ADMINISTRATIVE

Notice 2003–8, page 310. This notice advises that until further notice from the Service, no information reporting will be required under section 6045 of the Code with regard to securities futures contracts.

Rev. Proc. 2003–11, page 311. This procedure describes the Service’s Offshore Voluntary Compliance Initiative for taxpayers that have underreported their United States income tax liability through financial arrangements that in any manner rely on the use of offshore payment cards or offshore financial arrangements.

Rev. Proc. 2003–14, page 319. Indian tribal government trusts for minors. This procedure provides a safe harbor under which the Service will treat an Indian tribe as the grantor and owner of a trust for the receipt of gaming revenues under the Indian Gaming Regulatory Act (25 U.S.C. sections 2701–2721) (IGRA) for the benefit of minors or legal incompetents. Beneficiaries of an IGRA trust will not be required to include amounts in gross income when transferred to, or earned by, the IGRA trust under the economic benefit doctrine. Comments are requested on the application of the economic benefit doctrine to IGRA trusts that are not within the scope of this revenue procedure and the type of trust provisions that preclude the application of the economic benefit doctrine. Rev. Proc. 2003–3 amplified.

Rev. Proc. 2003–15, page 321. This procedure provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Code, and issuers of mortgage credit certificates, as defined in section 25(c), with a list of qualified census tracts for each state and the District of Columbia. The qualified census tracts are based on data from the 2000 census. Rev. Proc. 93–38 obsoleted.

January 27, 2003 2003–4 I.R.B.