| Revenue Rulings |
Bulletin |
Date of IRB |
 |
| Rev. Rul. 2003-128(PDF, 45K) |
IRB #2003-52(HTML) |
Dec. 29, 2003 |
| LIFO; price indexes; department stores. The October 2003 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, October 31, 2003. |
| Rev. Rul. 2003-127(PDF, 55K) |
IRB #2003-52(HTML) |
Dec. 29, 2003 |
| Hedge identification. This ruling holds that for purposes of the income timing rules in regulations section 1.446–4, the hedging transaction definition in section 1.1221–2(b) is not modified by section 1.1221–2(g)(2), which deals with the effects on income characterization of a mis-identification or failure to identify a hedging transaction. If a taxpayer has used a method of accounting for a type of hedging transaction but, under section 1.446–4, that method is impermissible for those transactions, the taxpayer must obtain the Commissioner's consent before changing to a method of accounting that is permitted. |
| Rev. Rul. 2003-126(PDF, 60K) |
IRB #2003-52(HTML) |
Dec. 29, 2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 2004, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent. |
| Rev. Rul. 2003-125(PDF, 60K) |
IRB #2003-52(HTML) |
Dec. 29, 2003 |
| Worthless security deduction. This ruling discusses when a shareholder is, and is not, allowed a worthless security deduction under section 165(g)(3) of the Code when an election is made to change the federal tax classification of an entity from a corporation to a disregarded entity. Rev. Rul. 70–489 superseded and Rev. Rul. 59–296 amplified. |
| Rev. Rul. 2003-124(PDF, 50K) |
IRB #2003-49(HTML) |
Dec. 8, 2003 |
| Covered compensation tables; 2004. The covered compensation tables under section 401 of the Code for the year 2004 are provided for use in determining contributions to defined benefit plans and permitted disparity. |
| Rev. Rul. 2003-123(PDF, 55K) |
IRB #2003-50(HTML) |
Dec. 15, 2003 |
| Qualified conservation contribution. This ruling clarifies the Service's position that a trust is not allowed either a charitable deduction under section 642(c) or a distribution deduction under section 661(a)(2) of the Code with respect to a contribution to charity of trust principal that meets the requirements of a qualified conservation contribution under section 170(h). Rev. Rul. 68-667 amplified. |
| Rev. Rul. 2003-122(PDF, 61K) |
IRB #2003-49(HTML) |
Dec. 8, 2003 |
| 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 December 2003. |
| Rev. Rul. 2003-121(PDF, 49K) |
IRB #2003-48(HTML) |
Dec. 1, 2003 |
| LIFO; price indexes; department stores. The September 2003 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, September 30, 2003. |
| Rev. Rul. 2003-120(PDF, 52K) |
IRB #2003-48(HTML) |
Dec. 1, 2003 |
| Life insurance companies; computation of required interest. This ruling provides that a life insurance company calculates "required interest" under section 812(b)(2)(A) of the Code using the mean of the amount of the reserve at the beginning of the taxable year and the amount of the reserve at the end of such year. |
| Rev. Rul. 2003-119(PDF, 54K) |
IRB #2003-47(HTML) |
Nov. 24, 2003 |
| Section 1274A - inflation adjusted numbers for 2004. This ruling provides the dollar amounts, increased by the 2004 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2002–79 supplemented and superseded. |
| Rev. Rul. 2003-118(PDF, 40K) |
IRB #2003-47(HTML) |
Nov. 24, 2003 |
| CPI adjustment for below-market loans for 2004. The amount that section 7872(g) of the Code permits a taxpayer to lend to a qualified continuing care facility without incurring imputed interest is published and adjusted for inflation for years 1987–2004. Rev. Rul. 2002–78 supplemented and superseded. |
| Rev. Rul. 2003-117(PDF, 41K) |
IRB #2003-46(HTML) |
Nov. 17, 2003 |
| Low-income housing credit; satisfactory bond; “bond factor” amounts for the period October through December 2003. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period October through December 2003. This ruling also provides a summary of the bond factor amounts for dispositions occurring during the period January through September 2003. |
| Rev. Rul. 2003-116(PDF, 49K) |
IRB #2003-46(HTML) |
Nov. 17, 2003 |
| Helicopters. This ruling concludes that a helicopter is not an airplane for purposes of section 147(e) of the Code which provides that a private activity bond is not a qualified bond if issued as part of an issue and any portion of the proceeds of such issue is to be used to provide any airplane, skybox, or other private luxury box, health club facility, facility primarily used for gambling, or store the principal business of which is the sale of alcoholic beverages for consumption off premises. |
| Rev. Rul. 2003-115(PDF, 75K) |
IRB #2003-46(HTML) |
Nov. 17, 2003 |
| Gross income; compensation for injuries or sickness; disaster relief payments. Taxpayers are informed of the tax treatment under sections 61, 104, 130, and 139 of the Code of periodic payments to claimants of the September 11th Victim Compensation Fund. |
| Rev. Rul. 2003-114(PDF, 59K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm 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 November 2003. |
| Rev. Rul. 2003-113(PDF, 24K) |
IRB #2003-44(HTML) |
Nov. 3, 2003 |
| LIFO; price indexes; department stores. The August 2003 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, August 31, 2003. |
| Rev. Rul. 2003-112(PDF, 54K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| Work Opportunity Tax Credit (WOTC). This ruling concerns the eligibility criteria for the Work Opportunity Tax Credit. The ruling clarifies that an individual whose family receives assistance for the requisite period meets the requirements to be certified as a qualified IV-A recipient under section 51(d)(2)(A) of the Code if the individual is included on the grant (and thus receives assistance) for some portion of the specified period. |
| Rev. Rul. 2003-111(PDF, 36K) |
