These are miscellaneous informational tax items of interest to tax
professionals. Some of the information is from the IRS, some from other
government agencies, and some are from public sources. You will find that
the items are very interesting, informative, and perhaps helpful to you
in your practice.
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| Files Already in the Internal Revenue Bulletin |
Bulletin |
IRB Date |
 |
| Rev. Rul. 2003-125(PDF) |
IRB #2003-52(HTML) |
12/29/2003 |
| Worthless security deduction. This ruling discusses when a shareholder is, and is not, allowed a worthless security deduction under section 165(g)(3) of the Code when an election is made to change the federal tax classification of an entity from a corporation to a disregarded entity. Rev. Rul. 70�489 superseded and Rev. Rul. 59�296 amplified. |
| Rev. Rul. 2003-126(PDF) |
IRB #2003-52(HTML) |
12/29/2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 2004, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent. |
| Notice 2003-81(PDF) |
IRB #2003-51(HTML) |
12/22/2003 |
| Option; foreign currency. This notice describes a transaction in which a taxpayer claims a loss upon the assignment of a section 1256 contract to a charity, but fails to report the recognition of gain when the taxpayer's obligation under an offsetting non-section 1256 contract terminates. The notice identifies the described transaction and those that are substantially similar to that transaction as listed transactions. The notice holds that the taxpayer must either recognize gain when the option is assumed by the charity or must recognize the premium at the time the taxpayer's obligations under the option contract terminate. |
| Notice 2003-80(PDF) |
IRB #2003-51(HTML) |
12/22/2003 |
| Weighted average interest rate update. The weighted average interest rate for December 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Notice 2003-78(PDF) |
IRB #2003-50(HTML) |
12/15/2003 |
| This notice publishes the tier 2 Railroad Retirement Tax Act (RRTA) tax rates for 2004 under sections 3201(b), 3221(b), and 3211(b) of the Internal Revenue Code for railroad employees, employers, and employee representatives, respectively. For 2004, the tier 2 tax rate on employees is 4.9 percent of compensation and the tier 2 tax rate on employers and employee representatives is 13.1 percent of compensation. |
| Notice 2003-79(PDF) |
IRB #2003-50(HTML) |
12/15/2003 |
| Section 1(h) of the Code provides that certain dividends paid to an individual shareholder from either a domestic corporation or a "qualified foreign corporation" are subject to tax at the reduced rates applicable to certain capital gains. This notice provides guidance for persons required to make returns and provide statements under section 6042 (e.g., Form 1099-DIV) regarding distributions with respect to securities issued by a foreign corporation, and for individuals receiving such statements. The notice also describes when a security (or an American depositary receipt in respect to such security) issued by a foreign corporation that is other than ordinary or common stock (such as preferred stock) will satisfy the readily tradable test. |
| Rev. Proc. 2003-86(PDF) |
IRB #2003-50(HTML) |
12/15/2003 |
| Professional employer organizations; employee leasing; plan qualification. This procedure describes certain transitional rules that may be used by defined contribution retirement plans of professional employer organizations. Rev. Proc. 2002-21 amplified. |
| Notice 2003-75(PDF) |
IRB #2003-50(HTML) |
12/15/2003 |
| This notice describes the new simplified reporting regime for taxpayers who hold interests in Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs). The new reporting regime, which is effective for taxable years beginning after December 31, 2002, is in lieu of the Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, and Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner, filing obligations that otherwise apply to U.S. citizens and resident aliens who hold interests in RRSPs and RRIFs and to the custodians of such plans. Notices 97-34 (section II-E), 2003-25, and 2003-57 superseded. |
| Rev. Proc. 2003-85(PDF) |
IRB #2003-49(HTML) |
12/8/2003 |
| Cost-of-living adjustments for 2004. This procedure provides cost-of-living adjustments for the tax rate tables for individuals, estates, and trusts, the standard deduction amounts, the personal exemption, and several other items that use the adjustment method provided for the tax rate tables. The Service also provides the adjustment for eligible long-term care premiums and another item that uses the adjustment method provided eligible long-term care premiums. |
| Rev. Rul. 2003-122(PDF) |
IRB #2003-49(HTML) |
12/8/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for December 2003. |
| Rev. Rul. 2003-124(PDF) |
IRB #2003-49(HTML) |
12/8/2003 |
| Covered compensation tables; 2004. The covered compensation tables under section 401 of the Code for the year 2004 are provided for use in determining contributions to defined benefit plans and permitted disparity. |
| Notice 2003-77(PDF) |
IRB #2003-49(HTML) |
12/8/2003 |
| Transfer to trusts to provide for the satisfaction of contested liabilities. This notice provides that certain transfers to trusts to provide for the satisfaction of contested liabilities under section 461(f) of the Code are listed transactions. |
| Notice 2003-76(PDF) |
IRB #2003-49(HTML) |
12/8/2003 |
| This notice sets out transactions that have been identified by the Treasury Department and the IRS as "listed transactions" for purposes of the regulations under sections 6011 and 6111 of the Code. Notice 2001-51 supplemented and superseded. |
| Rev. Proc. 2003-84(PDF) |
IRB #2003-48(HTML) |
12/1/2003 |
| Optional election to make monthly 706(a) computations. This procedure allows certain partnerships that invest in tax-exempt obligations to make an election that enables the partners to take into account monthly the inclusions required under sections 702 and 707(c) of the Code and provides rules for partnership income tax reporting under section 6031 for such partnerships. Rev. Proc. 2002-68 modified and superseded. |
| Announcement 2003-74(PDF) |
IRB #2003-48(HTML) |
12/1/2003 |
| This announcement is a public notice of the suspension of the federal tax exemption under section 501(p) of the Code of certain organizations that have been designated as supporting or engaging in terrorist activity or supporting terrorism. Contributions made to these organizations during the period that the organization's tax-exempt status is suspended are not deductible for federal tax purposes. |
| Rev. Rul. 2003-119(PDF) |
IRB #2003-47(HTML) |
11/24/2003 |
| Section 1274A - inflation adjusted numbers for 2004. This ruling provides the dollar amounts, increased by the 2004 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2002�79 supplemented and superseded. |
| Rev. Rul. 2003-118(PDF) |
IRB #2003-47(HTML) |
11/24/2003 |
| CPI adjustment for below-market loans for 2004. The amount that section 7872(g) of the Code permits a taxpayer to lend to a qualified continuing care facility without incurring imputed interest is published and adjusted for inflation for years 1987�2004. Rev. Rul. 2002�78 supplemented and superseded. |
| Notice 2003-74(PDF) |
IRB #2003-47(HTML) |
11/24/2003 |
| Weighted average interest rate update. The weighted average interest rate for November 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Rev. Rul. 2003-115(PDF) |
IRB #2003-46(HTML) |
11/17/2003 |
| Gross income; compensation for injuries or sickness; disaster relief payments. Taxpayers are informed of the tax treatment under sections 61, 104, 130, and 139 of the Code of periodic payments to claimants of the September 11th Victim Compensation Fund. |
| Rev. Rul. 2003-110(PDF) |
IRB #2003-46(HTML) |
11/17/2003 |
| Stocks and securities; distribution. This ruling concludes that, in determining whether a distribution of controlled corporation stock satisfies the business purpose requirement of regulations section 1.355-2(b), the fact that the distribution avoids gain recognition under section 311(b) of the Code does not present a potential for avoidance of federal income tax. |
| Rev. Rul. 2003-116(PDF) |
IRB #2003-46(HTML) |
11/17/2003 |
| Helicopters. This ruling concludes that a helicopter is not an airplane for purposes of section 147(e) of the Code which provides that a private activity bond is not a qualified bond if issued as part of an issue and any portion of the proceeds of such issue is to be used to provide any airplane, skybox, or other private luxury box, health club facility, facility primarily used for gambling, or store the principal business of which is the sale of alcoholic beverages for consumption off premises. |
| Announcement 2003-70(PDF) |
IRB #2003-46(HTML) |
11/17/2003 |
| The Internal Revenue Service announces that it will resume ruling on the issue of significant chemical change for synthetic fuels for purposes of section 29 of the Code. |
| Rev. Proc. 2003-75(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including trucks, vans, and electric automobiles) with tables detailing the limitations on depreciation deductions for passenger automobiles first placed in service during calendar year 2003 and the amounts to be included in income for passenger automobiles first leased during calendar year 2003. Separate tables are provided for passenger automobiles qualifying for additional first-year bonus depreciation under section 168(k). In addition, this procedure provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 2003 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the regulations may be applicable. Rev. Procs. 2001-19 and 2002-14 amplified. |
| Rev. Proc. 2003-78(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| This procedure provides instructions for establishing exemption from the section 4371 foreign insurance excise tax under certain United States income tax treaties. Rev. Proc. 92�39 superseded in part. |
| Rev. Proc. 2003-79(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| Annual accounting periods; partnerships; S corporations. Procedures are provided under which partners or shareholders of S corporations may elect, under certain circumstances, to take into account ratably over four taxable years the partner's or S corporation shareholder's share of income from the partnership or S corporation that is attributable to a short taxable year ending on or after May 10, 2002, but before June 1, 2004. Rev. Procs. 2002-38 and 2002-39 modified. |
