IRS Announcement Authorizes Participation in Commonwealth Boycott of South Africa

In IRS Notice 87-55, the Internal Revenue Service stated that Section 999 of the Internal Revenue Code denies certain tax benefits to taxpayers who participate in or cooperate with international boycotts, other than boycotts which are authorized under United States law.  In particular the guideline was issued in response to questions concerning certain prohibitions which are part of the Australian and Canadian Government procurement boycotts of South Africa.