| Revenue Procedures |
Bulletin |
Date of IRB |
 |
| Rev. Proc. 2002-75(PDF, 47K) |
IRB #2002-52(HTML) |
Dec. 30, 2002 |
| Qualification as insurance. This procedure modifies Rev. Proc. 2002-3, 2002-1 I.R.B.117, by removing sections 4.01(11) and 4.01(41) from the list of areas in which the Service ordinarily will not issue rulings or determination letters.These sections concerned whether there is adequate risk shifting and risk distribution for a transaction to constitute insurance for federal income tax purposes. Rev. Proc. 2002-3 modified. |
| Rev. Proc. 2002-74(PDF, 27K) |
IRB #2002-51(HTML) |
Dec. 23, 2002 |
| Insurance companies; loss discounting. This procedure clarifies that the composite method set forth in Notice 88-100 for discounting unpaid losses is permitted, but not required, for certain insurance companies subject to tax under section 831 of the Code. This document further provides an alternative method that is permitted for insurance companies not using the composite method, and sets forth a procedure for insurance companies to obtain automatic consent of the Commissioner to change to either method of accounting. Section V of Notice 88-100 obsolete to the extent it provides that the composite method is mandatory. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2002-73(PDF, 23K) |
IRB #2002-49(HTML) |
Dec. 9, 2002 |
| Extensions. This procedure extends the time for amending pre-approved plans to comply with GUST to September 30, 2003, and also extends the time for making certain other plan amendments. Notice 2001-37; Rev. Procs. 2000-20, 2002-6, and 2002-35; and Rev. Ruls. 2001-62 and 2002-27 modified. |
| Rev. Proc. 2002-72(PDF, 17K) |
IRB #2002-49(HTML) |
Dec. 9, 2002 |
| This procedure sets forth the maximum face amount of Qualified Zone Academy Bonds that may be issued by each state, the District of Columbia, and the possessions of the United States during 2003. |
| Rev. Proc. 2002-71(PDF, 105K) |
IRB #2002-46(HTML) |
Nov. 18, 2002 |
| This procedure updates a list of time-sensitive acts, the performance of which may be postponed under sections 7508 and 7508A of the Code by reason of service in a Presidentially declared disaster, a terroristic or military action, or a combat zone. Revenue Procedure 2001-53 superseded. |
| Rev. Proc. 2002-70(PDF, 38K) |
IRB #2002-46(HTML) |
Nov. 18, 2002 |
| Cost-of-living adjustments for 2003. This procedure provides cost-of-living adjustments for the tax rate tables for individuals, estates, and trusts, the standard deduction amounts, the personal exemption, and several other items that use the adjustment method provided for the tax rate tables. The Service also provides the adjustment for eligible long-term care premiums and another item that uses the adjustment method provided for eligible long-term care premiums. |
| Rev. Proc. 2002-69(PDF, 16K) |
IRB #2002-45(HTML) |
Nov. 12, 2002 |
| This procedure provides guidance on the classification for federal tax purposes of a qualified entity (described in section 3.02 of this procedure) that is owned solely by a husband and wife as community property under the laws of a state, a foreign country, or a possession of the United States. |
| Rev. Proc. 2002-68(PDF, 30K) |
IRB #2002-43(HTML) |
Oct. 28, 2002 |
| Optional election to make monthly 706(a) computations. This procedure allows certain partnerships that invest in assets exempt from taxation under section 103 of the Code to make an election that enables partners to take into account monthly the inclusions required under sections 702 and 707(c). Rev. Proc. 2002-16 modified and superseded. |
| Rev. Proc. 2002-67(PDF, 100K) |
IRB #2002-43(HTML) |
Oct. 28, 2002 |
| This document provides procedures for taxpayers who elect to participate in a settlement initiative aimed at resolving tax shelter cases involving “contingent liability transactions” that are the same or similar to those described in Notice 2001-17, 2001-1 C.B. 730. There are two resolution methodologies: a fixed concession procedure and a fast track dispute resolution procedure that includes binding arbitration. |
