Announcement 2002-14

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to final regulations (T.D. 8973, 2002-4 I.R.B. 391) which were published in the Federal Register on Friday, December 28, 2001 (66 FR 67081). The final regulations relate to the allocation of loss recognized on the disposition of stock and other personal property under sections 861 and 865.

DATES: This correction is effective January 8, 2002.

FOR FURTHER INFORMATION CONTACT: David A. Juster (202) 622-3850 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are subject to these corrections are under sections 861 and 865 of the Internal Revenue Code.

Need for Correction

As published, final regulations (T.D. 8973) contains errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of final regulations (T.D. 8973), which was the subject of FR Doc. 01-31819, is corrected as follows:

§ 1.861–8T [Corrected]

1. On page 67083, column 3, § 1.861– 8T, line 3 of the paragraph heading, the language “for other sources and activities (temporary).” is corrected to read “from other sources and activities (temporary).”

§ 1.865–2 [Corrected]

2. On page 67086, column 2, § 1.865– 2(a)(4)(iv), Example 3 . (i), line 10, the language “country X for $1,000. On January 2, 2002, R” is corrected to read “Country X for $1,000. On January 2, 2002, R”.

LaNita VanDyke, Acting Chief, Regulations Unit,

Associate Chief Counsel (Income Tax & Accounting).

(Filed by the Office of the Federal Register on January 25, 2002, 8:45 a.m., and published in the issue of the Federal Register for January 28, 2002, 67 F.R. 3811)

Certain Transfers of Property to Regulated Investment Companies and Real Estate Investment Trusts; Correction

Announcement 2002–15

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations.

2002–7 I.R.B. 540 February 19, 2002

Foundations Status of Certain Organizations

Announcement 2002–16

Association for Intergenerational

San Francisco, CA Belle Haven Against Drugs,

Cooperation AIC, Bellingham, WA Bay Area Young Entrepreneurs,

Helen Palmer Enneagram Archive

Project, Oakland, CA Helping Others Win, Inc., Portland, OR Hieu Liem-Eccar Incorporation,

The following organizations have failed to establish or have been unable to maintain their status as public charities or as operating foundations. Accordingly, grantors and contributors may not, after this date, rely on previous rulings or designations in the Cumulative List of Organizations (Publication 78), or on the presumption arising from the filing of notices under section 508(b) of the Code. This listing does not indicate that the organizations have lost their status as organizations described in section 501(c)(3), eligible to receive deductible contributions.

Former Public Charities . The following organizations (which have been treated as organizations that are not private foundations described in section 509(a) of the Code) are now classified as private foundations:

25 Sanchez Tennants Association, San Francisco, CA A.H.T., Inc., Covina, CA AIDS Information Resources & Services,

Menlo Park, CA Blue Eagle Foundation,

Network, San Francisco, CA Donor Network, Oakland, CA Earth Net, Inc., Eugene, OR Eastburn Family Ministry,

Redwood City, CA Brokers Development Company, Inc.,

Portland, OR Holistic Village, Oakland, CA Honey Bear Child Care Corporation,

Oakland, CA House of Rahab, Portland, OR Hub City Music Association, Inc.,

Oakland, CA Cans for Christ Ministries,

Long Beach, CA Cedco Charities Foundation, Inc.,

Albany, OR Inner Mountain Wilderness Education

Center, Haines, AK Institute of Native Culture and

North Bend, OR Center for Bioregional Conflict

Communication, Sausalito, CA International Hotel Senior Housing, Inc.,

Resolution, Santa Cruz, CA Chaparral Youth Ranch, Inc.,

Palmer, AK Chinese-American Benevolent

San Francisco, CA International Wisdom Hsiang Kung

San Francisco, CA International Special Effects Museum,

Association, Eugene, OR Cinema Preservation Society,

San Francisco, CA Classical Music of Northern California,

Billings, MT Columbia County Community Network,

Dayton, WA Compassion Works, Mountain View, CA Congress of Community Organizations,

