INCOME TAX

Rev. Rul. 2002–23, page 812. The Service will accept, as timely filed, a federal tax return, claim for refund, statement, or other document required or permitted to be filed with the Service that is mailed from and officially postmarked in a foreign country on or before the last date prescribed for filing, including any extension of time for filing. This ruling also sets forth the position that a federal return, claim for refund, statement, or other document required or permitted to be filed with the Service or with the United States Tax Court given to a designated international private delivery service before midnight on the last date prescribed for filing shall be deemed timely filed pursuant to section 7502 of the Code. Rev. Rul. 80–218 superseded.

Rev. Proc. 2002–28, page 815. Methods of accounting; inventories; small business tax- payers. This procedure provides that the Commissioner will exercise his discretion to except qualifying small business taxpayers from the requirements to use an accrual method of accounting under section 446 of the Code and to account for inventories under section 471 of the Code. Rev. Proc. 2002–9 modified and amplified. Notice 2002–14 modified and superseded.