Internal Revenue Bulletins  

February 04, 2002

Internal Revenue Bulletin No. 2002-05

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.


T.D. 8972(PDF, 49K)
Final regulations under section 1301 of the Code provide guidance to individuals engaged in a farming business who may elect to income average and thereby reduce their regular tax liability by treating all or a portion of the current year's farming income as if it had been earned in equal portions over the prior three years.

T.D. 8976(PDF, 142K)
Final regulations under section 472 of the Code relate to accounting for inventories under the last-in, first-out (LIFO) method. The regulations provide guidance regarding methods of valuing dollar-value LIFO pools and affect persons who elect to use the dollar-value LIFO and inventory price index computation (IPIC) methods or who receive dollar-value LIFO inventories in certain nonrecognition transactions. Rev. Procs. 84-57 and 98-49 obsoleted. Rev. Rul. 89-29 obsoleted.


Notice 2002-9(PDF, 13K)
Weighted average interest rate update. The weighted average interest rate for January 2002 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth.


Announcement 2002-8(PDF, 12K)
This announcement provides notice that the deadline for written comments to Notices 2001-72 (2001-49 I.R.B. 548) and 2001-73 (2001-49 I.R.B. 549) has been extended from February 14, 2002, to April 23, 2002. Notices 2001-72 and 2001-73 contain proposed rules regarding the application of the Federal Insurance Contributions Act (FICA), the Federal Unemployment Tax Act (FUTA), and income tax withholding to the exercise of statutory stock options. A public hearing is rescheduled for May 14, 2002.


REG-125450-01(PDF, 20K)
Proposed regulations under section 4374 of the Code contain amendments to the regulations relating to liability for the insurance premium excise tax. This document affects persons who make, sign, issue, or sell a policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer. A public hearing is scheduled for March 19, 2002.


Announcement 2002-7(PDF, 13K)
This document contains corrections to temporary regulations (REG-105344-01, 2002-2 I.R.B. 302) which permit the IRS to authorize federal, state, and local agencies with access to returns and return information to redisclose such information, with the Commissioner's approval, to any authorized recipient set forth in section 6103 of the Code, subject to the same conditions and restrictions, and for the same purposes, as if the recipient had received the information directly from the IRS.

Rev. Proc. 2002-14(PDF, 32K)
Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including electric automobiles) with tables detailing the limitations on depreciation deductions for automobiles first placed in service during calendar year 2002 and the amounts to be included in income for automobiles first leased during calendar year 2002. In addition, it provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 2002 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the regulations may be applicable.

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