| Rev. Proc. 2002-66(PDF, 25K) |
IRB #2002-42(HTML) |
Oct. 21, 2002 |
| Penalties; substantial understatement. Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under section 6662(d) of the Code. Rev. Proc. 2001-52 updated. |
| Rev. Proc. 2002-65(PDF, 61K) |
IRB #2002-41(HTML) |
Oct. 15, 2002 |
| Business expenses; capital expenditures; railroad track maintenance costs. This procedure provides a safe harbor method of accounting (track maintenance allowance method) for track structure expenditures paid or incurred by certain railroads. It also provides procedures for a qualifying taxpayer to obtain automatic consent from the Commissioner to change to the track maintenance allowance method. In addition, this procedure provides an option for certain qualifying taxpayers to settle the issue of track structure expenditures for open taxable years using the track maintenance allowance method. Rev. Procs. 2001-46 and 2002-9 modified and amplified. |
| Rev. Proc. 2002-64(PDF, 49K) |
IRB #2002-42(HTML) |
Oct. 21, 2002 |
| This procedure provides a modified and supplemented list of Indian tribal governments that are to be treated similarly to states for specified purposes under the Internal Revenue Code. This list has been coordinated with the list of recognized tribes published by the Department of Interior, Bureau of Indian Affairs. Rev. Proc. 2001-15 superseded. |
| Rev. Proc. 2002-63(PDF, 68K) |
IRB #2002-41(HTML) |
Oct. 15, 2002 |
| Per diem allowances. This procedure provides rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as optional rules for determining the amount of deductible meals and incidental expenses while traveling away from home. Rev. Proc. 2001-47 superseded. |
| Rev. Proc. 2002-62(PDF, 18K) |
IRB #2002-40(HTML) |
Oct. 7, 2002 |
| Election under section 1397B. This document provides procedures for a taxpayer to make an election to defer recognition of capital gain on the sale of a qualified empowerment zone (QEZ) asset. |
| Rev. Proc. 2002-61(PDF, 62K) |
IRB #2002-39(HTML) |
Sept. 30, 2002 |
| Optional standard mileage rates. This procedure announces 36 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 12 cents as the optional rate for use of an automobile as a medical or moving expense for 2003. It provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 2001-54 superseded. |
| Rev. Proc. 2002-60(PDF, 320K) |
IRB #2002-40(HTML) |
Oct. 7, 2002 |
| Substitute tax forms and schedules. Requirements are set forth for privately designed and privately printed federal tax forms and the conditions under which the IRS will accept substitute computer-prepared and computer-generated tax forms and schedules. Rev. Proc. 2001-45 superseded. |
| Rev. Proc. 2002-59(PDF, 25K) |
IRB #2002-39(HTML) |
Sept. 30, 2002 |
| This document provides guidance under section 7701 of the Code for a newly formed entity that requests relief for a late initial classification election filed by the due date of the entity’s first federal tax return (excluding extensions). Rev. Proc. 2002-15 modified and superseded. |
| Rev. Proc. 2002-59(PDF, 25K) |
IRB #2002-39(HTML) |
Sept. 30, 2002 |
| This document provides guidance under section 7701 of the Code for a newly formed entity that requests relief for a late initial classification election filed by the due date of the entity’s first federal tax return (excluding extensions). Rev. Proc. 2002-15 modified and superseded. |
| Rev. Proc. 2002-49(PDF, 21K) |
IRB #2002-29(HTML) |
July 22, 2002 |
| Stranded costs. This procedure provides that investor-owned utilities will not realize gross income upon the securitization and transfer of a statutorily created intangible property right to collect charges from their customers to cover stranded costs caused by restructuring of the electrical utility industry. |
| Rev. Proc. 2002-58(PDF, 21K) |
IRB #2002-40(HTML) |
Oct. 7, 2002 |
