Internal Revenue Bulletins  

April 29, 2002

Internal Revenue Bulletin No. 2002-17

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.


Announcement 2002-48(PDF, 14K)
New IRS brochure entitled Home-Based Business Tax Avoidance Schemes. . .At A Glance. The schemes described in the document claim to offer tax "relief," but actually result in illegal tax avoidance. The promoters of these schemes claim that by setting up a bogus home-based business, individual taxpayers can deduct most, or all, of their personal expenses as business expenses.


Announcement 2002-44(PDF, 13K)
Electronic submission of Form 8850. This document announces that Form 8850, Pre-Screening Notice and Certification Request for the Work Opportunity and Welfare-to-Work Credits, may be submitted electronically to State Employment Security Agencies (SESAs) and sets forth the requirements that any electronic system must meet.

Notice 2002-29(PDF, 14K)
Section 469 and gain recognition election. This document explains the effect under section 469 of the Code of a deemed sale of property on January 1, 2001, pursuant to an election under section 311(e) of the Taxpayer Relief Act of 1997.

Rev. Rul. 2002-20(PDF, 19K)
Charitable remainder trusts; qualified charitable remainder unitrusts; recipient trusts. This ruling provides that, in three situations, a charitable remainder unitrust may pay the unitrust amounts to a second trust for the life of an individual, who is financially disabled as defined in section 6511(h)(2)(A) of the Code. In each situation, the use of the unitrust amounts by the second trust is consistent with the manner in which the individual's own assets would be used, and the individual is, therefore, considered to have received the unitrust amounts directly from the charitable remainder unitrust for purposes of section 664(d)(2)(A). Rev. Rul. 76-270 amplified and superseded.

Rev. Rul. 2002-21(PDF, 20K)
Low-income housing credit; tax-exempt bond financing. Amounts received from investing proceeds of tax-exempt bonds are counted toward satisfying the 50-percent aggregate basis test under section 42(h)(4)(B) of the Code.


Notice 2002-20(PDF, 20K)
Industry Issue Resolution Program. This document announces that the Industry Issue Resolution (IIR) Program, a pilot program aimed at resolving contentious tax issues involving business, is being made permanent and expanded to be available to all business taxpayers. Taxpayers as well as industry associations and other groups representing taxpayers are invited to suggest issues and possible options for resolution.

Notice 2002-30(PDF, 20K)
Credit for sales of fuel produced from a nonconventional source, inflation adjustment factor, and reference price. This notice publishes the nonconventional source fuel credit, inflation adjustment factor, and reference price under section 29 of the Code for calendar year 2001. This data is used to determine the credit allowable on sales of fuel produced from a nonconventional source.

Rev. Proc. 2002-24(PDF, 20K)
Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f) of the Code. Rev. Proc. 2001-35 obsoleted, except as provided in section 5.02 of this procedure.

Rev. Proc. 2002-25(PDF, 14K)
This procedure sets forth the maximum face amount of qualified zone academy bonds that may be issued by each state, the District of Columbia, and the possessions of the United States during 2002.

Rev. Proc. 2002-27(PDF, 48K)
Depreciation of tires. This document provides a safe harbor method of accounting (the original tire capitalization method) for the cost of original and replacement tires for certain vehicles owned by taxpayers, procedures for a qualifying taxpayer to obtain automatic consent from the Commissioner to change to the original tire capitalization method, and an optional procedure for certain qualifying taxpayers to settle open taxable years using the original tire capitalization method. Rev. Proc. 2002-9 modified and amplified.

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