Internal Revenue Bulletins  

January 21, 2003

Internal Revenue Bulletin No. 2003-03

Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.

INCOME TAX

Notice 2003-4(PDF, 17K)
LIFO recapture installment payments. This document informs taxpayers of the federal income tax consequences of a failure to timely make an installment payment attributable to the LIFO recapture requirement of section 1363(d) of the Code.

Notice 2003-5(PDF, 42K)
This notice provides guidance relating to the application of separate foreign tax credit limitations under section 904 of the Code to dividends from a noncontrolled section 902 corporation (10/50 corporation) in taxable years beginning after December 31, 2002.

REG-151043-02(PDF, 17K)
Proposed regulations under section 61 of the Code authorize the Commissioner to provide, through administrative guidance, rules for deferring inclusion of advance rentals in gross income to a taxable year other than the year of receipt.

Rev. Rul. 2003-1(PDF, 29K)
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).

Rev. Rul. 2003-8(PDF, 16K)
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. 2003-10(PDF, 32K)
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. 2003-12(PDF, 32K)
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.

EMPLOYEE PLANS

Notice 2003-6(PDF, 23K)
Nondiscrimination rules; certain governmental plans. This document announces that the Service intends to issue regulations regarding how, and the extent to which, the nondiscrimination rules apply to governmental plans under section 414(d) of the Code other than those maintained by a state or local government, political subdivision, agency, or instrumentality thereof. Comments are requested regarding the content of these regulations. Notice 2001–46 modified.

Rev. Rul. 2003-6(PDF, 33K)
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. 2003-11(PDF, 24K)
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.

ADMINISTRATIVE

Announcement 2003-2(PDF, 11K)
New Form 8883, Asset Allocation Statement Under Section 338, is now available. This form is used to report information about transactions involving the deemed sale of corporate assets under section 338 of the Code.

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