| This procedure provides the domestic asset/liability percentages and domestic investment yield percentages needed by foreign companies conducting insurance business in the United States to compute their minimum effectively connected net investment income. |
| Rev. Proc. 2002-57(PDF, 848K) |
IRB #2002-39(HTML) |
Sept. 30, 2002 |
| General rules and specifications for private printing of substitute forms. This procedure provides requirements for reproducing paper substitutes and for furnishing substitute recipient statements for Forms 1096, 1098, 1099, 5498, W-2G, and 1042-S. It will be reproduced as the next revision of Publication 1179. Rev. Proc. 2001-50 superseded. |
| Rev. Proc. 2002-56(PDF, 17K) |
IRB #2002-36(HTML) |
Sept. 9, 2002 |
| Low-income housing tax credit. This procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) of the Code for calendar year 2002. |
| Rev. Proc. 2002-55(PDF, 161K) |
IRB #2002-35(HTML) |
Sept. 3, 2002 |
| This procedure contains the final audit guidance for an external auditor engaged by a qualified intermediary (QI) to verify the QI’s compliance with the withholding agreement entered into with the Service pursuant to Rev. Proc. 2000-12, 2000-1 C.B. 387, and regulations section 1.1441-1(e)(5). |
| Rev. Proc. 2002-54(PDF, 36K) |
IRB #2002-35(HTML) |
Sept. 3, 2002 |
| Changes in method of accounting; prior consent; automatic consent. This procedure relates to the application of the 1-year section 481(a) adjustment period to pending or recently approved applications for changes in method of accounting under Rev. Proc. 97-27 and to applications filed under Rev. Proc. 2002-9. This procedure also relates to certain changes to and from UNICAP methods of accounting. Rev. Proc. 2002-9 amplified, clarified, and modified. Rev. Proc. 2002-19 amplified and clarified. |
| Rev. Proc. 2002-53(PDF, 354K) |
IRB #2002-31(HTML) |
Aug. 5, 2002 |
| Specifications are set forth for the private printing of paper substitutes for tax year 2002 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Proc. 2001-26 superseded. |
| Rev. Proc. 2002-52(PDF, 85K) |
IRB #2002-31(HTML) |
Aug. 5, 2002 |
| This document updates the procedures for requesting assistance from the U.S. competent authority under the provisions of an income, estate, or gift tax treaty to which the United States is a party. Rev. Procs. 96-13, 96-14, 91-23, and 91-26 modified and superseded. Rev. Proc. 96-53 amplified. Rev. Rul. 92-75 clarified. |
| Rev. Proc. 2002-51(PDF, 148K) |
IRB #2002-29(HTML) |
July 22, 2002 |
| Specifications are set forth for the private printing of paper substitutes for the December 2001 revisions of Form W-2c, Corrected Wage and Tax Statement, and Form W-3c, Transmittal of Corrected Wage and Tax Statements. Rev. Proc. 95-18 superseded. |
| Rev. Proc. 2002-50(PDF, 29K) |
IRB #2002-29(HTML) |
July 22, 2002 |
| This procedure states that if an individual exercises a statutory or nonstatutory stock option and sells the stock on the same day as the exercise, the sale constitutes an “excepted sale” for Form 1099-B reporting under section 1.6045-1(c)(3)(ii) of the regulations, provided certain conditions are satisfied. |
| Rev. Proc. 2002-48(PDF, 16K) |
IRB #2002-37(HTML) |
Sept. 16, 2002 |
| This procedure provides guidance to issuers of state or local bonds for requesting an extension of time to file, or for amending the statement of information required by section 149(e) of the Code. In general, these statements must be filed on Forms 8038, 8038-G, or 8038-GC. Rev. Proc. 88-10 superseded. |
| Rev. Proc. 2002-47(PDF, 251K) |
IRB #2002-29(HTML) |
July 22, 2002 |
| Administrative programs; closing agreements. This procedure updates and expands upon the Service’s correction programs for retirement plans within the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division. Rev. Proc. 2001-17 modified and superseded. |
| Rev. Proc. 2002-46(PDF, 37K) |
IRB #2002-28(HTML) |
July 15, 2002 |
