INCOME TAX

Rev. Rul. 2001–15, page 922. Election in respect of losses attributable to a disaster. This ruling lists the areas declared by the President to qualify as major disaster or emergency areas during 2000 under the Disaster Relief and Emergency Assistance Act.

Rev. Rul. 2001–16, page 936. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the second calendar quarter of 2001, beginning April 1, 2001, will be 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 5.5 percent.

T.D. 8938, page 929. This T.D. removes temporary regulations (T.D. 7530, 1978–1 C.B. 92) under section 367(c) of the Code that are no longer necessary and, as a result, may be misleading. The corresponding proposed regulations are also being withdrawn by LR–230–76 in this Bulletin.

T.D. 8942, page 929. REG–107186–00, page 973. Temporary and proposed regulations under sections 6041, 6050S, 6051, and 6714 of the Code relate to the voluntary electronic furnishing of payee statements to individuals for whom Forms W-2, 1098-E, and 1098-T are filed. A public hearing on the proposed regulations is scheduled for June 4, 2001.