INCOME TAX

Rev. Rul. 2002–51, page 327. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period July through September 2002 . 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 July through September 2002.

T.D. 9004, page 331. Final regulations under section 860E of the Code detail safe harbor conditions under which the transfer of a REMIC noneconomic residual interest or FASIT ownership interest is presumed to be accomplished without an intention to impede the assessment or collection of tax. Rev. Proc. 2001–12 obsoleted.

T.D. 9008, page 335. Final regulations under sections 702, 952, 954, and 956 of the Code provide guidance necessary to clarify the treatment by a controlled foreign corporation (CFC) of its distributive share of partnership income under subpart F of the Code.

T.D. 9009, page 328. Final regulations under section 706 of the Code provide guidance on determining the taxable year of a partnership with certain foreign partners and tax-exempt partners.

REG–115781–01, page 380. Proposed regulations under section 2055 of the Code conform the income, gift, and estate tax regulations to the Tax Court’s decision in Estate of Boeshore v. Commissioner, 78 T.C. 523 (1982), acq. in result, 1987–2 C.B. 1, holding portions of section 20.2055(e)(2)(vi)( e ) of the estate tax regulations invalid. Rev. Rul. 76–225 revoked. A public hearing is scheduled for October 16, 2002.