IRB #2003-45(HTML) |
Nov. 10, 2003 |
| 2003 base period T-bill rate. The base period T-bill rate for the period ending September 30, 2003, is published as required by section 995(f) of the Code. |
| Rev. Rul. 2003-110(PDF, 53K) |
IRB #2003-46(HTML) |
Nov. 17, 2003 |
| Stocks and securities; distribution. This ruling concludes that, in determining whether a distribution of controlled corporation stock satisfies the business purpose requirement of regulations section 1.355-2(b), the fact that the distribution avoids gain recognition under section 311(b) of the Code does not present a potential for avoidance of federal income tax. |
| Rev. Rul. 2003-109(PDF, 28K) |
IRB #2003-42(HTML) |
Oct. 20, 2003 |
| Disallowance of convention expenses; North American geographical area. All geographical areas included in the North American area for purposes of section 274 of the Code are listed. Rev. Ruls. 87–95 and 94–56 superseded. |
| Rev. Rul. 2003-108(PDF, 21K) |
IRB #2003-44(HTML) |
Nov. 3, 2003 |
| Tax lien. This ruling under section 6323(a) of the Code concludes that actual notice or knowledge of the existence of a section 6321 federal tax lien is irrelevant for purposes of section 6323(a) lien priority. |
| Rev. Rul. 2003-107(PDF, 69K) |
IRB #2003-41(HTML) |
Oct. 14, 2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm 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 October 2003. |
| Rev. Rul. 2003-106(PDF, 44K) |
IRB #2003-44(HTML) |
Nov. 3, 2003 |
| Travel and entertainment expenses. This ruling specifies when an employer's use of electronic substantiation and expense reporting, as part of its travel and entertainment expense reimbursement procedures, satisfies the accountable plan requirements. |
| Rev. Rul. 2003-105(PDF, 55K) |
IRB #2003-40(HTML) |
Oct. 6, 2003 |
| Split-dollar life insurance arrangements. Certain previously published revenue rulings are obsoleted to the extent described in this ruling. The previously published rulings are obsoleted in light of T.D. 9092, which provides comprehensive final regulations regarding the federal income, gift, and employment taxation of split-dollar life insurance arrangements. Rev. Ruls. 78-420 and 79-50 obsoleted. Rev. Rul. 66-610 partially obsoleted. |
| Rev. Rul. 2003-104(PDF, 71K) |
IRB #2003-39(HTML) |
Sept. 29, 2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 2003, will be 4 percent for overpayments (3 percent in the case of a corporation), 4 percent for underpayments, and 6 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 1.5 percent. |
| Rev. Rul. 2003-103(PDF, 53K) |
IRB #2003-38(HTML) |
Sept. 22, 2003 |
| LIFO; price indexes; department stores. The July 2003 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, July 31, 2003. |
| Rev. Rul. 2003-102(PDF, 50K) |
IRB #2003-38(HTML) |
Sept. 22, 2003 |
| Self-insured medical reimbursement plans. This ruling holds that employer reimbursements of amounts paid by an employee to purchase nonprescription medicines and drugs are excludable from gross income under section 105(b) of the Code. However, amounts paid by an employee for dietary supplements that are merely beneficial to the general health of the employee or the employee's spouse or dependents are not reimbursable or excludable from gross income under section 105(b). Rev. Rul. 2003-58 distinguished. |
| Rev. Rul. 2003-101(PDF, 73K) |
IRB #2003-36(HTML) |
Sept. 8, 2003 |
| 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 September 2003. |
| Rev. Rul. 2003-100(PDF, 100K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| LIFO; price indexes; department stores. The June 2003 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, June 30, 2003. |
| Rev. Rul. 2003-99(PDF, 104K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| Obsolete revenue rulings. This ruling publishes a list of previously published rulings that have been identified as no longer determinative with respect to future transactions. |
| Rev. Rul. 2003-98(PDF, 110K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| Deduction rules; compensatory stock options. This ruling addresses the application of the deduction rules under section 83(h) of the Code with regard to the exercise or disposition of compensatory stock options following certain corporate transactions. |
| Rev. Rul. 2003-97(PDF, 176K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| Deductibility of interest. This ruling provides guidance on whether interest accruing on a note is deductible under section 163(a) of the Code, and whether the deduction is disallowed under section 163(1), when a corporation issues units, each consisting of instruments in the form of a note and a forward contract to purchase a quantity of the corporation's common stock. The holding of this ruling is modified for units issued on or before August 22, 2003. This ruling also requests comments concerning possible regulations under section 163(1). |
| Rev. Rul. 2003-96(PDF, 107K) |
IRB #2003-34(HTML) |
Aug. 25, 2003 |
| Lease stripping transaction. This ruling discusses whether section 482 of the Code may apply to allow allocations of the income and deductions arising from a lease stripping transaction entered into by parties that were unrelated at the time the income is stripped from the lease, solely on the basis that the parties were acting in concert or with a common goal or purpose, to arbitrarily shift income or deductions among themselves. |
| Rev. Rul. 2003-95(PDF, 121K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Life insurance contracts; distributions made in connection with a change in benefits. This ruling describes the rules of section 7702(f)(7) of the Code regarding the tax treatment of a cash distribution made in connection with a reduction in the benefits of a life insurance contract. |
| Rev. Rul. 2003-94(PDF, 111K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| 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 August 2003. |
