-12 March 18, 1996.pdf

SEQ 0001 JOB C07-001-005 0003 COVER REVISED 28MAY96 AT 12:02 BY LR DEPTH: 66.04 PICAS WIDTH 46 PICAS COMPOSITE COLOR 778/20049/28MAY96/C07-001 3 Bulletin No. 1996–12 March 18, 1996 HIGHLIGHTS OF THIS ISSUE These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations. INCOME TAX T.D. 8653, page 4. Final regulations under sections 446 and 1221 of the Code relate to the character and timing of gain or loss from certain hedging transactions entered into by members of a consolidated group. T.D. 8655, page 9. Final and temporary regulations under section 7805 of the Code are declared obsolete as part of the President’s Regulatory Reinvention Initiative. EMPLOYMENT TAX EE–55–95, page 12. Proposed regulations under section 3306(r) of the Code relate to when amounts deferred or paid from certain nonqualified deferred compensation plans are taken into account as ‘‘wages’’ for FUTA purposes. EE–142–87, page 13. Proposed regulations under section 3121(v)(2) of the Code relate to when amounts deferred or paid from certain nonqualified deferred compensation plans are taken into account as ‘‘wages’’ for FICA purposes. ADMINISTRATIVE Notice 96–14, page 11. T.D. 8650, 1996–10 I.R.B. 5, relating to the dis- allowance of deductions for employee remuneration in excess of $1,000,000, is corrected. Announcement 96–13, page 33. Test of Employment Tax Early Referral Procedures for Appeals. This announcement describes the method by which a taxpayer requests early referral of one or more unagreed employment tax issues from the District to Appeals. Announcement 96–14, page 35. A list is given of organizations now classified as private foundations. Finding Lists begin on page 39. SEQ 0002 JOB C07-002-002 0002 MISSION REVISED 28MAY96 AT 12:02 BY LR DEPTH: 65.01 PICAS WIDTH 46 PICAS COMPOSITE COLOR 778/20049/28MAY96/C07-002 2 Mission of the Service The purpose of