Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.
INCOME TAX
Notice 2002-13(PDF, 12K)
Low-income housing tax credit. This notice reproduces the proper population figures to be used for determining the 2002 calendar year population-based component of the state housing credit ceiling under section 42(h) of the Code and the 2002 calendar year volume cap under section 146 of the Code.
Notice 2002-14(PDF, 13K)
Automatic change to the cash method of accounting. Qualifying small business taxpayers within the scope of the proposed revenue procedure set forth in Notice 2001-76 (2001-52 I.R.B. 613) may change to the cash method of accounting and treat inventoriable items as non-incidental materials and supplies with respect to its eligible trades or businesses for any taxable year ending on or after December 31, 2001.
Rev. Proc. 2002-13(PDF, 22K)
This procedure provides a safe harbor method for valuing stock options under the golden parachute payment rules of section 280G of the Code. Generally, under the safe harbor valuation method described in the procedure, on the valuation date, the volatility of the underlying stock, the exercise price of the option, the value of the stock at the time of the valuation, and the maximum term of the option are taken into account.
Rev. Rul. 2002-7(PDF, 16K)
LIFO; price indexes; department stores. The December 2001 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, December 31, 2001.
T.D. 8982(PDF, 22K)
Final regulations under section 1031 of the Code narrow the definition of the term disqualified person for section 1031 like-kind exchanges in response to recent changes in the federal banking law, especially the repeal of section 20 of the Banking Act of 1933 (the Glass-Steagall Act). The regulations will affect the eligibility of certain persons to serve as escrow holders of qualified escrow accounts, trustees of qualified trusts, and qualified intermediaries.
EMPLOYEE PLANS
Announcement 2002-12(PDF, 40K)
Nonbank trustees; section 1.408-2(e) of the regulations. This announcement contains a list of entities previously approved to act as nonbank trustees and custodians within the meaning of section 1.408-2(e) of the regulations. In addition, the announcement contains instructions on how errors in the list may be corrected.
EMPLOYMENT TAX
Announcement 2002-19(PDF, 15K)
This announcement provides an extension of time to February 15, 2002, for employers to furnish Forms W-2 for the 2001 tax year to household employees.
EXCISE TAX
Rev. Proc. 2002-13(PDF, 22K)
This procedure provides a safe harbor method for valuing stock options under the golden parachute payment rules of section 280G of the Code. Generally, under the safe harbor valuation method described in the procedure, on the valuation date, the volatility of the underlying stock, the exercise price of the option, the value of the stock at the time of the valuation, and the maximum term of the option are taken into account.
ADMINISTRATIVE
Announcement 2002-17(PDF, 15K)
Changes in method of accounting; automatic consent. This announcement reflects corrections to Rev. Proc. 2002-9 (2002-3 I.R.B. 327), which provides procedures under which taxpayers may obtain automatic consent of the Commissioner to change certain methods of accounting. Rev. Proc. 2002-9 modified and clarified.
Announcement 2002-20(PDF, 20K)
This document contains corrections to temporary regulations (T.D. 8971, 2002-3 I.R.B. 308) relating to guidance on the new markets tax credit.
Announcement 2002-21(PDF, 13K)
This document contains corrections to temporary regulations (T.D. 8975, 2002-4 I.R.B. 379) relating to certain transfers of property to a Regulated Investment Company (RIC) or a Real Estate Investment Trust (REIT).
Announcement 2002-22(PDF, 20K)
This document contains corrections to final regulations (T.D. 8976, 2002-5 I.R.B. 421) that provide guidance regarding methods of valuing dollar-value LIFO pools and affect persons who elect to use the dollar-value LIFO and inventory price index computation (IPIC) methods or who receive dollar-value LIFO inventories in certain nonrecognition transactions.
Announcement 2002-23(PDF, 13K)
This document contains corrections to final regulations (T.D. 8972, 2002-5 I.R.B. 443) relating to averaging of farm income.
Notice 2002-15(PDF, 21K)
This notice supplements the tax relief granted in Notices 2001-61 (2001-40 I.R.B. 305) and 2001-68 (2001-47 I.R.B. 504) for taxpayers affected by the September 11, 2001, terrorist attack by providing an additional postponement of time to apply for a tentative carryback adjustment under section 6411 of the Code.
REG-120135-01(PDF, 20K)
Proposed regulations relate to the definition of agent for certain purposes. The regulations clarify that the term agent in certain provisions of section 6103 of the Code includes contractors.
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