ADMINISTRATIVE

REG–106219–98, page 51. Proposed regulations under section 1502 of the Code provide specific rules that apply to the acquisition of the stock of an S corporation by an affiliated group of corporations that joins in the filing of a consolidated return. A public hearing on the proposed regulations will be held on March 31, 1999.

Notice 99–12, page 44. Electronic funds transfer; failure to deposit penalty. This notice provides guidance relating to the waiver of the failure to deposit penalty under section 6656 of the Code for certain taxpayers first required to make federal tax deposits by electronic funds transfers beginning on or after July 1, 1996.

Announcement 99–17, page 59. The Announcement Relating to Court Decisions in 1999–4 I.R.B. 4 is corrected.