Internal Revenue Bulletins  

January 18, 2000

Internal Revenue Bulletin No. 2000-03

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.


Notice 2000-4(PDF, 23K)
Like-kind exchange and involuntary conversion of MACRS property. Guidance is provided about the depreciation of property subject to section 168 of the Code (MACRS property) that is acquired in a like-kind exchange under section 1031 or as a result of an involuntary conversion under section 1033. The Service and the Department of the Treasury intend to issue regulations under section 168 that will address these transactions. Taxpayers should follow this notice until these regulations are issued. Public comments to aid in development of the regulations are requested by March 31, 2000. Rev. Proc. 99-49 modified and amplified.

Rev. Rul. 2000-3(PDF, 18K)
LIFO; price indexes; department stores. The November 1999 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, November 30, 1999.

T.D. 8856(PDF, 38K)
This document contains changes delaying the effective date for final regulations (T.D. 8734, 1997-2 C.B. 109) under sections 1441, 1442, and 1443 of the Code relating to the withholding of income tax on certain U.S. source income payments to foreign persons.


Rev. Rul. 2000-2(PDF, 18K)
Qualified terminable interest property (QTIP) elections. This ruling holds that an executor may elect under section 2056(b)(7) of the Code to treat an individual retirement account and a testamentary trust as QTIP under certain conditions. Rev. Rul. 89-89 obsoleted.


Announcement 2000-4(PDF, 44K)
Arbitration. Pursuant to section 7123(b)(2) of the Code, Appeals is conducting a 2-year test of a binding arbitration procedure. This announcement contains procedures that taxpayers may use to request binding arbitration for factual issues that are already in the Appeals administrative process and which are not docketed in any court. A public hearing is scheduled for April 5, 2000.

Notice 2000-5(PDF, 19K)
Estimated taxes; penalties. Penalty relief is available for certain corporate taxpayers whose December 15, 1999, estimated tax installment was affected by section 571 of the Tax Relief Extension Act of 1999.

Notice 2000-6(PDF, 16K)
Information reporting; barter exchanges. Pending the issuance of new regulations, a barter exchange is not required under section 6045 of the Code to report exchanges involving property or services with a fair market value of less than $1.00. Public comment is also invited on information reporting issues under section 6045 relating to barter exchanges in connection with the regulations.

REG-101492-98(PDF, 31K)
Proposed regulations under sections 7508 and 7508A of the Code relate to relief for service in a combat zone and for presidentially declared disasters.

T.D. 8854(PDF, 22K)
REG-116704-99(PDF, 14K)
Temporary and proposed regulations under section 6103 of the Code authorize the Service to disclose return information to the Department of Agriculture to structure, prepare, and conduct the Census of Agriculture.

Rev. Proc. 2000-9(PDF, 41K)
Per diem allowances. This procedure provides optional rules for substantiating the amount of certain reimbursed travel expenses of an employee and for determining the amount of deductible meals while traveling away from home. Rev. Proc. 98-64 superseded.

Rev. Proc. 2000-11(PDF, 35K)
Changes in accounting periods; automatic consent. This procedure provides procedures by which certain corporations may obtain automatic approval to change their annual accounting periods under section 442 of the Code. Rev. Procs. 92-13, 92-13A, and 94-12 modified, amplified, and superseded.

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