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January 2003 Plain Language Regulations

The following is a list of tax regulations published in January 2003:

Backup Withholding for Payment Card Transactions
These proposed regulations provide that backup withholding does not apply to payment card transactions if the reportable payments are made through a Qualified Payment Card Agent (QPCA) and the payee is a qualified payee.  They also relate to the information reporting requirements, information reporting penalties, and backup withholding requirements for payment card transactions.  They effect payors (and their authorized agents) and payees of certain reportable payments and provide guidance necessary to comply with the law.  REG-116641-01.  Published January 31, 2003.
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Taxpayer Identification Number (TIN) Matching Program
These temporary regulations allow a payor's authorized agent to participate in the Taxpayer Identification Number (TIN) Matching Program.  These regulations amend the current TIN matching regulations to provide that the term "payor" includes an agent designated by the payor to participate in TIN matching on behalf of the payor.
TD 9041.  Published January 31, 2003.
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Electronic Tax Administration
These final regulations remove the regulatory impediments to filing a paperless electronic income tax return by eliminating the requirement that taxpayers either include a third-party signature, or attach a document generated by a third-party, when filing Form 1040, and those who are required to file Forms 56, 2120, 2439, 3468 and Form T.  TD 9040.  Published January 31, 2003.
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Personal Holding Company Income
The Internal Revenue Code requires that U.S. shareholders of a Controlled Foreign Corporation (CFC) include in income their pro rata share of certain items of the CFC's income.  Included in this income is the CFC's foreign personal holding company income.  These final regulations exclude the gain or loss arising from certain commodities hedging transactions and the currency gain or loss arising from certain interest-bearing liabilities from the computation of foreign personal holding company income.  TD 9039.  Published January 31, 2003.
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Triangular Disclosure of Return Information
This final regulation relates to the disclosure of returns and return information by Federal, state and local agencies other than the IRS.  They permit the IRS to authorize such agencies with access to returns and return information to disclose such returns and return information to any authorized recipient, subject to the same conditions and restrictions, and for the same purposes, as if the recipient had received the information from the IRS directly.  TD 9036.  Published January 21, 2003.
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Disclosure of Information to Bureau of Census
Disclosure of Return Information to the Bureau of the Census:  The IRS is authorized to disclose certain returns and return information to the Bureau of the Census for censuses and demographic and economic statistics programs and surveys.  This final regulation authorized the disclosure of additional tax information to the Bureau of the Census to more effectively meet the Bureau of the Census' program objectives. 
TD 9037.  Published January 21, 2003.
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Noncompensatory Partnership Options
These proposed regulations provide guidance relating to the tax treatment of noncompensatory options or convertible instruments issued by a partnership.  The proposed regulations provide that the exercise of a noncompensatory option does not cause the recognition of immediate income or loss by either the issuing partnership or the option holder.  They also modify the regulations regarding the maintenance of the partners' capital accounts and the determination of the partners' distributive shares of partnership items.  REG-103580-02.  Published January 22, 2003.
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Statutory Mergers and Consolidations
These temporary regulations define the term statutory merger or consolidation as used in the Internal Revenue Code.  They also provide a special rule that addresses the qualification as a statutory merger or consolidation of a transaction involving certain domestic entities that are disregarded as entities separate from their domestic corporate owners for Federal tax purposes.  TD 9038.  Published January 24, 2003.
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Statutory Mergers and Consolidations
The IRS and Treasury Department have issued temporary regulations that define the term statutory merger or consolidation as used in the Internal Revenue Code.  The text of the temporary regulations also serves as the text of these proposed regulations.  This proposed regulation also provides a notice of public hearing on these proposed regulations as well as withdrawals the notice of proposed rulemaking published in the Federal Register on November 15, 2001 (66 FR 57400).  REG-126485-01.  Published January 24, 2003.
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Page Last Reviewed or Updated: 12-Dec-2014