| Revenue Procedures |
Bulletin |
Date of IRB |
 |
| Rev. Proc. 2003-86(PDF, 81K) |
IRB #2003-50(HTML) |
Dec. 15, 2003 |
| Professional employer organizations; employee leasing; plan qualification. This procedure describes certain transitional rules that may be used by defined contribution retirement plans of professional employer organizations. Rev. Proc. 2002-21 amplified. |
| Rev. Proc. 2003-85(PDF, 83K) |
IRB #2003-49(HTML) |
Dec. 8, 2003 |
| Cost-of-living adjustments for 2004. 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 eligible long-term care premiums. |
| Rev. Proc. 2003-84(PDF, 108K) |
IRB #2003-48(HTML) |
Dec. 1, 2003 |
| Optional election to make monthly 706(a) computations. This procedure allows certain partnerships that invest in tax-exempt obligations to make an election that enables the partners to take into account monthly the inclusions required under sections 702 and 707(c) of the Code and provides rules for partnership income tax reporting under section 6031 for such partnerships. Rev. Proc. 2002-68 modified and superseded. |
| Rev. Proc. 2003-83(PDF, 338K) |
IRB #2003-47(HTML) |
Nov. 24, 2003 |
| This procedure provides specifications for filing Form 1042–S, Foreign Person’s U.S. Source Income Subject to Withholding, Electronically or Magnetically. The procedure will be reprinted as the current revision of Publication 1187. Rev. Proc. 2001–40 superseded. |
| Rev. Proc. 2003-82(PDF, 58K) |
IRB #2003-47(HTML) |
Nov. 24, 2003 |
| Low-income housing credit tenant income certifications. This procedure provides safe harbors under which the Internal Revenue Service will treat a residential rental unit in a building as a low-income unit under section 42(i)(3)(A) of the Code if the incomes of the individuals occupying the unit are at or below the applicable income limitation before the beginning of the building's credit period, but their incomes exceed that limitation at the beginning of the building's credit period. |
| Rev. Proc. 2003-81(PDF, 48K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| This procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Code, and issuers of mortgage credit certificates, as defined in section 25(c), with a list of qualified census tracts for the Northern Mariana Islands, American Samoa, and Guam. The qualified census tracts are based on data from the 2000 census. Rev. Proc. 2003-49 supplemented. |
| Rev. Proc. 2003-80(PDF, 111K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| 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. 2002-63 superseded. |
| Rev. Proc. 2003-79(PDF, 51K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| Annual accounting periods; partnerships; S corporations. Procedures are provided under which partners or shareholders of S corporations may elect, under certain circumstances, to take into account ratably over four taxable years the partner's or S corporation shareholder's share of income from the partnership or S corporation that is attributable to a short taxable year ending on or after May 10, 2002, but before June 1, 2004. Rev. Procs. 2002-38 and 2002-39 modified. |
| Rev. Proc. 2003-78(PDF, 89K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| This procedure provides instructions for establishing exemption from the section 4371 foreign insurance excise tax under certain United States income tax treaties. Rev. Proc. 92–39 superseded in part. |
| Rev. Proc. 2003-77(PDF, 33K) |
IRB #2003-44(HTML) |
Nov. 3, 2003 |
| 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 sections 6662(d) and 6694(a) of the Code. |
| Rev. Proc. 2003-76(PDF, 112K) |
IRB #2003-43(HTML) |
Oct. 27, 2003 |
| Optional standard mileage rates. This procedure announces 37.5 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 14 cents as the optional rate for use of an automobile as a medical or moving expense for 2004. It provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. The procedure also revises the limitation on simultaneous use of multiple automobiles to allow a taxpayer using up to four vehicles simultaneously to use the standard mileage rate. Rev. Proc. 2002-61 superseded. |
| Rev. Proc. 2003-75(PDF, 97K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including trucks, vans, and electric automobiles) with tables detailing the limitations on depreciation deductions for passenger automobiles first placed in service during calendar year 2003 and the amounts to be included in income for passenger automobiles first leased during calendar year 2003. Separate tables are provided for passenger automobiles qualifying for additional first-year bonus depreciation under section 168(k). In addition, this procedure provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 2003 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the regulations may be applicable. Rev. Procs. 2001-19 and 2002-14 amplified. |
| Rev. Proc. 2003-74(PDF, 26K) |
IRB #2003-43(HTML) |
Oct. 27, 2003 |