| Rev. Rul. 2003-93(PDF, 75K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Low-income housing credit; satisfactory bond; “bond factor” amounts for the period July through September 2003. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period July through September 2003. |
| Rev. Rul. 2003-92(PDF, 121K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Variable contract holder. This ruling holds that a variable contract holder is the owner of interests in a nonregistered partnership where interests in the nonregistered partnership are not available exclusively through the purchase of a life insurance or annuity contract. Rev. Rul. 81-225 clarified and amplified. |
| Rev. Rul. 2003-91(PDF, 129K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Investor control doctrine. This ruling presents guidance on the investor control doctrine by presenting a factual scenario in which a variable contract holder does not have control over segregated account assets sufficient to be deemed the owner of the assets. In this manner, this ruling presents a "safe harbor" from which taxpayers may operate. |
| Rev. Rul. 2003-90(PDF, 114K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Accrual of liability for California franchise tax. This ruling holds that, for federal income tax purposes, a taxpayer that uses an accrual method of accounting incurs a liability for California franchise tax in the taxable year following the taxable year in which the tax is incurred under the California Revenue and Tax Code. Rev. Rul. 79-410 amplified. |
| Rev. Rul. 2003-89(PDF, 50K) |
IRB #2003-37(HTML) |
Sept. 15, 2003 |
| Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the second half of 2003 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations. |
| Rev. Rul. 2003-88(PDF, 60K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| Section 4971; running of statute of limitations; and filing of form. This ruling states that the filing of a Form 5330, and not the filing of a Form 5500, starts the running of the statute of limitations with respect to the excise taxes described in section 4971 of the Code. |
| Rev. Rul. 2003-87(PDF, 30K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| LIFO; price indexes; department stores. The May 2003 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, 2003. |
| Rev. Rul. 2003-86(PDF, 57K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| Noncustomary services provided to REIT tenants by a joint venture between a taxable REIT subsidiary and an independent contractor. This ruling provides that a joint venture between a taxable REIT subsidiary and an independent contractor to provide noncustomary services to REIT tenants will not cause rents paid by tenants to fail to qualify as "rents from real property under section 856 of the Code. |
| Rev. Rul. 2003-85(PDF, 61K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| Excise tax; terminating defined benefit plan; reversion. This ruling describes the treatment of a transfer from a terminating defined benefit plan to a defined contribution plan of an amount that is in excess of 25 percent of the potential amount otherwise available for reversion. |
| Rev. Rul. 2003-84(PDF, 66K) |
IRB #2003-32(HTML) |
Aug. 11, 2003 |
| Regulated investment company (RIC). This ruling provides that, for purposes of qualifying as a regulated investment company (RIC) under the tax law, a RIC shall treat its investment in refunded bonds as an investment in government securities, to the extent that the acquisition of the refunded bonds would be treated under Rule 5b-3 under the Investment Company Act of 1940 as an acquisition of the Government securities placed in escrow to fund payment of principal and interest on the refunded bonds. |
| Rev. Rul. 2003-83(PDF, 94K) |
IRB #2003-30(HTML) |
July 28, 2003 |
| Minimum funding; entry age normal; reasonableness. This ruling addresses two situations where the aggregate entry age normal method of funding is not a reasonable funding method within the meaning of section 412(c)(3) of the Code and section 1.412(c)(3)-1 of the regulations. |
| Rev. Rul. 2003-82(PDF, 64K) |
IRB #2003-30(HTML) |
July 28, 2003 |
| Tertiary injectant expenses. This ruling clarifies whether only the costs of acquiring tertiary injectants are eligible for the enhanced oil recovery credit provided in section 43 of the Code or whether the costs of using tertiary injectants also are eligible for the credit. |
| Rev. Rul. 2003-81(PDF, 72K) |
IRB #2003-30(HTML) |
July 28, 2003 |
| Depreciation of assets. This ruling provides guidance as to the proper asset class under Rev. Proc. 87-56, 1987-2 C.B. 674, to depreciate assets owned by a utility that are used in the business operations of the utility. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Rul. 2003-80(PDF, 43K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Statute of limitations, bankruptcy. This ruling explains the effect of a bankruptcy on the running of the statute of limitations on assessment set forth in section 6501 of the Code. The ruling illustrates that when the IRS issues a Notice of Deficiency less than 90 days before the taxpayer files a bankruptcy petition, the same day the taxpayer files a bankruptcy petition, or after the taxpayer files a bankruptcy petition, and before the termination of the automatic stay imposed by the bankruptcy, the assessment period is suspended not only by the 60-day period provided by section 6503(a), but also by the additional 60-day period provided by section 6213(f). |
| Rev. Rul. 2003-79(PDF, 43K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Section 355 reverse Morris trust. The acquisition by an unrelated corporation of all the assets of a newly formed controlled corporation following distribution of the controlled corporation's stock under section 355 of the Code will satisfy the "substantially all" requirement of section 368(a)(1)(C) even though the acquired assets represent only half of the assets held by the distributing corporation before it formed the controlled corporation. |
