INCOME TAX

REG–209682–94, page 20. Proposed regulations under sections 743, 755, and 1017 of the Code provide guidance to partnerships and their partners concerning the optional adjustments to the basis of partnership property, the allocation of basis adjustments among partnership assets, and the computation of a partner’s share of the adjusted basis of depreciable partnership property.

Rev. Proc. 98–30, page 6. Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including electric automobiles) with tables detailing the limitations on depreciation deductions for automobiles first placed in service during calendar year 1998 and the amounts to be included in income for automobiles first leased during calendar year 1998. In addition, this revenue procedure provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 1998 for which the vehicle cents-per-mile valuation rule provided under section 1.61–21(e) of the Income Tax Regulations may be applicable.