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January 2002 Plain Language Regulations

Disallowance of Deductions and Credits for Failure to File Timely Return
This document contains proposed regulations relating to the disallowance of deductions and credits for nonresident alien individuals and foreign corporations that fail to file a timely U.S. income tax return. The current regulations permit nonresident aliens and foreign corporations the benefit of deductions and credits only if they timely file a U.S. income tax return in accordance with subtitle F of the Internal Revenue Code. The temporary regulations revise the waiver standard and also serve as the text of these proposed regulations set forth in this cross-referenced notice of proposed rulemaking. This document also provides notice of a public hearing on these proposed regulations. REG-107100-00. Published January 29, 2002.
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Guidance Regarding Deduction and Capitalization of Expenditures
This advance notice of proposed rulemaking provides guidance by describing and explaining rules and standards that the IRS and Treasury Department expect to propose by the end of 2002 in a notice of proposed rulemaking. The proposed rules will clarify whether expenditures incurred in acquiring, creating, or enhancing certain intangible assets or benefits must be deducted or capitalized. Public comments are requested and all submitted comments will be available for public inspection and copying. REG-125638-01. Published January 24, 2002.
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Disallowance of Deductions and Credits
These regulations relate to the disallowance of deductions and credits for nonresident alien individuals and foreign corporations that fail to file a timely U.S. income tax return. The current regulations permit nonresident aliens and foreign corporations the benefit of deductions and credits only if they file a U.S. income tax return in accordance with subtitle F of the Internal Revenue Code. The temporary regulations revise the waiver standard, and provide guidance as to the circumstances under which a waiver will be granted. TD 8981. Published January 24, 2002.
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Excise Taxes on Excess Benefit Transactions
This final regulation relates to the excise taxes on excess benefit transactions under section 4958 of the Internal Revenue Code, as well as certain amendments and additions to existing Income Tax Regulations affected by section 4958. Section 4958 imposes excise taxes on any transaction that provides excess benefits to a person in a position to exercise substantial influence over the affairs of a public charity or a social welfare organization. TD 8978. Published January 23, 2002.
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Community Income for Individuals Not Filing Joint Returns
The proposed regulations provide rules to determine how community income is treated under section 66 for certain married individuals in community property states who do not file joint individual Federal income tax returns. The proposed regulations provide guidance regarding the four exceptions to community property laws contained in section 66. The proposed regulations also reflect changes in the law made by the IRS Restructuring and Reform Act of 1998. REG-115054-01. Published January 22, 2002.
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Notice and Opportunity For Hearing Before Levy
The regulation sets forth the IRS procedures for notice to taxpayers of the right to a hearing concerning an IRS levy made on or after January 19, 1999. Among other things, the regulation describes, how to request a hearing, what can be considered at the hearing, and how to obtain judicial review of a determination resulting from the hearing. TD 8980. Published January 18, 2002.
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Hearing Upon Filing of Notice of Lien
This final regulation sets forth the IRS procedures for notice to taxpayers of the right to a hearing with respect to the filing of a federal tax lien on or after January 19, 1999. Among other things, the regulation describes how to request a hearing, what can be considered at the hearing, and how to obtain judicial review of a determination resulting from the hearing. TD 8979. Published January 18, 2002.
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Taxpayer Identification Number Rule & Treaty Rate
This temporary regulation will allow withholding agents, who are also acceptance agents, to rely on a beneficial owner withholding certificate that does not contain an individual taxpayer identifying number (ITIN) in limited circumstances when the IRS is not issuing ITINs. Specifically, the amendments will have the effect of: (1) allowing certain withholding agents to obtain ITINs on an expedited basis for foreign individuals receiving unexpected payments and claiming tax treaty benefits with respect to those payments; and (2) allowing withholding agents to make unexpected payments to a foreign individuals, who do not possess ITINs, when the use of the expected process is unavailable. TD 8977. Published January 17, 2002.
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Taxpayer Identification Number Where Taxpayer Claims Treaty Rate
The attached Notice of Proposed Rulemaking by cross reference to the temporary regulation would amend current sections 1.1441-1, 1.1441-6 and 301.6109-1(d) and add section 1.1441-6T to allow withholding agents, who are also acceptance agents, to rely on a beneficial owner withholding certificate that does not contain an individual taxpayer identifying number (ITIN) in limited circumstances when the IRS is not issuing ITINs. Specifically, the amendments would have the effect of: (1) allowing certain withholding agents to obtain ITINs on an expedited basis for foreign individuals receiving unexpected payments and claiming tax treaty benefits with respect to those payments; and (2) allowing withholding agents to make unexpected payments to a foreign individuals, who do not possess ITINs, when the use of the expedited process is unavailable. REG-159079-01. Published January 17, 2002.
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Dollar-Value LIFO; Inventory Price Index
These final regulations contain guidance for taxpayers who elect or elected to use the last-in first-out (LIFO) inventory method of accounting under section 472 of the Internal Revenue Code of 1986 and who elect to value dollar-value inventories using the inventory price index computation method. In addition, the regulations explain how to account for LIFO inventories received in certain non-recognition transactions. TD 8976. Published January 9, 2002. Correction Notice published February 4, 2002.
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Averaging of Farm Income
These final regulations provide guidance to individuals engaged in a farming business (including a partner engaged through a partnership and an S corporation shareholder engaged through an S corporation) who may elect to compute their regular tax liability by treating all or a portion of the current year's farming income as if it had been earned in equal portions over the prior three years. TD 8972. Published January 8, 2002.
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Liability for the Insurance Premium Excise Tax
This document contains proposed regulations amending the regulations under section 4374 of the Internal Revenue Code. The proposed regulations provide guidance concerning persons liable for the insurance premium excise tax. This document affects persons who make, sign, issue, or sell a policy of insurance, indemnity bond, annuity contract, or policy of reinsurance issued by any foreign insurer or reinsurer. REG-125450-01. Published January 7, 2002.
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Property Transfers to RICs and REITs
These proposed regulations apply to certain transactions or events that result in a Regulated Investment Company [RIC] or Real Estate Investment Trust [REIT] owning property that has a basis determined by reference to a C corporation's basis in the property. These regulations affect RICs, REITs and C corporations and clarify the tax treatment of transfers of C corporation property to a RIC or RET. REG-142299-01; REG-209135-88. Published January 2, 2002. Comment period extension published January 14, 2002. Correction notice published January 29, 2002.
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Certain Transfers of Property to RICs and REITs
This document contains temporary regulations that apply to certain transactions or events that result in a Regulated Investment Company [RIC] or a Real Estate Investment Trust [REIT] owning property that has a basis determined by reference to a C corporation's basis in the property. These regulations affect RIC's, REITs, and C corporations and clarify the tax treatment of transfers of C corporation property to a RIC or REIT. TD 8975. Published January 2, 2002. Correction notice published January 29, 2002.
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Page Last Reviewed or Updated: 17-Aug-2012