Internal Revenue Bulletins  

March 25, 2002

Internal Revenue Bulletin No. 2002-12

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 2002-18(PDF, 12K)
Loss duplication. The IRS announces that regulations will be issued to prevent duplication of losses within a consolidated group on dispositions of member stock.

REG-118861-00(PDF, 100K)
Proposed regulations apply to a deemed sale or acquisition of an insurance company's assets pursuant to an election under section 338 of the Code, to a sale or acquisition of an insurance trade or business subject to section 1060, and to the acquisition of insurance contracts through assumption reinsurance. The regulations also concern the effect under section 381 of certain corporate liquidations and reorganizations on certain tax attributes of insurance companies. The regulations apply to insurance companies and to corporations selling and purchasing stock of insurance companies. A public hearing is scheduled for September 18, 2002.

Rev. Rul. 2002-13(PDF, 25K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2002, will be 6 percent for overpayments (5 percent in the case of a corporation), 6 percent for underpayments, and 8 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 3.5 percent.

Rev. Rul. 2002-14(PDF, 14K)
LIFO; price indexes; department stores. The January 2002 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, January 31, 2002.


Announcement 2002-32(PDF, 21K)
A list is provided of organizations now classified as private foundations.


Announcement 2002-33(PDF, 12K)
This document withdraws proposed regulations (REG-251502-96, 1998-1 C.B. 621) relating to section 7433 of the Code. The proposed regulations implemented provisions of the Taxpayer Bill of Rights 2 (TBOR2). New proposed regulations containing provisions of both TBOR2 and the IRS Restructuring and Reform Act of 1998 are published in this Bulletin (REG-107366-00).

Announcement 2002-35(PDF, 9K)
This document contains a correction to the advance notice of proposed regulations (Announcement 2002-9, 2002-7 I.R.B. 536) that clarifies the application of section 263(a) of the Code to expenditures incurred in acquiring, creating, or enhancing certain intangible assets or benefits.

REG-107366-00(PDF, 51K)
Proposed regulations under section 7433 of the Code relate to civil causes of action for damages caused by unlawful collection actions of officers and employees of the IRS and the awarding of costs and certain fees. The regulations reflect amendments made by the Taxpayer Bill of Rights 2 and the IRS Restructuring and Reform Act of 1998.

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