| This procedure revokes revenue procedures which describe procedures previously used by the Service for providing copies of returns and return information pursuant to sections 6103 and 6104 of the Code, and states where the current procedures are published. Rev. Procs. 66-3, 84-71, 85-56, 87-21, 94-52, and 97-11 revoked. |
| Rev. Proc. 2003-73(PDF, 827K) |
IRB #2003-39(HTML) |
Sept. 29, 2003 |
| Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the IRS will accept computer-prepared and computer-generated tax forms and schedules. Rev. Proc. 2002-60 superseded. |
| Rev. Proc. 2003-72(PDF, 81K) |
IRB #2003-38(HTML) |
Sept. 22, 2003 |
| EP determination letters; extension of application deadline for certain pre-approved plans. This procedure extends the deadline for filing EP determination letter requests for certain pre-approved qualified retirement plans. This procedure also extends the time for amending defined contribution plans to comply with regulations relating to required minimum distributions. Rev. Procs. 2000-20, 2002-29, and 2003-44 modified. |
| Rev. Proc. 2003-71(PDF, 46K) |
IRB #2003-36(HTML) |
Sept. 8, 2003 |
| This procedure describes the process for submitting and resolving an offer in compromise with the Service. It describes the procedures for submitting an offer in compromise, including the form and content of an offer, when the offer becomes pending, when the offer is returned, when the offer is withdrawn, when the offer is accepted, and when the offer is rejected. Rev. Proc. 96-38 obsoleted. |
| Rev. Proc. 2003-70(PDF, 78K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| This procedure provides the domestic asset/liability percentages and domestic investment yields needed by foreign insurance companies to compute their minimum effectively connected net investment income for taxable years beginning after December 31, 2001. |
| Rev. Proc. 2003-69(PDF, 130K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| This procedure provides the requirements for completing and submitting Form 8655, Reporting Agent Authorization for Magnetic Tape/Electronic Filers. Rev. Proc. 96-17 modified and superseded. |
| Rev. Proc. 2003-68(PDF, 135K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| This procedure restates and modifies Rev. Procs. 2002-13 and 2002-45. The modifications include permitting the use of expected term in connection with the safe harbor valuation method and the ability to recalculate the option value under certain circumstances. Rev. Procs. 2002-13 and 2002-45 revoked. |
| Rev. Proc. 2003-67(PDF, 74K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| 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 2003. |
| Rev. Proc. 2003-66(PDF, 60K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Rents paid to a real estate investment trust (REIT) by a joint venture partnership that includes a taxable REIT subsidiary (TRS) of the REIT. This procedure provides conditions under which payments to a REIT from a joint venture between a TRS and an unrelated third party for space at a property owned by the REIT will be treated as rents from real property under section 856(d) of the Code. |
| Rev. Proc. 2003-65(PDF, 46K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| REIT loans; real estate asset; interest. This procedure sets forth a safe harbor under which a loan made by a real estate investment trust (REIT) that is secured either by a partnership interest in a partnership or by the sole membership interest in a disregarded entity will be treated as a real estate asset for purposes of sections 856(c)(4)(A) and 856(c)(5)(B) of the Code and the interest on the loan will be treated as interest on an obligation secured by a mortgage on real property or on an interest in real property for purposes of section 856(c)(3). |
| Rev. Proc. 2003-64(PDF, 410K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| This procedure contains the final withholding foreign partnership (WP) and withholding foreign trust (WT) agreements. The WP and WT agreements are designed to simplify withholding and reporting obligations for payments of income made to foreign partnerships and foreign simple or grantor trusts. This procedure also contains rules regarding withholding and reporting on certain small or related foreign partnerships and foreign simple or grantor trusts that do not enter into WP or WT agreements. Section III.C. of Notice 2001-4 superseded for 2004 and subsequent calendar years. Rev. Proc. 2000-12 modified. |
| Rev. Proc. 2003-63(PDF, 86K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| Depreciation of cable television distribution systems. This procedure provides a safe harbor method under which the Service will treat a node and fiber optic cable used in a cable television distribution system providing one-way and two-way communication services as the unit of property for computing depreciation under sections 167 and 168 of the Code. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2003-62(PDF, 109K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| Changes in accounting periods; automatic approval for individuals. Procedures are provided by which certain individuals may obtain automatic approval of the Commissioner to change their annual accounting period under section 442 of the Code to the calendar year. Rev. Proc. 66-50 modified, amplified, and superseded, and Rev. Proc. 81-40 modified and superseded. |
