INCOME TAX

Rev. Rul. 2002–67, page 873. Charitable contributions. This ruling addresses the tax consequences under section 170 of the Code (regarding the deduction allowed for contributions and gifts to charity) of a taxpayer’s transfer of a used car to the authorized agent of a charity.

T.D. 9019, page 874. Unit livestock price method. Final regulations under section 471 of the Code provide rules relating to the annual reevaluation of unit livestock prices and the depreciation of livestock raised for drafting, breeding, or dairy purposes.

REG–131478–02, page 892. Proposed regulations under section 1502 of the Code redetermine the basis of stock of a subsidiary member of a consolidated group immediately prior to certain dispositions and deconsolidations of such stock. In addition, the regulations suspend certain losses recognized on the disposition of such stock. The regulations apply to corporations filing consolidated returns. A public hearing is scheduled for January 15, 2003.