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December 2001 and Prior Plain Language Regulations

December 2001 and Prior Plain Language Regulations

- January 2002 -

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Reporting of Certain Currency Transactions
This final regulation relates to the information reporting requirements under section 60501 of the Internal Revenue Code. The amendment reflects changes in the law made by the Uniting and Strengthening America by Providing appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("the USA Patriot Act”). Section 60501 of title 26 requires persons to report information about financial transactions to the IRS, and section 5331 of title 31 requires persons to report similar information about certain transactions to the Financial Crimes Enforcement Network. This final regulation provides that this information shall be reported on the same form as prescribed by the Secretary. TD 8974. Published December 31, 2001.
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Allocation of Loss With Respect to Stock
This document contains final regulations relating to the allocation of loss recognized on the disposition of stock and other personal property. The loss allocation regulations apply in determining taxable income from U.S. and foreign sources, which is relevant for taxpayers that claim the foreign tax credit. TD 8973. Published December 28, 2001.
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Credit for Increasing Research Activities
These proposed regulations relate to the computation of research credits and the definition of qualified research. In addition, these proposed regulations contain descriptions of when computer software that is developed by (or for the benefit of) a taxpayer primarily for the taxpayer's internal-use is excepted from the internal-use software exclusion currently contained in the Internal Revenue Code. REG-112991-01. Published December 26, 2001.
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Partnerships and Disregarded Entities
These "Check the Box Regulations" apply to subsidiary corporations that elect to change their classification for Federal tax purposes from a corporation either a partnership or disregarded entity. The rules are effective December 17, 2001. The regulations provide that for purposes of satisfying the requirement of adoption of a plan of liquidation under section 332(b), a plan of liquidation is deemed adopted immediately before the deemed liquidation incident to an elective change in the entity classification, unless a formal plan of liquidation is adopted on a earlier date. TD 8970. Published December 17, 2001.
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Payment by Credit Card and Debit Card
This regulation authorizes the Secretary of the Treasury to accept payment of Internal Revenue taxes by credit card of debit card. Additionally, this final regulation provides that payment of tax by check or money order should be made payable to the United States Treasury. TD 8969. Published December 14, 2001.
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Disclosure of Returns and Return Information
This temporary regulation relates to the disclosure of return information by Federal, state and local agencies other than the IRS. The temporary regulation will permit the IRS to authorize such agencies with access to returns and return information under section 6103 of the Internal Revenue Code (Code) to redisclose such returns and return information, with the Commissioner's approval, to any authorized recipient set forth in section 6103 of the Code, subject to the same conditions and restrictions, and for the same purposes, as if the recipient had received the information from the IRS directly. The recipient could then use the information as permitted by section 6103 of the Code, and under the same conditions and restrictions as if the recipient had obtained the information from the IRS directly. REG-105344-01. Published December 13, 2001.
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Definition of Private Business Use
Generally, interest on bonds issued by State and local governments are excluded from gross income. However, this exclusion does not apply to non-qualified private activity bonds. A bond may be a non-qualified private activity bond if a nongovernmental person has special legal entitlements to use the financed property under an arrangement with the user. The regulation contains special exceptions for arrangements of 30, 90, and 180 days, and this final regulation amends those exceptions to permit arrangements of 50, 100, and 200 days, respectively. TD 8967. Published November 20, 2001.
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Disregarded Entities in Certain Corp Reorganizations
This document withdraws a notice of proposed rulemaking relating to certain corporate reorganizations involving disregarded entities. The proposed regulations were published on May 16, 2000. After consideration of the comments received, the IRS and Treasury have decided to withdraw the proposed regulations and issue new proposed regulations. REG-106186-98. Published November 15, 2001.
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Consolidated Returns
Affiliated corporations that elect to file on a consolidated basis are subject to the consolidated return regulations, which among other things provide for the non-application of certain provisions of the Internal Revenue Code (Code) with respect to the consolidated group. One such provision concerns the consequences of an assumption of liabilities in excess of a defined amount in certain exchanges of property for stock between a shareholder and a corporation. A subsection of that provision describes certain liabilities that are excluded from that calculation as well as for a different calculation under another provision of the Code. These proposed regulations clarify that for purposes of this latter provision of the Code, the subsection does have application with respect to a consolidated group. REG-137519-01. Published November 14, 2001.
