Internal Revenue Bulletins  

January 29, 2001

Internal Revenue Bulletin No. 2001-05

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 2001-10(PDF, 34K)
Split-dollar insurance arrangements. This notice clarifies prior rulings issued by the IRS regarding the taxation of split-dollar arrangements, provides taxpayers with interim guidance on the tax treatment of split-dollar arrangements pending publication of further guidance, and requests taxpayer comments on the interim guidance and a number of unresolved issues. Rev. Rul 55747 revoked. Rev. Ruls. 64328 and 66110 modified.

Notice 2001-11(PDF, 10K)
This notice provides additional guidance to financial institutions located in U.S. possessions in relation to the section 1441 nonresident alien withholding regulations that were published as T.D. 8734 (1997-2 C.B. 109) and T.D. 8881 (200023 I.R.B. 1158). Those regulations will apply to certain payments of income to foreign persons after December 31, 2000.

REG-106542-98(PDF, 57K)
Proposed regulations relate to an election under section 645 of the Code to have certain revocable trusts treated and taxed as part of an estate. A public hearing is scheduled for February 21, 2001.

Rev. Rul. 2001-5(PDF, 15K)
LIFO; price indexes; department stores. The November 2000 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, 2000.

T.D. 8930(PDF, 98K)
Final regulations under section 41 of the Code relate to the computation of the credit for increasing research activities and the definition of qualified research. These regulations provide guidance concerning the requirements to qualify for the credit and rules for electing and revoking the election of the alternative incremental credit.

ESTATE TAX

T.D. 8912(PDF, 40K)
Final regulations under section 2601 of the Code relate to the retention of a trust's exempt status for generation-skipping transfer tax purposes in the case of modifications, etc., to a trust.

EXEMPT ORGANIZATIONS

Rev. Proc. 2001-15(PDF, 56K)
This procedure provides a modified and supplemented list of Indian tribal governments that are to be treated similarly to states for specified purposes under the Internal Revenue Code. Rev. Procs. 8387 and 9219 superseded.

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