Internal Revenue Bulletin:  2003-27 

July 7, 2003 

INCOME TAX


Rev. Rul. 2003-71 Rev. Rul. 2003-71

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for July 2003.

REG-122917-02 Reg. 122917-02

Proposed regulations under sections 421, 422, 424, and 6039 of the Code provide guidance to taxpayers concerning statutory stock options. A public hearing is scheduled for September 2, 2003. EE-86-88 (LR-279-81, 1984-1 C.B. 715) withdrawn.

The Service announces a compliance initiative for nonresident aliens and foreign corporations that have not filed U.S. federal income tax returns, and that may consequently be denied deductions and credits pursuant to Section 874(a) or 882(c)(2) of the Code.

The Service clarifies the answers to six questions concerning tax-exempt qualified New York Liberty Bonds issued under section 1400L(d) of the Code.


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