INCOME TAX

Rev. Rul. 2001–26, page 1297. Two-step stock acquisitions. Certain two-step stock acquisitions comprised of a tender offer and a merger qualify as reorganizations under sections 368(a)(1)(A) and 368(a)(2)(E) of the Code.

Rev. Rul. 2001–27, page 1298. Federal rates; adjusted federal rates; adjusted feder- al long-term rate, and the long-term exempt rate. For purposes of sections 382, 1274, 1288, and other sections of the Code, tables set forth the rates for June 2001.

Rev. Proc. 2001–37, page 1327. This procedure provides guidance to taxpayers regarding certain elections made pursuant to the FSC Repeal and Extraterritorial Income Exclusion Act of 2000 (“the Act”). Specifically, this revenue procedure includes guidance with respect to the election to exclude gross receipts from foreign trading gross receipts under section 942(a)(3) of the Code, the election (and revocation of such election) by a foreign corporation to be treated as a domestic corporation under section 943(e)(1) of the Code, and the election (and revocation of such election) by a taxpayer to apply the extraterritorial income exclusion in lieu of the foreign sales corporation (“FSC”) provisions to certain transactions under section 5(c)(2) of the Act.