| Rev. Proc. 2003-61(PDF, 101K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| This procedure provides guidance for taxpayers seeking equitable relief from income tax liability under section 66(c) or section 6015(f) of the Code. Rev. Proc. 2000-15 superseded. |
| Rev. Proc. 2003-60(PDF, 130K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample testamentary charitable remainder annuity trust (CRAT) with concurrent and consecutive interests for two measuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for a testamentary charitable remainder annuity trust with concurrent and consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 8 of Rev. Proc. 90-32 superseded. |
| Rev. Proc. 2003-59(PDF, 130K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample testamentary charitable remainder annuity trust (CRAT) with consecutive interests for two measuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for a testamentary charitable remainder annuity trust with consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 7 of Rev. Proc. 90-32 superseded. |
| Rev. Proc. 2003-58(PDF, 116K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample testamentary charitable remainder annuity trust (CRAT) for a term of years. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for a testamentary charitable remainder annuity trust with a term of years annuity period. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. |
| Rev. Proc. 2003-57(PDF, 112K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample testamentary charitable remainder annuity trust (CRAT) for one measuring life. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for a testamentary charitable remainder annuity trust for one measuring life. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 6 of Rev. Proc. 90-32 superseded. |
| Rev. Proc. 2003-56(PDF, 143K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample inter vivos charitable remainder annuity trust (CRAT) with concurrent and consecutive interests for twomeasuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for an inter vivos charitable remainder annuity trust with concurrent and consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 5 of Rev. Proc. 90-32 superseded. |
| Rev. Proc. 2003-55(PDF, 139K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample inter vivos charitable remainder annuity trust (CRAT) with consecutive interests for two measuring lives. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for an inter vivos charitable remainder annuity trust with consecutive interests for two measuring lives. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Section 4 of Rev. Proc. 90-32 superseded. |
| Rev. Proc. 2003-54(PDF, 132K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample inter vivos charitable remainder annuity trust (CRAT) for a term of years. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for an inter vivos charitable remainder annuity trust with a term of years annuity period. This procedure also contains annotations to the sample trust and alternate provisions that may be intergrated into the sample trust. |
| Rev. Proc. 2003-53(PDF, 130K) |
IRB #2003-31(HTML) |
Aug. 4, 2003 |
| Sample inter vivos charitable remainder annuity trust (CRAT) for one measuring life. This procedure contains a sample declaration of trust that meets the requirements under section 664 of the Code and 1.664-2 of the regulations for an inter vivos charitable remainder annuity trust for one measuring life. This procedure also contains annotations to the sample trust and alternate provisions that may be integrated into the sample trust. Rev. Proc. 89-21 superseded. |
| Rev. Proc. 2003-52(PDF, 650K) |
IRB #2003-30(HTML) |
July 28, 2003 |
| Magnetic media; electronic filing; 2003 form specifications. Specifications are set forth for the magnetic or electronic filing of 2003 Forms 1098, 1099, 5498, and W-2G. Rev. Proc. 2002-34 superseded. |
| Rev. Proc. 2003-51(PDF, 40K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Inventories. Guidelines are provided for taxpayers and IRS personnel in making fair market value determinations for inventory items acquired when a taxpayer purchases the assets of a business for a lump sum or a corporation acquires the stock of another corporation and makes an election pursuant to section 338 of the Code. Rev. Proc. 77-12 amplified, modified, and superseded. |
