INCOME TAX

Rev. Rul. 2001–61, page 573. Employer identification numbers. This ruling provides guidance on the retention of an entity’s employer identification number upon changing under section 301.7701–3 of the regulations from a partnership to a disregarded entity or from a disregarded entity to a partnership.

Rev. Rul. 2001–58, page 570. Federal rates; adjusted federal rates; adjusted federal 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 December 2001.

T.D. 8967, page 568 Final regulations under section 141 of the Code amend exceptions for tax-exempt bonds. Generally, interest on bonds issued by state and local governments is excluded from gross income. However, this exclusion does not apply to non-qualified private activity bonds. A bond may be a non-qualified private activity bond if a nongovernmental person has special legal entitlements to use the financed property under an arrangement with the issuer. The regulations contain special exceptions for arrangements of 30, 90, and 180 days, and these final regulations amend those exceptions to permit arrangements of 50, 100, and 200 days, respectively.

Notice 2001–79, page 576. Rent holidays for commercial aircraft leases. In the case of certain aircraft leases entered into or modified between September 11, 2001, and June 28, 2002, certain rent holidays will be disregarded in applying the uneven rent test of section 1.467–3(c)(4) of the regulations.