Internal Revenue Bulletins  

April 07, 2003

Internal Revenue Bulletin No. 2003-14

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 2003-18(PDF, 47K)
Disaster relief grants; businesses. This notice provides answers to frequently asked questions for businesses not exempt from federal income tax regarding the tax treatment of grant payments the Empire State Development Corporation, in coordination with the New York City Economic Development Corporation, will make under three grant programs to businesses located in the area of the World Trade Center attacks.

Rev. Rul. 2003-32(PDF, 21K)
Scholarship grants, employer-related private foundations. This ruling states that for purposes of sections 117 and 4945 of the Code, scholarships and educational grants awarded by a private foundation under an employer-related program to employees and their children, when the employee is a victim killed or seriously injured in a qualified disaster, may be awarded without regard to the percentage guidelines in Rev. Proc. 76-47, 1976-2 C.B. 670. Thus, grants awarded under such a program will be described in section 4945(g)(1) and will not be taxable expenditures under section 4945(d)(3).

Rev. Rul. 2003-35(PDF, 25K)
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2003.

T.D. 9047(PDF, 80K)
Final regulations apply to certain transactions or events that result in a Regulated Investment Company (RIC) or a Real Estate Investment Trust (REIT) owning property that has a basis determined by reference to a C corporationís basis in the property. These regulations affect RICs, REITs, and C corporations and clarify the tax treatment of transfers of C corporation property to a RIC or REIT.

T.D. 9049(PDF, 29K)
Final regulations under section 705 of the Code provide guidance for making basis adjustments necessary to coordinate sections 705 and 1032 in situations in which a corporation owns a direct or indirect interest in a partnership that holds stock in that corporation.

EXEMPT ORGANIZATIONS

Rev. Rul. 2003-32(PDF, 21K)
Scholarship grants, employer-related private foundations. This ruling states that for purposes of sections 117 and 4945 of the Code, scholarships and educational grants awarded by a private foundation under an employer-related program to employees and their children, when the employee is a victim killed or seriously injured in a qualified disaster, may be awarded without regard to the percentage guidelines in Rev. Proc. 76-47, 1976-2 C.B. 670. Thus, grants awarded under such a program will be described in section 4945(g)(1) and will not be taxable expenditures under section 4945(d)(3).

EXCISE TAX

Rev. Rul. 2003-32(PDF, 21K)
Scholarship grants, employer-related private foundations. This ruling states that for purposes of sections 117 and 4945 of the Code, scholarships and educational grants awarded by a private foundation under an employer-related program to employees and their children, when the employee is a victim killed or seriously injured in a qualified disaster, may be awarded without regard to the percentage guidelines in Rev. Proc. 76-47, 1976-2 C.B. 670. Thus, grants awarded under such a program will be described in section 4945(g)(1) and will not be taxable expenditures under section 4945(d)(3).

ADMINISTRATIVE

Notice 2003-19(PDF, 37K)
This notice advises taxpayers of the proper address for filing certain elections, statements, and other documents with the Service as a result of the reorganization, including with respect to offices or officials that no longer exist as part of the reorganization.

T.D. 9044(PDF, 29K)
Final regulations under section 6103 of the Code require contractors who engage in tax administration services to notify their officers and employees of the prohibitions against and penalties for unauthorized disclosure and inspection of returns or return information.

T.D. 9050(PDF, 52K)
Final regulations implement changes to sections 7433 and 7426 of the Code. Section 7433 provides for the recovery of damages caused by the willful violation of the automatic stay or discharge provisions of the Bankruptcy Code by an employee or officer of the Service. Section 7426 provides for the recovery of damages associated with certain wrongful levies.

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