| Changes in accounting method; non-life insurance companies; automatic consent. This procedure provides certain non-life insurance companies with a safe harbor method of accounting for premium acquisition expenses. This document also provides a procedure for these insurance companies to obtain automatic consent to change to this safe harbor method. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2002-45(PDF, 29K) |
IRB #2002-27(HTML) |
July 8, 2002 |
| This procedure provides a safe harbor valuation method for valuing options under the golden parachute payment rules of section 280G of the Code. It also includes an expanded table to be used in conjunction with Rev. Proc. 2002-13, 2002-8 I.R.B. 549. Rev. Proc. 2002-13 modified. |
| Rev. Proc. 2002-44(PDF, 47K) |
IRB #2002-26(HTML) |
July 1, 2002 |
| Appeals mediation procedure. This document formally establishes the Appeals mediation procedure and modifies and expands the availability of mediation for cases that are already in the Appeals administrative process. Announcements 98-99 and 2001-9 superseded. |
| Rev. Proc. 2002-43(PDF, 53K) |
IRB #2002-28(HTML) |
July 15, 2002 |
| Agent for the group. This procedure provides instructions relating to the determination of a substitute agent to act on behalf of a consolidated group, pursuant to sections 1.1502-77(d) or 1.1502-77A(d) of the regulations. Procedures are provided for automatic approval of requests by a terminating common parent to designate its qualifying successor as substitute agent. |
| Rev. Proc. 2002-42(PDF, 17K) |
IRB #2002-24(HTML) |
June 17, 2002 |
| This procedure sets forth a process whereby taxpayers who purchase motor vehicles propelled by both a gasoline internal combustion engine and an electric motor that is recharged as the motor vehicles operate (hybrid vehicles) may rely on the original equipment manufacturer's (or, in the case of a foreign original equipment manufacturer, its domestic distributor's) certification of the incremental cost of the motor vehicles' clean-fuel vehicle property for purposes of section 179A of the Code. |
| Rev. Proc. 2002-41(PDF, 37K) |
IRB #2002-23(HTML) |
June 10, 2002 |
| This procedure provides that employers in the pipeline construction industry may use an optional expense substantiation rule to provide reimbursements under an accountable plan to employees who also furnish welding rigs or mechanics rigs as a condition of employment and use those rigs in their performance of services as employees. |
| Rev. Proc. 2002-40(PDF, 26K) |
IRB #2002-23(HTML) |
June 10, 2002 |
| Net operating losses; 5-year carryback. This document provides procedures that certain taxpayers with net operating losses incurred in 2001 or 2002 must follow on or before October 31, 2002, for applying or electing out of the new 5-year carryback period enacted by the Job Creation and Worker Assistance Act of 2002. |
| Rev. Proc. 2002-39(PDF, 94K) |
IRB #2002-22(HTML) |
June 3, 2002 |
| Annual accounting periods; prior approval. Procedures are provided under sections 441 and 442 of the Code to establish a business purpose and request the prior approval of the Commissioner to adopt, change, or retain an annual accounting period. Rev. Procs. 85-16 and 74-33 superseded. |
| Rev. Proc. 2002-38(PDF, 70K) |
IRB #2002-22(HTML) |
June 3, 2002 |
| Changes in accounting periods; automatic approval for flowthrough entities. Procedures are provided by which partnerships, S corporations, electing S corporations, and personal service corporations may obtain automatic approval of the Commissioner to adopt, change, or retain an annual accounting period under sections 441 and 442 of the Code. Rev. Proc. 87-32 clarified, modified, amplified, and superseded. |
| Rev. Proc. 2002-37(PDF, 59K) |
IRB #2002-22(HTML) |
June 3, 2002 |
| Changes in accounting periods; automatic approval for corporations. Procedures are provided by which certain corporations may obtain automatic approval of the Commissioner to change their annual accounting period under section 442 of the Code. Rev. Proc. 2000-11 modified, amplified, and superseded. |
| Rev. Proc. 2002-36(PDF, 20K) |
IRB #2002-21(HTML) |
May 28, 2002 |