| Rev. Proc. 2003-50(PDF, 46K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Additional first year depreciation. This procedure provides additional time for any taxpayer that timely filed its federal tax return for the taxable year that included September 11, 2001, to deduct, or elect not to deduct, the 30-percent additional first year depreciation deduction for qualified property and qualified New York Liberty Zone property placed in service after September 11, 2001, during the taxable year that included September 11, 2001. This procedure also permits an automatic extension of time to allow certain taxpayers to change their selection of section 179 property for the taxable year that included September 11, 2001. Rev. Procs. 2002-9 and 2002-33 amplified and modified. |
| Rev. Proc. 2003-49(PDF, 129K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| This procedure corrects errors found in Rev. Proc. 2003-15, 2003-4 I.R.B. 321. This procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Code, and issuers of mortgage credit certificates, as defined in section 25(c), with a list of qualified census tracts for each state and the District of Columbia. The qualified census tracts are based on data from the 2000 census. Rev. Proc. 2003-15 modified and superseded. |
| Rev. Proc. 2003-48(PDF, 60K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Section 355; update of section 355 checklist questionnaire. The Service will no longer determine whether a distribution of controlled corporation stock (1) satisfies the business purpose requirement, (2) is used principally as a device for the distribution of earnings and profits, or (3) is part of a plan under section 355(e) of the Code. Taxpayers will be required to address these factual issues by submitting appropriate representations. Rev. Proc. 96-30 modified and amplified, and Rev. Proc. 2003-3 modified. |
| Rev. Proc. 2003-47(PDF, 54K) |
IRB #2003-28(HTML) |
July 14, 2003 |
| This procedure provides new procedural rules regarding the election under section 953(d) of the Code, whereby certain foreign insurance companies may elect to be treated as domestic corporations for U.S. tax purposes. These rules reflect changes in the administration of the election and replace the procedural rules contained in Section II of Notice 89-79, 1989-2 C.B. 392. Notice 89-79 modified and superseded. |
| Rev. Proc. 2003-46(PDF, 35K) |
IRB #2003-28(HTML) |
July 14, 2003 |
| This procedure provides relief to issuing authorities that failed to file Form 8328, Carryforward Election of Unused Private Activity Bond Volume Cap, under section 146(f) of the Code for years prior to 2003 because the authority responsible for allocating state ceiling in their state filed Form 8328 instead. The relief is necessary because the Form 8328 (1) should have been filed by the issuing authority and (2) fails to provide the information required under regulations section 1.103(n)-4T (as amended by the Tax Reform Act of 1986). |
| Rev. Proc. 2003-45(PDF, 69K) |
IRB #2003-27(HTML) |
July 7, 2003 |
| LIFO; methods of accounting; automatic consent. For certain accounting method changes within the inventory price index computation (IPIC) method of accounting for last-in, firstout (LIFO) inventories, the 5-year prior change scope limitation in section 4.02(6) of Rev. Proc. 2002-9, 2002-1 C.B. 327, is waived. Rev. Proc. 2002-9 modified. |
| Rev. Proc. 2003-44(PDF, 369K) |
IRB #2003-25(HTML) |
June 23, 2003 |
| Administrative programs; correction programs. 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. 2002-47 modified and superseded. |
| Rev. Proc. 2003-43(PDF, 153K) |
IRB #2003-23(HTML) |
June 9, 2003 |
| This procedure concerns relief for late S corporation elections, Electing Small Business Trust (ESBT) elections, Qualified Subchapter S Trust (QSST) elections, and Qualified Subchapter S Subsidiary (QSub) elections. Rev. Proc. 98-55 superseded. |
| Rev. Proc. 2003-42(PDF, 129K) |
IRB #2003-23(HTML) |
June 9, 2003 |
| Sample QPRT. This procedure contains a sample declaration of trust that meets the requirements under section 2702(a)(3)(A) of the Code and section 25.2702-5(c) of the Gift Tax regulations for a qualified personal residence trust (QPRT) with one term holder. |
| Rev. Proc. 2003-41(PDF, 105K) |
IRB #2003-25(HTML) |
June 23, 2003 |
| This procedure formally establishes the Fast Track Mediation (FTM) program to expedite case resolution and to expand the range of dispute resolution options available to taxpayers. The Small Business/Self-Employed Compliance Division and the Office of Appeals will jointly administer the FTM program. FTM will also allow SB/SE personnel and SB/SE taxpayers an opportunity to mediate their disputes with an Appeals Official acting as a neutral party. |
| Rev. Proc. 2003-40(PDF, 96K) |
IRB #2003-25(HTML) |
June 23, 2003 |
| This procedure formally establishes the Fast Track Settlement (FTS) program to expedite case resolution and to expand the range of dispute resolution options available to taxpayers. The Large and Mid-Size Business Division and the Office of Appeals will jointly administer the FTS program. FTS will also allow LMSB personnel and LMSB taxpayers an opportunity to mediate their disputes with an Appeals Official acting as a neutral party. |
