INCOME TAX

Rev. Rul. 99–40, page 441. Interest on underpayments; credits against estimated tax. Rules are provided for determining the date from which interest will be assessed when an overpayment claimed on a return is credited to the succeeding year’s estimated tax or refunded without interest, and a deficiency for the overpayment year is subsequently determined. Rev. Ruls. 88–98, 84–58, and 77–475 modified and superseded.

Rev. Rul. 99–41, page 439. Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, and 382, and other sections of the Code, tables set forth the rates for October 1999.

REG–106010–98, page 493. Proposed regulations under section 110 of the Code relate to an exclusion from gross income for qualified lessee construction allowances provided by a lessor to a lessee for the purpose of constructing long-lived property to be used by the lessee pursuant to a short-term lease. Guidance is provided on the exclusion, the information required to be furnished, and the time and manner for providing that information to the IRS. A public hearing is scheduled for January 19, 2000.