| Methods of accounting; taxable year of inclusion; basis. This procedure provides taxpayers that purchase vehicles subject to leases and assume the associated leases from motor vehicle dealers with a safe harbor method of accounting for capital cost reduction payments made by vehicle lessees, and a procedure for taxpayers to obtain automatic consent of the Commissioner to change to the safe harbor method of accounting. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2002-35(PDF, 20K) |
IRB #2002-24(HTML) |
June 17, 2002 |
| Retroactive plan amendments; GUST late amenders. This document establishes streamlined procedures to avoid the disqualification of plans intended to satisfy sections 401(a) or 403(a) of the Code on account of the plans' failure to be timely amended for GUST. Rev. Proc. 2001-17 modified. |
| Rev. Proc. 2002-34(PDF, 375K) |
IRB #2002-25(HTML) |
June 24, 2002 |
| Magnetic media; electronic filing; 2002 form specifications. Specifications are set forth for the magnetic or electronic filing of 2002 Forms 1098, 1099, 5498, and W-2G. Rev. Proc. 2001-32 superseded. |
| Rev. Proc. 2002-33(PDF, 32K) |
IRB #2002-20(HTML) |
May 20, 2002 |
| Additional first year depreciation. This procedure provides ways for taxpayers to claim the additional first year depreciation and other deductions for qualified property or qualified New York Liberty Zone (Liberty Zone) property that the taxpayers did not claim on their federal tax returns filed before June 1, 2002. This procedure also explains how taxpayers may elect not to deduct the additional first year depreciation for qualified property and Liberty Zone property. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2002-32(PDF, 37K) |
IRB #2002-20(HTML) |
May 20, 2002 |
| Waiver of 60-month bar on reconsolidation after disaffiliation. This procedure provides guidance to certain taxpayers in obtaining a waiver of the general rule of section 1504(a)(3)(A) of the Code barring a corporation from filing a consolidated return with a group of which it had ceased to be a member for 60 months following the year of disaffiliation. Rev. Proc. 91-71 clarified and superseded. |
| Rev. Proc. 2002-31(PDF, 18K) |
IRB #2002-19(HTML) |
May 13, 2002 |
| For purposes of section 1.148-10(a)(4) of the regulations, this procedure sets forth a safe harbor under which an issue of tax or revenue anticipation bonds will not be treated as outstanding longer than is reasonably necessary to accomplish the governmental purposes of the bonds. This procedure applies to bonds sold after May 13, 2002. |
| Rev. Proc. 2002-30(PDF, 34K) |
IRB #2002-24(HTML) |
June 17, 2002 |
| This procedure provides for a pilot program that will test whether the process for issuing Technical Advice Memoranda (TAM) can be streamlined. The new advice will be known as a Technical Expedited Advice Memorandum (TEAM). Rev. Proc. 2002-2 modified. |
| Rev. Proc. 2002-29(PDF, 62K) |
IRB #2002-24(HTML) |
June 17, 2002 |
| Minimum distributions; regulations; model amendments. This procedure describes the final and temporary regulations under section 401(a)(9) of the Code and provides model amendments for qualified defined contribution plans and for qualified defined benefit plans. Rev. Procs. 2000-20 and 2002-6 modified. |
| Rev. Proc. 2002-28(PDF, 109K) |
IRB #2002-18(HTML) |
May 6, 2002 |
| Methods of accounting; inventories; small business tax-payers. This procedure provides that the Commissioner will exercise his discretion to except qualifying small business tax-payers from the requirements to use an accrual method of accounting under section 446 of the Code and to account for inventories under section 471 of the Code. Rev. Proc. 2002-9 modified and amplified. Notice 2002-14 modified and superseded. |
| Rev. Proc. 2002-27(PDF, 48K) |
IRB #2002-17(HTML) |
April 29, 2002 |
