Federal Register Digest Archive
Internal Revenue Service (IRS)
Internal Revenue Service (IRS)
67 Fed. Reg. 41,621 (June 19, 2002) (final rule) (to be codified at 26 C.F.R. Part 301). This final rule contains a final regulation relating to return information to be disclosed to the Department of Agriculture for use in conducting the Census of Agriculture. The regulation provides guidance to IRS personnel responsible for disclosing the return information.
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67 Fed. Reg. 5074 (Feb. 4, 2002) (proposed rule) (to be codified at 26 C.F.R. pt. 1). This proposed rule relates to the use of the unit-livestock-price method of accounting. It provides rules relating to the annual reevaluation of unit prices and the depreciation of livestock raised for draft, breeding, or dairy purposes. Comments must be received by May 6, 2002.
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67 Fed. Reg. 817 (Jan. 7, 2002) (final rule) (to be codified at 26 C.F.R. pts. 1, 602). This final rule makes changes to the regulations that permit farmers to use income averaging. The income averaging election is available only to individuals engaged in a farming business and only with respect to income from that business. The new regulation implements a number of changes including allowing wages paid by an S corporation to a shareholder to qualify as income from a farming business. The rule was effective as of January 8, 2002, and it applies to taxable years beginning after December 31, 2001. However, taxpayers may rely on these provisions in computing tax liability for taxable years beginning on or before December 31, 2001.
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