Internal Revenue Bulletins  

June 16, 2003

Internal Revenue Bulletin No. 2003-24

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.


Announcement 2003-37(PDF, 103K)
The IRS and Treasury are considering publishing a notice of proposed rulemaking (REG-100818-01) proposing rules regarding the amount of a liability a transferee of property is treated as assuming in connection with a transfer of property and certain tax consequences that result from the transferee's assumption of such a liability. This document describes and explains the issues that IRS and Treasury are considering addressing in the proposed regulations and the rules that IRS and Treasury might propose to address some of these issues. This document also invites comments regarding these issues and rules.

Rev. Rul. 2003-59(PDF, 74K)
Cost-share payments. The Conservation Reserve Program (CRP) is a small watershed program administered by the Secretary of Agriculture that is substantially similar to the type of programs described in sections 126(a)(1) through (8) of the Code within the meaning of section 126(a)(9). All or a portion of costshare payments received under the CRP is eligible for exclusion from gross income to the extent permitted by section 126. Rental payments and incentive payments are not cost-share payments and are not excludable from gross income.


REG-157302-02(PDF, 103K)
Proposed regulations under section 408 of the Code provide guidance regarding accounts and annuities added to qualified employer plans where such accounts and annuities are to be treated as individual retirement plans.


Rev. Rul. 2003-61(PDF, 78K)
Taxation of qualified family-owned business interest (QFOBI). A distribution in redemption of stock that is part of a QFOBI and that qualifies under section 303 of the Code: (1) does not affect the initial determination of whether the estate is eligible to make the QFOBI election, and (2) does not constitute a disposition under section 2057(f)(1)(B); thus under section 2057 no additional estate tax is imposed as a result of this distribution.


Announcement 2003-39(PDF, 67K)
A list is provided of organizations now classified as private foundations.


Announcement 2003-38(PDF, 61K)
This document explains that Announcement 2003-21, Dutch Agreement on Pension Funds, was inadvertently put into Part IV instead of Part II of Bulletin 2003-17. When the Cumulative Bulletin for the first half of 2003, C.B. 2003-1, is printed, Announcement 2003-21 will be listed under Part II, Treaties and Tax Legislation.

Rev. Proc. 2003-38(PDF, 80K)
Commercial revitalization deduction. This procedure provides the time and manner for states to make allocations of commercial revitalization expenditures to a new or substantially rehabilitated building that is placed in service in a renewal community. This procedure also explains how a taxpayer may elect to recover the cost of the building using a more accelerated method than is otherwise allowable for depreciation purposes.

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