| Rev. Proc. 2003-39(PDF, 53K) |
IRB #2003-22(HTML) |
June 2, 2003 |
| Like-kind exchanges; LKE programs. Safe harbor rules are provided under section 1031 of the Code, which allows for deferral of gain realized on a like-kind exchange of property, with respect to programs involving ongoing exchanges of tangible personal property using a single intermediary ("LKE Programs"). June 2, 2003 2003-22 I.R.B. |
| Rev. Proc. 2003-38(PDF, 80K) |
IRB #2003-24(HTML) |
June 16, 2003 |
| 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. |
| Rev. Proc. 2003-37(PDF, 31K) |
IRB #2003-21(HTML) |
May 27, 2003 |
| This procedure describes documentation and information a taxpayer that uses the fair market value method of apportionment of interest expense may prepare and make available to the Service upon request in order to establish the fair market value of the taxpayer's assets to the satisfaction of the Commissioner as required by section 1.861-9T(g)(1)(iii) of the regulations. It also sets forth the procedure to be followed in the case of elections to use the fair market value method. |
| Rev. Proc. 2003-36(PDF, 28K) |
IRB #2003-18(HTML) |
May 5, 2003 |
| This document provides guidance to business taxpayers, industry associations, and other interested parties to submit issues for consideration under the Service's Industry Issue Resolution (IIR) Program. The objective of the IIR Program is to identify frequently disputed or burdensome tax issues that are common to a significant number of business taxpayers that may be resolved through published or other administrative guidance. Notice 2002-20 superseded. |
| Rev. Proc. 2003-35(PDF, 46K) |
IRB #2003-20(HTML) |
May 19, 2003 |
| This document provides guidance relating to the Gaming Industry Tipping Agreement Program. Under this program, a gaming industry employer and the Service may work together to reach a Gaming Industry Tip Compliance Agreement that objectively establishes minimum tip rates for tipped employees in specified occupational categories, prescribes a threshold level of participation by the employer's employees, and reduces compliance burdens for the employer and enforcement burdens for the Service. |
| Rev. Proc. 2003-34(PDF, 35K) |
IRB #2003-18(HTML) |
May 5, 2003 |
| Changes in accounting periods; approval. Procedures are provided modifying the term and condition for the Commissioner's approval to change an annual accounting period under which the taxpayer generally is precluded from carrying back a net operating loss or capital loss generated in the short taxable year. Rev. Procs. 2002-37 and 2002-39 modified. |
| Rev. Proc. 2003-33(PDF, 51K) |
IRB #2003-16(HTML) |
April 21, 2003 |
| Extensions of time. This procedure provides guidance to taxpayers in obtaining an extension of time under section 301.9100-3 of the regulations to file elections on Form 8023 under section 338 of the Code. |
| Rev. Proc. 2003-32(PDF, 33K) |
IRB #2003-16(HTML) |
April 21, 2003 |
| Regulated investment companies. This procedure sets forth conditions under which a regulated investment company (RIC) that holds a partnership interest is treated, for purposes of qualifying as a RIC under section 851(b)(3) of the Code and for purposes of eligibility to pay exempt-interest dividends under section 852(b)(5), as if it directly invested in the assets held by the partnership. |
| Rev. Proc. 2003-31(PDF, 99K) |
IRB #2003-17(HTML) |
April 28, 2003 |
| Specifications are set forth for the private printing of paper substitutes for the December 2002 revisions of Form W-2c, Corrected Wage and Tax Statement, and Form W-3c, Transmittal of Corrected Wage and Tax Statements. Rev. Proc. 2002-51 superseded. |
| Rev. Proc. 2003-30(PDF, 224K) |
IRB #2003-17(HTML) |
April 28, 2003 |
| Specifications are set forth for the private printing of paper and laser-printed substitutes for tax year 2003 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Proc. 2002-53 superseded. |
| Rev. Proc. 2003-29(PDF, 29K) |
IRB #2003-20(HTML) |
May 19, 2003 |
| 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. 2002-24 obsoleted, except as provided in section 5.02 of this procedure. |
| Rev. Proc. 2003-28(PDF, 1.0M) |
IRB #2003-16(HTML) |
April 21, 2003 |
| 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. 2002-57 superseded. |
| Rev. Proc. 2003-27(PDF, 17K) |
IRB #2003-13(HTML) |
March 31, 2003 |
| This procedure provides guidance on the information reporting requirements under section 6050I of the Code for small cash transactions that involve the rental of taxicabs on a daily shift basis. |
| Rev. Proc. 2003-26(PDF, 20K) |
IRB #2003-13(HTML) |
March 31, 2003 |
| 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. 2002-20 supplemented. |
| Rev. Proc. 2003-25(PDF, 19K) |
IRB #2003-11(HTML) |
March 17, 2003 |
