INCOME TAX

Rev. Rul. 2002–5, page 461. 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 February 2002.

Rev. Rul. 2002–6, page 460. Insurance companies; change in computation of life insurance reserves to use NAIC Actuarial Guideline 33. A change in the computation of existing life insurance reserves for annuity contracts to take into account specific factors set forth by the National Association of Insurance Commissioners (NAIC) Actuarial Guideline 33 is a change in basis subject to section 807(f) of the Code.

T.D. 8977, page 463. REG–159079–01, page 493. Temporary and proposed regulations under section 1441 of the Code amend current sections of the regulations to allow withholding agents, who are also acceptance agents, to rely on a beneficial owner withholding certificate that does not contain an individual taxpayer identifying number (ITIN) in limited circumstances when the IRS is not issuing ITINs. Specifically, the amendments would have the effect of: (1) allowing certain withholding agents to obtain ITINs on an expedited basis for foreign individuals receiving unexpected payments and claiming tax treaty benefits with respect to those payments; and (2) allowing withholding agents to make unexpected payments to foreign individuals, who do not possess ITINs, when the use of the expedited process is unavailable.