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 Rev. Rul. 78-79

1978-1 C.B. 450

Section 7805 -- Authority To Prescribe Rules

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Rev. Rul. 78-79

Pursuant to the authority contained in section 7805(b) of the Internal Revenue Code of 1954, Rev. Rul. 77-418, 1977-2 C.B. 60, will not be applied for any purpose to taxes levied on deposits in Ohio financial institutions if the date fixed for the listing and assessment of those deposits in accordance with Ohio Rev. Code Ann. section 5725.05 occurs prior to November 14, 1977. The Federal income tax treatment of the foregoing taxes will be governed by Rev. Rul. 64-47, 1964-1 (Part I) C.B. 98.

Rev. Rul. 77-418 is clarified.