Internal Revenue Bulletins  

January 28, 2002

Internal Revenue Bulletin No. 2002-04

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

Notce 2002-8(PDF, 22K)
Split-dollar life insurance arrangements. This notice announces that the Treasury and the Service intend to publish proposed regulations providing comprehensive guidance on the Federal tax treatment of split-dollar life insurance arrangements. In addition, this notice indicates that any regulations will not be effective until the publication date of the final regulations, and provides information on the tax treatment of split-dollar life insurance arrangements entered into prior to the effective date of final regulations. Notice 200110 revoked. Rev. Rul. 55747 revoked, Rev. Ruls. 64328 and 66110 modified.

REG-112991-01(PDF, 113K)
Proposed regulations modify the following provisions of T.D. 8930: (1) that qualified research be undertaken for the purpose of discovering information that is technological in nature; (2) the process of experimentation; (3) the type of computer software constituting internal use software; (4) the first part of the three-part high threshold of innovation test for internal-use software to be excepted from the exclusion from qualified research; and (5) the documentation required to substantiate the research credit. A public hearing is scheduled for March 27, 2002.

T.D. 8975(PDF, 78K)
REG-142299-01, REG-209135-88(PDF, 26K)
Temporary and proposed regulations apply to certain transactions or events that result in a Regulated Investment Company (RIC) or a Real Estate Investment Trust (REIT) owning property that has a basis determined by reference to a C corporation's basis in the property. These regulations clarify the tax treatment of transfers of C corporation property to a RIC or REIT.

Rev. Rul. 2002-4(PDF, 23K)
LIFO; price indexes; department stores. The November 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, November 30, 2001.

T.D. 8973(PDF, 49K)
Final regulations under section 865(j)(1) of the Code relate to the allocation of loss recognized on the disposition of stock and other personal property.

EMPLOYEE PLANS

Rev. Proc. 2002-10(PDF, 128K)
Opinion letters; prototype SEPs, SIMPLEs, and IRAs. This revenue procedure describes the opinion letter program for all prototype plans within the meaning of sections 408(a), (b), (k), and (p) and 408A of the Code. Rev. Proc. 87-50 modified.

ADMINISTRATIVE

Announcement 2002-5(PDF, 10K)
Inflation-adjusted items; expatriation to avoid tax. This annoucement provides corrections to Rev. Proc. 2001-13 (2001-3 I.R.B. 337), which sets forth inflation-adjusted items for 2001. The corrections relate to amounts used to determine whether taxpayers are subject to section 877 of the Code regarding expatriation to avoid tax.

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