the basic requirements that the Service considers to be essential in cases where a taxpayer’s records are maintained within an Automatic Data Processing (ADP) system. Rev. Proc. 91–59 updated and superseded.

Notice 98–17, page 6. This notice provides simplified rules under section 6038B of the Code, as amended by the Taxpayer Relief Act of 1997, on how U.S. persons should report transfers of property to foreign partnerships made between August 5, 1997, and January 1, 1998. Taxpayers may also apply the simplified rules of this notice to transfers to foreign partnerships made after August 20, 1996, and subject to the reporting requirements of section 1494(c) of the Code, so that the penalties under that section will not apply.

REG–209276–87, page 18. Proposed regulations under section 6404 of the Code relate to the abatement of interest attributable to unreasonable errors or delays by an officer or employee of the IRS in performing a ministerial or managerial act.

Announcement 98–20, page 25. This announcement informs all payers/transmitters, who file information returns magnetically or electronically with the IRS Martinsburg Computing Center, of a change in the record format for tax year 1998 returns filed in calendar year 1999.