INCOME TAX

Rev. Rul. 2002–13, page 637. Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2002, will be 6 percent for overpayments (5 percent in the case of a corporation), 6 percent for underpayments, and 8 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 3.5 percent.

Rev. Rul. 2002–14, page 636. LIFO; price indexes; department stores. The January 2002 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, January 31, 2002.

REG–118861–00, page 651. Proposed regulations apply to a deemed sale or acquisition of an insurance company’s assets pursuant to an election under section 338 of the Code, to a sale or acquisition of an insurance trade or business subject to section 1060, and to the acquisition of insurance contracts through assumption reinsurance. The regulations also concern the effect under section 381 of certain corporate liquidations and reorganizations on certain tax attributes of insurance companies. The regulations apply to insurance companies and to corporations selling and purchasing stock of insurance companies. A public hearing is scheduled for September 18, 2002.

Notice 2002–18, page 644. Loss duplication. The IRS announces that regulations will be issued to prevent duplication of losses within a consolidated group on dispositions of member stock.

Finding Lists begin on page ii.