Internal Revenue Bulletins  

March 31, 2003

Internal Revenue Bulletin No. 2003-13

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.


T.D. 9048(PDF, 124K)
REG-131478-02(PDF, 23K)
Final, temporary, and 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 transfers of such stock and certain deconsolidations of a subsidiary member. In addition, the temporary regulations suspend certain losses recognized on the disposition of stock of a subsidiary member. A public hearing on the proposed regulations is scheduled for June 20, 2003.

Rev. Proc. 2003-26(PDF, 20K)
Guidance is provided to individuals who fail to meet the eligibility requirements of section 911(d)(1) of the Code because adverse conditions in a foreign country preclude the individual from meeting those requirements. A current list of countries and the dates those countries are subject to the section 911(d)(4) waiver is provided. Rev. Proc. 2002-20 supplemented.

Rev. Proc. 2003-27(PDF, 17K)
This procedure provides guidance on the information reporting requirements under section 6050I of the Code for small cash transactions that involve the rental of taxicabs on a daily shift basis.

Rev. Rul. 2003-25(PDF, 12K)
Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the regulations, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2003 are set forth for determining the value of non-commercial flights on employer-provided aircraft.

Rev. Rul. 2003-30(PDF, 33K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2003, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent.

Rev. Rul. 2003-31(PDF, 21K)
Constructive sales, short sales, transition rule. This ruling provides guidance on whether changes made to a margin ac-count through which a short sale was effectuated will (1) cause the short sale to be deemed consummated under section 1.1233-1(a)(4) of the regulations, and (2) cause the short-against-the-box transaction to cease to be covered by the tran-sition rule in the Taxpayer Relief Act of 1997.

Rev. Rul. 2003-33(PDF, 18K)
LIFO; price indexes; department stores. The January 2003 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, January 31, 2003.


Announcement 2003-18(PDF, 15K)
This document extends the relief from interest and penalties under section 7508A of the Code granted by Notice 2002-40, 2002-24 I.R.B. 1152, to certain decedents' estates that were affected by the September 11, 2001, terrorist attack.

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