Internal Revenue Bulletins  

November 13, 2001

Internal Revenue Bulletin No. 2001-46

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.


Rev. Proc. 2001-52(PDF, 21K)
Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code.

Rev. Rul. 2001-53(PDF, 18K)
Low-income housing credit; satisfactory bond; "bond factor" amounts for the period October through December 2001. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period October through December 2001. This ruling also provides a summary of the bond factor amounts for dispositions occurring during the period January through September 2001.

Rev. Rul. 2001-54(PDF, 17K)
LIFO; price indexes; department stores. The September 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, September 30, 2001.

Rev. Rul. 2001-57(PDF, 14K)
Gross income; sale of principal residence. If an individual elects under section 311(e) of the Tax Reform Act of 1997 to treat the individual's principal residence as being both sold and reacquired on January 1, 2001, for an amount equal to its fair market value on that date, the individual cannot exclude from gross income under section 121 of the Code any of the gain from the deemed sale.


Announcement 2001-113(PDF, 16K)
A list is provided of organizations now classified as private foundations.


Announcement 2001-112(PDF, 13K)
This announcement clarifies that, as a result of economic disruptions from the September 11, 2001, terrorist attacks, the Service will permit the redesignation of estimated income tax payments as tax deposits to satisfy obligations to deposit employment taxes and withheld income taxes.

Notice 2001-69(PDF, 11K)
Leave-based donation programs. This notice provides interim guidance on the application of federal income and employment taxes to, and the proper reporting of, payments by employers under certain leave-based donation programs established in the aftermath of the September 11, 2001, terrorist attacks.

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