| Rev. Proc. 2003-80(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| Per diem allowances. This procedure provides rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as optional rules for determining the amount of deductible meals and incidental expenses while traveling away from home. Rev. Proc. 2002-63 superseded. |
| Rev. Proc. 2003-81(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| 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 the Northern Mariana Islands, American Samoa, and Guam. The qualified census tracts are based on data from the 2000 census. Rev. Proc. 2003-49 supplemented. |
| Announcement 2003-68(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| This announcement delays the implementation of rolling renewals applicable to enrolled agents, whose social security numbers end with 0, 1, 2, or 3, under section 10.6(d)(1) of the Regulations Governing Practice Before the Internal Revenue Service, Treasury Department Circular No. 230, 31 CFR part 10. |
| Rev. Rul. 2003-112(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| Work Opportunity Tax Credit (WOTC). This ruling concerns the eligibility criteria for the Work Opportunity Tax Credit. The ruling clarifies that an individual whose family receives assistance for the requisite period meets the requirements to be certified as a qualified IV-A recipient under section 51(d)(2)(A) of the Code if the individual is included on the grant (and thus receives assistance) for some portion of the specified period. |
| Rev. Rul. 2003-114(PDF) |
IRB #2003-45(HTML) |
11/10/2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for November 2003. |
| Rev. Rul. 2003-108(PDF) |
IRB #2003-44(HTML) |
11/3/2003 |
| Tax lien. This ruling under section 6323(a) of the Code concludes that actual notice or knowledge of the existence of a section 6321 federal tax lien is irrelevant for purposes of section 6323(a) lien priority. |
| Rev. Rul. 2003-106(PDF) |
IRB #2003-44(HTML) |
11/3/2003 |
| Travel and entertainment expenses. This ruling specifies when an employer's use of electronic substantiation and expense reporting, as part of its travel and entertainment expense reimbursement procedures, satisfies the accountable plan requirements. |
| Notice 2003-72(PDF) |
IRB #2003-44(HTML) |
11/3/2003 |
| This notice announces that the Internal Revenue Service will follow the Tax Court's decision in Walton v. Commissioner, 115 T.C. 589 (2000), holding that section 25.2702-3(e), Example 5, of the Gift Tax Regulations is invalid. |
| Rev. Proc. 2003-76(PDF) |
IRB #2003-43(HTML) |
10/27/2003 |
| Optional standard mileage rates. This procedure announces 37.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 14 cents as the optional rate for use of an automobile as a medical or moving expense for 2004. It provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. The procedure also revises the limitation on simultaneous use of multiple automobiles to allow a taxpayer using up to four vehicles simultaneously to use the standard mileage rate. Rev. Proc. 2002-61 superseded. |
| Notice 2003-71(PDF) |
IRB #2003-43(HTML) |
10/27/2003 |
| Section 1(h) of the Code provides that certain dividends paid to an individual shareholder from either a domestic corporation or a "qualified foreign corporation" are subject to tax at the reduced rates applicable to certain capital gains. The term "qualified foreign corporation" is defined to include possessions corporations and certain foreign corporations that are eligible for benefits of certain United States income tax treaties. A foreign corporation that is not otherwise treated as a qualified foreign corporation will be so treated with respect to any dividend it pays if the stock with respect to which the dividend is paid is readily tradable on an established securities market in the United States. This notice defines, for dividends received on or after January 1, 2003, what it means to be readily tradable on an established securities market in the United States. |
| Notice 2003-70(PDF) |
IRB #2003-43(HTML) |
10/27/2003 |
| This notice contains a proposed revenue procedure giving updated guidance to state and local government agencies on how they can serve as employment tax agents, under section 3504 of the Code, for participants in state or local government programs who employ home-care service providers to assist them in their homes. The Service seeks comments on the proposed revenue procedure. Notice 95-18 modified. Rev. Proc. 70-6 modified and superseded, in part. Rev. Proc. 80-4 modified and amplified. |
| Notice 2003-61(PDF) |
IRB #2003-42(HTML) |
10/20/2003 |
| Weighted average interest rate update. The weighted average interest rate for October 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Notice 2003-69(PDF) |
IRB #2003-42(HTML) |
10/20/2003 |
| Section 1(h) of the Code was amended by the Jobs and Growth Tax Relief Reconciliation Act of 2003 to provide that certain dividends paid to an individual shareholder from either a domestic corporation or a "qualified foreign corporation" are subject to tax at the reduced rates applicable to certain capital gains. The term "qualified foreign corporation" is defined to include certain foreign corporations that are eligible for benefits of a comprehensive income tax treaty with the United States, which the Secretary determines is satisfactory for purposes of this provision and which includes an exchange of information program. This notice provides a current list of U.S. income tax treaties that meet the requirements of section 1(h)(11)(C)(i)(II). |
| Rev. Rul. 2003-109(PDF) |
IRB #2003-42(HTML) |
10/20/2003 |
| Disallowance of convention expenses; North American geographical area. All geographical areas included in the North American area for purposes of section 274 of the Code are listed. Rev. Ruls. 87�95 and 94�56 superseded. |
| Rev. Rul. 2003-107(PDF) |
IRB #2003-41(HTML) |
10/14/2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for October 2003. |
| Notice 2003-68(PDF) |
IRB #2003-41(HTML) |
10/14/2003 |
| Qualified community development entity (CDE) loan purchases. The Treasury Department and the Service announce that they will clarify and amend the definition of a qualified low-income community investment under section 1.45D-1T(d)(1)(ii) of the regulations. |
| Rev. Rul. 2003-105(PDF) |
IRB #2003-40(HTML) |
10/6/2003 |
| Split-dollar life insurance arrangements. Certain previously published revenue rulings are obsoleted to the extent described in this ruling. The previously published rulings are obsoleted in light of T.D. 9092, which provides comprehensive final regulations regarding the federal income, gift, and employment taxation of split-dollar life insurance arrangements. Rev. Ruls. 78-420 and 79-50 obsoleted. Rev. Rul. 66-610 partially obsoleted. |
| Notice 2003-65(PDF) |
IRB #2003-40(HTML) |
10/6/2003 |
| This notice provides two alternative safe harbors regarding the identification of built-in items under section 382(h) of the Code and requests comments on this subject. Notice 87-79 modified. |
| Notice 2003-67(PDF) |
IRB #2003-40(HTML) |
10/6/2003 |
| This notice provides guidance to brokers and individuals for information reporting of payments in lieu of dividends. |
| Rev. Rul. 2003-104(PDF) |
IRB #2003-39(HTML) |
9/29/2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 2003, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent. |
| Notice 2003-64(PDF) |
IRB #2003-39(HTML) |
9/29/2003 |
| Investments through multiple CDEs. The Treasury Department and the Service announce that they will amend regulations section 1.45D-1T(d)(1)(iv) to include investments through two additional qualified community development entities (CDEs) described in section 45D(c) of the Code. |
| Announcement 2003-56(PDF) |
IRB #2003-39(HTML) |
9/29/2003 |
| This announcement provides information regarding changes to the reporting for certain 2002 forms affected by the decrease in the capital gains tax rates. Partnerships, S corporations, estates, individuals, real estate investment trusts, and mutual funds and other regulated investment companies with a fiscal year beginning in 2002 and ending after May 5, 2003, must reflect the changes required by this announcement in their reporting for the tax year. |
| Notice 2003-60(PDF) |
IRB #2003-39(HTML) |
9/29/2003 |
| This notice addresses a number of collection issues arising from the Supreme Court decision in United States v. Craft, 535 U.S. 274 (2002-38 I.R.B. 548), in which the Court held that the federal tax lien attaches to the rights of the delinquent taxpayer in property held as a tenancy by the entirety, even though state law insulates entireties property from the claims of creditors of only one spouse. |
| Notice 2003-62(PDF) |
IRB #2003-38(HTML) |
9/22/2003 |
| Mortality tables; retirement plans. This notice seeks public comments with respect to the mortality tables in effect under section 412(l)(7)(C) of the Code and section 302(d)(7) of the Employee Retirement Income Security Act of 1974 (ERISA). |
| Rev. Proc. 2003-72(PDF) |
IRB #2003-38(HTML) |
9/22/2003 |
| EP determination letters; extension of application deadline for certain pre-approved plans. This procedure extends the deadline for filing EP determination letter requests for certain pre-approved qualified retirement plans. This procedure also extends the time for amending defined contribution plans to comply with regulations relating to required minimum distributions. Rev. Procs. 2000-20, 2002-29, and 2003-44 modified. |
| Rev. Rul. 2003-102(PDF) |
IRB #2003-38(HTML) |
9/22/2003 |
| Self-insured medical reimbursement plans. This ruling holds that employer reimbursements of amounts paid by an employee to purchase nonprescription medicines and drugs are excludable from gross income under section 105(b) of the Code. However, amounts paid by an employee for dietary supplements that are merely beneficial to the general health of the employee or the employee's spouse or dependents are not reimbursable or excludable from gross income under section 105(b). Rev. Rul. 2003-58 distinguished. |
| Notice 2003-63(PDF) |
IRB #2003-38(HTML) |
9/22/2003 |
| Weighted average interest rate update. The weighted average interest rate for September 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Rev. Rul. 2003-101(PDF) |
IRB #2003-36(HTML) |
9/8/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for September 2003. |
| Rev. Proc. 2003-71(PDF) |
IRB #2003-36(HTML) |
9/8/2003 |
| This procedure describes the process for submitting and resolving an offer in compromise with the Service. It describes the procedures for submitting an offer in compromise, including the form and content of an offer, when the offer becomes pending, when the offer is returned, when the offer is withdrawn, when the offer is accepted, and when the offer is rejected. Rev. Proc. 96-38 obsoleted. |
| Notice 2003-59(PDF) |
