Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.

Announcement 2003-47(PDF, 25K)
This announcement notifies the public of changes to Form 8873, Extraterritorial Income Exclusion, and its Instructions. This announcement also provides the reasons for these changes.

Rev. Rul. 2003-74(PDF, 52K)
Section 355 management ruling. Where two different businesses operate within the same corporate group, and senior management wishes to focus on only one, the separation of the businesses to enable the management of each to concentrate on its own business satisfies the business purpose requirement of section 1.355-2(b) of the regulations.

Rev. Rul. 2003-75(PDF, 34K)
Section 355 capital allocation ruling. Where two different businesses within the same corporate group are competing for limited capital, the separation of these businesses to resolve the capital allocation problem satisfies the business purpose requirement of section 1.355-2(b) of the regulations.

Rev. Rul. 2003-77(PDF, 36K)
Community service facility. This ruling describes the type of facility that qualifies as a community service facility under section 42(d)(4)(C)(iii) of the Code.

Rev. Rul. 2003-78(PDF, 36K)
Advance refunding bonds. This ruling concludes that tax-exempt bonds are advance refunding bonds within the meaning of section 149(d)(5) of the Code if proceeds of the bonds are loaned to a governmental unit (the conduit borrower) that uses the proceeds to redeem an outstanding tax-exempt obligation on which the conduit borrower is the obligor (the prior obligation) more than 90 days after the issue date of the bonds.

Rev. Rul. 2003-79(PDF, 43K)
Section 355 reverse Morris trust. The acquisition by an unrelated corporation of all the assets of a newly formed controlled corporation following distribution of the controlled corporation's stock under section 355 of the Code will satisfy the "substantially all" requirement of section 368(a)(1)(C) even though the acquired assets represent only half of the assets held by the distributing corporation before it formed the controlled corporation.

Rev. Rul. 2003-80(PDF, 43K)
Statute of limitations, bankruptcy. This ruling explains the effect of a bankruptcy on the running of the statute of limitations on assessment set forth in section 6501 of the Code. The ruling illustrates that when the IRS issues a Notice of Deficiency less than 90 days before the taxpayer files a bankruptcy petition, the same day the taxpayer files a bankruptcy petition, or after the taxpayer files a bankruptcy petition, and before the termination of the automatic stay imposed by the bankruptcy, the assessment period is suspended not only by the 60-day period provided by section 6503(a), but also by the additional 60-day period provided by section 6213(f).

Rev. Rul. 2003-87(PDF, 30K)
LIFO; price indexes; department stores. The May 2003 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, May 31, 2003.

Notice 2003-45(PDF, 30K)
Depreciation, mid-quarter convention relief. This notice announces that a taxpayer qualifying under either Notice 2001-70 or Notice 2001-74 who filed a timely return for the taxable year that includes September 11, 2001, but failed to make the election provided under Notice 2001-70 or Notice 2001-74, is granted an automatic extension of time until December 31, 2003, to amend its tax return for the taxable year that includes September 11, 2001, and any subsequent taxable years, in order to make the election under Notice 2001-70 or Notice 2001-74 and reflect any necessary adjustments resulting from the election. Notices 2001-70 and 2001-74 amplified.

Rev. Proc. 2003-48(PDF, 60K)
Section 355; update of section 355 checklist questionnaire. The Service will no longer determine whether a distribution of controlled corporation stock (1) satisfies the business purpose requirement, (2) is used principally as a device for the distribution of earnings and profits, or (3) is part of a plan under section 355(e) of the Code. Taxpayers will be required to address these factual issues by submitting appropriate representations. Rev. Proc. 96-30 modified and amplified, and Rev. Proc. 2003-3 modified.

Rev. Proc. 2003-49(PDF, 129K)
This procedure corrects errors found in Rev. Proc. 2003-15, 2003-4 I.R.B. 321. This procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Code, and issuers of mortgage credit certificates, as defined in section 25(c), with a list of qualified census tracts for each state and the District of Columbia. The qualified census tracts are based on data from the 2000 census. Rev. Proc. 2003-15 modified and superseded.

Rev. Proc. 2003-50(PDF, 46K)
Additional first year depreciation. This procedure provides additional time for any taxpayer that timely filed its federal tax return for the taxable year that included September 11, 2001, to deduct, or elect not to deduct, the 30-percent additional first year depreciation deduction for qualified property and qualified New York Liberty Zone property placed in service after September 11, 2001, during the taxable year that included September 11, 2001. This procedure also permits an automatic extension of time to allow certain taxpayers to change their selection of section 179 property for the taxable year that included September 11, 2001. Rev. Procs. 2002-9 and 2002-33 amplified and modified.

Rev. Proc. 2003-51(PDF, 40K)
Inventories. Guidelines are provided for taxpayers and IRS personnel in making fair market value determinations for inventory items acquired when a taxpayer purchases the assets of a business for a lump sum or a corporation acquires the stock of another corporation and makes an election pursuant to section 338 of the Code. Rev. Proc. 77-12 amplified, modified, and superseded.