ADMINISTRATIVE

Rev. Proc. 2002–40, page 1096. Net operating losses; 5-year carryback . This document provides procedures that certain taxpayers with net operating losses incurred in 2001 or 2002 must follow on or before October 31, 2002, for applying or electing out of the new 5-year carryback period enacted by the Job Creation and Worker Assistance Act of 2002.

Announcement 2002–55, page 1125 . This document contains corrections to final regulations (T.D. 8985, 2002–14 I.R.B. 707) relating to the character of gain or loss from hedging transactions.

Announcement 2002–56, page 1126. The Service announces that an updated edition of Publication 597, Information on the U.S. – Canada Income Tax Treaty (revised May 2002), is now available.

Announcement 2002–57, page 1126. The Service announces that an updated edition of Publication 1544, Reporting Cash Payments of Over $10,000 (revised March 2002), is now available. The Spanish version of this publication, Publication 1544SP, Informe de Pagos en Efectivo en Exceso de $10,000 (revised April 2002), is also available.

June 10, 2002 2002–23 I.R.B.