Internal Revenue Bulletins  

March 19, 2001

Internal Revenue Bulletin No. 2001-12

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 2001-24(PDF, 34K)
The "differential earnings rate" under section 809 of the Code is tentatively determined for 2000 together with the "recomputed differential earnings rate" for 1999.

REG-125237-00(PDF, 41K)
Proposed regulations under section 1275 of the Code provide guidance on the treatment of annuity contracts issued by an insurance company subject to tax under subchapter L. A public hearing is scheduled for May 30, 2001.

Rev. Rul. 2001-13(PDF, 29K)
Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the first half of 2001 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations.

Rev. Rul. 2001-14(PDF, 31K)
LIFO; price indexes; department stores. The January 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, January 31, 2001.

T.D. 8934(PDF, 58K)
Final regulations under section 1275 of the Code determine when debt instruments, including Treasury securities, sold in a reopening are part of the same issue as an issue of previously sold debt instruments.


REG-110374-00(PDF, 43K)
Proposed regulations under section 6205 of the Code provide guidance on when employers that have paid less than the correct amount of employment taxes are entitled to interest free adjustments when the underpayment is discovered during an IRS examination involving a determination by the Service that workers are employees under subtitle C or that the employer is not entitled to relief under section 530 of the Revenue Act of 1978.


Notice 2001-22(PDF, 32K)
Installment sales; changes in method of accounting. This notice provides that an accrual method taxpayer that entered into an installment sale on or after December 17, 1999, and filed a federal income tax return by April 16, 2001, reporting the sale on an accrual method has the consent of the Secretary to revoke its effective election out of the installment method. The taxpayer must file, within the applicable period of limitations, amended federal income tax returns for the taxable year in which the installment sale occurred, and for any other affected taxable year, reporting the gain on the installment method. Notice 2000-26 modified.

Notice 2001-23(PDF, 37K)
Business expenses; changes in method of accounting. This notice modifies Rev. Rul. 2001-4, 2001-3 I.R.B. 295, which holds, in part, that 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. Rev. Rul. 2001-4 is modified by extending the application of the automatic consent for change in accounting method provisions of Rev. Proc. 99-49, 1999-2 C.B. 725, to the taxpayer's first or second taxable year ending after December 21, 2000. Rev. Proc. 99-49 and Rev. Rul. 2001-4 modified.

REG-110659-00(PDF, 42K)
Proposed regulations address the adoption of a plan of liquidation requirement under section 332 of the Code when an association makes an entity classification election to be treated as a partnership or disregarded as an entity separate from its owner.

Rev. Proc. 2001-25(PDF, 42K)
Automatic accounting method change for stated interest on short-term loans. This procedure modifies section 13.02 of the Appendix to Rev. Proc. 99-49, 1999-2 C.B. 725, 757, to allow any bank that uses the cash receipts and disbursements method of accounting to change automatically its method of accounting for stated interest on short-term loans made in the ordinary course of its business. Rev. Proc. 99-49 modified.

T.D. 8939(PDF, 46K)
Final regulations under section 6212 of the Code define a tax-payer's last known address as the address on the tax-payer's most recently filed and properly processed federal tax return, unless the taxpayer provides clear and concise notification of a different address to the IRS. The final regulations also authorize the Commissioner to use an address obtained from the United States Postal Service National Change of Address database as a taxpayer's last known address.

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