INCOME TAX — Internal Revenue Bulletin 2003-12

T.D. 9043, page 611. Final regulations under section 874 of the Code relate to the disallowance of deductions and credits for nonresident alien individuals and foreign corporations that fail to file a timely U.S. income tax return.

T.D. 9045, page 610. Final regulations under section 32 of the Code were published in the Federal Register on March 13, 1980. Due to subsequent statutory amendments in the applicable tax law, substantial portions of the regulations are no longer in conformity with current legislative provisions. These regulations remove and amend portions of the existing regulations to conform with statutory changes.

REG–104385–01, page 634. Proposed regulations under section 168 of the Code provide guidance on the normalization requirements applicable to electric utilities that benefit (or have benefitted) from accelerated depreciation methods or from the investment tax credit permitted under pre1991 law. A public hearing is scheduled for June 25, 2003.