Association, Inc., San Francisco, CA Jami-Douglas Housing Corp.,

Ketchikan, AK Klamath Basin Amateur Softball

Juneau, AK Jenny Lind Prospectors,

Menlo Park, CA Decennium Community Development

Valley Springs, CA Joma, Inc., Oakland, CA Ketchikan Housing, Inc., Ketchikan, AK Ketchikan Urban Forest, Inc.,

Association, Klamath Falls, OR Klamath Unit Donation Fund,

Hood River, OR AIDS - Sidalerte International,

San Francisco, CA Alaska Nellies Historical Society, Inc.,

Moose Pass, AK Allen Temple Housing Corporation IV,

Portland, OR Educational Video Foundation,

McKinleyville, CA Ecocorps, San Francisco, CA Economic Opportunities Corporation,

Klamath Falls, OR Korean-American Pride Association

Foundation, Santa Clara, CA L & L Childrens Home, Inc.,

Oakland, CA Alternative Therapies Resources,

Oakland, CA Lady of Grace Shrine, Portland, OR Latin American Film Society,

San Francisco, CA Legacy From the Heart, Eugene, CA Liberty National Monument, Inc.,

Salinas, CA Lois Thompson Housing Project for

San Francisco, CA American Institute of International

Silverton, OR Equi-Therapy Resources, Portland, OR Fairnet, Inc., Fairbanks, AK Faith of our Fathers Radio Broadcast,

Studies, Union City, CA American Stroke Association,

Eugene, OR Lyle Baker Veterinary Scholarship

San Juan Capistrano, CA Anchornet, Incorporated, Anchorage, AK Anioma Association of Northern

Tiller, OR Fall Creek Ranch Foundation, Inc.,

Glide, OR Flower Company, Portland, OR Gil Mendelsohn Memorial Theater,

Challenged Citizens, Portland, OR Love Living Communities, Portland, OR Loving Hearts and Helping Hands,

California, Oakland, CA Anthony J. Maxwell Center,

Oakland, CA Anthony Newman & J.J. Birden

Instructional Football Camp, West Linn, OR Anti-Tobacco Industry Coalition,

San Francisco, CA Gold Star Alaska Races, Inc.,

Foundation, San Francisco, CA Harold Stump Architectural Foundation,

Berkely, CA Harvestshare, Eugene, OR Healing our Mother Earth, Torrance, CA

Walterville, OR Mercer Island Recreation Services

Wasilla, AK Gospel Music Hall of Fame Museum

Board, Sonora, CA Mackenzie Ministries,

Oklahoma City, OK Malheur Butte Productions, Ontario, OR Marysues McKenzie Meals,

Milwaukie, OR Art Abram Swing Machine,

Foundation, Mercer Island, WA

Estacada, OR

February 19, 2002 541 2002–7 I.R.B.

Michael Dorcy Rehabilitation Center,

Southern Oregon Barter Fair,

Williams, OR Springfield Community Concert Band,

the decision of the United States Tax Court which was entered on August 28, 1998. The courts agreed with the Service that the organization listed below is not described in section 501(c)(3) and is not exempt from taxation under section 501(a), effective October 1, 1982.

Anclote Phychiatric Center, Inc., now known as River Foundation

Tarpon Springs, FL

Section 7428(c) Validation of Certain Contributions Made During Pendency of Declaratory Judgment Proceedings

Oakland, CA Ministers Wives and Widows of San

Eugene, CA Stanford Alumni of Theta Delta Chi,

Palo Alto, CA Steady Course, Portland, OR Supporters and Friends of Recovery

Francisco and Adjacent Cities, San Francisco, CA Mutual After Life Foundation,

Westminster, CA New Leaf Institute, Oakland, CA North Street Soccer Club, Inc.,

Portland, OR Northern California SGML Users Group,

Scholarship Fund, Beaverton, OR Survival Exchange Network,

San Francisco, CA Tanana Valley Abate, Inc.,

San Francisco, CA Northwest Heritage Resources,

Olympia, WA Northwest Youth Theatre, Hillsboro, OR Oakland Charities, Oakland, CA Off-Off Road Los Angeles, Tujunga, CA One Sky International Production, Inc.,

