ADMINISTRATIVE

REG–111835–99, page 834. Proposed regulations relate to practice before the Internal Revenue Service (Circular 230). These regulations would affect individuals who are eligible to practice before the Service. The proposed modifications would clarify the gen

eral standards of practice before the Service and would modify the standards for providing advice regarding tax shelters. A public hearing is scheduled for May 2, 2001.

REG–126100–00, page 862. Guidance is provided on the reporting requirements for interest on deposits maintained at the U.S. office of certain financial institutions and paid to nonresident alien individuals. These proposed regulations affect persons making payments of interest with respect to such a deposit. A public hearing is scheduled for March 21, 2001.

Announcement 2001–22, page 895. Advance valuation of art. This announcement informs taxpayers who wish to request from the Service a Statement of Value under Rev. Proc. 96–15, 1996–1 C.B. 627, for use in substantiating the value of art for income, estate, and gift tax purposes of a change of address for submission of such requests. Rev. Proc. 96–15 modified.

Announcement 2001–25, page 895. This document contains corrections to Rev. Proc. 2001–3, 2001–1 I.R.B. 111, relating to issues on which the Service will not issue letter rulings or determination letters.

Announcement 2001–27, page 897. Proposed regulations (REG–116048–99, 2000–6 I.R.B. 584) that relate to an election available to certain taxpayers under section 367(b) of the Code are withdrawn. The withdrawal corresponds to the upcoming expiration of the availability of the election.

March 12, 2001 2001–11 I.R.B.