Internal Revenue Bulletins  

December 10, 2001

Internal Revenue Bulletin No. 2001-50

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 2001-79(PDF, 18K)
Rent holidays for commercial aircraft leases. In the case of certain aircraft leases entered into or modified between September 11, 2001, and June 28, 2002, certain rent holidays will be disregarded in applying the uneven rent test of section 1.467-3(c)(4) of the regulations.

Rev. Rul. 2001-58(PDF, 14K)
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for December 2001.

Rev. Rul. 2001-61(PDF, 16K)
Employer identification numbers. This ruling provides guidance on the retention of an entity's employer identification number upon changing under section 301.7701-3 of the regulations from a partnership to a disregarded entity or from a disregarded entity to a partnership.

T.D. 8967(PDF, 15K)
Final regulations under section 141 of the Code amend exceptions for tax-exempt bonds. Generally, interest on bonds issued by state and local governments is excluded from gross income. However, this exclusion does not apply to nonqualified private activity bonds. A bond may be a non-qualified private activity bond if a nongovernmental person has special legal entitlements to use the financed property under an arrangement with the issuer. The regulations contain special exceptions for arrangements of 30, 90, and 180 days, and these final regulations amend those exceptions to permit arrangements of 50, 100, and 200 days, respectively.


Announcement 2001-120(PDF, 19K)
Saver's credit; employee plans and individual retirement arrangements. This announcement repeats in Spanish the notice to employees portion of Announcement 2001-106 (2001-44 I.R.B. 416), which pertains to the Saver's Credit described in section 25B of the Code and the eligibility for this new nonrefundable credit.


Notice 2001-78(PDF, 11K)
This document provides guidance to charities regarding payments made by reason of the death, injury, or wounding of an individual incurred as a result of the September 11, 2001, terrorist attacks against the United States.


Notice 2001-77(PDF, 12K)
This notice relates to deposits of air transportation excise taxes by eligible air carriers under section 6302 of the Code.


Announcement 2001-119(PDF, 12K)
Luxembourg Treaty election. The mutual agreement between the United States and Luxembourg on the interpretation of the transition rules in the income tax treaty that entered into force on December 20, 2000, is set forth.


Announcement 2001-121(PDF, 11K)
This document withdraws proposed regulations (REG-106186-98, 2000-23 I.R.B. 1226) relating to certain corporate reorganizations involving disregarded entities. December 10, 2001 2001-50 I.R.B.

Rev. Proc. 2001-57(PDF, 26K)
This procedure provides guidance to a publicly offered regulated investment company (RIC) that contributes substantially all its assets to an investment partnership in a master feeder structure. A RIC meeting the requirements of this procedure is treated as if it directly invested in the assets held by the partnership for purposes of qualifying as a RIC, for purposes of the payment of exempt-interest dividends, and for purposes of the pass through of the foreign tax credit.

Rev. Proc. 2001-58(PDF, 29K)
This procedure provides guidance with respect to the failure-to-deposit penalty provisions of section 6656 of the Code. The procedure also describes how the Service will credit Federal tax deposits to determine whether a failure-to-deposit penalty should apply to deposit periods beginning after December 31, 2001. Rev. Procs. 90-58 and 91-52 obsoleted.

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