Internal Revenue Bulletins  

January 16, 2001

Internal Revenue Bulletin No. 2001-03

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.

INCOME TAX

Notice 2001-5(PDF, 25K)
This notice provides guidance to partnerships regarding the need for both the terminated partnership and the new partnership to file a final short-year partnership tax return following a partnership termination under section 708(b)(1)(B) of the Code.

Notice 2001-12(PDF, 34K)
This notice provides guidance to partnerships regarding the need for both the terminated partnership and the new partnership to file a final short-year partnership tax return following a partnership termination under section 708(b)(1)(B) of the Code.

REG-107566-00(PDF, 97K)
Proposed regulations under section 355(e) of the Code generally require corporations to recognize gain on certain distributions of stock or securities of a subsidiary corporation if the distribution is part of a plan that also involves the acquisition by one or more persons of a 50 percent or greater interest in the corporation making the distribution or the corporation being distributed. A public hearing is scheduled for May 15, 2001.

Rev. Proc. 2001-12(PDF, 36K)
This procedure details safe harbor conditions under which the transfer of a REMIC noneconomic residual interest or FASIT ownership interest is presumed to be accomplished without an intention to impede the assessment or collection of tax. Taxpayers may rely on the safe harbors from February 4, 2000 (the date proposed regulations were filed with the Federal Register), until the date specified in future published guidance.

Rev. Proc. 2001-13(PDF, 53K)
Cost-of-living adjustments for 2001. 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 for eligible long-term care premiums. Also, see Notice 200112, page 328 of this Bulletin, for a determination of the applicable inflation-adjustment amounts for 2001.

Rev. Proc. 2001-14(PDF, 38K)
This procedure sets forth the maximum face amount of qualified zone academy bonds that may be issued by each State, the District of Columbia, and the possessions of the United States during 2001.

Rev. Rul. 2001-3(PDF, 37K)
For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for January 2001.

Rev. Rul. 2001-4(PDF, 58K)
Aircraft maintenance costs. Costs incurred by a taxpayer to perform work on its aircraft airframe as part of a heavy maintenance visit generally are deductible as ordinary and necessary business expenses under section 162 of the Code. However, costs incurred in conjunction with a heavy maintenance visit must be capitalized to the extent they materially add to the value of, substantially prolong the useful life of, or adapt the airframe to a new or different use. In addition, costs incurred as part of a plan of rehabilitation, modernization, or improvement must be capitalized. Rev. Proc. 9949 modified and amplified.

T.D. 8911(PDF, 63K)
Final regulations under sections 7508 and 7508A of the Code authorize the Service to postpone certain tax-related deadlines due either to service in a combat zone or a Presidentially declared disaster. The regulations list the types of taxpayers who are affected and the acts for which the deadlines may be postponed. The regulations also provide that the Service may specify additional acts that may be postponed in other guidance, such as revenue rulings, revenue procedures, notices, announcements, or news releases.

T.D. 8913(PDF, 132K)
Final regulations under section 355(d) of the Code relate to recognition of gain on certain distributions of stock or securities of a controlled corporation.

EMPLOYMENT TAX

Announcement 2001-7(PDF, 43K)
This document contains a correction to Announcement 200097, 200048 I.R.B. 557. Employers are advised that the use of Code V (Income from the exercise of nonstatutory stock options) in box 12 of Form W-2 is optional for the 2001 Form W-2.

Rev. Proc. 2001-9(PDF, 68K)
This procedure provides taxpayers, reporting agents, transmitters, and software developers with the requirements for electronically filing Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, as part of the Form 940 e-file Program. Rev. Proc. 96-17 modified.

EXCISE TAX

Notice 2001-6(PDF, 35K)
Mileage awards. This notice provides guidance on the application of the excise tax on the amount paid for air transportation to amounts paid for frequent flyer miles. Under the notice, amounts paid for mileage awards that cannot be redeemed for taxable transportation are not subject to tax.

ADMINISTRATIVE

Announcement 2001-6(PDF, 46K)
An updated edition of Publication 547, Casualties, Disasters, and Thefts (Business and Nonbusiness) (revised December 2000), will be available soon.

Announcement 2001-7(PDF, 43K)
This document contains a correction to Announcement 200097, 200048 I.R.B. 557. Employers are advised that the use of Code V (Income from the exercise of nonstatutory stock options) in box 12 of Form W-2 is optional for the 2001 Form W-2.

Announcement 2001-8(PDF, 46K)
An updated edition of Publication 583, Starting a Business and Keeping Records (revised December 2000), is now available.

Announcement 2001-9(PDF, 32K)
Test of mediation procedure for appeals. This announcement extends the test of the mediation procedure set forth in Announcement 9899, 19982 C.B. 650, for an additional one-year period beginning on January 16, 2001, the date this announcement is published in the Internal Revenue Bulletin.

Rev. Proc. 2001-9(PDF, 68K)
This procedure provides taxpayers, reporting agents, transmitters, and software developers with the requirements for electronically filing Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, as part of the Form 940 e-file Program. Rev. Proc. 96-17 modified.

Previous | Next

SEARCH:

You can either: Search all IRS Bulletin Documents issued since January 1996, or Search the entire site. For a more focused search, put your search word(s) in quotes.





2001 Document Types | 2001 Weekly IRBs

IRS Bulletins Main | Home

  to download the Adobe Acrobat PDF Reader