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Application of FICA and FUTA to Statutory Stock Options
The proposed regulations provide that for purposes of the Federal Insurance Contributions Act (FICA) (often referred to as the Social Security tax and the Medicare tax) and the Federal Unemployment Tax Act (FUTA), at the time of the exercise of a statutory stock option (i.e., incentive stock options and options granted pursuant to a certain type of employee stock purchase plan), the individual who was granted the statutory stock option receives wages. Because there is a payment of wages at the time of exercise, FICA tax and FUTA tax are applicable at that time. Income tax withholding, however, is not required at the time of exercise. The amount of wages received equals the excess of the fair market value of the stock acquired pursuant to the exercise of the statutory stock option over the amount paid for the stock. Under the proposed regulations, these provisions would be effective for an exercise of a statutory stock option that occurs on or after January 1, 2003. The proposed regulations also authorize the Service to adopt rules of administrative convenience to assist employers and employees in meeting their FICA tax and FUTA tax obligations. REG-142686-01. Published: November 14, 2001.
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Intercompany Transaction System
On July 18, 1995, the Treasury and the IRS published final regulations governing the intercompany transaction system of the consolidated return regulations. Those regulations state that the timing rules of the intercompany transaction system are a method of accounting. At the time of the publication of those regulations, no amendment was made to the regulations promulgated under section 446 to coordinate with that statement. This final regulation contains proposed regulations under section 446 confirming that the timing rules of the intercompany transaction regulations are a method of accounting. REG-125161-01. Published November 7, 2001.
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Catch-Up Contributions for Ages 50 or Over
This proposed regulation explains the requirements under section 414(v) for retirement plans that offer catch-up contributions for individuals age 50 and over. The proposed regulation will affect some businesses and retirement plans. The proposed regulation is to apply to contributions in taxable years beginning on or after January 1, 2002. REG-142499-01. Published October 23, 2001. Comment period extension published February 20, 2002.
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Gasoline Tax Claims Under Section 6416(a)(4)
This advanced notice of proposed rulemaking relates to claims for credits or refunds of the gasoline tax by the person that actually paid the tax to the government. REG-143219-01. Published October 23, 2001.
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Cafeteria Plans and Family and Medical Leave Act
This document contains final regulations relating to cafeteria plans. These final regulations provide guidance on the interaction of cafeteria plans and the Family Medical Leave Act of 1993 (FMLA). FMLA imposes certain requirements on employers regarding coverage under group health plans for employees taking FMLA leave and regarding the restoration of benefits to employees who return from FMLA leave. These regulations explain how the FMLS requirements affect the operation of cafeteria plans (including flexible spending arrangements). The regulations affect many businesses, nonprofit organizations, and individuals. TD 8966. Published October 17, 2001.
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Unified Partnership Audit Procedures
This final regulation relates to the unified partnership audit procedures added to the Internal Revenue Code by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), and amended by the Taxpayer Relief Act of 1997 (1997 Act), and the Internal Revenue Service Restructuring and Reform Act of 1998 (1998 Act). The unified partnership audit procedures provide administrative rules for the auditing of a partnership and its partners. TD 8965. Published October 3, 2001.
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Liabilities Assumed in Certain Corp Transactions
Section 301 generally provides rules governing the treatment of distributions of property from corporations to their shareholders. These final regulations address distributions by corporations in which liabilities of the corporation are assumed by the shareholders or in which the distributed property is subject to liabilities. These final regulations provide that the amount of a distribution under section 301 will be reduced only by the amount of any liability that is treated as assumed by the distributee within the meaning of section 357(d). TD 8964. Published September 27, 2001.
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Pension and Employee Benefit Trusts
This final regulation provides that certain listed trusts are deemed to satisfy the control test for treatment as domestic trusts for tax purposes provided that United States trustees control all of the substantial decisions of the trust made by the trustees of the trusts. In addition, certain group trusts that consist of qualified retirement plans and IRAs, and investment trusts that meet the conditions set forth in the regulation are added to the list of trusts that may satisfy the control test safe harbor. The regulation applies to trusts for taxable years ending on or after August 9, 2001. TD 8962. Published August 9, 2001.
