INCOME TAX

Rev. Rul. 2003–59, page 1014. Cost-share payments. The Conservation Reserve Program (CRP) is a small watershed program administered by the Secretary of Agriculture that is substantially similar to the type of programs described in sections 126(a)(1) through (8) of the Code within the meaning of section 126(a)(9). All or a portion of costshare payments received under the CRP is eligible for exclusion from gross income to the extent permitted by section 126. Rental payments and incentive payments are not cost-share payments and are not excludable from gross income.

Announcement 2003–37, page 1025. The IRS and Treasury are considering publishing a notice of proposed rulemaking (REG–100818–01) proposing rules regarding the amount of a liability a transferee of property is treated as assuming in connection with a transfer of property and certain tax consequences that result from the transferee’s assumption of such a liability. This document describes and explains the issues that IRS and Treasury are considering addressing in the proposed regulations and the rules that IRS and Treasury might propose to address some of these issues. This document also invites comments regarding these issues and rules.