INCOME TAX

Rev. Rul. 2003–54, page 982. Depreciation; gasoline pump canopies. This ruling determines the classification of typical “stand-alone” gasoline pump canopies and their supporting concrete footings for depreciation purposes by applying criteria set forth in Whiteco Indus- tries, Inc. v. Commissioner, 65 T.C. 664 (1975). This ruling holds that the canopies are not inherently permanent structures and are classified as tangible personal property includible in asset class 57.0 of Rev. Proc. 87–56 for depreciation purposes. This ruling also holds that the supporting concrete footings are inherently permanent structures classified as land improvements includible in asset class 57.1 of Rev. Proc. 87–56 for depreciation purposes. Rev. Rul. 68–345 obsoleted. Rev. Proc. 2002–9 modified and amplified.

Rev. Rul. 2003–56, page 985. Like kind exchanges. This ruling deals with the consequences under section 752 of the Code, and the minimum gain rules under section 1.704–2(d) of the regulations, of a section 1031 transaction that straddles two taxable years.

Rev. Rul. 2003–60, page 987. 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 June 2003.

Finding Lists begin on page ii.