IRB #2003-35(HTML) |
9/2/2003 |
| Uniform capitalization; methods of accounting. This notice modifies Notice 2003-36 to permit certain taxpayers to use the automatic approval procedures of Rev. Proc. 2002-9 to change their method of accounting to the simplified service cost or simplified production method for self-constructed assets for their most recent taxable year ending on or before May 8, 2003. This notice also informs taxpayers that, in the future, the Service and Treasury Department may provide guidance under which the automatic approval procedures will no longer apply to a method of accounting, effective for applications filed after such change is announced. Notice 2003-36 modified. |
| Notice 2003-58(PDF) |
IRB #2003-35(HTML) |
9/2/2003 |
| Weighted average interest rate update. The weighted average interest rate for August 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Rev. Rul. 2003-97(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| Deductibility of interest. This ruling provides guidance on whether interest accruing on a note is deductible under section 163(a) of the Code, and whether the deduction is disallowed under section 163(1), when a corporation issues units, each consisting of instruments in the form of a note and a forward contract to purchase a quantity of the corporation's common stock. The holding of this ruling is modified for units issued on or before August 22, 2003. This ruling also requests comments concerning possible regulations under section 163(1). |
| Rev. Rul. 2003-96(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| Lease stripping transaction. This ruling discusses whether section 482 of the Code may apply to allow allocations of the income and deductions arising from a lease stripping transaction entered into by parties that were unrelated at the time the income is stripped from the lease, solely on the basis that the parties were acting in concert or with a common goal or purpose, to arbitrarily shift income or deductions among themselves. |
| Rev. Proc. 2003-70(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| This procedure provides the domestic asset/liability percentages and domestic investment yields needed by foreign insurance companies to compute their minimum effectively connected net investment income for taxable years beginning after December 31, 2001. |
| Notice 2003-56(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| Equity investment prior to allocation. The Treasury Department and the Service announce that they will amend section 1.45D-1T(c)(3)(ii) of the temporary regulations to provide an exception permitting certain equity investments made on or after the date the Community Development Financial Institutions Fund publishes a Notice of Allocation Availability in the Federal Register, and before the receipt of a new markets tax credit allocation under section 45D(f)(2), to be designated as qualified equity investments under section 45D(b)(1)(C) of the Code. |
| Rev. Proc. 2003-69(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| This procedure provides the requirements for completing and submitting Form 8655, Reporting Agent Authorization for Magnetic Tape/Electronic Filers. Rev. Proc. 96-17 modified and superseded. |
| Rev. Rul. 2003-98(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| Deduction rules; compensatory stock options. This ruling addresses the application of the deduction rules under section 83(h) of the Code with regard to the exercise or disposition of compensatory stock options following certain corporate transactions. |
| Notice 2003-57(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| This notice provides circumstances under which no Form 3520 or Form 3520-A with respect to certain Canadian retirement plans is required with respect to the 2002 taxable year, and guidance concerning compliance with Forms 3520 and 3520-A when required. |
| Rev. Proc. 2003-68(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| This procedure restates and modifies Rev. Procs. 2002-13 and 2002-45. The modifications include permitting the use of expected term in connection with the safe harbor valuation method and the ability to recalculate the option value under certain circumstances. Rev. Procs. 2002-13 and 2002-45 revoked. |
| Notice 2003-55(PDF) |
IRB #2003-34(HTML) |
8/25/2003 |
| This notice concerns the federal tax treatment of lease strips. Notice 95-53 modified and superseded. |
| Notice 2003-51(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| This notice accompanies Rev. Rul. 2003-76. The notice requests comments on possible additional guidance prescribing the tax treatment of partial exchanges of annuity contracts and also provides interim guidance. |
| Notice 2003-54(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| This notice advises taxpayers and their representatives about a tax shelter that uses a common trust fund (CTF) to invest in offsetting gain and loss positions in foreign currencies for the purpose of creating losses for a high net worth taxpayer and notifies the taxpayers and their representatives that the claimed tax benefits purportedly generated by these transactions are not allowable for federal income tax purposes. The notice also states that this transaction is a "listed transaction" and warns of the potential penalties that may be imposed if taxpayers claim losses from such a transaction. |
| Rev. Proc. 2003-66(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| Rents paid to a real estate investment trust (REIT) by a joint venture partnership that includes a taxable REIT subsidiary (TRS) of the REIT. This procedure provides conditions under which payments to a REIT from a joint venture between a TRS and an unrelated third party for space at a property owned by the REIT will be treated as rents from real property under section 856(d) of the Code. |
| Rev. Rul. 2003-76(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| Exchange of a portion of annuity contract. An exchange of a portion of an annuity contract into a new annuity contract is treated as a tax-free exchange under section 1035 of the Code. Investment in the contract and basis are allocated according to cash value immediately prior to the exchange using the rules of sections 72 and 1031. |
| Rev. Rul. 2003-94(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for August 2003. |
| Rev. Rul. 2003-72(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| Determination of a child�s specific age. A child attains an age on his or her birthday for purposes of Code sections 21 (child and dependent care credit), 23 (adoption credit), 24 (child tax credit), 32 (earned income credit), 129 (excludable dependent care benefits), 131 (excludable foster care benefits), 137 (excludable adoption assistance benefits), and 151 (dependency exemptions). |
| Rev. Rul. 2003-91(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| Investor control doctrine. This ruling presents guidance on the investor control doctrine by presenting a factual scenario in which a variable contract holder does not have control over segregated account assets sufficient to be deemed the owner of the assets. In this manner, this ruling presents a "safe harbor" from which taxpayers may operate. |
| Notice 2003-53(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| This notice provides modifications to the reporting requirements for distributions from Coverdell Education Savings Accounts (CESAs) for calendar years after 2002. |
| Rev. Rul. 2003-90(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| Accrual of liability for California franchise tax. This ruling holds that, for federal income tax purposes, a taxpayer that uses an accrual method of accounting incurs a liability for California franchise tax in the taxable year following the taxable year in which the tax is incurred under the California Revenue and Tax Code. Rev. Rul. 79-410 amplified. |
| Rev. Rul. 2003-92(PDF) |
IRB #2003-33(HTML) |
8/18/2003 |
| Variable contract holder. This ruling holds that a variable contract holder is the owner of interests in a nonregistered partnership where interests in the nonregistered partnership are not available exclusively through the purchase of a life insurance or annuity contract. Rev. Rul. 81-225 clarified and amplified. |
| Notice 2003-50(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| This notice announces that regulations issued under section 269B of the Code will provide that a foreign corporation that is stapled to a domestic corporation will be treated as a domestic corporation for purposes of the definition of an includible corporation under section 1504(b) when applying sections 1.904(i)-1 and 1.861-11T(d)(6). Notice 89-94 modified. |
| Rev. Proc. 2003-61(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| This procedure provides guidance for taxpayers seeking equitable relief from income tax liability under section 66(c) or section 6015(f) of the Code. Rev. Proc. 2000-15 superseded. |
| Notice 2003-52(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| This notice clarifies the application of section 911 of the Code to U.S. citizens and residents earning income in Iraq attributable to services performed by such individuals. As long as individuals whose activities in Iraq are permitted by a specific or general license issued by Treasury's Office of Foreign Assets Control, those individuals are not subject to the limitations of section 911(d)(8)(A). |
| Notice 2003-49(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| EGTRRA; employee plans' user fees. This notice describes when a plan's EGTRRA remedial amendment period under section 401(b) of the Code is considered to begin for purposes of determining if a determination letter application is exempt from user fees. Notice 2002-1 amplified. |
| Rev. Rul. 2003-88(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| Section 4971; running of statute of limitations; and filing of form. This ruling states that the filing of a Form 5330, and not the filing of a Form 5500, starts the running of the statute of limitations with respect to the excise taxes described in section 4971 of the Code. |
| Rev. Proc. 2003-62(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| Changes in accounting periods; automatic approval for individuals. Procedures are provided by which certain individuals may obtain automatic approval of the Commissioner to change their annual accounting period under section 442 of the Code to the calendar year. Rev. Proc. 66-50 modified, amplified, and superseded, and Rev. Proc. 81-40 modified and superseded. |