| Transactions with significant book-tax difference, excep-tions. This procedure provides that certain book-tax differ-ences are not taken into account in determining whether a transaction is a reportable transaction for purposes of the disclosure rules under section 1.6011-4(b)(6) of the regulations. |
| Rev. Proc. 2003-24(PDF, 31K) |
IRB #2003-11(HTML) |
March 17, 2003 |
| Exceptions from loss transactions. This procedure provides that certain losses are not taken into account in determining whether a transaction is a reportable transaction for purposes of the disclosure rules under section 1.6011-4(b)(5) of the regulations. |
| Rev. Proc. 2003-23(PDF, 17K) |
IRB #2003-11(HTML) |
March 17, 2003 |
| This document provides procedures under which a corporation's S status will not be terminated by a direct rollover of stock from its employee stock ownership plan (ESOP) to a participant's individual retirement account (IRA). |
| Rev. Proc. 2003-22(PDF, 136K) |
IRB #2003-10(HTML) |
March 10, 2003 |
| Standard meal rates for family day care providers. This procedure provides optional standard meal and snack rates that family day care providers may use in computing the deductible cost of food provided to eligible children in the day care. |
| Rev. Proc. 2003-21(PDF, 21K) |
IRB #2003-6(HTML) |
Feb. 10, 2003 |
| This procedure allows for relief for certain exempt organizations (other than private foundations) organized in U.S. possessions from the requirement of filing an annual information return on Form 990, Return of Organization Exempt From Income Tax. The procedure applies to U.S. possession organizations described in section 501(c)(3) of the Code (other than private foundations) that normally do not have more than $25,000 in annual gross receipts from sources within the United States and have no significant activity in the United States. Rev. Proc. 83-23 supplemented. |
| Rev. Proc. 2003-20(PDF, 37K) |
IRB #2003-6(HTML) |
Feb. 10, 2003 |
| Inventories; lower of cost or market; vehicle parts cores. This procedure provides a safe harbor method of accounting for the valuation of a taxpayer's inventory of vehicle parts cores. The safe harbor method is available to remanufacturers and rebuilders of motor vehicle parts, as well as resellers of remanufactured and rebuilt motor vehicle parts, that use the lower of cost or market inventory valuation method to value their inventory of cores held for remanufacturing or sale. Automatic method change procedures are also provided for taxpayers wishing to change to the safe harbor method. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Proc. 2003-19(PDF, 18K) |
IRB #2003-5(HTML) |
Feb. 3, 2003 |
| This procedure provides guidance on the administrative appeal rights of a spouse or former spouse when a taxpayer seeks innocent spouse relief from federal income tax liability under section 6015 of the Code. |
| Rev. Proc. 2003-18(PDF, 34K) |
IRB #2003-6(HTML) |
Feb. 10, 2003 |
| Insurance companies; discounted estimated salvage recoverable. The salvage discount factors are set forth for 2002. These factors must be used to compute discounted estimated salvage recoverable under section 832 of the Code. |
| Rev. Proc. 2003-17(PDF, 65K) |
IRB #2003-6(HTML) |
Feb. 10, 2003 |
| Insurance companies; loss reserves; discounting unpaid losses. The loss payment patterns and discount factors are set forth for the 2002 determination year. These factors will be used to compute discounted unpaid losses under section 846 of the Code. |
| Rev. Proc. 2003-16(PDF, 21K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| Section 644 of EGTRRA; 60-day rollover requirement; waiver. This document describes a procedure for obtaining a waiver of the 60-day rollover requirement under sections 402(c)(3) and 408(d)(3) of the Code for distributions after December 31, 2001. |
| Rev. Proc. 2003-15(PDF, 89K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| This procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Code, and issuers of mortgage credit certificates, as defined in section 25(c), with a list of qualified census tracts for each state and the District of Columbia. The qualified census tracts are based on data from the 2000 census. Rev. Proc. 93-38 obsoleted. |
| Rev. Proc. 2003-14(PDF, 30K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| Indian tribal government trusts for minors. This procedure provides a safe harbor under which the Service will treat an Indian tribe as the grantor and owner of a trust for the receipt of gaming revenues under the Indian Gaming Regulatory Act (25 U.S.C. sections 2701-2721) (IGRA) for the benefit of minors or legal incompetents. Beneficiaries of an IGRA trust will not be required to include amounts in gross income when transferred to, or earned by, the IGRA trust under the economic benefit doctrine. Comments are requested on the application of the economic benefit doctrine to IGRA trusts that are not within the scope of this revenue procedure and the type of trust provisions that preclude the application of the economic benefit doctrine. Rev. Proc. 2003-3 amplified. |
