Bulletin No. 2003–3 January 21, 2003

REG–151043–02, page 300. Proposed regulations under section 61 of the Code authorize the Commissioner to provide, through administrative guidance, rules for deferring inclusion of advance rentals in gross income to a taxable year other than the year of receipt.

Notice 2003–4, page 294. LIFO recapture installment payments. This document informs taxpayers of the federal income tax consequences of a failure to timely make an installment payment attributable to the LIFO recapture requirement of section 1363(d) of the Code.

Notice 2003–5, page 294. This notice provides guidance relating to the application of separate foreign tax credit limitations under section 904 of the Code to dividends from a noncontrolled section 902 corporation (10/50 corporation) in taxable years beginning after December 31, 2002.