Internal Revenue Bulletins  

October 15, 2002

Internal Revenue Bulletin No. 2002-41

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

Notice 2002-64(PDF, 17K)
New markets tax credit; other federal tax benefits. This notice provides guidance to taxpayers on federal tax benefits that do not limit the availability of the new markets tax credit under section 45D of the Code.

Notice 2002-65(PDF, 24K)
This notice advises taxpayers and their representatives that the transaction it describes, which uses a straddle, an S corporation or a partnership, and one or more transitory shareholders or partners to claim a loss while deferring an offsetting gain, is subject to challenge by the Service on several grounds. This notice holds that the described transaction is a ´┐Żlisted transaction´┐Ż and warns of penalties that may be imposed if taxpayers claim losses from such a transaction.

Rev. Rul. 2002-64(PDF, 15K)
LIFO; price indexes; department stores. The August 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, August 31, 2002.

EXEMPT ORGANIZATIONS

Announcement 2002-92(PDF, 16K)
This document requests comments regarding proposed revisions of Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and Instructions for Form 1023.

ADMINISTRATIVE

Announcement 2002-93(PDF, 16K)
This document contains a correction to the date and location of a public hearing on proposed regulations (REG-165868-01, 2002-31 I.R.B. 270) under section 419A of the Code, which provide guidance regarding whether a welfare benefit plan is part of a 10-or-more employer plan.

Rev. Proc. 2002-63(PDF, 68K)
Per diem allowances. This procedure provides rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as optional rules for determining the amount of deductible meals and incidental expenses while traveling away from home. Rev. Proc. 2001-47 superseded.

Rev. Proc. 2002-65(PDF, 61K)
Business expenses; capital expenditures; railroad track maintenance costs. This procedure provides a safe harbor method of accounting (track maintenance allowance method) for track structure expenditures paid or incurred by certain railroads. It also provides procedures for a qualifying taxpayer to obtain automatic consent from the Commissioner to change to the track maintenance allowance method. In addition, this procedure provides an option for certain qualifying taxpayers to settle the issue of track structure expenditures for open taxable years using the track maintenance allowance method. Rev. Procs. 2001-46 and 2002-9 modified and amplified.

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