Internal Revenue Bulletins  

June 02, 2003

Internal Revenue Bulletin No. 2003-22

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 2003-28(PDF, 37K)
This notice clarifies that an Indian Tribal Government (ITG) or an organization an ITG has authorized to place Indian children is an authorized placement agency for purposes of section 32(c)(3)(B)(iii).

T.D. 9057(PDF, 74K)
REG-152524-02(PDF, 56K)
A corporation that files a consolidated return that acquires a subsidiary may elect to waive all or a portion of that subsidiary's loss carryovers from a separate return limitation year. Waived loss carryovers are deemed to have expired. Generally, such an election is irrevocable. Temporary and proposed regulations under section 1502 of the Code provide guidance on when a corporation may make a limited amendment to a previous election to waive these loss carryovers. In addition, these regulations permit a selling group to reapportion separate, subgroup, and consolidated section 382 limitations so that an acquiring group may use the loss carryovers that are no longer subject to the previous election. A public hearing on the proposed regulations is scheduled for August 6, 2003.

REG-164754-01(PDF, 68K)
Proposed regulations under section 61 of the Code provide guidance for federal income, gift, and employment tax purposes on the valuation of economic benefits provided under a split-dollar life insurance arrangement. The regulations supplement proposed regulations published in the Federal Register on July 9, 2002 (REG-164754-01, 2002-30 I.R.B. 212) that provide comprehensive guidance on split-dollar life insurance arrangements for federal income, gift, and employment tax purposes. A public hearing is scheduled for July 29, 2003.

Rev. Proc. 2003-39(PDF, 53K)
Like-kind exchanges; LKE programs. Safe harbor rules are provided under section 1031 of the Code, which allows for deferral of gain realized on a like-kind exchange of property, with respect to programs involving ongoing exchanges of tangible personal property using a single intermediary ("LKE Programs"). June 2, 2003 2003-22 I.R.B.

Rev. Rul. 2003-52(PDF, 49K)
Spin off. In the described situation, the division of a farm business to permit the principal managing shareholders to go their separate ways, promote family harmony, and further the personal estate planning of the principal managing shareholders' parents satisfies the business purpose requirement of section 1.355-2(b) of the regulations.

Rev. Rul. 2003-53(PDF, 40K)
Special use value; farms; interest rates. The 2003 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.

Rev. Rul. 2003-55(PDF, 47K)
Spin off. This ruling discusses whether the corporate business purpose requirement of section 1.355-2(b)(1) of the regulations is satisfied if, as a result of an unexpected deterioration of market conditions, the controlled corporation is unable to complete the stock offering that motivated the distribution.

Rev. Rul. 2003-57(PDF, 42K)
Medical expenses. This ruling holds that amounts paid by individuals for procedures that are directed to improving appearance and do not promote the proper function of the body are not expenses for medical care deductible under section 213 of the Code unless the procedure is necessary to correct a deformity arising from a birth defect, disfiguring disease, or injury.

Rev. Rul. 2003-58(PDF, 49K)
Medical expenses. This ruling holds that amounts paid by an individual for medicines that may be purchased without a prescription of a physician are not deductible under section 213 of the Code, but amounts paid by an individual for equipment, supplies, or diagnostic devices that may be purchased without a prescription of a physician may be deductible under section 213.

T.D. 9058(PDF, 53K)
Final regulations under section 817A of the Code affect insurance companies that define the interest rate to be used with respect to certain insurance contracts that guarantee higher returns for an initial, temporary period. Notice 97-32 revoked.

Previous | Next


You can either: Search all IRS Bulletin Documents issued since January 1996, or Search the entire site. For a more focused search, put your search word(s) in quotes.

2003 Document Types | 2003 Weekly IRBs

IRS Bulletins Main | Home

  to download the Adobe Acrobat PDF Reader