| Depreciation of tires. This document provides a safe harbor method of accounting (the original tire capitalization method) for the cost of original and replacement tires for certain vehicles owned by taxpayers, procedures for a qualifying taxpayer to obtain automatic consent from the Commissioner to change to the original tire capitalization method, and an optional procedure for certain qualifying taxpayers to settle open taxable years using the original tire capitalization method. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2002-26(PDF, 13K) |
IRB #2002-15(HTML) |
April 15, 2002 |
| This procedure provides updated information about how the Service applies partial undesignated payments against assessed tax, penalty, and interest. Rev. Ruls. 73-304, 73-305, and 79-284 superseded. |
| Rev. Proc. 2002-25(PDF, 14K) |
IRB #2002-17(HTML) |
April 29, 2002 |
| This procedure sets forth the maximum face amount of qualified zone academy bonds that may be issued by each state, the District of Columbia, and the possessions of the United States during 2002. |
| Rev. Proc. 2002-24(PDF, 20K) |
IRB #2002-17(HTML) |
April 29, 2002 |
| Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f) of the Code. Rev. Proc. 2001-35 obsoleted, except as provided in section 5.02 of this procedure. |
| Rev. Proc. 2002-23(PDF, 25K) |
IRB #2002-15(HTML) |
April 15, 2002 |
| This document describes new procedures under Article XVIII(7) of the U.S. -Canada income tax convention whereby U.S. taxpayers may elect to defer U.S. income taxation on income accruing in certain Canadian pension plans until a distribution is made from such plans. Rev. Proc. 89-45 superseded. |
| Rev. Proc. 2002-22(PDF, 36K) |
IRB #2002-14(HTML) |
April 8, 2002 |
| Undivided fractional interests in real estate. This procedure specifies the conditions under which the Service will consider a request for a ruling that an undivided fractional interest in rental real property (other than a mineral property as defined in section 614) is not an interest in a business entity within the meaning of section 301.7701-3 of the regulations. Rev. Proc. 2000-46 superseded. Rev. Proc. 2002-3 modified. |
| Rev. Proc. 2002-21(PDF, 46K) |
IRB #2002-19(HTML) |
May 13, 2002 |
| Professional employer organizations; employee leasing; plan qualification. This procedure describes different options that may be selected in order that certain defined contribution plans of professional employer organizations may avoid disqualification. Rev. Proc. 2002-6 modified. |
| Rev. Proc. 2002-20(PDF, 15K) |
IRB #2002-14(HTML) |
April 8, 2002 |
| 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. 2001-27 supplemented. |
| Rev. Proc. 2002-19(PDF, 33K) |
IRB #2002-13(HTML) |
April 1, 2002 |
| Changes in method of accounting; prior consent; automatic consent. Rev. Procs. 97-27 and 2002-9 are modified to (1) allow certain taxpayers under examination or before appeals or a federal court to change their method of accounting prospectively without audit protection, (2) reduce from 4 years to 1 year the adjustment period for prospective changes resulting in a net negative adjustment under section 481(a) of the Code, and (3) make certain other conforming changes. Rev. Procs. 97-27 and 2002-9 modified and amplified. |
| Rev. Proc. 2002-18(PDF, 88K) |
IRB #2002-13(HTML) |
April 1, 2002 |
| Changes in method of accounting; examinations. Procedures are provided under section 446 of the Code for changes in method of accounting imposed by the Service. Procedures are also provided for resolving accounting method issues on a nonaccounting-method basis. |
| Rev. Proc. 2002-17(PDF, 26K) |
IRB #2002-13(HTML) |
April 1, 2002 |
| Inventories; replacement cost; automobile dealers. A safe harbor method of accounting (the "replacement cost method") is provided for automobile dealers to approximate the cost of their vehicle parts inventory using the replacement cost of the parts. Procedures are also provided for automobile dealers to obtain the automatic consent of the Commissioner to change to the replacement cost method. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2002-16(PDF, 28K) |
IRB #2002-9(HTML) |
March 4, 2002 |
