INCOME TAX

Ct. D. 2077, page 868. Research and development expenses; accounting. The Supreme Court holds that section 1.861–8(e)(3) is a proper exercise of the Secretary of the Treasury’s rulemaking authority. Boeing Co., et al. v. United States .

Rev. Rul. 2003–45, page 876. 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 May 2003.

Rev. Rul. 2003–47, page 866. Length of service award plan. This ruling provides an example to eligible employers of a type of length-of-service award program (LOSAP) that would qualify as a valid LOSAP plan described in section 457(e)(11)(A)(ii) of the Code.

Rev. Rul. 2003–48, page 863. Demutualization. This ruling provides guidance as to the tax consequences when, as described in the specific facts presented, a mutual savings bank converts to a stock savings bank and a holding company structure is created.

Notice 2003–20, page 894. This notice describes the withholding and reporting requirements applicable to eligible deferred compensation plans described in section 457(b) of the Code for periods after December 31, 2001. Notice 2000–38 modified.

Finding Lists begin on page ii.