INCOME TAX

Rev. Rul. 2003–2, page 251. Low-income housing credit; satisfactory bond; “bond fac- tor” amounts for the period January through March 2003. 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 January through March 2003.

Rev. Rul. 2003–3, page 252. Accrual of income; state tax refunds. This ruling holds that a state or local income or franchise tax refund is includible in the income of a taxpayer using the accrual method of accounting when the taxpayer receives payment or notice that the refund claim has been approved, whichever is earlier. Rev. Ruls. 65– 190 and 69–372 revoked. Rev. Proc. 2002–9 modified and amplified.

Rev. Rul. 2003–4, page 253. Mutual life insurance companies; recomputed differen- tial earnings rate. For purposes of section 809 of the Code, the recomputed differential earnings rate for 2000 and the differential earnings rate for 2001 are set forth for use by mutual life insurance companies.

Rev. Rul. 2003–5, page 254. 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 January 2003.