| Rev. Rul. 2003-78(PDF, 36K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Advance refunding bonds. This ruling concludes that tax-exempt bonds are advance refunding bonds within the meaning of section 149(d)(5) of the Code if proceeds of the bonds are loaned to a governmental unit (the conduit borrower) that uses the proceeds to redeem an outstanding tax-exempt obligation on which the conduit borrower is the obligor (the prior obligation) more than 90 days after the issue date of the bonds. |
| Rev. Rul. 2003-77(PDF, 36K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Community service facility. This ruling describes the type of facility that qualifies as a community service facility under section 42(d)(4)(C)(iii) of the Code. |
| Rev. Rul. 2003-76(PDF, 117K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Exchange of a portion of annuity contract. An exchange of a portion of an annuity contract into a new annuity contract is treated as a tax-free exchange under section 1035 of the Code. Investment in the contract and basis are allocated according to cash value immediately prior to the exchange using the rules of sections 72 and 1031. |
| Rev. Rul. 2003-75(PDF, 34K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Section 355 capital allocation ruling. Where two different businesses within the same corporate group are competing for limited capital, the separation of these businesses to resolve the capital allocation problem satisfies the business purpose requirement of section 1.355-2(b) of the regulations. |
| Rev. Rul. 2003-74(PDF, 52K) |
IRB #2003-29(HTML) |
July 21, 2003 |
| Section 355 management ruling. Where two different businesses operate within the same corporate group, and senior management wishes to focus on only one, the separation of the businesses to enable the management of each to concentrate on its own business satisfies the business purpose requirement of section 1.355-2(b) of the regulations. |
| Rev. Rul. 2003-73(PDF, 45K) |
IRB #2003-28(HTML) |
July 14, 2003 |
| Deductions of section 277 membership organizations. This ruling illustrates the operation of section 277. Membership organizations subject to section 277 can take allowable deductions attributable to providing goods and services to members only to the extent of member income in computing the organization's taxable income. Excess deductions are not deductible against nonmember income but are allowable as deductions against member income in succeeding years. Other allowable deductions are fully deductible, including deductible against member income, in computing taxable income. |
| Rev. Rul. 2003-72(PDF, 85K) |
IRB #2003-33(HTML) |
Aug. 18, 2003 |
| Determination of a child’s specific age. A child attains an age on his or her birthday for purposes of Code sections 21 (child and dependent care credit), 23 (adoption credit), 24 (child tax credit), 32 (earned income credit), 129 (excludable dependent care benefits), 131 (excludable foster care benefits), 137 (excludable adoption assistance benefits), and 151 (dependency exemptions). |
| Rev. Rul. 2003-71(PDF, 79K) |
IRB #2003-27(HTML) |
July 7, 2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm 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 2003. |
| Rev. Rul. 2003-70(PDF, 86K) |
IRB #2003-27(HTML) |
July 7, 2003 |
| Small employer plan exception to the COBRA continuation coverage requirements in mergers and acquisitions. Guidance is provided on when a group health plan maintained by an employer that grows to have more than 20 employees through a stock or asset acquisition is required to begin complying with the COBRA continuation coverage requirements. |
| Rev. Rul. 2003-69(PDF, 81K) |
IRB #2003-26(HTML) |
June 30, 2003 |
| Small partnership exception. This ruling addresses the issue of whether a partnership qualifies for the small partnership exception provided in section 6231(a)(1)(B) of the Code, and thus does not fall within the unified audit and litigation procedures under sections 6221 through 6234 (TEFRA partnership provisions), where one of the partners is either an organization that is exempt from taxation under section 501(a) that meets the definition of a C corporation for federal tax purposes or a foreign corporation. |
| Rev. Rul. 2003-68(PDF, 79K) |
IRB #2003-26(HTML) |
June 30, 2003 |
| LIFO; price indexes; department stores. The April 2003 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, firstout inventory methods for valuing inventories for tax years ended on, or with reference to, April 30, 2003. |
| Rev. Rul. 2003-67(PDF, 76K) |
IRB #2003-26(HTML) |
June 30, 2003 |
| Obsolete revenue rulings. This ruling obsoletes prior rulings which have been identified as no longer being determinative. |
| Rev. Rul. 2003-66(PDF, 81K) |
IRB #2003-26(HTML) |
June 30, 2003 |
| Information reporting requirements. This ruling provides guidance to federal agencies about the information reporting requirements under sections 6041A and 6050M of the Code for the payment of services. |
| Rev. Rul. 2003-65(PDF, 83K) |
IRB #2003-25(HTML) |
June 23, 2003 |
| Frozen plan; additional accruals; vesting service. This ruling states that the freezing of accruals under a plan is not a plan termination for purposes of determining whether vesting service may be disregarded if accruals resume under the plan. Accordingly, all years of service for the plan sponsor since the plan was established must be counted toward vesting. The result is the same if, instead, the frozen plan is merged into a new plan of the employer with accruals resuming under the merged plan. |
| Rev. Rul. 2003-64(PDF, 83K) |
IRB #2003-25(HTML) |
June 23, 2003 |
