ADMINISTRATIVE

Notice 2002–72, page 843. Changes in annual accounting period. This notice clarifies and modifies certain provisions in Rev. Procs. 2002–37, 2002– 38, and 2002–39, which provide procedures for obtaining approval of an adoption, change, or retention of an annual accounting period.

Rev. Proc. 2002–70, page 845. Cost-of-living adjustments for 2003. This procedure provides cost-of-living adjustments for the tax rate tables for individuals, estates, and trusts, the standard deduction amounts, the personal exemption, and several other items that use the adjustment method provided for the tax rate tables. The Service also provides the adjustment for eligible long-term care premiums and another item that uses the adjustment method provided for eligible long-term care premiums.

Rev. Proc. 2002–71, page 850. This procedure updates a list of time-sensitive acts, the performance of which may be postponed under sections 7508 and 7508A of the Code by reason of service in a Presidentiallydeclared disaster, a terroristic or military action, or a combat zone. Rev. Proc. 2001–53 superseded.

Announcement 2002–106, page 872. This document contains corrections to final regulations (T.D. 8869, 2000–1 C.B. 498) relating to the treatment of corporate subsidiaries of S corporations.