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Part I. Rulings and Decisions Under the Internal Revenue Code of 1986
Internal Revenue Bulletin 1998-17 · 2026-10-03 edition · updated 2026-10-04 · United States
Section 61.—Gross Income Defined
26 CFR 61–21: Taxation of fringe benefits.
This procedure provides the maximum 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 § 1.61–21(e) of the Income Tax Regulations may be applicable. See Rev. Proc. 98–30, page 6.
Section 280F.—Limitation on Depreciation for Luxury Automobiles; Limitation Where Certain Property Used for Personal Purposes
26 CFR 280F–7: Property leased after December 31, 1986.
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. See Rev. Proc. 98–30, page 6.
Section 1295.—Qualified Electing Funds
Notice 98–22 announces that final regulations under section 1295 will permit shareholders of passive foreign investment companies treated as qualified electing funds to apply the rules of § 1.1295–1T(b)(4) (joint return elections), the rules of § 1.1295–1T(f) and (g) (simplified filing and reporting procedures), or both sets of rules to a taxable year beginning before January 1, 1998. See Notice 98–22, page 5.
Section 6302.—Mode or Time of Collection
26 CFR 31.6302–1: Federal tax deposit rules for withheld income taxes and taxes under the Federal Insurance Contributions Act (FICA) attributable to payments made after December 31, 1992.
Information is provided about the Electronic Federal Tax Payment System (EFTPS) programs for Batch Filers and Bulk Filers (Filers). EFTPS is an electronic remittance processing system for making federal tax deposits (FTDs) and federal tax payments (FTPs). The Batch Filer and Bulk Filer programs are used by Filers for electronically submitting enrollments, FTDs, and FTPs on behalf of multiple taxpayers. See Rev. Proc. 98–32, page 11.
April 27, 1998 4 1998–17 I.R.B.
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