INCOME TAX

Rev. Rul. 2003–110, page 1083. Stocks and securities; distribution. This ruling concludes that, in determining whether a distribution of controlled corporation stock satisfies the business purpose requirement of regulations section 1.355–2(b), the fact that the distribution avoids gain recognition under section 311(b) of the Code does not present a potential for avoidance of federal income tax.

Rev. Rul. 2003–115, page 1052. Gross income; compensation for injuries or sickness; disaster relief payments. Taxpayers are informed of the tax treatment under sections 61, 104, 130, and 139 of the Code of periodic payments to claimants of the September 11th Victim Compensation Fund.

Rev. Rul. 2003–116, page 1083. Helicopters. This ruling concludes that a helicopter is not an airplane for purposes of section 147(e) of the Code which provides that a private activity bond is not a qualified bond if issued as part of an issue and any portion of the proceeds of such issue is to be used to provide any airplane, skybox, or other private luxury box, health club facility, facility primarily used for gambling, or store the principal business of which is the sale of alcoholic beverages for consumption off premises.

Rev. Rul. 2003–117, page 1051. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period October through December 2003. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period October through December 2003. This ruling also provides a summary of the bond

Announcements of Disbarments and Suspensions begin on page 1090. Finding Lists begin on page ii.