This Week's Internal Revenue Bulletin

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.

ADMINISTRATIVE

REV. PROC. 2019-34, page 669. Rev. Proc. 2019-34 provides simplified procedures for an insurance company to obtain automatic consent to change its methods of accounting for life insurance reserves, amounts under § 807(c)(3), and specified policy acquisition expenses under § 848, as applicable, to comply with §§ 807 and 848, as amended by sections 13517 and 13519 of the Tax Cuts and Jobs Act, for the first taxable year beginning after December 31, 2017.

ESTATE TAX

REV RUL 2019-18, page 668. The 2019 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estate of decedents.