INCOME TAX

Rev. Rul. 2002–40, page 30. 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 July 2002.

Notice 2002–42, page 36. This notice provides guidance to taxpayers concerning the tax benefits of the New York Liberty Zone business employee credit, Qualified New York Liberty Bonds, and Liberty Advance Refunding Bonds, as provided under the Job Creation and Worker Assistance Act of 2002.

Rev. Proc. 2002–45, page 40. This procedure provides a safe harbor valuation method for valuing options under the golden parachute payment rules of section 280G of the Code. It also includes an expanded table to be used in conjunction with Rev. Proc. 2002–13, 2002–8 I.R.B. 549. Rev. Proc. 2002–13 modified.

REG–103823–99, page 44. Proposed regulations under section 167(g) of the Code relate to deductions available to taxpayers using the income forecast method of depreciation. A public hearing is scheduled for September 4, 2002.