Internal Revenue Bulletins  

February 03, 2003

Internal Revenue Bulletin No. 2003-05

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 2003-9(PDF, 12K)
Equity investments prior to allocation. The Treasury Department and the Service announce that they will amend section 1.45D-1T(c)(3)(ii) of the temporary regulations to extend a deadline relating to certain equity investments made before the receipt of a new markets tax credit allocation under section 45D(f)(2) of the Code.

REG-125638-01(PDF, 189K)
Proposed regulations explain how section 263(a) of the Code applies to amounts paid to acquire, create, or enhance intangible assets. The regulations also provide safe harbor amortization under section 167(a) for certain intangible assets and explain the manner in which taxpayers may deduct debt issuance costs. A public hearing is scheduled for April 22, 2003.

Rev. Rul. 2003-7(PDF, 28K)
Actual and constructive sales. This ruling holds that a shareholder has neither sold stock currently under section 1001 of the Code nor caused a constructive sale of stock under section 1259 if the shareholder receives a fixed amount of cash, simultaneously enters into an agreement to deliver on a future date a number of shares of common stock that varies significantly depending on the value of the shares on the delivery date, pledges the maximum number of shares for which delivery could be required under the agreement, retains an unrestricted legal right to substitute cash or other shares for the pledged shares, and is not otherwise economically compelled to deliver the pledged shares.

T.D. 9025(PDF, 19K)
Final regulations under section 446 of the Code confirm that the timing rules of the intercompany transaction regulations of section 1.1502-13 are a method of accounting.


Notice 2003-10(PDF, 26K)
Definition of early retirement benefits and retirement-type subsidies. The IRS and the Treasury intend to propose regulations and are requesting comments regarding benefits that are treated as early retirement benefits or retirement-type subsidies for purposes of section 411(d)(6)(B) of the Code, including guidance on the extent to which payments that are contingent on the occurrence of an unpredictable event are protected under section 411(d)(6)(B). Notice 2002-46 modified.


T.D. 9024(PDF, 18K)
Final regulations under section 4374 of the Code relate to liability for the insurance premium excise tax. The regulations affect persons who make, sign, issue, or sell a policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer.


Announcement 2003-4(PDF, 14K)
This announcement contains a correction to Rev. Proc. 2003-7, 2003-1 I.R.B. 233.

Announcement 2003-5(PDF, 18K)
This advance notice of proposed regulations invites individuals and organizations to submit comments on revising the rules governing practice before the IRS (Circular No. 230) to address certain issues regarding standards of practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries and appraisers who represent taxpayers before the Service.

Rev. Proc. 2003-19(PDF, 18K)
This procedure provides guidance on the administrative appeal rights of a spouse or former spouse when a taxpayer seeks innocent spouse relief from federal income tax liability under section 6015 of the Code.

T.D. 9026(PDF, 23K)
Final regulations under section 7526 of the Code exclude certain low-income taxpayer clinics (LITCs) that qualify for grants from the definition of income tax return preparer under section 7701(a)(36). The regulations also exclude certain persons who are employed by, or volunteer for, such clinics.

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