ADMINISTRATIVE

REG–209446–82, page 24. Proposed regulations under section 1366 of the Code relate to the pass through of items of an S corporation to its shareholders, the adjustments to the basis of stock of the shareholders, and the treatment of distributions by an S corporation. A public hearing will be held on December 15, 1998.

Rev. Proc. 98–46, page 21. Last-in, first-out inventories; truck dealers. Rev. Proc. 97–44, 1997–41 I.R.B. 8, is modified to extend the relief provided by that revenue procedure for certain LIFO conformity violations of section 472(c) or (e)(2) of the Code to medium- and heavy-duty truck dealers.

Notice 98–46, page 21. Information reporting; Hope Scholarship Credit; Life- time Learning Credit. Taxpayers are informed that the Service and Treasury are extending the application of Notice 97–73, 1997–51 I.R.B. 16, to information reporting required under section 6050S of the Code for 1999.

Announcement 98–81, page 35. The disaster relief provided in section 5.02 of Rev. Proc. 95–28, 1995–1 C.B. 704 and 705, is extended to include an area in Nevada County, California, bordering a declared major disaster area.