ADMINISTRATIVE

Rev. Proc. 2003–38, page 1017. Commercial revitalization deduction. This procedure provides the time and manner for states to make allocations of commercial revitalization expenditures to a new or substantially rehabilitated building that is placed in service in a renewal community. This procedure also explains how a taxpayer may elect to recover the cost of the building using a more accelerated method than is otherwise allowable for depreciation purposes.

Announcement 2003–38, page 1029. This document explains that Announcement 2003–21, Dutch Agreement on Pension Funds, was inadvertently put into Part IV instead of Part II of Bulletin 2003–17. When the Cumulative Bulletin for the first half of 2003, C.B. 2003–1, is printed, Announcement 2003–21 will be listed under Part II, Treaties and Tax Legislation.