Internal Revenue Bulletins  

May 14, 2001

Internal Revenue Bulletin No. 2001-20

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

Rev. Rul. 2001-23(PDF, 30K)
LIFO; price indexes; department stores. The March 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, March 31, 2001.

EXEMPT ORGANIZATIONS

Announcement 2001-57(PDF, 39K)
A list is given of organizations now classified as private foundations.

ADMINISTRATIVE

Announcement 2001-49(PDF, 34K)
An advance notice of proposed rulemaking invites comments from the public on issues that the IRS may address in regulations relating to the new markets tax credit under section 45D of the Code. Taxpayers (for example, individuals, corporations, partnerships, and investment funds) that make a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation may claim a five-percent tax credit on the investment amount for each of the first three years and a six-percent tax credit for each of the next four years.

Announcement 2001-50(PDF, 42K)
This document contains corrections to proposed regulations (REG-126100-00, 2001-11 I.R.B. 862) providing guidance on the reporting requirements for interest on deposits maintained at the U.S. office of certain financial institutions and paid to nonresident alien individuals.

Announcement 2001-51(PDF, 41K)
This document contains corrections to proposed regulations (REG-116050-99, 2000-48 I.R.B. 520) relating to the carryover of certain tax attributes, such as earnings and profits and foreign income tax accounts, when two corporations combine in a section 367(b) transaction.

Announcement 2001-52(PDF, 27K)
This document contains corrections to proposed regulations (REG-105235-99, 2000-44 I.R.B. 447) relating to the exclusion of gain from the sale or exchange of a taxpayer's principal residence.

Announcement 2001-53(PDF, 31K)
This document contains corrections to final regulations (T.D. 8940, 2001-15 I.R.B. 1016) relating to deemed and actual asset acquisitions under sections 338 and 1060 of the Code.

Rev. Proc. 2001-31(PDF, 87K)
Electronic and magnetic media filing specifications. Specifications are set forth for the magnetic or electronic filing of Form 8851, Summary of Archer MSAs, with the IRS. Rev. Proc. 97-25 superseded.

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