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 2003-33(PDF, 64K)
This notice provides guidance regarding the determination of the applicable date that terminates the election period under section 645 of the Code for trusts and estates of decedents dying before December 24, 2002.

REG-113007-99(PDF, 119K)
Proposed regulations under section 141 of the Code relate to the definition of private activity bond applicable to tax-exempt bonds issued by state and local governments. The proposed regulations affect issuers of tax-exempt bonds and provide needed guidance for applying the private activity bond restrictions to refunding issues. The proposed regulations adopt a general approach for applying the private activity bond restrictions to refunding issues based on the principles for measuring private activity contained in section 141 and the final regulations thereunder. A public hearing is scheduled for September 9, 2003.

REG-142605-02(PDF, 97K)
Proposed regulations under sections 263A and 448 of the Code provide rules under which any adjustment under section 481(a) resulting from a change in method of accounting under the regulations will be taken into account over the same number of taxable years that is provided in general guidance. A public hearing is scheduled for August 13, 2003.

Rev. Rul. 2003-54(PDF, 97K)
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. 2003-56(PDF, 98K)
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. 2003-60(PDF, 86K)
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.

GIFT TAX

Rev. Proc. 2003-42(PDF, 129K)
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.

ESTATE TAX

Rev. Proc. 2003-42(PDF, 129K)
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.

Notice 2003-34(PDF, 80K)
This notice identifies arrangements involving an investment in a purported insurance company organized offshore which invests in hedge funds or investments in which hedge funds typically invest. This notice alerts taxpayers to the fact that some of the arrangements may not qualify as insurance, some of the entities may not qualify as insurance companies, and the stakeholders involved may be subject to sections 1291-1298 of the Code (the passive foreign investment company rules).

Notice 2003-35(PDF, 64K)
This notice reminds taxpayers that an entity must be an insurance company for federal income tax purposes in order to qualify as exempt from tax under section 501(c)(15) of the Code.

Notice 2003-36(PDF, 95K)
Uniform capitalization; simplified service cost and simplified production methods. The Service and Treasury intend to publish guidance to clarify the types of property that qualify as eligible property for purposes of the simplified service cost and simplified production methods under the regulations under section 263A. Comments are requested. Also, taxpayers are informed of changes in the procedures for requesting approval of a change in method of accounting to one of these methods. Rev. Proc. 2002-9 suspended in part.

Rev. Proc. 2003-43(PDF, 153K)
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.