INCOME TAX

Rev. Rul. 2002–22, page 849. Gross income; transfers of property incident to divorce. A taxpayer who transfers interests in nonstatutory stock options and nonqualified deferred compensation to the taxpayer’s former spouse incident to divorce is not required to include an amount in gross income upon the transfer. Rather, the former spouse is required to include an amount in gross income when the former spouse exercises the stock options or when the deferred compensation is paid or made available to the former spouse. Rev. Rul. 87–112 clarified.

Rev. Rul. 2002–24, page 848. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period April through June. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period April through June 2002.

Rev. Rul. 2002–25, page 904. 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 May 2002.

Rev. Rul. 2002–26, page 906. Special use value; farms; interest rates. The 2002 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.