INCOME TAX

Rev. Rul. 99–12, page 6. Fringe benefits aircraft valuation formula. For purposes of section 1.61–21(g) of the Income Tax Regulations, relating to the rule for valuing noncommercial flights on employer-provided aircraft, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the first half of 1999 are set forth.

REG–104072–97, page 12. Proposed regulations under section 7701 of the Code recharacterize, for tax purposes, financing arrangements involving fast-pay stock. A public hearing is scheduled for April 8, 1999.

REG–106388–98, page 27. Proposed regulations under section 25A of the Code relate to the Hope Scholarship Credit and the Lifetime Learning Credit.

REG–106905–98, page 39. Proposed regulations under section 861 of the Code relate to the allocation of loss recognized on the disposition of stock and other personal property. A public hearing is scheduled for May 26, 1999.

REG–114841–98, page 41. Proposed regulations under section 663 of the Code provide that substantively separate and independent shares of different beneficiaries are to be treated as separate estates for purposes of computing distributable net income. A public hearing is scheduled for April 22, 1999.

Notice 99–14, page 7. This notice withdraws guidance proposed in April 1992 under the passive foreign investment company (PFIC) rules of section 1291 of the Code relating to a mark-to-market