| Announcement 2003-49(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| Annual accounting periods; approval. This announcement discusses some of the changes that the Service and Treasury Department have made in finalizing procedures for certain individuals to obtain the automatic approval of the Commissioner to change their annual accounting period to a calendar year. |
| Rev. Rul. 2003-86(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| Noncustomary services provided to REIT tenants by a joint venture between a taxable REIT subsidiary and an independent contractor. This ruling provides that a joint venture between a taxable REIT subsidiary and an independent contractor to provide noncustomary services to REIT tenants will not cause rents paid by tenants to fail to qualify as "rents from real property under section 856 of the Code. |
| Rev. Proc. 2003-63(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| Depreciation of cable television distribution systems. This procedure provides a safe harbor method under which the Service will treat a node and fiber optic cable used in a cable television distribution system providing one-way and two-way communication services as the unit of property for computing depreciation under sections 167 and 168 of the Code. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2003-64(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| This procedure contains the final withholding foreign partnership (WP) and withholding foreign trust (WT) agreements. The WP and WT agreements are designed to simplify withholding and reporting obligations for payments of income made to foreign partnerships and foreign simple or grantor trusts. This procedure also contains rules regarding withholding and reporting on certain small or related foreign partnerships and foreign simple or grantor trusts that do not enter into WP or WT agreements. Section III.C. of Notice 2001-4 superseded for 2004 and subsequent calendar years. Rev. Proc. 2000-12 modified. |
| Rev. Proc. 2003-65(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| REIT loans; real estate asset; interest. This procedure sets forth a safe harbor under which a loan made by a real estate investment trust (REIT) that is secured either by a partnership interest in a partnership or by the sole membership interest in a disregarded entity will be treated as a real estate asset for purposes of sections 856(c)(4)(A) and 856(c)(5)(B) of the Code and the interest on the loan will be treated as interest on an obligation secured by a mortgage on real property or on an interest in real property for purposes of section 856(c)(3). |
| Rev. Rul. 2003-85(PDF) |
IRB #2003-32(HTML) |
8/11/2003 |
| Excise tax; terminating defined benefit plan; reversion. This ruling describes the treatment of a transfer from a terminating defined benefit plan to a defined contribution plan of an amount that is in excess of 25 percent of the potential amount otherwise available for reversion. |
| Notice 2003-47(PDF) |
IRB #2003-30(HTML) |
7/28/2003 |
| This notice announces the Service's position regarding certain transactions involving the transfer of nonstatutory stock options to a related person in exchange for a long-term, unsecured deferred payment obligation. The notice provides that the transfer will not constitute an arm's length transaction for purposes of regulations section 1.83-7, and that the receipt of the deferred payment obligation will not result in a deferral of the recognition of income arising from the transfer. |
| Notice 2003-48(PDF) |
IRB #2003-30(HTML) |
7/28/2003 |
| Weighted average interest rate update. The weighted average interest rate for July 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Announcement 2003-46(PDF) |
IRB #2003-30(HTML) |
7/28/2003 |
| This announcement informs the public that the Service is currently reviewing information regarding test procedures and results that have been presented as evidence that fuel underwent a significant chemical change. Until the review is complete, rulings on the question of significant chemical change will be suspended for requests relying on the procedures and results being reviewed. |
| Rev. Rul. 2003-83(PDF) |
IRB #2003-30(HTML) |
7/28/2003 |
| Minimum funding; entry age normal; reasonableness. This ruling addresses two situations where the aggregate entry age normal method of funding is not a reasonable funding method within the meaning of section 412(c)(3) of the Code and section 1.412(c)(3)-1 of the regulations. |
| Rev. Rul. 2003-81(PDF) |
IRB #2003-30(HTML) |
7/28/2003 |
| Depreciation of assets. This ruling provides guidance as to the proper asset class under Rev. Proc. 87-56, 1987-2 C.B. 674, to depreciate assets owned by a utility that are used in the business operations of the utility. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2003-51(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. |
| Notice 2003-45(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. |
| Announcement 2003-47(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. Proc. 2003-50(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. Rul. 2003-79(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. 2003-78(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. 2003-77(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. 2003-75(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. Proc. 2003-48(PDF) |
IRB #2003-29(HTML) |
7/21/2003 |
| 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. Rul. 2003-73(PDF) |
IRB #2003-28(HTML) |
7/14/2003 |
| Deductions of section 277 membership organizations. This ruling illustrates the operation of section 277. Membership organizations subject to section 277 can take allowable deductions attributable to providing goods and services to members only to the extent of member income in computing the organization's taxable income. Excess deductions are not deductible against nonmember income but are allowable as deductions against member income in succeeding years. Other allowable deductions are fully deductible, including deductible against member income, in computing taxable income. |
| Notice 2003-46(PDF) |
IRB #2003-28(HTML) |
7/14/2003 |
| This notice announces the intention of the IRS and Treasury to withdraw the extraordinary transaction rule from the NPRM (REG-110385-99, 1999-2 C.B. 670) and to finalize the remaining portions of the NPRM. |
| Rev. Proc. 2003-47(PDF) |
IRB #2003-28(HTML) |
7/14/2003 |
| This procedure provides new procedural rules regarding the election under section 953(d) of the Code, whereby certain foreign insurance companies may elect to be treated as domestic corporations for U.S. tax purposes. These rules reflect changes in the administration of the election and replace the procedural rules contained in Section II of Notice 89-79, 1989-2 C.B. 392. Notice 89-79 modified and superseded. |
| Rev. Proc. 2003-46(PDF) |
IRB #2003-28(HTML) |
7/14/2003 |
| This procedure provides relief to issuing authorities that failed to file Form 8328, Carryforward Election of Unused Private Activity Bond Volume Cap, under section 146(f) of the Code for years prior to 2003 because the authority responsible for allocating state ceiling in their state filed Form 8328 instead. The relief is necessary because the Form 8328 (1) should have been filed by the issuing authority and (2) fails to provide the information required under regulations section 1.103(n)-4T (as amended by the Tax Reform Act of 1986). |
| Notice 2003-42(PDF) |
IRB #2003-28(HTML) |
7/14/2003 |
| This notice provides guidance to issuing authorities on the deadline for assigning private activity bond volume cap under section 146 of the Code to other issuing authorities. It clarifies that the deadline for an issuing authority to assign any portion of its volume cap to another issuing authority in the state is the earlier of (1) February 15 of the calendar year following the year in which the state ceiling represented by that volume cap arises, or (2) the date of issue of bonds issued pursuant to the assignment of that portion of the volume cap. |
| Notice 2003-41(PDF) |
IRB #2003-28(HTML) |
7/14/2003 |
| This notice provides guidance to state authorities responsible for allocating private activity bond state ceiling under section 146(e) of the Code. It clarifies that the deadline for allocating any portion of the state ceiling under section 146(e) is the earlier of (1) February 15 of the calendar year following the year in which the state ceiling arises, or (2) the date of issue of bonds issued pursuant to an allocation of that portion of the state ceiling. |
| Notice 2003-38(PDF) |
IRB #2003-27(HTML) |
7/7/2003 |
| The Service announces a compliance initiative for nonresident aliens and foreign corporations that have not filed U.S. federal income tax returns, and that may consequently be denied deductions and credits pursuant to section 874(a) or 882(c)(2) of the Code. |
| Rev. Proc. 2003-45(PDF) |
IRB #2003-27(HTML) |
7/7/2003 |
| LIFO; methods of accounting; automatic consent. For certain accounting method changes within the inventory price index computation (IPIC) method of accounting for last-in, firstout (LIFO) inventories, the 5-year prior change scope limitation in section 4.02(6) of Rev. Proc. 2002-9, 2002-1 C.B. 327, is waived. Rev. Proc. 2002-9 modified. |
| Rev. Rul. 2003-70(PDF) |
IRB #2003-27(HTML) |
7/7/2003 |
| Small employer plan exception to the COBRA continuation coverage requirements in mergers and acquisitions. Guidance is provided on when a group health plan maintained by an employer that grows to have more than 20 employees through a stock or asset acquisition is required to begin complying with the COBRA continuation coverage requirements. |
| Rev. Rul. 2003-71(PDF) |
IRB #2003-27(HTML) |
7/7/2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for July 2003. |
| Notice 2003-40(PDF) |
IRB #2003-27(HTML) |
7/7/2003 |
| The Service clarifies the answers to six questions concerning taxexempt qualified New York Liberty Bonds issued under section 1400L(d) of the Code. |
| Announcement 2003-43(PDF) |
IRB #2003-26(HTML) |
6/30/2003 |
| This announcement contains the annual report concerning the Pre-Filing Agreement Program of the Large and Mid-Size Business Division of the Service for Calendar Year 2002. |
| Announcement 2003-40(PDF) |
IRB #2003-26(HTML) |
6/30/2003 |
| This announcement describes changes the IRS is testing under section 32 of the Code in determining qualifying child eligibility under the Earned Income Credit. |
| Rev. Proc. 2003-40(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| This procedure formally establishes the Fast Track Settlement (FTS) program to expedite case resolution and to expand the range of dispute resolution options available to taxpayers. The Large and Mid-Size Business Division and the Office of Appeals will jointly administer the FTS program. FTS will also allow LMSB personnel and LMSB taxpayers an opportunity to mediate their disputes with an Appeals Official acting as a neutral party. |
