Internal Revenue Bulletins  

December 04, 2000

Internal Revenue Bulletin No. 2000-49

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 2000-60(PDF, 17K)
Stock compensation corporate tax shelter. This notice alerts taxpayers and their representatives that losses generated by transactions involving the purchase of a parent corporation's stock by a subsidiary, a subsequent transfer of the purchased parent stock from the subsidiary to the parent's employees, and the eventual liquidation or sale of the subsidiary are not properly allowable for federal income tax purposes. This notice also alerts taxpayers and their representatives of certain responsibilities that may arise from participation in such transactions.

Notice 2000-61(PDF, 16K)
This notice clarifies that section 935 of the Code applies only to individuals and, therefore, does not relieve a trust from any obligation it may have to file an income tax return for the taxable year with the United States. The notice also provides that transactions entered into by taxpayers who claim that section 935 applies to trusts as part of a scheme to avoid both U.S. and Guamanian tax liability are designated as "listed transactions" for purposes of sections 6011, 6111, and 6112 of the Code.

Rev. Rul. 2000-54(PDF, 17K)
Federal rates; adjusted federal rates; adjusted Federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for December 2000.

T.D. 8907(PDF, 44K)
Final regulations clarify the tax consequences for the amortization of intangibles under section 197 of the Code in the context of partnership basis adjustments.


Rev. Proc. 2000-48(PDF, 47K)
Optional standard mileage rates. This procedure announces 34.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents for use of an automobile as a charitable contribution, and 12 cents for use of an automobile as a medical or moving expense for 2001. It provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 99-38 superseded.

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