| Optional election to make monthly 706(a) computations. This procedure allows certain partnerships that invest in assets exempt from taxation under section 103 of the Code to make an election that enables money market fund partners to take into account monthly the inclusions required under sections 702 and 707(c). |
| Rev. Proc. 2002-15(PDF, 24K) |
IRB #2002-6(HTML) |
Feb. 11, 2002 |
| This procedure provides guidance under section 7701 of the Code for a newly formed entity that requests relief for a late initial classification election filed within 6 months of the due date of the initial election. |
| Rev. Proc. 2002-14(PDF, 32K) |
IRB #2002-5(HTML) |
Feb. 4, 2002 |
| Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including electric automobiles) with tables detailing the limitations on depreciation deductions for automobiles first placed in service during calendar year 2002 and the amounts to be included in income for automobiles first leased during calendar year 2002. In addition, it provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 2002 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the regulations may be applicable. |
| Rev. Proc. 2002-13(PDF, 22K) |
IRB #2002-8(HTML) |
Feb. 25, 2002 |
| This procedure provides a safe harbor method for valuing stock options under the golden parachute payment rules of section 280G of the Code. Generally, under the safe harbor valuation method described in the procedure, on the valuation date, the volatility of the underlying stock, the exercise price of the option, the value of the stock at the time of the valuation, and the maximum term of the option are taken into account. |
| Rev. Proc. 2002-13(PDF, 22K) |
IRB #2002-8(HTML) |
Feb. 25, 2002 |
| This procedure provides a safe harbor method for valuing stock options under the golden parachute payment rules of section 280G of the Code. Generally, under the safe harbor valuation method described in the procedure, on the valuation date, the volatility of the underlying stock, the exercise price of the option, the value of the stock at the time of the valuation, and the maximum term of the option are taken into account. |
| Rev. Proc. 2002-12(PDF, 21K) |
IRB #2002-3(HTML) |
Jan. 22, 2002 |
| Materials and supplies; restaurant smallwares. A safe harbor method of accounting for "smallwares" is provided for taxpayers engaged in the trade or business of operating a restaurant or tavern. Under this safe harbor method, such taxpayers may account for smallwares in the same manner as materials and supplies that are not incidental under section 1.162-3 of the regulations. |
| Rev. Proc. 2002-11(PDF, 24K) |
IRB #2002-7(HTML) |
Feb. 19, 2002 |
| Dealer in securities futures contracts. This procedure provides guidelines for an exchange to follow in order to obtain a letter ruling regarding whether certain persons trading on that exchange qualify as "dealers" in securities futures contracts (or options on such contracts) for purposes of section 1256(g)(9) of the Code. Also, after issuance of a specific letter ruling determining dealer status, the Service expects to publish the same conclusion in a revenue ruling. |
| Rev. Proc. 2002-10(PDF, 128K) |
IRB #2002-4(HTML) |
Jan. 28, 2002 |
| Opinion letters; prototype SEPs, SIMPLEs, and IRAs. This revenue procedure describes the opinion letter program for all prototype plans within the meaning of sections 408(a), (b), (k), and (p) and 408A of the Code. Rev. Proc. 87-50 modified. |
| Rev. Proc. 2002-9(PDF, 280K) |
IRB #2002-3(HTML) |
Jan. 22, 2002 |
| Methods of accounting; automatic consent. Procedures are provided under which a taxpayer may obtain automatic consent of the Commissioner to change certain methods of accounting. Rev. Proc. 99-49 modified and superseded. |
| Rev. Proc. 2002-8(PDF, 66K) |
IRB #2002-1(HTML) |
Jan. 7, 2002 |
| User fees for employee plans and exempt organizations. Up-to-date guidance for complying with the user fee program of the Service as it pertains to requests for letter rulings, determination letters, etc., on matters under the jurisdiction of the Office of the Commissioner, Tax Exempt and Government Entities Division, is provided. Rev. Proc. 2001-8 superseded. |