| Rev. Rul. 2003-65(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| Frozen plan; additional accruals; vesting service. This ruling states that the freezing of accruals under a plan is not a plan termination for purposes of determining whether vesting service may be disregarded if accruals resume under the plan. Accordingly, all years of service for the plan sponsor since the plan was established must be counted toward vesting. The result is the same if, instead, the frozen plan is merged into a new plan of the employer with accruals resuming under the merged plan. |
| Rev. Rul. 2003-64(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| Unrelated business taxable income. In computing the unrelated business income tax it owes under section 511(a)(2)(A) of the Code, it is proper for a social club described in section 501(c)(7) to claim the credit under section 45B for the portion of employer social security taxes paid with respect to employee tips received from both members and nonmembers. |
| Announcement 2003-36(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| This announcement contains the procedures for the Tax Exempt Bond Mediation Dispute Resolution Pilot Program (TEB Mediation). In furtherance of the Service's goal of resolving tax controversies on a basis that is fair and impartial to both the government and the taxpayers, TEB Mediation establishes new opportunities for Issuers (as defined in Rev. Proc. 96-16, 1996-1 C.B. 630) of tax-exempt debt, with the assistance of the Office of Appeals, to expedite the resolution of cases within the Tax Exempt Bond organization. |
| Rev. Proc. 2003-41(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| This procedure formally establishes the Fast Track Mediation (FTM) program to expedite case resolution and to expand the range of dispute resolution options available to taxpayers. The Small Business/Self-Employed Compliance Division and the Office of Appeals will jointly administer the FTM program. FTM will also allow SB/SE personnel and SB/SE taxpayers an opportunity to mediate their disputes with an Appeals Official acting as a neutral party. |
| Notice 2003-30(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| Weighted average interest rate update. The weighted average interest rate for June 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Rev. Rul. 2003-63(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning July 1, 2003, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 2.5 percent. |
| Rev. Proc. 2003-44(PDF) |
IRB #2003-25(HTML) |
6/23/2003 |
| Administrative programs; correction programs. This procedure updates and expands upon the Service's correction programs for retirement plans within the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division. Rev. Proc. 2002-47 modified and superseded. |
| Rev. Proc. 2003-38(PDF) |
IRB #2003-24(HTML) |
6/16/2003 |
| Commercial revitalization deduction. This procedure provides the time and manner for states to make allocations of commercial revitalization expenditures to a new or substantially rehabilitated building that is placed in service in a renewal community. This procedure also explains how a taxpayer may elect to recover the cost of the building using a more accelerated method than is otherwise allowable for depreciation purposes. |
| Rev. Rul. 2003-56(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| Like kind exchanges. This ruling deals with the consequences under section 752 of the Code, and the minimum gain rules under section 1.704-2(d) of the regulations, of a section 1031 transaction that straddles two taxable years. Rev. Rul. 2003-60 |
| Rev. Proc. 2003-43(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| This procedure concerns relief for late S corporation elections, Electing Small Business Trust (ESBT) elections, Qualified Subchapter S Trust (QSST) elections, and Qualified Subchapter S Subsidiary (QSub) elections. Rev. Proc. 98-55 superseded. |
| Notice 2003-34(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| This notice identifies arrangements involving an investment in a purported insurance company organized offshore which invests in hedge funds or investments in which hedge funds typically invest. This notice alerts taxpayers to the fact that some of the arrangements may not qualify as insurance, some of the entities may not qualify as insurance companies, and the stakeholders involved may be subject to sections 1291-1298 of the Code (the passive foreign investment company rules). |
| Notice 2003-35(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| This notice reminds taxpayers that an entity must be an insurance company for federal income tax purposes in order to qualify as exempt from tax under section 501(c)(15) of the Code. |
| Notice 2003-36(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| Uniform capitalization; simplified service cost and simplified production methods. The Service and Treasury intend to publish guidance to clarify the types of property that qualify as eligible property for purposes of the simplified service cost and simplified production methods under the regulations under section 263A. Comments are requested. Also, taxpayers are informed of changes in the procedures for requesting approval of a change in method of accounting to one of these methods. Rev. Proc. 2002-9 suspended in part. |
| Rev. Rul. 2003-60(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for June 2003. |
| Rev. Proc. 2003-42(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| Sample QPRT. This procedure contains a sample declaration of trust that meets the requirements under section 2702(a)(3)(A) of the Code and section 25.2702-5(c) of the Gift Tax regulations for a qualified personal residence trust (QPRT) with one term holder. |
| Rev. Rul. 2003-54(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| Depreciation; gasoline pump canopies. This ruling determines the classification of typical "stand-alone" gasoline pump canopies and their supporting concrete footings for depreciation purposes by applying criteria set forth in Whiteco Industries, Inc. v. Commissioner, 65 T.C. 664 (1975). This ruling holds that the canopies are not inherently permanent structures and are classified as tangible personal property includible in asset class 57.0 of Rev. Proc. 87-56 for depreciation purposes. This ruling also holds that the supporting concrete footings are inherently permanent structures classified as land improvements includible in asset class 57.1 of Rev. Proc. 87-56 for depreciation purposes. Rev. Rul. 68-345 obsoleted. Rev. Proc. 2002-9 modified and amplified. |
| Notice 2003-33(PDF) |
IRB #2003-23(HTML) |
6/9/2003 |
| This notice provides guidance regarding the determination of the applicable date that terminates the election period under section 645 of the Code for trusts and estates of decedents dying before December 24, 2002. |
| Rev. Rul. 2003-58(PDF) |
IRB #2003-22(HTML) |
6/2/2003 |
| Medical expenses. This ruling holds that amounts paid by an individual for medicines that may be purchased without a prescription of a physician are not deductible under section 213 of the Code, but amounts paid by an individual for equipment, supplies, or diagnostic devices that may be purchased without a prescription of a physician may be deductible under section 213. |
| Rev. Rul. 2003-52(PDF) |
IRB #2003-22(HTML) |
6/2/2003 |
| Spin off. In the described situation, the division of a farm business to permit the principal managing shareholders to go their separate ways, promote family harmony, and further the personal estate planning of the principal managing shareholders' parents satisfies the business purpose requirement of section 1.355-2(b) of the regulations. |
| Rev. Proc. 2003-39(PDF) |
IRB #2003-22(HTML) |
6/2/2003 |
| Like-kind exchanges; LKE programs. Safe harbor rules are provided under section 1031 of the Code, which allows for deferral of gain realized on a like-kind exchange of property, with respect to programs involving ongoing exchanges of tangible personal property using a single intermediary ("LKE Programs"). June 2, 2003 2003-22 I.R.B. |
| Rev. Rul. 2003-55(PDF) |
IRB #2003-22(HTML) |
6/2/2003 |
| Spin off. This ruling discusses whether the corporate business purpose requirement of section 1.355-2(b)(1) of the regulations is satisfied if, as a result of an unexpected deterioration of market conditions, the controlled corporation is unable to complete the stock offering that motivated the distribution. |
| Notice 2003-28(PDF) |
IRB #2003-22(HTML) |
6/2/2003 |
| This notice clarifies that an Indian Tribal Government (ITG) or an organization an ITG has authorized to place Indian children is an authorized placement agency for purposes of section 32(c)(3)(B)(iii). |
| Rev. Rul. 2003-57(PDF) |
IRB #2003-22(HTML) |
6/2/2003 |
| Medical expenses. This ruling holds that amounts paid by individuals for procedures that are directed to improving appearance and do not promote the proper function of the body are not expenses for medical care deductible under section 213 of the Code unless the procedure is necessary to correct a deformity arising from a birth defect, disfiguring disease, or injury. |
| Notice 2003-32(PDF) |
IRB #2003-21(HTML) |
5/27/2003 |
| Weighted average interest rate update. The weighted average interest rate for May 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Rev. Rul. 2003-51(PDF) |
IRB #2003-21(HTML) |
5/27/2003 |
| Transfer to corporation. This ruling provides guidance regarding the control requirement under section 351 of the Code involving successive transfers of property and stock. Rev. Ruls. 70-140, 70-522, 79-70, and 79-194 distinguished. |
| Rev. Proc. 2003-37(PDF) |
IRB #2003-21(HTML) |
5/27/2003 |
| This procedure describes documentation and information a taxpayer that uses the fair market value method of apportionment of interest expense may prepare and make available to the Service upon request in order to establish the fair market value of the taxpayer's assets to the satisfaction of the Commissioner as required by section 1.861-9T(g)(1)(iii) of the regulations. It also sets forth the procedure to be followed in the case of elections to use the fair market value method. |
| Notice 2003-31(PDF) |
IRB #2003-21(HTML) |
5/27/2003 |
