Internal Revenue Bulletins  

August 19, 2002

Internal Revenue Bulletin No. 2002-33

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.

INCOME TAX

REG-115781-01(PDF, 32K)
Proposed regulations under section 2055 of the Code conform the income, gift, and estate tax regulations to the Tax Courtís decision in Estate of Boeshore v. Commissioner, 78 T.C. 523 (1982), acq. in result, 1987-2 C.B. 1, holding portions of section 20.2055(e)(2)(vi)(e) of the estate tax regulations invalid. Rev. Rul. 76-225 revoked. A public hearing is scheduled for October 16, 2002.

Rev. Rul. 2002-51(PDF, 16K)
Low-income housing credit; satisfactory bond; ďbond factorĒ amounts for the period July through September 2002. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period July through September 2002.

T.D. 9004(PDF, 37K)
Final regulations under section 860E of the Code detail safe harbor conditions under which the transfer of a REMIC noneconomic residual interest or FASIT ownership interest is presumed to be accomplished without an intention to impede the assessment or collection of tax. Rev. Proc. 2001-12 obsoleted.

T.D. 9008(PDF, 49K)
Final regulations under sections 702, 952, 954, and 956 of the Code provide guidance necessary to clarify the treatment by a controlled foreign corporation (CFC) of its distributive share of partnership income under subpart F of the Code.

T.D. 9009(PDF, 32K)
Final regulations under section 706 of the Code provide guidance on determining the taxable year of a partnership with certain foreign partners and tax-exempt partners.

GIFT TAX

REG-115781-01(PDF, 32K)
Proposed regulations under section 2055 of the Code conform the income, gift, and estate tax regulations to the Tax Courtís decision in Estate of Boeshore v. Commissioner, 78 T.C. 523 (1982), acq. in result, 1987-2 C.B. 1, holding portions of section 20.2055(e)(2)(vi)(e) of the estate tax regulations invalid. Rev. Rul. 76-225 revoked. A public hearing is scheduled for October 16, 2002.

EMPLOYEE PLANS

Notice 2002-57(PDF, 9K)
Weighted average interest rate update. The weighted average interest rate for August 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-124256-02(PDF, 34K)
Proposed regulations under sections 408 and 408A of the Code provide a new method for determining the earnings allocable to IRA contributions that are returned or recharacterized before the applicable tax return due date.

ESTATE TAX

REG-115781-01(PDF, 32K)
Proposed regulations under section 2055 of the Code conform the income, gift, and estate tax regulations to the Tax Courtís decision in Estate of Boeshore v. Commissioner, 78 T.C. 523 (1982), acq. in result, 1987-2 C.B. 1, holding portions of section 20.2055(e)(2)(vi)(e) of the estate tax regulations invalid. Rev. Rul. 76-225 revoked. A public hearing is scheduled for October 16, 2002.

ADMINISTRATIVE

Announcement 2002-73(PDF, 10K)
The Service announces that a supplement to Publication 590, Individual Retirement Arrangements (IRAs), is now available.

Announcement 2002-74(PDF, 10K)
The Service announces that an updated edition, revised June 2002, of Publication 971, Innocent Spouse Relief (And Separation of Liability and Equitable Relief) is currently available.

T.D. 9007(PDF, 58K)
Final regulations under sections 7122, 6331, and 6103 of the Code provide procedures for the compromise of Internal Revenue tax and provide expanded compromise authority for the IRS. The regulations will permit compromise of liabilities when there is doubt as to the amount of the liability owed, when there is doubt whether the full amount of the tax can be collected, and when compromise would promote effective tax administration. The IRS may compromise to promote effective tax administration when it determines that collection of the full amount of the tax liability would create economic hardship or that compelling public policy or equity considerations identified by the taxpayer provide a sufficient basis for compromise.

T.D. 9010(PDF, 59K)
Final regulations under sections 6041 and 6045 of the Code concern information reporting requirements for certain payments made on behalf of another person, payments to joint payees, and payments of gross proceeds from sales involving investment advisors. Rev. Ruls. 54-571, 55-606, 59-328, 64-36, 65-129, 67-197, 73-232, 77-53, 85-50, and 93-70 obsoleted as of January 1, 2003. Rev. Ruls. 69-595 and 70-608 obsoleted in part as of January 1, 2003.

T.D. 9011(PDF, 141K)
Final regulations provide clarifying guidance with respect to and modify the regulations governing practice before the Internal Revenue Service (Circular 230).

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