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Modification of Tax Shelter Rules II
These proposed regulations provide the public with additional guidance needed to comply with the disclosure rules, and registration requirements applicable to tax shelters. These proposed regulations will affect corporations participating in certain reportable transactions, persons responsible for registering confidential corporate tax shelters, and organizers of potentially abusive tax shelters. REG-103735-00; REG-103736-00; REG-110311-98. Published August 7, 2001.
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Modification of Tax Shelter Rules II
These temporary and proposed regulations provide the public with additional guidance to comply with the disclosure rules, the registration requirement, and the list maintenance requirement applicable to tax shelters and further explains these provisions. TD 8961. Published August 7, 2001.
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Transfers of Property to a Third Party
This proposed regulation relates to the tax treatment of certain redemptions, during marriage or incident to divorce, of stock owned by a spouse or former spouse, under section 1041 of the Internal Revenue Code. REG-107151-00. Published August 3, 2001.
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Adjustments to Underpayments of Employment Taxes
Generally, all taxpayers who fail to pay the full amount of taxes they owe are subject to interest, which begins to run on the date such taxes are due and continues until the date the taxes are paid. However, employers who erroneously pay less than the correct amount of employment taxes are not required to pay interest on the underpayment, provided they report the error and remit the correct amount of tax no later than the due date of the return for the quarter in which the error is ascertained. Similarly, employers whose underpayments constitute errors that are discovered during an examination by the IRS are not required to pay interest on the underpayments, provided they remit the correct amount of tax due after the conclusion of the examination and prior to receiving a notice of demand for payment. These final regulations under section 6205 clarify that employers who do not either pay the tax at the conclusion of an employment tax examination, or make a cash bond deposit to stop the accrual of interest prior to filing a petition in Tax Court under section 7436 of the Internal Revenue Code contesting worker classification determinations made by the IRS in the course of the examination, are subject to interest which begins to run at the time the IRS examination is concluded. TD 8959. Published August 1, 2001.
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Foreign Trusts That Have U.S. Beneficiaries
This final regulation relates to transfers of property by U. S. persons to foreign trusts having one or more United States beneficiaries under section 679 of the Internal Revenue Code. The final regulation affects United States persons who transfer property to foreign trusts. TD 8955. Published July 20, 2001.
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Simplified Production and Resale Methods
This document withdraws the notice of proposed rulemaking [REG-113910-98] issued on May 24, 1999, relating to special rules regarding the simplified production and simplified resale methods with historic absorption ration election. In response to the written comments received and the oral comments presented at a public hearing held on September 1, 1999, and based on an internal IRS survey, it was determined that the potential for abuse using the current regulations' rule of reviewing a historic absorption ratio every six years was small. Further, this potential for abuse was outweighed by the burden that would be placed on taxpayers by requiring an annual review of the accuracy of their rations. Accordingly, these proposed regulations were withdrawn. REG-113910-98. Published May 24, 1999. Withdrawn July 3, 2001.
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Defined Contribution Retirement Plans
Nondiscrimination Requirements for Certain Defined Contribution Retirement Plans: These final regulations explain when certain defined retirement plans (sometimes referred to as “new comparability” plans) would be eligible to satisfy the nondiscrimination requirements of section 401(a)(4) on the basis of plan benefits rather than plan contributions. TD 8954. Published June 29, 2001.
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Eligibility Requirements for Earned Income Credit
This final regulation provides guidance to taxpayers who have been denied the earned income credit (EIC) as a result of the deficiency procedures and wish to claim the credit in a subsequent year. This final regulation applies to taxpayers claiming the EIC for taxable years beginning after December 31, 1997, where the taxpayer's EIC claim was denied for a taxable year beginning after December 31, 1996. TD 8953. Published June 25, 2001.
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Changes in Accounting Periods
Taxable income must be computed on the basis of a taxpayer's taxable year. The term “taxable year” generally means the taxpayer's annual accounting period. These proposed regulations provide guidance as to the annual accounting period a taxpayer may adopt and use. The proposed regulations also provide guidance on how a taxpayer can obtain the approval of the Commissioner when it wishes to change its annual accounting period. REG-106917-99. Published June 13, 2001.
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- January 2002 -

Page Last Reviewed or Updated: 17-Jan-2014