| This notice announces that the Treasury Department and the Service intend to propose regulations providing guidance under section 501(m) of the Code, which will define the term "commercialtype insurance" and address how section 501(m) applies to organizations described in sections 501(c)(3) and 501(c)(4), including health maintenance organizations. This notice also requests comments on the content of the regulations to be proposed. Finally, this notice announces that, in light of the regulations project, the Service is withdrawing from the Internal Revenue Manual the sections of Part 7.8.1, Chapter 27, Exempt Organizations Examination Guidelines Handbook, Health Maintenance Organizations that relate to section 501(m) of the Code. |
| Rev. Rul. 2003-43(PDF) |
IRB #2003-21(HTML) |
5/27/2003 |
| Health plans. This ruling sets forth the rules regarding the use of debit and credit cards to reimburse participants in self-insured medical reimbursement plans. Rev. Rul. 2002-80 distinguished. |
| Announcement 2003-32(PDF) |
IRB #2003-20(HTML) |
5/19/2003 |
| The Service invites the public to participate in the ongoing dialog on the long-term future of the EP determination letter program. This announcement requests comments on the future of the program as modified by responses received in response to Announcement 2001-83, 2001-35 I.R.B. 205. The second white letter may be downloaded from the Internet at: www.irs.gov/ep. |
| Rev. Proc. 2003-29(PDF) |
IRB #2003-20(HTML) |
5/19/2003 |
| Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f) of the Code. Rev. Proc. 2002-24 obsoleted, except as provided in section 5.02 of this procedure. |
| Rev. Proc. 2003-35(PDF) |
IRB #2003-20(HTML) |
5/19/2003 |
| This document provides guidance relating to the Gaming Industry Tipping Agreement Program. Under this program, a gaming industry employer and the Service may work together to reach a Gaming Industry Tip Compliance Agreement that objectively establishes minimum tip rates for tipped employees in specified occupational categories, prescribes a threshold level of participation by the employer's employees, and reduces compliance burdens for the employer and enforcement burdens for the Service. |
| Announcement 2003-29(PDF) |
IRB #2003-20(HTML) |
5/19/2003 |
| The Service requests public comment on how it might clarify existing requirements that section 501(c)(3) organizations must meet with respect to international grant-making and other international activities. The IRS seeks comments on how new guidance might reduce the possibility of diversion of assets for noncharitable purposes. |
| Rev. Rul. 2003-49(PDF) |
IRB #2003-20(HTML) |
5/19/2003 |
| Reporting requirements for section 527 organizations. This ruling provides questions and answers regarding the reporting and disclosure requirements for political organizations described in section 527 of the Code. Rev. Rul. 2000-49 modified and superseded. |
| Notice 2003-20(PDF) |
IRB #2003-19(HTML) |
5/12/2003 |
| This notice describes the withholding and reporting requirements applicable to eligible deferred compensation plans described in section 457(b) of the Code for periods after December 31, 2001. Notice 2000-38 modified. |
| Rev. Rul. 2003-45(PDF) |
IRB #2003-19(HTML) |
5/12/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for May 2003. |
| Rev. Rul. 2003-47(PDF) |
IRB #2003-19(HTML) |
5/12/2003 |
| Length of service award plan. This ruling provides an example to eligible employers of a type of length-of-service award program (LOSAP) that would qualify as a valid LOSAP plan described in section 457(e)(11)(A)(ii) of the Code. |
| Rev. Rul. 2003-48(PDF) |
IRB #2003-19(HTML) |
5/12/2003 |
| Demutualization. This ruling provides guidance as to the tax consequences when, as described in the specific facts presented, a mutual savings bank converts to a stock savings bank and a holding company structure is created. |
| Rev. Proc. 2003-36(PDF) |
IRB #2003-18(HTML) |
5/5/2003 |
| This document provides guidance to business taxpayers, industry associations, and other interested parties to submit issues for consideration under the Service's Industry Issue Resolution (IIR) Program. The objective of the IIR Program is to identify frequently disputed or burdensome tax issues that are common to a significant number of business taxpayers that may be resolved through published or other administrative guidance. Notice 2002-20 superseded. |
| Notice 2003-24(PDF) |
IRB #2003-18(HTML) |
5/5/2003 |
| Collectively-bargained welfare plans; section 419A(f)(5); listed transactions. This notice describes certain abusive situations that may arise where a trust arrangement seeks to qualify for the exception for collectively-bargained welfare benefit plans under section 419A(f)(5) of the Code. The notice states that the Service invites comments on the issue and that certain of the arrangements are listed transactions. |
| Notice 2003-22(PDF) |
IRB #2003-18(HTML) |
5/5/2003 |
| This notice addresses an abusive arrangement designed to circumvent longstanding tax principles and enable the evasion of income and employment taxes on compensation income through the use of unrelated conduit domestic and foreign employee leasing companies. |
| Notice 2003-26(PDF) |
IRB #2003-18(HTML) |
5/5/2003 |
| Public comments are requested for items that should be included on the 2003-2004 Guidance Priority List. Taxpayers may submit recommendations at any time during the year. All recommendations received by May 15, 2003, will be reviewed for possible inclusion on the original 2003-2004 Guidance Priority List. Recommendations received after May 15, 2003, will be reviewed for inclusion in the quarterly updates if received by August 31, 2003; November 30, 2003; or February 28, 2004, respectively. |
| Rev. Proc. 2003-34(PDF) |
IRB #2003-18(HTML) |
5/5/2003 |
| Changes in accounting periods; approval. Procedures are provided modifying the term and condition for the Commissioner's approval to change an annual accounting period under which the taxpayer generally is precluded from carrying back a net operating loss or capital loss generated in the short taxable year. Rev. Procs. 2002-37 and 2002-39 modified. |
| Notice 2003-25(PDF) |
IRB #2003-18(HTML) |
5/5/2003 |
| Canadian retirement plan trust reporting. Extension of time to file 2002 Forms 3520 and 3520-A with respect to certain Canadian retirement plans and suspension of requirement to file Form 3520-A with respect to certain Canadian retirement plans for which an election has been made under Rev. Proc. 2002-23. |
| Rev. Rul. 2003-38(PDF) |
IRB #2003-17(HTML) |
4/28/2003 |
| Section 355. Whether creation of an Internet web site to sell shoes at retail, by a corporation that conducts a retail shoe store business, is an expansion of the original business or an acquisition of a new or different business under section 355(b) of the Code. |
| Notice 2003-21(PDF) |
IRB #2003-17(HTML) |
4/28/2003 |
| This notice provides guidance in a question and answer format on the tax relief provided under Executive Order No. 12744, 56 Fed. Reg. 2663 (Jan. 23, 1991), for U.S. military and support personnel involved in the military operations in the "Arabian Peninsula Areas" as defined by the Executive Order and listed in the notice. |
| Notice 2003-23(PDF) |
IRB #2003-17(HTML) |
4/28/2003 |
| Weighted average interest rate update. The weighted average interest rate for April 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Notice 2003-23(PDF) |
IRB #2003-17(HTML) |
4/28/2003 |
| Weighted average interest rate update. The weighted average interest rate for April 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Announcement 2003-22(PDF) |
IRB #2003-17(HTML) |
4/28/2003 |
| Proposed new comparability regulations; withdrawal; comment period. This announcement states that the Service will withdraw certain proposed, new comparability regulations and requests additional comments on the issue by July 27, 2003. |
| Rev. Proc. 2003-32(PDF) |
IRB #2003-16(HTML) |
4/21/2003 |
| Regulated investment companies. This procedure sets forth conditions under which a regulated investment company (RIC) that holds a partnership interest is treated, for purposes of qualifying as a RIC under section 851(b)(3) of the Code and for purposes of eligibility to pay exempt-interest dividends under section 852(b)(5), as if it directly invested in the assets held by the partnership. |
| Rev. Rul. 2003-37(PDF) |
IRB #2003-15(HTML) |
4/14/2003 |
| Capital expenditures; rotable spare parts. This ruling informs taxpayers that the Service will follow Hewlett Packard, Inc., v. United States, 71 F.3d 398 (Fed. Cir. 1995), rev'g Apollo Computer, Inc. and Subsidiaries v. United States, 32 Fed. CI. 334 (1994, and Honeywell, Inc. and Subsidiaries v. Commissioner, T.C. Memo 1992-453, aff'd, 27 F.3d 571 (8th Cir. 1994). Accordingly, taxpayers may treat rotable spare parts as depreciable assets if the taxpayer's facts are substantially similar to Hewlett Packard and Honeywell. |
| Announcement 2003-19(PDF) |
IRB #2003-15(HTML) |
4/14/2003 |
| This document contains the annual report to the public concerning Advance Pricing Agreements (APAs) and the experience of the APA Program during calendar year 2002. This document does not provide guidance regarding the application of the arm's length standard; rather, it reports on the structure and activities of the APA program. |
| Notice 2003-18(PDF) |
IRB #2003-14(HTML) |
4/7/2003 |
| Disaster relief grants; businesses. This notice provides answers to frequently asked questions for businesses not exempt from federal income tax regarding the tax treatment of grant payments the Empire State Development Corporation, in coordination with the New York City Economic Development Corporation, will make under three grant programs to businesses located in the area of the World Trade Center attacks. |
| Notice 2003-19(PDF) |
IRB #2003-14(HTML) |
4/7/2003 |
| This notice advises taxpayers of the proper address for filing certain elections, statements, and other documents with the Service as a result of the reorganization, including with respect to offices or officials that no longer exist as part of the reorganization. |
| Rev. Rul. 2003-35(PDF) |
IRB #2003-14(HTML) |
4/7/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2003. |
| Rev. Rul. 2003-32(PDF) |
IRB #2003-14(HTML) |
4/7/2003 |
| Scholarship grants, employer-related private foundations. This ruling states that for purposes of sections 117 and 4945 of the Code, scholarships and educational grants awarded by a private foundation under an employer-related program to employees and their children, when the employee is a victim killed or seriously injured in a qualified disaster, may be awarded without regard to the percentage guidelines in Rev. Proc. 76-47, 1976-2 C.B. 670. Thus, grants awarded under such a program will be described in section 4945(g)(1) and will not be taxable expenditures under section 4945(d)(3). |
| Rev. Proc. 2003-26(PDF) |
IRB #2003-13(HTML) |
3/31/2003 |
