Internal Revenue Bulletins  

May 28, 2002

Internal Revenue Bulletin No. 2002-21

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 2002-35(PDF, 22K)
Notional principal contract tax shelter. The Service may challenge transactions using notional principal contracts to claim current deductions for periodic payments made by a tax-payer while disregarding the accrual of a right to receive offsetting payments in the future. These transactions are designated as "listed transactions" for purposes of sections 1.6011-T(b)(2) and 301.6111-2T of the regulations.

REG-161424-01(PDF, 84K)
Proposed regulations under section 6050S relate to information reporting, including magnetic media reporting for qualified tuition and related expenses (Form 1098-T) and the continuation of Notice 97-73 for the calendar year 2002. A public hearing is scheduled for August 13, 2002. REG-105316-98 withdrawn.

Rev. Proc. 2002-36(PDF, 20K)
Methods of accounting; taxable year of inclusion; basis. This procedure provides taxpayers that purchase vehicles subject to leases and assume the associated leases from motor vehicle dealers with a safe harbor method of accounting for capital cost reduction payments made by vehicle lessees, and a procedure for taxpayers to obtain automatic consent of the Commissioner to change to the safe harbor method of accounting. Rev. Proc. 2002-9 modified and amplified.

Rev. Rul. 2002-30(PDF, 19K)
Notional principal contract. This ruling provides that where a nonperiodic payment made pursuant to a notional principal contract is comprised of noncontingent and contingent components, the parties must recognize the noncontingent component of the nonperiodic payment over the term of the notional principal contract.

T.D. 8992(PDF, 55K)
Final regulations under section 6050S relate to information reporting, including magnetic media reporting requirements for payments of interest on qualified education loans (Form 1098-E) and the continuation of Notice 98-7 for the calendar year 2002.


Notice 2002-32(PDF, 13K)
Weighted average interest rate update. The weighted average interest rate for May 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.

REG-136193-01(PDF, 117K)
Proposed regulations under section 4980F of the Code provide guidance on the requirements for plan administrators to give notice of plan amendments that provide for significant reduction in the rate of future benefit accrual or an early retirement benefit or retirement-type subsidy. When finalized, the regulations will affect businesses, nonprofit organizations, and individuals. A public hearing is scheduled for August 15, 2002.


Notice 2002-34(PDF, 27K)
This notice announces and provides guidance for a voluntary compliance program to promote disclosure for political organizations that file Forms 8871, 8872, 1120-POL, 990, and 990-EZ by July 15, 2002.

T.D. 8991(PDF, 76K)
Final regulations under section 513 of the Code provide guidance concerning whether corporate sponsorship payments to tax-exempt organizations are unrelated business taxable income.


Notice 2002-33(PDF, 19K)
Section 809 information return. This notice suspends the requirement that mutual life insurance companies and the 50 largest stock life insurance companies file Form 8390, Information Return for Determination of Life Insurance Company Earnings Rate Under Section 809, in 2002 and 2003 due to section 809(j) which was added to the Code by the Job Creation and Workers Assistance Act of 2002.

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