INCOME TAX

Rev. Rul. 2002–69, page 760. Business expenses; interest; lease-in/lease-out transac- tions. A taxpayer may not deduct currently, under sections 162 and 163 of the Code, rent and interest paid or incurred in connection with a lease-in/lease-out (LILO) transaction that properly is characterized as conferring only a future interest in property. Rev. Rul. 99–14 modified and superseded.

Rev. Rul. 2002–71, page 763. Notional principal contract (NPC). This ruling provides guidance on the timing of recognition of gain or loss on the termination of a notional principal contract that hedges a portion of the term of a debt instrument issued by the taxpayer.

Rev. Rul. 2002–72, page 759. Low-income housing credit; satisfactory bond; “bond fac- tor” amounts for the period October through December 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 October through

Finding Lists begin on page ii. Index for July through October begins on page v.