Bulletin No. 2003–23 June 9, 2003

REG–113007–99, page 1004. Proposed regulations under section 141 of the Code relate to the definition of private activity bond applicable to tax-exempt bonds issued by state and local governments. The proposed regulations affect issuers of tax-exempt bonds and provide needed guidance for applying the private activity bond restrictions to refunding issues. The proposed regulations adopt a general approach for applying the private activity bond restrictions to refunding issues based on the principles for measuring private activity contained in section 141 and the final regulations thereunder. A public hearing is scheduled for September 9, 2003.

REG–142605–02, page 1010. Proposed regulations under sections 263A and 448 of the Code provide rules under which any adjustment under section 481(a) resulting from a change in method of accounting under the regulations will be taken into account over the same number of taxable years that is provided in general guidance. A public hearing is scheduled for August 13, 2003.

Notice 2003–33, page 990. This notice provides guidance regarding the determination of the applicable date that terminates the election period under section 645 of the Code for trusts and estates of decedents dying before December 24, 2002.

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