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 2002-51(PDF, 24K)
This notice solicits public comments on the application of section 142(a)(6) of the Code, which permits tax-exempt bonds to be issued to finance solid waste disposal facilities.

Rev. Proc. 2002-50(PDF, 29K)
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. 2002-51(PDF, 148K)
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 Proc. 95-18 superseded.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. Rul. 2002-47(PDF, 22K)
LIFO; price indexes; department stores. The May 2002 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, May 31, 2002.

T.D. 9002(PDF, 67K)
Final regulations under section 1502 of the Code revise rules concerning the common parent as agent for a consolidated group, including the term and scope of the common parent’s authority as agent, the designation of a substitute agent by a terminating common parent, the existence of a default substitute agent under certain conditions, the designation of a substitute agent by the Commissioner under certain circumstances, and the filing of a tentative carryback adjustment with respect to a loss from a separate return year.

Notice 2002-48(PDF, 18K)
Deductibility of contributions; timing. This notice provides that the Service will not challenge the deductibility of certain contributions actually made during the taxable year in anticipation of section 401(k) deferrals and section 401(m) matching contributions.

Notice 2002-49(PDF, 22K)
Weighted average interest rate update. The weighted average interest rate for July 2002 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth.

Rev. Proc. 2002-47(PDF, 251K)
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. Rul. 2002-45(PDF, 23K)
Restorative payments; nondiscrimination; deductions; qualified defined contribution plan. This ruling describes two situations in which certain payments, which are termed “restorative payments” in the ruling, to a qualified defined contribution plan are not treated as contributions for purposes of various sections of the Code.

Rev. Rul. 2002-46(PDF, 23K)
Deductibility; timing. Contributions made during a grace period to a section 401(k) plan or as matching contributions to a qualified defined contribution plan are not deductible by the employer for a taxable year if the contributions are attributable to compensation earned by plan participants after the end of that taxable year. Rev. Proc. 2002-9 modified and amplified.

Announcement 2002-66(PDF, 24K)
A list is provided of organizations now classified as private foundations.

Rev. Proc. 2002-51(PDF, 148K)
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.

EXCISE TAX

Announcement 2002-65(PDF, 24K)
This document contains corrections to proposed regulations (REG-209114-90, 2002-9 I.R.B. 576) under section 280G of the Code that provide guidance about the denial of the deduction to a corporation for any excess golden parachute payment to certain individuals.

Rev. Proc. 2002-49(PDF, 21K)
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.

T.D. 9001(PDF, 22K)
Final regulations under section 6103 of the Code permit IRS to disclose an additional item of return information to the Department of Agriculture for its use in structuring, preparing, and conducting the Census of Agriculture. The additional item consists of the taxpayer’s telephone number provided on Form 1040 (Schedule F).