ADMINISTRATIVE

Notice 98–54, page 25. Information reporting; qualified student loan interest. Taxpayers are informed that the Service and Treasury are extending the application of Notice 98–7, 1998–3 I.R.B. 54, to information reporting required under section 6050S of the Code for 1999. Further, no reporting is required with respect to “mixed use” loans.

Notice 98–55, page 26. Qualified offer rule. Public comment is requested on several issues raised by the recently enacted qualified offer rule regarding the award of reasonable administrative and litigation costs to a taxpayer in connection with an administrative or court proceeding.

Rev. Proc. 98–55, page 27. Late election relief for S corporations. If an S election or other related election is filed after the due date for the desired effective date of that election, special procedures permit taxpayers meeting the eligibility requirements outlined in this revenue procedure to request relief through the service center instead of applying for a private letter ruling. This revenue procedure extends the special procedure for late S corporation elections described in Rev. Proc. 97–40 from 6 months to 12 months (but in no event to later than the unextended due date of the tax return for the first year the corporation intended to be an S corporation), provides similar relief for certain QSub elections, and extends the application of Rev. Proc. 94–23 to ESBT elections. Rev. Procs. 94–23 and 97–40 amplified and superseded.

Rev. Proc. 98–56, page 33. Section 1374 no-rule. This procedure amplifies the “No Rule” revenue procedure, Rev. Proc. 98–3, 1998–1 I.R.B.

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