| Guidance is provided to individuals who fail to meet the eligibility requirements of section 911(d)(1) of the Code because adverse conditions in a foreign country preclude the individual from meeting those requirements. A current list of countries and the dates those countries are subject to the section 911(d)(4) waiver is provided. Rev. Proc. 2002-20 supplemented. |
| Announcement 2003-18(PDF) |
IRB #2003-13(HTML) |
3/31/2003 |
| This document extends the relief from interest and penalties under section 7508A of the Code granted by Notice 2002-40, 2002-24 I.R.B. 1152, to certain decedents' estates that were affected by the September 11, 2001, terrorist attack. |
| Rev. Rul. 2003-30(PDF) |
IRB #2003-13(HTML) |
3/31/2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2003, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent. |
| Notice 2003-17(PDF) |
IRB #2003-12(HTML) |
3/24/2003 |
| Weighted average interest rate update. The weighted average interest rate for March 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Rev. Rul. 2003-29(PDF) |
IRB #2003-11(HTML) |
3/17/2003 |
| Election in respect of losses attributable to a disaster. This ruling lists the areas declared by the President to qualify as major disaster or emergency areas during 2002 under the Disaster Relief and Emergency Assistance Act. |
| Rev. Rul. 2003-28(PDF) |
IRB #2003-11(HTML) |
3/17/2003 |
| Charitable contributions; patents. Under section 170(a) of the Code, a taxpayer's contribution to a qualified charity of: (1) a license to use a patent is not deductible if the taxpayer retains any substantial right in the patent; (2) a patent subject to a conditional reversion is not deductible unless the likelihood of the reversion is so remote as to be negligible; and (3) a patent subject to a license or transfer restriction generally is deductible, but the restriction reduces the amount of the charitable contribution for section 170 purposes. |
| Rev. Rul. 2003-27(PDF) |
IRB #2003-11(HTML) |
3/17/2003 |
| Employee stock ownership plan (ESOP). This ruling concerns basis adjustments of S corporation stock held by an employee stock ownership plan (ESOP). |
| Rev. Proc. 2003-25(PDF) |
IRB #2003-11(HTML) |
3/17/2003 |
| Transactions with significant book-tax difference, excep-tions. This procedure provides that certain book-tax differ-ences are not taken into account in determining whether a transaction is a reportable transaction for purposes of the disclosure rules under section 1.6011-4(b)(6) of the regulations. |
| Rev. Proc. 2003-24(PDF) |
IRB #2003-11(HTML) |
3/17/2003 |
| Exceptions from loss transactions. This procedure provides that certain losses are not taken into account in determining whether a transaction is a reportable transaction for purposes of the disclosure rules under section 1.6011-4(b)(5) of the regulations. |
| Rev. Proc. 2003-23(PDF) |
IRB #2003-11(HTML) |
3/17/2003 |
| This document provides procedures under which a corporation's S status will not be terminated by a direct rollover of stock from its employee stock ownership plan (ESOP) to a participant's individual retirement account (IRA). |
| Rev. Proc. 2003-22(PDF) |
IRB #2003-10(HTML) |
3/10/2003 |
| Standard meal rates for family day care providers. This procedure provides optional standard meal and snack rates that family day care providers may use in computing the deductible cost of food provided to eligible children in the day care. |
| Rev. Rul. 2003-26(PDF) |
IRB #2003-10(HTML) |
3/10/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for March 2003. |
| Rev. Rul. 2003-24(PDF) |
IRB #2003-10(HTML) |
3/10/2003 |
| Insurance companies; interest rate tables. Prevailing state assumed interest rates are provided for the determination of reserves under section 807 of the Code for contracts issued in 2002 and 2003. Rev. Rul. 92-19 supplemented in part. |
| Notice 2003-15(PDF) |
IRB #2003-09(HTML) |
3/3/2003 |
| Finality of foreign adoptions. This notice provides a proposed revenue procedure that would establish certain safe harbors for determining the finality of the adoption of eligible foreign-born children for purposes of the adoption credit and the exclusion for employer-provided assistance for qualified adoption expenses. Comments are requested by June 2, 2003. |
| Notice 2003-14(PDF) |
IRB #2003-08(HTML) |
2/24/2003 |
| Weighted average interest rate update. The weighted average interest rate for February 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Notice 2003-13(PDF) |
IRB #2003-08(HTML) |
2/24/2003 |
| This notice provides a proposed revenue procedure that would establish a procedure for a payment card organization to request a determination that it is a Qualified Payment Card Agent. A QPCA could act on behalf of cardholder/payors in soliciting, collecting, and validating merchants' names, Taxpayer Identification Numbers (TINs), and corporate status, and on behalf of merchant/payees in furnishing such information to cardholder/payors. |
| Rev. Proc. 2003-9(PDF) |
IRB #2003-08(HTML) |
2/24/2003 |
| This procedure expands the Taxpayer Identification Number (TIN) Matching Program, permitting payors to verify, prior to filing, payee TINs required to be reported on information returns and payee statements. The federal TIN Matching Program established by Rev. Proc. 97-31 was limited to federal agencies. Rev. Proc. 2003-9 establishes an on-line system open to all payors of reportable payments and their authorized agents. Program participants will be able to rely on a verified TIN/name match as reasonable cause under section 6724(a) of the Code, which will provide significant incentive for payors to check and correct payee TINs before filing. Rev. Proc. 97-31 modified. |
| Rev. Rul. 2003-20(PDF) |
IRB #2003-07(HTML) |
2/18/2003 |
| New markets tax credit. This ruling holds that, for purposes of determining the new markets tax credit under the facts of the ruling, the amount of the qualified equity investment made by a limited liability company (LLC) classified as a partnership includes cash from a nonrecourse loan to the LLC that the LLC invests as equity in a qualified community development entity. |
| Rev. Rul. 2003-19(PDF) |
IRB #2003-07(HTML) |
2/18/2003 |
| Insurance demutualization. This ruling provides guidance as to the tax consequences that occur when, as described in the facts set forth in this ruling, a mutual insurance company converts to a stock insurance company. |
| Rev. Rul. 2003-18(PDF) |
IRB #2003-07(HTML) |
2/18/2003 |
| Section 355. This ruling discusses whether the acquisition by D, a brand X automobile dealer, of a brand Y automobile dealership constitutes an expansion of the brand X business or an acquisition of a new or different business under section 1.355-3(b)(3)(ii) of the regulations. Rev. Rul. 57-190 obsoleted. |
| Rev. Rul. 2003-16(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for January 2003. |
| Notice 2003-11(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| Effective date of regulations under sections 6011 and 6112. This notice alerts the public that Treasury and the IRS will be providing some relief in regards to the effective dates of temporary regulations sections 1.6011-4T and 301.6112-1T that relate to tax shelter registrations. |
| Rev. Proc. 2003-17(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| Insurance companies; loss reserves; discounting unpaid losses. The loss payment patterns and discount factors are set forth for the 2002 determination year. These factors will be used to compute discounted unpaid losses under section 846 of the Code. |
| Rev. Proc. 2003-20(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| Inventories; lower of cost or market; vehicle parts cores. This procedure provides a safe harbor method of accounting for the valuation of a taxpayer's inventory of vehicle parts cores. The safe harbor method is available to remanufacturers and rebuilders of motor vehicle parts, as well as resellers of remanufactured and rebuilt motor vehicle parts, that use the lower of cost or market inventory valuation method to value their inventory of cores held for remanufacturing or sale. Automatic method change procedures are also provided for taxpayers wishing to change to the safe harbor method. Rev. Proc. 2002-9 modified and amplified. |
| Announcement 2003-7(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| This announcement provides transition rules for corporations and brokers required under sections 1.6043-4T and 1.6045-3T (T.D. 9022, 2002-48 I.R.B. 909) to file and furnish Form 1099-CAP with respect to acquisitions of control and substantial changes in corporate structure occurring in 2002. Affected corporations and brokers will not be required to file Form 1099-CAP for transactions occurring in 2002. In lieu of furnishing Form 1099-CAP to shareholders and actual stock owners, the corporations and brokers must furnish a letter containing specified language. |
| Rev. Proc. 2003-21(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| This procedure allows for relief for certain exempt organizations (other than private foundations) organized in U.S. possessions from the requirement of filing an annual information return on Form 990, Return of Organization Exempt From Income Tax. The procedure applies to U.S. possession organizations described in section 501(c)(3) of the Code (other than private foundations) that normally do not have more than $25,000 in annual gross receipts from sources within the United States and have no significant activity in the United States. Rev. Proc. 83-23 supplemented. |
| Rev. Rul. 2003-17(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| Foreign life insurance companies. This ruling discusses whether a foreign life insurance company carrying on an insurance business in the United States determines the amount of income effectively connected with its U.S. business under section 842(a) of the Code based exclusively on the amount of income reported by the business on its NAIC statement. |
| Notice 2003-12(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| Nonaccrual experience (NAE) method. This notice provides interim guidance to taxpayers seeking to change to, or from, a nonaccrual experience (NAE) method of accounting pending issuance of final regulations under section 448(d)(5) of the Code, as amended by the Job Creation and Worker Assistance Act of 2002. Rev. Proc. 2002-9 modified. |
| Rev. Proc. 2003-18(PDF) |
IRB #2003-06(HTML) |
2/10/2003 |
| Insurance companies; discounted estimated salvage recoverable. The salvage discount factors are set forth for 2002. These factors must be used to compute discounted estimated salvage recoverable under section 832 of the Code. |
| Notice 2003-10(PDF) |
