Internal Revenue Bulletins  

September 10, 2001

Internal Revenue Bulletin No. 2001-37

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 2001-53(PDF, 9K)
2001 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2001 calendar year.

Notice 2001-54(PDF, 11K)
2001 enhanced oil recovery credit. The enhanced oil recovery credit for taxable years beginning in the 2001 calendar year is determined without regard to the phase-out for crude oil price increases provided in section 43(b) of the Code.

REG-106431-01(PDF, 26K)
Proposed regulations under section 1361 of the Code pro-vide guidance regarding a qualified subchapter S trust elec-tion for testamentary trusts and the period for which former subpart E trusts and testamentary trusts may be permitted shareholders of an S corporation.

Rev. Rul. 2001-42(PDF, 10K)
Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the second 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. 2001-44(PDF, 14K)
LIFO; price indexes; department stores. The July 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, July 31, 2001.


Rev. Proc. 2001-45(PDF, 543K)
Substitute printed, computer-prepared, and computer-generated tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer-prepared, and computer-generated tax forms and schedules. Rev. Proc. 2000-19 superseded.

Rev. Proc. 2001-46(PDF, 44K)
Business expenses, capital expenditures, railroad track maintenance costs. This procedure provides a safe harbor method of accounting for track structure expenditures paid or incurred by certain railroads, and procedures for a qualifying taxpayer to obtain automatic consent from the Commissioner to change to the track maintenance allowance method. In addition, this procedure provides an optional procedure for certain qualifying taxpayers to settle the issue of track structure expenditures for open taxable years using the track maintenance allowance method. Rev. Proc. 99-49 modified and amplified.

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