INCOME TAX

Rev. Rul. 2001–19, page 1143. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period April through June 2001. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period April through June 2001.

Rev. Rul. 2001–20, page 1143. Qualified lessee construction allowances for short-term leases. The purpose requirement under section 1.110–1(b)(3) of the regulations does not require a lease agreement to provide that the entire construction allowance is for the purpose of constructing or improving qualified long-term real property. However, only the portion of the construction allowance actually expended on qualified long-term real property for use in the lessee’s trade or business at the retail space may qualify as a qualified lessee construction allowance.

Rev. Rul. 2001–21, page 1144. Special use value; farms; interest rates. The 2001 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.

EMPLOYEE PLANS

Notice 2001–32, page 1146. Weighted average interest rate update. The weighted average interest rate for April 2001 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth.

Announcement 2001–43, page 1147. This document contains corrections to final regulations (T.D. 8921, 2001–7 I.R.B. 532) relating to tax treatment of cafeteria plans.

Finding Lists begin on page ii.

Department of the Treasury Internal Revenue Service