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March 2003 Plain Language Regulations

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

Suspension of Losses on Certain Stock Dispositions
Temporary, final and proposed regulations under section 1502 of the Code to redetermine the basis of stock of a subisdiary member of a consolidated group immediately prior to certain transfers of such stock and certain deconsolidations of a subsidiary member.  In addition, the temporary regulations suspend certain losses recognized on the disposition of stock of a subsidiary member.  REG-131478-02.  Published March 14, 2003.
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Civil Cause of Action for Damages Caused by Unlawful Tax Collections
These final regulations relate to civil causes of action for damages caused by unlawful collection actions of officers and employees of the IRS and the awarding of costs and certain fees.  The regulations reflect amendments made by the Taxpayer Bill of Rights 2 and the Internal Revenue Service Restructuring and Reform Act of 1998.  They affect all persons who suffer damages caused by unlawful collection actions of officers or employees of the IRS.  TD 9050.  Published March 25, 2003.
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Suspension of Losses on Certain Stock Dispositions
These temporary and final regulations provide guidance to redetermine the basis of stock of a subsidiary member of a consolidated group immediately prior to certain transfers of such stock and certain deconsolidations of a subsidiary member.  In addition, the temporary regulations suspend certain losses recognized on the disposition of stock of a subsidiary member.  TD 9048.  Published March 14, 2003.
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Regulated Investment Companies and Real Estate Investment Trusts
These final 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.  They affect RICs, REITs, and C corporation property to a RIC or REIT.  They affect RICs, REITs, and C corporations and clarify the tax treatment of transfers of C corporation property to a RIC or REIT.  TD 9047.  Published March 18, 2003.
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Amendments to Rules for Determination of Basis of Partner's Interest
These final regulations provide rules for adusting the basis of a partner's interest in a partnership, to ensure that artificial gains or losses in a partner's interest in a partnership are not created as a result of the application of section 1032 in the partnership text.  TD 9049.  Published March 18, 2003.
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Amendment to Incorporate Taxpayer Browsing Protection Act
The Internal Revenue Code authorizes the IRS to disclose returns and return information to contractors performing tax administration services.  These final regulations require that such contractors to notify their officers and employees that they are prohibited from willfully inspecting any return or return information, except as authorized by the Code and that they may be subject to a fine in any amount not exceeding $1,000, or imprisonment of not more than one year, or both.  They also clarify the penalty provisions that are applicable to officers and employees of Federal agencies that are performing tax administration services for the IRS.  TD 9044.
Published March 12, 2003.
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Disallowance of Deductions and Credits for Failure to File Timely Returns
These final 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.  Previously, the regulations had permitted a waiver from the timely filing requirement in rare and unusual circumstances.  This standard was revised by temporary regulations, which also provided guidance about the types of circumstances under which a waiver would be granted.  These final regulations adopt those previous temporary regulations.  TD 9043.  Published March 10, 2003.
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Earned Income Tax Credit
These final regulations reflect changes in the law since the existing regulations were published in the Federal Register on March 13, 1980.  Due to subsequent statutory changes in the applicable law, the regulations were not entirely in conformity with current law.  Accordingly, sections of the final regulations are removed and amended.  These regulations apply to individual taxpayers claiming the earned income credit.
TD 9045.  Published March 6, 2003.
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Application of Normalization Accounting Rules
These proposed regulations provide guidance on the normalization requirements applicable to electric utilities that benefit (or have benefited) from accelerated depreciation methods or from the investment tax credit permitted under pre-1991 law.  The proposed regulations permit a utility whose electricity generation assets cease to be public utility property to return to their ratepayers the normalization reserves for excess deferred income taxes (EDFIT) and accumulated deferred investment tax credits (ADITC) with respect to those assets.  REG-104385-01.  Published March 4, 2003.
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Tax Shelter Regulations
These regulations finalize the rules relating to the filing by certain taxpayers of a disclosure statement with their Federal income tax returns under section 6011(a), the rules relating to the registration of confidential corporate tax shelters under section 6111(d), and the rules relating to the list of maintenance requirements under section 6112 of the IRC.  TD 9046.  Published March 4, 2003.
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Page Last Reviewed or Updated: 30-Dec-2013