| Rev. Proc. 2002-7(PDF, 30K) |
IRB #2002-1(HTML) |
Jan. 7, 2002 |
| Areas in which advance rulings will not be issued; Associate Chief Counsel (International). This procedure revises the list of those provisions of the Code under the jurisdiction of the Associate Chief Counsel (International) relating to matters where the Service will not issue advance rulings or determination letters. Rev. Proc. 2001-7 superseded. |
| Rev. Proc. 2002-6(PDF, 150K) |
IRB #2002-1(HTML) |
Jan. 7, 2002 |
| Employee plans determination letters. Revised procedures are provided for issuing determination letters on the qualified status of employee plans under sections 401(a), 403(a), 409, and 4975 of the Code. Rev. Proc. 2001-6 superseded. Rev. Proc. 2000-20 modified. |
| Rev. Proc. 2002-5(PDF, 108K) |
IRB #2002-1(HTML) |
Jan. 7, 2002 |
| Technical advice. Revised procedures are provided for furnishing technical advice to area managers and appeals offices by the Office of the Commissioner, Tax Exempt and Government Entities Division, regarding issues in the employee plans area (including actuarial matters) and in the exempt organizations area. Rev. Proc. 2001-5 superseded. |
| Rev. Proc. 2002-3(PDF, 78K) |
IRB #2002-1(HTML) |
Jan. 7, 2002 |
| Areas in which rulings will not be issued (domestic areas). This procedure provides a revised list of those provisions of the Code under the jurisdiction of the Associates Chief Counsel and the Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities) relating to matters where the Service will not issue rulings or determination letters. Rev. Procs. 2001-3, 2001-30, 2001-36, and 2001-51 superseded. |
| Rev. Proc. 2002-2(PDF, 118K) |
IRB #2002-1(HTML) |
Jan. 7, 2002 |
| Technical advice furnished by the Associate Chief Coun-sel (Corporate), Associate Chief Counsel (Financial Institutions & Products), Associate Chief Counsel (Income Tax & Accounting), Associate Chief Counsel (International), Associate Chief Counsel (Passthroughs & Special Industries), Associate Chief Counsel (Procedure and Administration), and Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities). Revised procedures are provided for furnishing technical advice to the directors and area directors, appeals, in areas under the jurisdiction of the Associate Chief Counsel (Corporate), Associate Chief Counsel (Financial Institutions & Products), Associate Chief Counsel (Income Tax & Accounting), Associate Chief Counsel (International), Associate Chief Counsel (Passthroughs & Special Industries), Associate Chief Counsel (Procedure and Administration), and Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities). Taxpayers' rights, when technical advice has been requested, are also provided. Rev. Procs. 2001-2 and 2001-41 superseded. |
| Rev. Proc. 2002-1(PDF, 261K) |
IRB #2002-1(HTML) |
Jan. 7, 2002 |
| Letter rulings, determination letters, and information letters issued by the Associate Chief Counsel (Corporate), Associate Chief Counsel (Financial Institutions & Products), Associate Chief Counsel (Income Tax & Account-ing), Associate Chief Counsel (International), Associate Chief Counsel (Passthroughs & Special Industries), Associate Chief Counsel (Procedure and Administration), and Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities). Revised procedures are provided for issuing letter rulings, determination letters, and information letters on specific issues under the jurisdiction of the Associate Chief Counsel (Corporate), Associate Chief Counsel (Financial Institutions & Products), Associate Chief Counsel (Income Tax & Accounting), Associate Chief Counsel (International), Associate Chief Counsel (Passthroughs & Special Industries), Associate Chief Counsel (Procedure and Administration), and Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities). Rev Proc. 2001-1 superseded. Rev. Procs. 84-37 and 96-13 modified. Notice 97-19 modified. |
