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April 2002 Plain Language Regulations

Interest on Qualified Education Loans
The IRS is withdrawing previously issued proposed regulations and is issuing new proposed regulations relating to the information reporting requirements under section 6050S of the Internal Revenue Code for qualified tuition and related expenses. In general, this section requires eligible education institutions to file information returns and to furnish written information statements to assist taxpayers and the IRS in determining any education tax credit allowable under section 25A. These proposed regulations include provisions for filing information returns reporting qualified tuition and related expenses on magnetic media. These proposed regulations apply to information returns required to be filed, and information statements required to be furnished after December 31, 2003. REG-161424-01; REG-105316-98. Published April 29, 2002. Correction Notice May 30, 2002.
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Interest on Qualified Education Loans
These final regulations relate to information reporting for payments of interest on qualified education loans including magnetic media filing requirements for information returns. The regulations provide guidance to payees receiving interest payments on qualified education loans. The regulations apply to information returns required to be filed, and information statements required to be furnished after December 31, 2003. TD 8992. Published April 29, 2002. Correction Notice May 30, 2002.
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Qualified Covered Call Treatment
These final regulations provide guidance on the application of the rules governing qualified covered calls. The new rules address concerns that were created by the introduction of new financial instruments several years after the enactment of the qualified covered call rules. The final regulations also provide guidance for taxpayers writing equity call options. TD 8990. Published April 29, 2002.
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Recognition of Gain on Certain Distributions
Section 355(e) generally requires corporations to recognize gain on certain distributions of stock or securities of a subsidiary corporation if the distribution is part o a plan that also involves the acquisition by one or more persons of a 50 percent or greater interest in either the corporation making the distribution or the corporation being distributed. These regulations provide guidance to help corporate taxpayers determine when a distribution and an acquisition are treated as part of a plan. TD 8988. Published April 26, 2002. Correction Notice June 3, 2002.
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Recognition of Gain on Certain Distributions
Section 355(e) generally requires corporations to recognize gain on certain distributions of stock or securities of a subsidiary corporation if the distribution is part o a plan that also involves the acquisition by one or more persons of a 50 percent or greater interest in either the corporation making the distribution or the corporation being distributed. These regulations provide guidance to help corporate taxpayers determine when a distribution and an acquisition are treated as part of a plan. REG-163892-01. Published April 26, 2002.
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Taxation of Tax-Exempt Organizations Income
These final regulations provide guidance concerning whether corporate sponsorship payments are unrelated business taxable income. They will effect many exempt organizations that receive sponsorship payments. TD 8991. Published April 25, 2002.
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Guidance on Electronic Tax Administration
These temporary and proposed regulations will amend the Income Tax Regulations (26 CFR Part 1), and the Regulations on Procedure and Administration (26 CFR Part 301), in order to eliminate regulatory impediments to electronic filing. The regulations will enable more individuals to file fully electronic (paperless) Form 1040 returns. REG-107184-00. Published April 24, 2002.
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Guidance on Electronic Tax Administration
These temporary and proposed regulations will amend the Income Tax Regulations (26 CFR Part 1), and the Regulations on Procedure and Administration (26 CFR Part 301), in order to eliminate regulatory impediments to electronic filing. The regulations will enable more individuals to file fully electronic (paperless) Form 1040 returns. TD 8989. Published April 24, 2002.
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Reduction in Rate of Future Benefit Accrual
These proposed regulations provide guidance on the requirements for plan administrators to give notice of plan amendments to adversely affected plan participants and other parties when those amendments provide for a significant reduction in the rate of future benefit accrual or the elimination or significant reduction in an early retirement benefit or retirement-type subsidy. REG-136193-01. Published April 23, 2002. Correction May 21, 2002.
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Required Distribution from Retirement Plans
These proposed regulations provide guidance, in a question and answer format, on required minimum distributions from defined benefit retirement plans and annuity contracts. These proposed regulations affect administrators of, participants in, and beneficiaries of retirement plans, including IRAs. REG-108697-02. Published on April 17, 2002.
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Required Distribution from Retirement Plans
These final and temporary regulations provide guidance, in a question and answer format, on required minimum distributions from retirement plans. These final and temporary regulations affect administrators of, participants in, and beneficiaries of retirement plans, including IRAs. TD 8987. Published on April 17, 2002. Correction on May 21, 2002.
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Arbitrage and Private Activity Restrictions
These proposed regulations contain amendments to the final regulations on the arbitrage and private activity restrictions applicable to tax-exempt bonds issued by States and local governments. The proposed amendments affect issuers of tax-exempt bonds and provide guidance on the definitions of investment-type property and private loans to help issuers comply with the arbitrage and private activity restrictions. REG-113526-98, REG-105369-00. Published on April 17, 2002.
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Levy Restrictions During Installment Agreements
These proposed regulations provide the prohibition of levy while an installment agreement is pending with the Secretary, while an installment agreement is in effect, and following the rejection or termination of an installment agreement. This levy prohibition is established in section 6331(k) of title 26 of the Internal Revenue Code, as added by the IRS Restructuring and Reform Act of 1998. The regulations clarify when levy is prohibited and the effect of that prohibition on the statute of limitations for collection and provide that the IRS may not commence a proceeding in court for the collection of a tax included in a proposed or active installment agreement while levy is prohibited by this section of the Code. REG-104762-00. Published April 17, 2002.
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Obligations of States and Political Subdivisions
These proposed regulations relate to the definition of refunding issue applicable to tax-exempt bonds issued by States and local governments. Generally, interest on bonds issued by State and local governments is excluded from grow income. However, this exclusion does not apply to certain refunding issues. This proposed regulation would amend the definition of a refunding issue in a number of ways. REG-165706-01. Published April 10, 2002.
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Page Last Reviewed or Updated: 17-Aug-2012