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

Rev. Proc. 2001-56(PDF, 85K)
This procedure provides optional methods for determining the value of the use of demonstration automobiles provided to employees by automobile dealerships. The optional methods include (1) a simplified method for the full exclusion of qualified automobile demonstration use, (2) a simplified method for the partial exclusion of nonqualified demonstration automobile use, and (3) a simplified method for the full inclusion of nonqualified demonstration automobile use.

Rev. Rul. 2001-59(PDF, 22K)
Bank bad debts; clarification of the conformity method. This ruling provides guidance to banks using the conformity election as to what steps are necessary to assign a loan as a loss asset. Also, the conclusive presumption of worthlessness will apply to loans erroneously charged off if the charge-offs are not substantially in excess of those warranted by reasonable business judgment.

Rev. Rul. 2001-60(PDF, 22K)
Golf course greens land preparation costs. The costs of land preparation undertaken by a taxpayer in the original construction or reconstruction of push-up or natural soil golf course greens are not depreciable. However, the costs of land preparation undertaken by a taxpayer in the original construction or reconstruction of modern golf course greens that is so closely associated with depreciable assets, such as a network of underground drainage tiles or pipes, that the land preparation will be retired, abandoned, or replaced contemporaneously with those depreciable assets are depreciable. Rev. Rul. 55-290 modified and superseded. Rev. Proc. 99-49 modified and amplified.

Announcement 2001-122(PDF, 13K)
Extension of time for filing forms described in Announcement 2001-77. This announcement extends through March 31, 2002, the cut-off date for the use of the prior revision of certain forms used to apply for determination letters on the tax-qualified status of employee benefit plans described in section I.G. of Announcement 2001-77 (2001-30 I.R.B. 83).

Rev. Proc. 2001-56(PDF, 85K)
This procedure provides optional methods for determining the value of the use of demonstration automobiles provided to employees by automobile dealerships. The optional methods include (1) a simplified method for the full exclusion of qualified automobile demonstration use, (2) a simplified method for the partial exclusion of nonqualified demonstration automobile use, and (3) a simplified method for the full inclusion of nonqualified demonstration automobile use.

Social Security(PDF, 13K)
2002 social security contribution and benefit base; domestic employee coverage threshold. The Commissioner of the Social Security Administration has announced (1) the OASDI contribution and benefit base for remuneration paid in 2002 and self-employment income earned in taxable years beginning in 2002, and (2) the domestic employee coverage threshold amount for 2002.

Notice 2001-75(PDF, 12K)
Equity investment prior to new markets tax credit allocation. An equity investment in an entity will be eligible to be designated as a qualified equity investment under section 45D(b)(1) of the Code if (1) the equity investment is made on or after April 20, 2001, (2) the entity in which the equity investment is made is certified by Treasury's Community Development Financial Institutions Fund (CDFI Fund) as a qualified community development entity under section 45D(c)(1) before January 1, 2003, (3) the entity in which the equity investment is made receives notification of a credit allocation (with the actual receipt of such credit allocation contingent upon subsequently entering into an allocation agreement) from the CDFI Fund before January 1, 2003, and (4) the equity investment otherwise satisfies the requirements of section 45D.