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 2002-42(PDF, 28K)
This notice provides guidance to taxpayers concerning the tax benefits of the New York Liberty Zone business employee credit, Qualified New York Liberty Bonds, and Liberty Advance Refunding Bonds, as provided under the Job Creation and Worker Assistance Act of 2002.

REG-103823-99(PDF, 110K)
Proposed regulations under section 167(g) of the Code relate to deductions available to taxpayers using the income forecast method of depreciation. A public hearing is scheduled for September 4, 2002.

REG-126024-01(PDF, 62K)
Proposed regulations provide rules relating to the reporting of gross proceeds payments to attorneys. The regulations reflect changes to the law made by the Taxpayer Relief Act of 1997. The regulations will affect attorneys who receive payments of gross proceeds on behalf of their clients and certain payors (for example, defendents in lawsuits and their insurance companies and agents) that, in the course of their trades or businesses, make payments to these attorneys. A public hearing is scheduled for September 30, 2002.

Rev. Proc. 2002-45(PDF, 29K)
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. Rul. 2002-40(PDF, 18K)
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 July 2002.

Notice 2002-43(PDF, 23K)
Phased retirement; request for comments. This notice requests comments from the public on issues that might arise in the context of “phased retirement” in the instance of qualified defined benefit plans.

ESTATE TAX

Rev. Rul. 2002-39(PDF, 28K)
Accidental death benefits. This ruling concludes that the accidental death benefits payable pursuant to New York City and New York State pension laws to specified beneficiaries of a deceased New York City firefighter or police officer who died in the line of duty are not includible in either one’s gross estate, except to the extent the benefits represent a return of the decedent’s contributions to the pension fund. The ruling will clarify that the portion of the death benefit not attributable to employee contributions is not includible in the gross estate, thus alleviating the necessity, in most cases, for filing an estate tax return.

Announcement 2002-64(PDF, 24K)
A list is provided of organizations now classified as private foundations.

EXCISE TAX

REG-103829-99(PDF, 36K)
Proposed regulations under section 4051 of the Code relate to the definition of a highway vehicle for purposes of various excise taxes.

Rev. Proc. 2002-45(PDF, 29K)
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.

Announcement 2002-61(PDF, 26K)
The Service announces that Publication 551, Basis of Assets, is currently available. This publication, revised May 2002, provides basic federal tax and recordkeeping information to determine the basis of property.

Announcement 2002-62(PDF, 18K)
The Service announces that Publication 583, Starting a Business and Keeping Records, is currently available. This publication, revised May 2002, provides basic federal tax and recordkeeping information for people who are starting a business.

Announcement 2002-63(PDF, 16K)
The Service announces that it is revising its policy concerning when it will request tax accrual and other financial audit workpapers relating to the tax reserve for deferred tax liabilities and to footnotes disclosing contingent tax liabilities appearing on audited financial statements.

Notice 2002-44(PDF, 23K)
This notice provides a central filing address for certain claims under section 41 of the Code for the credit for increasing research activities (research credit) and clarifies that claims for refund claiming the research credit will be administratively considered by the Service only if filed in accordance with applicable regulatory requirements under sections 6402 and 6511 of the Code.

REG-115285-01(PDF, 28K)
Proposed regulations exclude certain Low-Income Taxpayer Clinics (LITCs) that qualify for grants under section 7526 of the Code from the definition of income tax return preparer under section 7701(a)(36) of the Code. These proposed regulations also exclude certain persons who are employed by, or volunteer for, such clinics.