| Unrelated business taxable income. In computing the unrelated business income tax it owes under section 511(a)(2)(A) of the Code, it is proper for a social club described in section 501(c)(7) to claim the credit under section 45B for the portion of employer social security taxes paid with respect to employee tips received from both members and nonmembers. |
| Rev. Rul. 2003-63(PDF, 85K) |
IRB #2003-25(HTML) |
June 23, 2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning July 1, 2003, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 is 2.5 percent. |
| Rev. Rul. 2003-62(PDF, 84K) |
IRB #2003-25(HTML) |
June 23, 2003 |
| Taxability of distributions of employee's trust. This ruling provides that amounts distributed from a qualified retirement plan that the distributee elects to have applied to pay health insurance premiums under a cafeteria plan are includible in the distributee's gross income. The holding also extends to situations where amounts distributed from the qualified retirement plan are applied directly to reimburse medical care expenses incurred by a participant in the qualified retirement plan. |
| Rev. Rul. 2003-61(PDF, 78K) |
IRB #2003-24(HTML) |
June 16, 2003 |
| Taxation of qualified family-owned business interest (QFOBI). A distribution in redemption of stock that is part of a QFOBI and that qualifies under section 303 of the Code: (1) does not affect the initial determination of whether the estate is eligible to make the QFOBI election, and (2) does not constitute a disposition under section 2057(f)(1)(B); thus under section 2057 no additional estate tax is imposed as a result of this distribution. |
| Rev. Rul. 2003-60(PDF, 86K) |
IRB #2003-23(HTML) |
June 9, 2003 |
| Federal rates; adjusted federal rates; adjusted federal longterm 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 June 2003. |
| Rev. Rul. 2003-59(PDF, 74K) |
IRB #2003-24(HTML) |
June 16, 2003 |
| Cost-share payments. The Conservation Reserve Program (CRP) is a small watershed program administered by the Secretary of Agriculture that is substantially similar to the type of programs described in sections 126(a)(1) through (8) of the Code within the meaning of section 126(a)(9). All or a portion of costshare payments received under the CRP is eligible for exclusion from gross income to the extent permitted by section 126. Rental payments and incentive payments are not cost-share payments and are not excludable from gross income. |
| Rev. Rul. 2003-58(PDF, 49K) |
IRB #2003-22(HTML) |
June 2, 2003 |
| Medical expenses. This ruling holds that amounts paid by an individual for medicines that may be purchased without a prescription of a physician are not deductible under section 213 of the Code, but amounts paid by an individual for equipment, supplies, or diagnostic devices that may be purchased without a prescription of a physician may be deductible under section 213. |
| Rev. Rul. 2003-57(PDF, 42K) |
IRB #2003-22(HTML) |
June 2, 2003 |
| Medical expenses. This ruling holds that amounts paid by individuals for procedures that are directed to improving appearance and do not promote the proper function of the body are not expenses for medical care deductible under section 213 of the Code unless the procedure is necessary to correct a deformity arising from a birth defect, disfiguring disease, or injury. |
| Rev. Rul. 2003-56(PDF, 98K) |
IRB #2003-23(HTML) |
June 9, 2003 |
| Like kind exchanges. This ruling deals with the consequences under section 752 of the Code, and the minimum gain rules under section 1.704-2(d) of the regulations, of a section 1031 transaction that straddles two taxable years. Rev. Rul. 2003-60 |
| Rev. Rul. 2003-55(PDF, 47K) |
IRB #2003-22(HTML) |
June 2, 2003 |
| Spin off. This ruling discusses whether the corporate business purpose requirement of section 1.355-2(b)(1) of the regulations is satisfied if, as a result of an unexpected deterioration of market conditions, the controlled corporation is unable to complete the stock offering that motivated the distribution. |
| Rev. Rul. 2003-54(PDF, 97K) |
IRB #2003-23(HTML) |
June 9, 2003 |
| Depreciation; gasoline pump canopies. This ruling determines the classification of typical "stand-alone" gasoline pump canopies and their supporting concrete footings for depreciation purposes by applying criteria set forth in Whiteco Industries, Inc. v. Commissioner, 65 T.C. 664 (1975). This ruling holds that the canopies are not inherently permanent structures and are classified as tangible personal property includible in asset class 57.0 of Rev. Proc. 87-56 for depreciation purposes. This ruling also holds that the supporting concrete footings are inherently permanent structures classified as land improvements includible in asset class 57.1 of Rev. Proc. 87-56 for depreciation purposes. Rev. Rul. 68-345 obsoleted. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Rul. 2003-53(PDF, 40K) |
IRB #2003-22(HTML) |
June 2, 2003 |
| Special use value; farms; interest rates. The 2003 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents. |
| Rev. Rul. 2003-52(PDF, 49K) |
IRB #2003-22(HTML) |
June 2, 2003 |
| Spin off. In the described situation, the division of a farm business to permit the principal managing shareholders to go their separate ways, promote family harmony, and further the personal estate planning of the principal managing shareholders' parents satisfies the business purpose requirement of section 1.355-2(b) of the regulations. |
| Rev. Rul. 2003-51(PDF, 34K) |
IRB #2003-21(HTML) |
May 27, 2003 |
| Transfer to corporation. This ruling provides guidance regarding the control requirement under section 351 of the Code involving successive transfers of property and stock. Rev. Ruls. 70-140, 70-522, 79-70, and 79-194 distinguished. |
| Rev. Rul. 2003-50(PDF, 22K) |
IRB #2003-21(HTML) |
May 27, 2003 |
| LIFO; price indexes; department stores. The March 2003 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, firstout inventory methods for valuing inventories for tax years ended on, or with reference to, March 31, 2003. |
