INCOME TAX

Rev. Rul. 2003–43, page 935. Health plans. This ruling sets forth the rules regarding the use of debit and credit cards to reimburse participants in self-insured medical reimbursement plans. Rev. Rul. 2002–80 distinguished.

Rev. Rul. 2003–50, page 944. LIFO; price indexes; department stores. The March 2003 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, firstout inventory methods for valuing inventories for tax years ended on, or with reference to, March 31, 2003.

Rev. Rul. 2003–51, page 938. Transfer to corporation. This ruling provides guidance regarding the control requirement under section 351 of the Code involving successive transfers of property and stock. Rev. Ruls. 70–140, 70–522, 79–70, and 79–194 distinguished.

T.D. 9055, page 945. Final regulations under section 3406 of the Code clarify the method of determining whether a payer has received two IRS notices that a payee’s taxpayer identification number (TIN) is incorrect, for purposes of backup withholding. This document also contains regulations under section 6724 which clarify when an information return filer must solicit a payee’s TIN in response to a penalty notice based on an incorrect TIN if a notice under section 3406(a)(1)(B) was already received with respect to the same tax year.

Finding Lists begin on page ii.