Internal Revenue Bulletins  

June 10, 2002

Internal Revenue Bulletin No. 2002-23

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 2002-37(PDF, 20K)
This notice announces that regulations will be issued addressing partnership transactions involving contracts accounted for under a long-term contract method of accounting.

T.D. 8994(PDF, 112K)
Final regulations under sections 444, 641, 1361, 1362, and 1377 of the Code relate to the qualification and taxation of electing small business trusts (ESBTs), and to the definition of deferral entities for purposes of electing a taxable year other than the required taxable year. Notices 97-12 and 97-49 and Rev. Proc. 98-23 superseded.

T.D. 8995(PDF, 64K)
Final regulations under section 460 of the Code provide rules applicable when there is a mid-contract change in the taxpayer accounting for a long-term contract that has been under a long-term contract method of accounting.


REG-105885-99(PDF, 166K)
Proposed regulations under section 457 of the Code would provide guidance on compensation deferred under eligible section 457 deferred compensation plans of state and local governmental employers and tax-exempt entities. The regulations reflect changes made to section 457 by the Tax Reform Act of 1986, the Small Business Job Protection Act of 1996, the Economic Growth and Tax Relief Reconciliation Act of 2001, and other legislation. These regulations would also make various technical changes and clarifications to the existing final regulations. A public hearing is scheduled for August 28, 2002.

Rev. Rul. 2002-32(PDF, 20K)
Cafeteria plans. In an asset sale, transferred employees who have elected to participate in health flexible spending arrangements (FSAs) under the seller's cafeteria plan may continue to exclude salary reduction amounts and medical reimbursements from gross income without interruption at the same level of coverage after becoming employees of the buyer.


Rev. Proc. 2002-41(PDF, 37K)
This procedure provides that employers in the pipeline construction industry may use an optional expense substantiation rule to provide reimbursements under an accountable plan to employees who also furnish welding rigs or mechanics rigs as a condition of employment and use those rigs in their performance of services as employees.

Rev. Rul. 2002-35(PDF, 22K)
Wages subject to federal employment tax. This ruling clarifies that payments to employees for equipment they are required to provide as a condition of employment are wages for federal employment tax purposes, unless paid under an accountable plan. Rev. Rul. 68-624 revoked.


Announcement 2002-55(PDF, 19K)
This document contains corrections to final regulations (T.D. 8985, 2002-14 I.R.B. 707) relating to the character of gain or loss from hedging transactions.

Announcement 2002-56(PDF, 10K)
The Service announces that an updated edition of Publication 597, Information on the U.S. -Canada Income Tax Treaty (revised May 2002), is now available.

Announcement 2002-57(PDF, 10K)
The Service announces that an updated edition of Publication 1544, Reporting Cash Payments of Over $10,000 (revised March 2002), is now available. The Spanish version of this publication, Publication 1544SP, Informe de Pagos en Efectivo en Exceso de $10,000 (revised April 2002), is also available.

Rev. Proc. 2002-40(PDF, 26K)
Net operating losses; 5-year carryback. This document provides procedures that certain taxpayers with net operating losses incurred in 2001 or 2002 must follow on or before October 31, 2002, for applying or electing out of the new 5-year carryback period enacted by the Job Creation and Worker Assistance Act of 2002.

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