| Rev. Rul. 2003-49(PDF, 61K) |
IRB #2003-20(HTML) |
May 19, 2003 |
| Reporting requirements for section 527 organizations. This ruling provides questions and answers regarding the reporting and disclosure requirements for political organizations described in section 527 of the Code. Rev. Rul. 2000-49 modified and superseded. |
| Rev. Rul. 2003-48(PDF, 30K) |
IRB #2003-19(HTML) |
May 12, 2003 |
| Demutualization. This ruling provides guidance as to the tax consequences when, as described in the specific facts presented, a mutual savings bank converts to a stock savings bank and a holding company structure is created. |
| Rev. Rul. 2003-47(PDF, 16K) |
IRB #2003-19(HTML) |
May 12, 2003 |
| Length of service award plan. This ruling provides an example to eligible employers of a type of length-of-service award program (LOSAP) that would qualify as a valid LOSAP plan described in section 457(e)(11)(A)(ii) of the Code. |
| Rev. Rul. 2003-46(PDF, 17K) |
IRB #2003-19(HTML) |
May 12, 2003 |
| Federal Insurance Contributions Act (FICA); Medicare. This ruling provides that for the continuing employment exception to the Medicare portion of the Federal Insurance Contributions Act tax to apply to service performed by an employee of a state, political subdivision, or instrumentality thereof, such employee must be a member of a retirement system pursuant to section 3121(b)(7)(F) of the Code. Rev. Ruls. 86-88 and 88-36 supplemented. |
| Rev. Rul. 2003-45(PDF, 20K) |
IRB #2003-19(HTML) |
May 12, 2003 |
| 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 May 2003. |
| Rev. Rul. 2003-44(PDF, 22K) |
IRB #2003-18(HTML) |
May 5, 2003 |
| Low-income housing credit; satisfactory bond; "bond factor" amounts for the period April through June 2003. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period April through June 2003. |
| Rev. Rul. 2003-43(PDF, 41K) |
IRB #2003-21(HTML) |
May 27, 2003 |
| Health plans. This ruling sets forth the rules regarding the use of debit and credit cards to reimburse participants in self-insured medical reimbursement plans. Rev. Rul. 2002-80 distinguished. |
| Rev. Rul. 2003-42(PDF, 40K) |
IRB #2003-16(HTML) |
April 21, 2003 |
| LIFO; price indexes; department stores. The February 2003 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, February 28, 2003. |
| Rev. Rul. 2003-41(PDF, 31K) |
IRB #2003-17(HTML) |
April 28, 2003 |
| Filing a timely claim for refund. This ruling holds that section 7503 of the Code does not affect the time for filing a timely claim for refund under section 6511 of the Code when the last day for filing a return falls on a Saturday, Sunday, or legal holiday, and the taxpayer does not file a return on the next succeeding day that is not a Saturday, Sunday, or legal holiday. Rev. Rul. 66-118 distinguished. |
| Rev. Rul. 2003-40(PDF, 25K) |
IRB #2003-17(HTML) |
April 28, 2003 |
| Estate tax; taxation of life insurance. If a Louisiana decedent purchases a life insurance policy on the decedent's life during marriage, names the decedent as owner of the policy, and does not transfer ownership of the policy, the policy is presumed to be community property under Louisiana law. As a result, one-half of the proceeds is includible in the decedent's gross estate. |
| Rev. Rul. 2003-39(PDF, 17K) |
IRB #2003-17(HTML) |
April 28, 2003 |
| Overrecovered fuel costs. Taxpayers may exclude fuel cost and energy conservation cost overrecoveries from gross income in cases involving facts substantially similar to Houston Industries Inc. v. United States, 32 Fed. C1. 202 (1994), appeal on other grounds dismissed, 78 F.3d 564 (Fed. Cir. 1996), aff'd, 125 F.3d 1442 (Fed. Cir. 1997), Florida Progress Corp. v. Commissioner, 114 T.C. 587 (2000), and Cinergy Corp. v. United States, Nos. 99-750 T and 00-572 T (Fed. C1. filed March 10, 2003). |
| Rev. Rul. 2003-38(PDF, 25K) |
IRB #2003-17(HTML) |
April 28, 2003 |
| Section 355. Whether creation of an Internet web site to sell shoes at retail, by a corporation that conducts a retail shoe store business, is an expansion of the original business or an acquisition of a new or different business under section 355(b) of the Code. |
| Rev. Rul. 2003-37(PDF, 17K) |
IRB #2003-15(HTML) |
April 14, 2003 |
| Capital expenditures; rotable spare parts. This ruling informs taxpayers that the Service will follow Hewlett Packard, Inc., v. United States, 71 F.3d 398 (Fed. Cir. 1995), rev'g Apollo Computer, Inc. and Subsidiaries v. United States, 32 Fed. CI. 334 (1994, and Honeywell, Inc. and Subsidiaries v. Commissioner, T.C. Memo 1992-453, aff'd, 27 F.3d 571 (8th Cir. 1994). Accordingly, taxpayers may treat rotable spare parts as depreciable assets if the taxpayer's facts are substantially similar to Hewlett Packard and Honeywell. |
| Rev. Rul. 2003-36(PDF, 18K) |
IRB #2003-18(HTML) |
May 5, 2003 |
| Executors, relief from joint and several liability. This ruling provides for an executor (including any other duly appointed representative) to pursue an existing request for relief from joint and several liability or file a request for relief on behalf of a decedent. Section 6903 of the Code provides that any person acting for another person in a fiduciary capacity assumes the rights of that person. This ruling concludes that the authority granted to fiduciaries in section 6903 includes the authority for an executor (including any other duly appointed representative) to seek relief pursuant to section 6015. |
| Rev. Rul. 2003-35(PDF, 25K) |
IRB #2003-14(HTML) |
April 7, 2003 |
| 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 April 2003. |
| Rev. Rul. 2003-34(PDF, 18K) |
IRB #2003-17(HTML) |
April 28, 2003 |
| Special estimated tax payments. Insurance companies taking deductions under section 847 of the Code are provided guidance with respect to discontinuing the deduction. |
| Rev. Rul. 2003-33(PDF, 18K) |
IRB #2003-13(HTML) |
March 31, 2003 |
