Internal Revenue Bulletins  

November 25, 2002

Internal Revenue Bulletin No. 2002-47

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.


REG-131478-02(PDF, 120K)
Proposed regulations under section 1502 of the Code redetermine the basis of stock of a subsidiary member of a consolidated group immediately prior to certain dispositions and deconsolidations of such stock. In addition, the regulations suspend certain losses recognized on the disposition of such stock. The regulations apply to corporations filing consolidated returns. A public hearing is scheduled for January 15, 2003.

Rev. Rul. 2002-67(PDF, 23K)
Charitable contributions. This ruling addresses the tax consequences under section 170 of the Code (regarding the deduction allowed for contributions and gifts to charity) of a taxpayer's transfer of a used car to the authorized agent of a charity.

T.D. 9019(PDF, 25K)
Unit livestock price method. Final regulations under section 471 of the Code provide rules relating to the annual reevaluation of unit livestock prices and the depreciation of livestock raised for drafting, breeding, or dairy purposes.


Notice 2002-74(PDF, 16K)
Weighted average interest rate update. The weighted average interest rate for November 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.


Ct. D. 2076(PDF, 81K)
Assessment for unpaid taxes. The Supreme Court has concluded that the Internal Revenue Service's statutory authorization to make assessments for unpaid taxes is reasonably read to cover restaurateur's FICA taxes based on an aggregate estimate of all unreported employee tips. United States v. Fior D'Italia, Inc.

REG-209116-89(PDF, 16K)
Withdrawal of requirement of making quarterly payments of the railroad unemployment repayment tax. In prior years, a repayment tax was levied on wages to repay certain loans to the railroad unemployment fund. Sections 3321 and 3322 of the Code provided for the time and manner of making these payments. Any loans which applied to this repayment tax have been fully repaid. Thus, the requirement is no longer relevant. EE-79-89 withdrawn.


Notice 2002-75(PDF, 42K)
Annual accounting periods; automatic approval. This notice proposes a revenue procedure that, when finalized, will provide guidance for individuals to obtain automatic approval of the Commissioner to change their annual accounting period to the calendar year. Revenue Procedure 66-50 modified, amplified, and superseded. Revenue Procedure 81-40 modified and superseded.

REG-103777-02(PDF, 36K)
Proposed regulations under section 7122 of the Code provide for the imposition of a $150.00 user fee for the processing of offers to compromise. The charging of user fees implements the Independent Offices Appropriations Act, 31 U.S.C. section 9701. The proposed user fee would not apply to offers based on doubt as to liability, offers made by low income taxpayers, offers accepted to promote effective tax administration, and offers accepted based on doubt as to collectibility where there has been a determination that, although an amount greater than the amount offered could be collected, collection of more than the amount offered would create economic hardship within the meaning of regulations section 301.6343-1.

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