IRB #2003-05(HTML) |
2/3/2003 |
| Definition of early retirement benefits and retirement-type subsidies. The IRS and the Treasury intend to propose regulations and are requesting comments regarding benefits that are treated as early retirement benefits or retirement-type subsidies for purposes of section 411(d)(6)(B) of the Code, including guidance on the extent to which payments that are contingent on the occurrence of an unpredictable event are protected under section 411(d)(6)(B). Notice 2002-46 modified. |
| Rev. Rul. 2003-7(PDF) |
IRB #2003-05(HTML) |
2/3/2003 |
| Actual and constructive sales. This ruling holds that a shareholder has neither sold stock currently under section 1001 of the Code nor caused a constructive sale of stock under section 1259 if the shareholder receives a fixed amount of cash, simultaneously enters into an agreement to deliver on a future date a number of shares of common stock that varies significantly depending on the value of the shares on the delivery date, pledges the maximum number of shares for which delivery could be required under the agreement, retains an unrestricted legal right to substitute cash or other shares for the pledged shares, and is not otherwise economically compelled to deliver the pledged shares. |
| Notice 2003-9(PDF) |
IRB #2003-05(HTML) |
2/3/2003 |
| Equity investments prior to allocation. The Treasury Department and the Service announce that they will amend section 1.45D-1T(c)(3)(ii) of the temporary regulations to extend a deadline relating to certain equity investments made before the receipt of a new markets tax credit allocation under section 45D(f)(2) of the Code. |
| Rev. Proc. 2003-16(PDF) |
IRB #2003-04(HTML) |
1/27/2003 |
| Section 644 of EGTRRA; 60-day rollover requirement; waiver. This document describes a procedure for obtaining a waiver of the 60-day rollover requirement under sections 402(c)(3) and 408(d)(3) of the Code for distributions after December 31, 2001. |
| Rev. Proc. 2003-14(PDF) |
IRB #2003-04(HTML) |
1/27/2003 |
| Indian tribal government trusts for minors. This procedure provides a safe harbor under which the Service will treat an Indian tribe as the grantor and owner of a trust for the receipt of gaming revenues under the Indian Gaming Regulatory Act (25 U.S.C. sections 2701-2721) (IGRA) for the benefit of minors or legal incompetents. Beneficiaries of an IGRA trust will not be required to include amounts in gross income when transferred to, or earned by, the IGRA trust under the economic benefit doctrine. Comments are requested on the application of the economic benefit doctrine to IGRA trusts that are not within the scope of this revenue procedure and the type of trust provisions that preclude the application of the economic benefit doctrine. Rev. Proc. 2003-3 amplified. |
| Rev. Proc. 2003-13(PDF) |
IRB #2003-04(HTML) |
1/27/2003 |
| Deemed IRAs; section 602 of EGTRRA. This procedure describes the application of section 408(q) of the Code for deemed IRAs as added by section 602 of the Economic Growth and Tax Relief Reconciliation Act for plan years after December 31, 2002. |
| Notice 2003-8(PDF) |
IRB #2003-04(HTML) |
1/27/2003 |
| This notice advises that until further notice from the Service, no information reporting will be required under section 6045 of the Code with regard to securities futures contracts. |
| Notice 2003-7(PDF) |
IRB #2003-04(HTML) |
1/27/2003 |
| Weighted average interest rate update. The weighted average interest rate for January 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth. |
| Rev. Proc. 2003-11(PDF) |
IRB #2003-04(HTML) |
1/27/2003 |
| This procedure describes the Service's Offshore Voluntary Compliance Initiative for taxpayers that have underreported their United States income tax liability through financial arrangements that in any manner rely on the use of offshore payment cards or offshore financial arrangements. |
| Announcement 2003-3(PDF) |
IRB #2003-04(HTML) |
1/27/2003 |
| This announcement lists the names of the neutrals that have been qualified by the Service and Chief Counsel to serve as arbitrators for contingent liability transaction cases proceeding under Rev. Proc. 2002-67, 2003-43 I.R.B. 733. |
| Notice 2003-6(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| Nondiscrimination rules; certain governmental plans. This document announces that the Service intends to issue regulations regarding how, and the extent to which, the nondiscrimination rules apply to governmental plans under section 414(d) of the Code other than those maintained by a state or local government, political subdivision, agency, or instrumentality thereof. Comments are requested regarding the content of these regulations. Notice 2001�46 modified. |
| Rev. Rul. 2003-8(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| Costa Rican income tax law; withholding taxes. This ruling holds that certain Costa Rican taxes are noncreditable soak-up taxes under sections 901 and 903 of the Code. The ruling also serves as an official confirmation to the Costa Rican Tax Administration that these taxes are noncreditable in the United States. |
| Notice 2003-5(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| This notice provides guidance relating to the application of separate foreign tax credit limitations under section 904 of the Code to dividends from a noncontrolled section 902 corporation (10/50 corporation) in taxable years beginning after December 31, 2002. |
| Rev. Rul. 2003-1(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| Constructive sales; reestablished positions. This ruling provides guidance on the interaction between section 1259(c)(3)(A) of the Code (exception for certain closed transactions) and section 1259(c)(3)(B) (treatment of positions which are reestablished). |
| Rev. Rul. 2003-10(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| Accrual of income. This ruling addresses the accrual of gross income when a taxpayer�s customer disputes its liability to the taxpayer because of (1) a clerical mistake in a sales invoice, (2) the shipment of the wrong goods, or (3) the shipment of more items than the customer ordered. |
| Rev. Rul. 2003-11(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| Limitation on annual compensation; section 611(c) of EGTRRA. This ruling pertains to whether the allowable compensation limit enacted by section 611(c) of EGTRRA may be applied to former employees and meet the nondiscrimination and coverage requirements of the Code. |
| Rev. Rul. 2003-12(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| Gross income; general welfare; gifts; disaster relief payments. This ruling holds that amounts paid to an individual by a state agency, a charity, or an employer to reimburse the individual for certain expenses the individual incurs as a result of a Presidentially declared disaster are excluded from the individual�s gross income under the administrative general welfare exclusion, sections 102 and 139 of the Code, respectively. Rev. Rul. 53�131 modified. |
| Rev. Rul. 2003-6(PDF) |
IRB #2003-03(HTML) |
1/21/2003 |
| Employee stock ownership plans; delayed effective date; abuse. This ruling states that where the intent of section 409(p) of the Code to limit the establishment of ESOPs by S corporations to those that provide broad-based employee coverage and that benefit rank-and-file employees (as well as highly compensated employees and historical owners) is not present, the delayed effective date in section 656(d)(2) of EGTRRA is not available and that such transactions are listed transactions. |
| Rev. Proc. 2003-10(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| Minimum distributions; regulations; delayed amendment date for defined benefit plans. This procedure postpones until the end of the EGTRRA remedial amendment period the time by which qualified defined benefit plans must be amended to comply with final and temporary regulations under section 401(a)(9) of the Code, relating to required minimum distributions. Rev. Proc. 2002-29 modified. |
| Rev. Rul. 2003-3(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| Accrual of income; state tax refunds. This ruling holds that a state or local income or franchise tax refund is includible in the income of a taxpayer using the accrual method of accounting when the taxpayer receives payment or notice that the refund claim has been approved, whichever is earlier. Rev. Ruls. 65-190 and 69-372 revoked. Rev. Proc. 2002-9 modified and amplified. |
| Notice 2003-2(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| Required minimum distributions; section 1.401(a)(9)-6T of the regulations. This notice identifies issues and invites comments under section 1.401(a)(9)-6T of the temporary regulations where the Service and Treasury anticipate issuing regulations that will provide further guidance on the minimum distribution requirements of section 401(a)(9) of the Code. |
| Announcement 2003-1(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| Mandatory technical advice cases; proposed cash balance regulations; age discrimination. This announcement states that the Service will not resolve pending mandatory technical advice cases involving cash balance conversion plans until regulations that address age discrimination issues are finalized. |
| Notice 2003-3(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| This notice provides additional guidance on the methods of reporting required minimum distributions under section 408 of the Code. Notice 2002-27 clarified. |
| Notice 2003-1(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| Leave-based donation programs. This notice informs taxpayers that Notice 2001-69, 2001-2 C.B. 491, which provided interim guidance on certain leave-based donation programs, will not be extended to payments made on or after January 1, 2003. Notice 2001-69 modified and superseded. |
| Rev. Rul. 2003-5(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for January 2003. |
| Rev. Rul. 2003-4(PDF) |
IRB #2003-02(HTML) |
1/13/2003 |
| Mutual life insurance companies; recomputed differential earnings rate. For purposes of section 809 of the Code, the recomputed differential earnings rate for 2000 and the differential earnings rate for 2001 are set forth for use by mutual life insurance companies. |
| Rev. Proc. 2003-7(PDF) |
IRB #2003-01(HTML) |
1/6/2003 |
| Areas in which advance rulings will not be issued; Associate Chief Counsel (International). This procedure revises the list of those provisions of the Code under the jurisdiction of the Associate Chief Counsel (International) relating to matters where the Service will not issue rulings or determination letters. Rev. Proc. 2002-7 superseded. |
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