INCOME TAX

Rev. Rul. 99–33, page 251. 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 second half of 1999 are set forth.

Rev. Rul. 99–35, page 278. Mutual life insurance companies; differential earnings rate. The differential earnings rate for 1998 and the recomputed differential earnings rate for 1997 are set forth for use by mutual life insurance companies to compute their income tax liabilities for 1998.

T.D. 8831, page 264. REG–252487–96, page 303. Final, temporary, and proposed regulations implementing sections 672(f) and 643(f) of the Code relate to the application of the grantor trust rules to certain trusts established by foreign persons. A public hearing is scheduled for November 2, 1999.

T.D. 8834, page 251. Temporary regulations are removed and final regulations are added under section 367(e) of the Code relating to the treatment of distributions to foreign persons.

Rev. Proc. 99–32, page 296. Procedures are provided for the repatriation of cash by a United States taxpayer via an interest-bearing account receivable or payable in an amount corresponding to the amount allocated under section 482 of the Code from, or to, a related person with respect to a controlled transaction. Rev. Procs. 65–17, 65–31, 70–23, 71–35, 72–22, 72–46, 72–48, 72–53, superseded. Rev. Rul. 82–80, superseded.

Finding Lists begin on page ii.

Department of the Treasury Internal Revenue Service