INCOME TAX

Rev. Rul. 2002–1, page 268. Options and spin-off. This ruling provides guidance for the income tax treatment of employee stock options and restricted stock in certain spin-offs.

Rev. Rul. 2002–2, page 271. 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 January 2002.

T.D. 8968, page 274. REG-105344–01, page 302 . Temporary and proposed regulations under section 6103 of the Code permit the IRS to authorize federal, state, and local agencies with access to returns and return information to redisclose returns and return information, with the Commissioner’s approval, to any authorized recipient set forth in section 6103, subject to the same conditions and restrictions, and for the same purposes, as if the recipient had received the information from the IRS directly.

T.D. 8969, page 276. Final regulations under sections 6103 and 6311 of the Code authorize the Commissioner to accept payment of internal revenue taxes by credit card or debit card. Additionally, this final regulation provides that payment of tax by check or money order should be made payable to the United States Treasury.

T.D. 8970, page 281. Final regulations under section 332 of the Code address the requirement of adoption of a plan of liquidation when a subsidiary corporation makes an entity classification election to be treated as a partnership or disregarded as an entity separate from its owner.