Bulletin No. 1998–35 August 31, 1998

necessary tax information to beneficial owners of trust interests. A public hearing on the proposed regulations will be held on November 5, 1998.

Notice 98–40, page 7. Consolidated income tax returns. Treasury and the Service intend to issue regulations under section 1502 of the Code permitting taxpayers to elect not to apply the overall foreign loss provisions under section 1.1502–9T of the Income Tax Regulations to consolidated return years beginning before January 1, 1998. The notice also provides guidance on how taxpayers can make the election.

Notice 98–45, page 7. Definition of former Indian reservation in Oklahoma. This notice provides the definition of “former Indian reservations in Oklahoma” for purposes of section 168(j)(6) of the Code, as amended by the Taxpayer Relief Act of 1997.

Announcement 98–82, page 17. This document provides notice of a public hearing on proposed regulations, REG–251698–96, 1998–20 I.R.B. 14, under section 1308 of the Code relating to the treatment of corporate subsidiaries of S corporations. The hearing will be held on September 9, 1998.