INCOME TAX

Rev. Rul. 2001–3, page 319. Federal rates; adjusted federal rates; adjusted feder- al long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for January 2001.

Rev. Rul. 2001–4, page 295. Aircraft maintenance costs. Costs incurred by a taxpayer to perform work on its aircraft airframe as part of a heavy maintenance visit generally are deductible as ordinary and necessary business expenses under section 162 of the Code. However, costs incurred in conjunction with a heavy maintenance visit must be capitalized to the extent they materially add to the value of, substantially prolong the useful life of, or adapt the airframe to a new or different use. In addition, costs incurred as part of a plan of rehabilitation, modernization, or improvement must be capitalized. Rev. Proc. 99–49 modified and amplified.

T.D. 8911, page 321. Final regulations under sections 7508 and 7508A of the Code authorize the Service to postpone certain tax-related deadlines due either to service in a combat zone or a Presidentially declared disaster. The regulations list the types of taxpayers who are affected and the acts for which the deadlines may be postponed. The regulations also provide that the Service may specify additional acts that may be postponed in other guidance, such as revenue rulings, revenue procedures, notices, announcements, or news releases.

T.D. 8913, page 300. Final regulations under section 355(d) of the Code relate to recognition of gain on certain distributions of stock or securities of a controlled corporation.

Finding Lists begin on page ii.

Department of the Treasury Internal Revenue Service