| LIFO; price indexes; department stores. The January 2003 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, January 31, 2003. |
| Rev. Rul. 2003-32(PDF, 21K) |
IRB #2003-14(HTML) |
April 7, 2003 |
| Scholarship grants, employer-related private foundations. This ruling states that for purposes of sections 117 and 4945 of the Code, scholarships and educational grants awarded by a private foundation under an employer-related program to employees and their children, when the employee is a victim killed or seriously injured in a qualified disaster, may be awarded without regard to the percentage guidelines in Rev. Proc. 76-47, 1976-2 C.B. 670. Thus, grants awarded under such a program will be described in section 4945(g)(1) and will not be taxable expenditures under section 4945(d)(3). |
| Rev. Rul. 2003-31(PDF, 21K) |
IRB #2003-13(HTML) |
March 31, 2003 |
| Constructive sales, short sales, transition rule. This ruling provides guidance on whether changes made to a margin ac-count through which a short sale was effectuated will (1) cause the short sale to be deemed consummated under section 1.1233-1(a)(4) of the regulations, and (2) cause the short-against-the-box transaction to cease to be covered by the tran-sition rule in the Taxpayer Relief Act of 1997. |
| Rev. Rul. 2003-30(PDF, 33K) |
IRB #2003-13(HTML) |
March 31, 2003 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2003, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent. |
| Rev. Rul. 2003-29(PDF, 34K) |
IRB #2003-11(HTML) |
March 17, 2003 |
| Election in respect of losses attributable to a disaster. This ruling lists the areas declared by the President to qualify as major disaster or emergency areas during 2002 under the Disaster Relief and Emergency Assistance Act. |
| Rev. Rul. 2003-28(PDF, 29K) |
IRB #2003-11(HTML) |
March 17, 2003 |
| Charitable contributions; patents. Under section 170(a) of the Code, a taxpayer's contribution to a qualified charity of: (1) a license to use a patent is not deductible if the taxpayer retains any substantial right in the patent; (2) a patent subject to a conditional reversion is not deductible unless the likelihood of the reversion is so remote as to be negligible; and (3) a patent subject to a license or transfer restriction generally is deductible, but the restriction reduces the amount of the charitable contribution for section 170 purposes. |
| Rev. Rul. 2003-27(PDF, 32K) |
IRB #2003-11(HTML) |
March 17, 2003 |
| Employee stock ownership plan (ESOP). This ruling concerns basis adjustments of S corporation stock held by an employee stock ownership plan (ESOP). |
| Rev. Rul. 2003-26(PDF, 15K) |
IRB #2003-10(HTML) |
March 10, 2003 |
| 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 March 2003. |
| Rev. Rul. 2003-25(PDF, 12K) |
IRB #2003-13(HTML) |
March 31, 2003 |
| Fringe benefits aircraft valuation formula. For purposes of section 1.61-21(g) of the regulations, the Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charge in effect for the first half of 2003 are set forth for determining the value of non-commercial flights on employer-provided aircraft. |
| Rev. Rul. 2003-24(PDF, 23K) |
IRB #2003-10(HTML) |
March 10, 2003 |
| Insurance companies; interest rate tables. Prevailing state assumed interest rates are provided for the determination of reserves under section 807 of the Code for contracts issued in 2002 and 2003. Rev. Rul. 92-19 supplemented in part. |
| Rev. Rul. 2003-23(PDF, 22K) |
IRB #2003-8(HTML) |
Feb. 24, 2003 |
| Estimated tax penalty safe harbor. This ruling addresses the application of section 6654(d)(1)(B)(ii) of the Code where an individual filed a late original return for the preceding year. |
| Rev. Rul. 2003-22(PDF, 22K) |
IRB #2003-8(HTML) |
Feb. 24, 2003 |
| Low-income housing credit; satisfactory bond; "bond factor" amounts for the period January through March 2003. This ruling announces errors in the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2003. It also provides a list of the corrected bond factor amounts. Rev. Rul. 2003-2 revoked. |
| Rev. Rul. 2003-21(PDF, 16K) |
IRB #2003-8(HTML) |
Feb. 24, 2003 |
| LIFO; price indexes; department stores. The December 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, December 31, 2002. |
| Rev. Rul. 2003-20(PDF, 32K) |
IRB #2003-7(HTML) |
Feb. 18, 2003 |
| New markets tax credit. This ruling holds that, for purposes of determining the new markets tax credit under the facts of the ruling, the amount of the qualified equity investment made by a limited liability company (LLC) classified as a partnership includes cash from a nonrecourse loan to the LLC that the LLC invests as equity in a qualified community development entity. |
| Rev. Rul. 2003-19(PDF, 38K) |
IRB #2003-7(HTML) |
Feb. 18, 2003 |
| Insurance demutualization. This ruling provides guidance as to the tax consequences that occur when, as described in the facts set forth in this ruling, a mutual insurance company converts to a stock insurance company. |
| Rev. Rul. 2003-18(PDF, 23K) |
IRB #2003-7(HTML) |
Feb. 18, 2003 |
| Section 355. This ruling discusses whether the acquisition by D, a brand X automobile dealer, of a brand Y automobile dealership constitutes an expansion of the brand X business or an acquisition of a new or different business under section 1.355-3(b)(3)(ii) of the regulations. Rev. Rul. 57-190 obsoleted. |
| Rev. Rul. 2003-17(PDF, 22K) |
IRB #2003-6(HTML) |
Feb. 10, 2003 |
| Foreign life insurance companies. This ruling discusses whether a foreign life insurance company carrying on an insurance business in the United States determines the amount of income effectively connected with its U.S. business under section 842(a) of the Code based exclusively on the amount of income reported by the business on its NAIC statement. |
| Rev. Rul. 2003-16(PDF, 24K) |
IRB #2003-6(HTML) |
Feb. 10, 2003 |
| 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 January 2003. |
