Internal Revenue Bulletin: 2003-45
November 10, 2003
Table of Contents
Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including trucks, vans, and electric automobiles) with tables detailing the limitations on depreciation deductions for passenger automobiles first placed in service during calendar year 2003 and the amounts to be included in income for passenger automobiles first leased during calendar year 2003. Separate tables are provided for passenger automobiles qualifying for additional first-year bonus depreciation under section 168(k). In addition, this procedure provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 2003 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the regulations may be applicable. Rev. Procs. 2001-19 and 2002-14 amplified.
Annual accounting periods; partnerships; S corporations. Procedures are provided under which partners or shareholders of S corporations may elect, under certain circumstances, to take into account ratably over four taxable years the partner's or S corporation shareholder's share of income from the partnership or S corporation that is attributable to a short taxable year ending on or after May 10, 2002, but before June 1, 2004. Rev. Procs. 2002-38 and 2002-39 modified.
Per diem allowances. This procedure provides rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as optional rules for determining the amount of deductible meals and incidental expenses while traveling away from home. Rev. Proc. 2002-63 superseded.
This procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Code, and issuers of mortgage credit certificates, as defined in section 25(c), with a list of qualified census tracts for the Northern Mariana Islands, American Samoa, and Guam. The qualified census tracts are based on data from the 2000 census. Rev. Proc. 2003-49 supplemented.
This document contains corrections to final regulations (T.D. 9083, 2003-40 I.R.B. 700) that relate to the treatment of golden parachute payments under section 280G of the Code.
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