Internal Revenue Bulletins  

October 15, 2001

Internal Revenue Bulletin No. 2001-42

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.


Announcement 2001-99(PDF, 12K)
For purposes of the Archer MSA pilot program under section 220(j)(2) of the Code, 2001 is not a cut-off year.

Rev. Rul. 2001-45(PDF, 15K)
LIFO; price indexes; department stores. The August 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, August 31, 2001.

Rev. Rul. 2001-46(PDF, 20K)
Step transaction. Under the facts presented, if, pursuant to an integrated plan, a newly formed wholly owned subsidiary of an acquiring corporation merges into a target corporation, followed by the merger of the target corporation into the acquiring corporation, the transaction is treated as a single statutory merger of the target corporation into the acquiring corporation that qualifies as a reorganization under section 368(a)(1)(A) of the Code. Rev. Rul. 67-274 amplified. Rev. Rul. 90-95 distinguished.

Rev. Rul. 2001-48(PDF, 33K)
This ruling updates the list of countries that grant a reciprocal exemption for income from the international operation of ships or aircraft to U.S. persons for purposes of sections 872(b) and 883 of the Code. Rev. Ruls. 89-42 and 97-31 modified and superseded.

T.D. 8964(PDF, 17K)
Final regulations under section 301 of the Code relate to liabilities assumed in connection with corporate distributions.


Announcement 2001-102(PDF, 20K)
A list is provided of organizations now classified as private foundations.


Rev. Proc. 2001-47(PDF, 40K)
Per diem allowances. This procedure provides rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as optional rules for determining the amount of deductible meals and inciden-tal expenses while traveling away from home. Rev. Proc. 2000-39 superseded.

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