| Rev. Proc. 2003-13(PDF, 30K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| Deemed IRAs; section 602 of EGTRRA. This procedure describes the application of section 408(q) of the Code for deemed IRAs as added by section 602 of the Economic Growth and Tax Relief Reconciliation Act for plan years after December 31, 2002. |
| Rev. Proc. 2003-12(PDF, 21K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| This procedure clarifies that an entity described in section 501(c)(3) of the Code can also meet the requirements of section 115(1). It also provides information on drafting dissolution clauses in the articles of organization of a section 501(c)(3) entity that requests a letter ruling that its income is excluded from gross income under section 115(1). |
| Rev. Proc. 2003-11(PDF, 40K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| This procedure describes the Service's Offshore Voluntary Compliance Initiative for taxpayers that have underreported their United States income tax liability through financial arrangements that in any manner rely on the use of offshore payment cards or offshore financial arrangements. |
| Rev. Proc. 2003-10(PDF, 29K) |
IRB #2003-2(HTML) |
Jan. 13, 2003 |
| Minimum distributions; regulations; delayed amendment date for defined benefit plans. This procedure postpones until the end of the EGTRRA remedial amendment period the time by which qualified defined benefit plans must be amended to comply with final and temporary regulations under section 401(a)(9) of the Code, relating to required minimum distributions. Rev. Proc. 2002-29 modified. |
| Rev. Proc. 2003-9(PDF, 24K) |
IRB #2003-8(HTML) |
Feb. 24, 2003 |
| This procedure expands the Taxpayer Identification Number (TIN) Matching Program, permitting payors to verify, prior to filing, payee TINs required to be reported on information returns and payee statements. The federal TIN Matching Program established by Rev. Proc. 97-31 was limited to federal agencies. Rev. Proc. 2003-9 establishes an on-line system open to all payors of reportable payments and their authorized agents. Program participants will be able to rely on a verified TIN/name match as reasonable cause under section 6724(a) of the Code, which will provide significant incentive for payors to check and correct payee TINs before filing. Rev. Proc. 97-31 modified. |
| Rev. Proc. 2003-8(PDF, 67K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| 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. 2002-8 superseded. |
| Rev. Proc. 2003-7(PDF, 32K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| 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 rulings or determination letters. Rev. Proc. 2002-7 superseded. |
| Rev. Proc. 2003-6(PDF, 165K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| 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. 2002-6 superseded. |
| Rev. Proc. 2003-5(PDF, 112K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| 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. 2002-5 superseded. |
| Rev. Proc. 2003-4(PDF, 161K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| Rulings and information letters; issuance procedures. Revised procedures are provided for furnishing ruling letters, information letters, etc., on matters related to sections of the Code currently under the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division. Rev. Proc. 2002-4 superseded. |
| Rev. Proc. 2003-3(PDF, 78K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| 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. 2002-3 and 2002-75 superseded. Rev. Proc. 2002-22 modified. |
| Rev. Proc. 2003-2(PDF, 156K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| Technical advice furnished by 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). This procedure explains when and how the Associate Chief Counsel (Corporate), Associate Chief Counsel (Financial Institutions and Products), Associate Chief Counsel (Income Tax and Accounting), Associate Chief Counsel (International), Associate Chief Counsel (Passthroughs and Special Industries), Associate Chief Counsel (Procedure and Administration), and Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities) issue technical advice memoranda (TAMs) and technical expedited advice memoranda (TEAMs) to a director or an area director, appeals. It also explains the rights a taxpayer has when a director or an area director, appeals, requests technical advice or technical expedited advice regarding a tax matter. Rev. Proc. 2002-2, as modified by Rev. Proc. 2002-30, superseded. |
| Rev. Proc. 2003-1(PDF, 277K) |
IRB #2003-1(HTML) |
Jan. 6, 2003 |
| 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 & 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 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. 2002-1 superseded. Rev. Procs. 84-37 and 2002-52 modified. Notice 97-19 modified. |
