INCOME TAX

Rev. Rul. 2000–55, page 595. Section 1274A inflation-adjusted numbers for 2001. This ruling provides the dollar amounts, increased by the 2001 inflation adjustment, for section 1274A of the Code. Rev. Rul. 99–50 supplemented and superseded.

Rev. Rul. 2000–56, page 598. CPI adjustment for below-market loans for 2001. The amount that section 7872(g) of the Code permits a taxpayer to lend to a qualified continuing care facility without incurring imputed interest is adjusted for years 1987–2001. Rev. Rul. 99–49 supplemented and superseded.

Rev. Proc. 2000–50, page 601. Tax treatment of computer software expenditures. This procedure updates the guidelines contained in Rev. Proc. 69–21, relating to costs incurred to develop, purchase, lease, or license computer software, to be consistent with sections 167(f)(1) and 197 of the Code and the regulations thereunder. It also provides safe harbors and procedures for taxpayers to obtain consent to change to a method under this revenue procedure. Rev. Proc. 69–21 superseded. Rev. Procs. 97–50 and 99–49 modified.