| Rev. Rul. 2003-15(PDF, 18K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| Cost-share payments; AMA. The Agricultural Management Assistance Program (AMA) is substantially similar to the type of programs described in sections 126(a)(1) through (8) within the meaning of section 126(a)(9) of the Code. All or a portion of costshare payments received under the AMA program is eligible for exclusion from gross income to the extent permitted by section 126. |
| Rev. Rul. 2003-14(PDF, 15K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| Cost-share payments; SWCA. The Soil and Water Conservation Assistance Program (SWCA) is substantially similar to the type of programs described in sections 126(a)(1) through (8) within the meaning of section 126(a)(9) of the Code. All or a portion of cost-share payments received under the SWCA program is eligible for exclusion from gross income to the extent permitted by section 126. |
| Rev. Rul. 2003-13(PDF, 37K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| Transfers of assets. This ruling describes the responsibilities of a private foundation relating to section 507 and chapter 42 (sections 4940-4945) of the Code when it transfers all of its assets to one or more public charities described in sections 509(a)(1), 509(a)(2), or 509(a)(3). |
| Rev. Rul. 2003-12(PDF, 32K) |
IRB #2003-3(HTML) |
Jan. 21, 2003 |
| Gross income; general welfare; gifts; disaster relief payments. This ruling holds that amounts paid to an individual by a state agency, a charity, or an employer to reimburse the individual for certain expenses the individual incurs as a result of a Presidentially declared disaster are excluded from the individual’s gross income under the administrative general welfare exclusion, sections 102 and 139 of the Code, respectively. Rev. Rul. 53–131 modified. |
| Rev. Rul. 2003-11(PDF, 24K) |
IRB #2003-3(HTML) |
Jan. 21, 2003 |
| Limitation on annual compensation; section 611(c) of EGTRRA. This ruling pertains to whether the allowable compensation limit enacted by section 611(c) of EGTRRA may be applied to former employees and meet the nondiscrimination and coverage requirements of the Code. |
| Rev. Rul. 2003-10(PDF, 32K) |
IRB #2003-3(HTML) |
Jan. 21, 2003 |
| Accrual of income. This ruling addresses the accrual of gross income when a taxpayer’s customer disputes its liability to the taxpayer because of (1) a clerical mistake in a sales invoice, (2) the shipment of the wrong goods, or (3) the shipment of more items than the customer ordered. |
| Rev. Rul. 2003-9(PDF, 22K) |
IRB #2003-4(HTML) |
Jan. 27, 2003 |
| LIFO; price indexes; department stores. The November 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, November 30, 2002. |
| Rev. Rul. 2003-8(PDF, 16K) |
IRB #2003-3(HTML) |
Jan. 21, 2003 |
| Costa Rican income tax law; withholding taxes. This ruling holds that certain Costa Rican taxes are noncreditable soak-up taxes under sections 901 and 903 of the Code. The ruling also serves as an official confirmation to the Costa Rican Tax Administration that these taxes are noncreditable in the United States. |
| Rev. Rul. 2003-7(PDF, 28K) |
IRB #2003-5(HTML) |
Feb. 3, 2003 |
| Actual and constructive sales. This ruling holds that a shareholder has neither sold stock currently under section 1001 of the Code nor caused a constructive sale of stock under section 1259 if the shareholder receives a fixed amount of cash, simultaneously enters into an agreement to deliver on a future date a number of shares of common stock that varies significantly depending on the value of the shares on the delivery date, pledges the maximum number of shares for which delivery could be required under the agreement, retains an unrestricted legal right to substitute cash or other shares for the pledged shares, and is not otherwise economically compelled to deliver the pledged shares. |
| Rev. Rul. 2003-6(PDF, 33K) |
IRB #2003-3(HTML) |
Jan. 21, 2003 |
| Employee stock ownership plans; delayed effective date; abuse. This ruling states that where the intent of section 409(p) of the Code to limit the establishment of ESOPs by S corporations to those that provide broad-based employee coverage and that benefit rank-and-file employees (as well as highly compensated employees and historical owners) is not present, the delayed effective date in section 656(d)(2) of EGTRRA is not available and that such transactions are listed transactions. |
| Rev. Rul. 2003-5(PDF, 15K) |
IRB #2003-2(HTML) |
Jan. 13, 2003 |
| 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 January 2003. |
| Rev. Rul. 2003-4(PDF, 21K) |
IRB #2003-2(HTML) |
Jan. 13, 2003 |
| Mutual life insurance companies; recomputed differential earnings rate. For purposes of section 809 of the Code, the recomputed differential earnings rate for 2000 and the differential earnings rate for 2001 are set forth for use by mutual life insurance companies. |
| Rev. Rul. 2003-3(PDF, 23K) |
IRB #2003-2(HTML) |
Jan. 13, 2003 |
| Accrual of income; state tax refunds. This ruling holds that a state or local income or franchise tax refund is includible in the income of a taxpayer using the accrual method of accounting when the taxpayer receives payment or notice that the refund claim has been approved, whichever is earlier. Rev. Ruls. 65-190 and 69-372 revoked. Rev. Proc. 2002-9 modified and amplified. |
| Rev. Rul. 2003-2(PDF, 22K) |
IRB #2003-2(HTML) |
Jan. 13, 2003 |
| Low-income housing credit; satisfactory bond; "bond factor" amounts for the period January through March 2003. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2003. |
| Rev. Rul. 2003-1(PDF, 29K) |
IRB #2003-3(HTML) |
Jan. 21, 2003 |
| Constructive sales; reestablished positions. This ruling provides guidance on the interaction between section 1259(c)(3)(A) of the Code (exception for certain closed transactions) and section 1259(c)(3)(B) (treatment of positions which are reestablished). |