Fairbanks, AK Terrell Brandon City Kids Fan Club,

Portland, OR Ustawi a Non-Profit Corporation,

Inc., Portland, OR Tomorrow for Children,

San Francisco, CA Trans Pacific Foundation, Inc.,

Anchorage, AK Open Heart Theatre, Corvallis, OR Oregon City Rotary Club Foundation,

Seattle, CA Valley Institute for Cancer Research,

Oregon City, OR Oregon City Youth Sports, Inc.,

Oregon City, OR Oregon Korean Christian Community

Inc., Northridge, CA Venus Art Literature Foundation,

Center, Beaverton, OR Pact, Inc., Moorpark, CA Palmdale Youth Soccer League,

Palmdale, CA Parents Helping Parents San Francisco,

San Mateo, CA Vietnamese World Christian Fellowship,

Garden Grove, CA Watch-Islam, Sunol, CA Whiteaker Foundation, Eugene, OR Workaholics Anonymous World Service

Organization, Inc., Menlo Park, CA Wrangell Fire Fighters Association,

San Francisco, CA Pittsburg Alliance Ministerial,

Pittsburg, CA Pray U S A, St. Petersburg, FL Project Moscow Medicine,

Wrangell, AK

This announcement serves notice to potential donors that the organization listed below has recently filed a timely declaratory judgment suit under section 7428 of the Code, challenging revocation of its status as an eligible donee under section 170(c)(2).

Protection under section 7428(c) of the Code begins on the date that the notice of revocation is published in the Internal Revenue Bulletin and ends on the date on which a court first determines that an organization is not described in section 170(c)(2), as more particularly set forth in section 7428(c)(1).

In the case of individual contributors, the maximum amount of contributions protected during this period is limited to $1,000.00, with a husband and wife being treated as one contributor. This protection is not extended to any individual who was responsible, in whole or in part, for the acts or omissions of the organization that were the basis for the revocation. This protection also applies (but without limitation as to amount) to organizations described in section 170(c)(2) which are exempt from tax under section 501(a). If the organization ultimately prevails in its declaratory judgment suit, deductibility of contributions would be subject to the normal limitations set forth under section 170.

Greatwood Family First Order of Consecration and True Family Church

Irvine, UT

Santa Maria, CA Rancho Folclorico Centro Social

Portugues, El Sobrante, CA Random Acts of Love, Inc.,

Anchorage, AK Redwood Empire Hunter-Jumpers,

Fortuna, CA Restoration House, Inc., Belmont, CA Rogue River Roundup, Ashland, OR San Andreas Youth Soccer Organization,

Inc., Belmont, CA San Juan Childrens Fund,

Friday Harbor, WA Searching the Scriptures, Sherwood, OR Sennin Foundation, Richmond, CA Shiloh Ranch Family Outreach,

Grants Pass, OR Snell Development Group,

San Leandro, CA Social Remotivations, Inc.,

Lafayette, CA Society for Ortho Molecular Health

Medicine-America, San Francisco, CA

If an organization listed above submits information that warrants the renewal of its classification as a public charity or as a private operating foundation, the Internal Revenue Service will issue a ruling or determination letter with the revised classification as to foundation status. Grantors and contributors may thereafter rely upon such ruling or determination letter as provided in section 1.509(a)–7 of the Income Tax Regulations. It is not the practice of the Service to announce such revised classification of foundation status in the Internal Revenue Bulletin.

Amended Notice of Disposition of Declaratory Judgment Proceedings Under Section 7428

This announcement serves notice to donors that on July 26, 1999, the Court of Appeals for the Eleventh Circuit affirmed

2002–7 I.R.B. 542 February 19, 2002