2004 Regulations

"Regulations" are the IRS Commissioner's rules, approved by the Secretary of the Treasury, or the Secretary's delegate, for the application and administration of the Internal Revenue laws. The purpose of regulations is to provide taxpayers, their representatives, and Service personnel with rules of general application so they may clearly understand the taxpayer's rights and duties under the law.

Regulations are in the Adobe Acrobat PDF format. Internal Revenue Bulletin Summary pages are in HTML format.

Regulation	Bulletin	Date of IRB	Cross-Ref

REG-208246-90(PDF, 58K)	IRB #2004-36(HTML)	Sept. 7, 2004	T.D. 9143(PDF, 58K)
Temporary, final, and proposed regulations under section 861 of the Code provide that deductions for charitable contributions (as defined in section 170(c)) are definitely related and allocable to all of the taxpayer’s gross income and are apportioned on the basis of income from sources within the United States. The final regulations, which provide that deductions for charitable contributions are not definitely related to any gross income and therefore are ratably apportioned between or among the statutory and residual groupings, are removed. The proposed regulations withdraw proposed regulations, INTL-116-90, 1991-1 C.B. 949. A public hearing on the proposed regulations is scheduled for December 2, 2004. INTL-116-90 withdrawn.
REG-171386-03(PDF, 58K)	IRB #2004-37(HTML)	Sept. 13, 2004	T.D. 9147(PDF, 58K)
Temporary and proposed regulations amend the regulations under section 163(d) of the Code to provide the rules relating to how and when taxpayers may elect to take qualified dividend income into account as investment income for purposes of calculating the deduction for investment income expense.
REG-169135-03(PDF, 82K)	IRB #2004-42(HTML)	Oct. 18, 2004	T.D. 9158(PDF, 82K)
Final, temporary, and proposed regulations under sections 338 and 1060 of the Code will affect the treatment of certain nuclear decommissioning funds in the allocation of purchase price in deemed and actual asset acquisitions. The rule will not apply to nuclear decommissioning funds qualifying under section 468A. The new treatment is elective on the part of taxpayers.
REG-167265-03(PDF, 191K)	IRB #2004-15(HTML)	April 12, 2004	T.D. 9117(PDF, 191K)
Final, temporary, and proposed regulations under section 1502 of the Code, as applied under sections 108 and 1245, govern the timing of certain basis adjustments when a member of a consolidated group realizes discharge of indebtedness income that is excluded from gross income and the reduction of attributes when there is excluded income. In addition, the regulations govern the timing and calculations of certain basis adjustments to prevent circular basis adjustments on the disposition of stock of a group member.
REG-167217-03(PDF, 50K)	IRB #2004-9(HTML)	March 1, 2004	T.D. 9113(PDF, 50K)
Final, temporary, and proposed regulations under section 6038A of the Code amend existing regulations to provide that a Form 5472 that is timely filed electronically is treated as satisfying the requirement timely to file a duplicate Form 5472 with the Internal Revenue Service Center in Philadelphia, Pennsylvania. The regulations affect corporations subject to the reporting requirements in sections 6038A and 6038C that file Form 5472 electronically. A public hearing on the proposed regulations is scheduled for May 27, 2004.
REG-166012-02(PDF, 178K)	IRB #2004-13(HTML)	March 29, 2004	N/A
Proposed regulations under section 446 of the Code relate to the inclusion into income or deduction of a contingent nonperiodic payment made pursuant to a notional principal contract. The regulations also contain rules relating to the character of payments made pursuant to notional principal contracts, bullet swaps, and forward contracts. In general, contingent nonperiodic payments are accounted for under the noncontingent swap method or under an elective mark-to-market regime. With respect to character, the regulations provide ordinary treatment for most notional principal contract payments. As a general exception to ordinary treatment, the regulations provide capital treatment for termination payments. The regulations also provide capital treatment for payments made pursuant to bullet swaps and forward contracts. A public hearing is scheduled for May 25, 2004.
REG-165579-02(PDF, 88K)	IRB #2004-13(HTML)	March 29, 2004	N/A
Proposed regulations under section 368 of the Code clarify that a transferor may transfer, after a reorganization, assets or stock to a transferee controlled by the transferor. The regulations also make conforming changes relating to continuity of business enterprise and to the definition of a party to a reorganization.
REG-163909-02(PDF, 60K)	IRB #2004-38(HTML)	Sept. 20, 2004	T.D. 9149(PDF, 60K)
Final, temporary, and proposed regulations under section 4251 of the Code provide guidance for collectors of communications excise taxes and excise taxes on amounts paid for taxable transportation under sections 4261 and 4271. These regulations state the time by which collectors must report refusals to pay or other failures to collect these excise taxes.
REG-163679-02(PDF, 100K)	IRB #2004-35(HTML)	Aug. 30, 2004	N/A
Proposed regulations under section 2702 of the Code provide guidance in two specific situations relating to qualified interests. The first situation is where the grantor retains an interest payable to the grantor for a term of years, or to the grantor’s estate if the grantor dies prior to the expiration of the term. The second situation is where the grantor has a power to revoke a qualified interest of the grantor’s spouse. A public hearing is scheduled for October 28, 2004.
REG-156421-03(PDF, 144K)	IRB #2004-10(HTML)	March 8, 2004	N/A
Proposed regulations under sections 3121(b)(10) and 3306(c)(10)(B) of the Code provide guidance on the Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) exceptions for student services. The proposed regulations provide guidance on whether an employer is considered a “school, college, or university,” and whether an employee is considered a “student” under these provisions. A public hearing is scheduled for June 16, 2004.
REG-156232-03(PDF, 64K)	IRB #2004-5(HTML)	Feb. 2, 2004	T.D. 9101(PDF, 64K)
Temporary and proposed regulations under section 6043 of the Code provide information reporting rules regarding corporations which are acquired, or which experience a recapitalization or other substantial change in capital structure. The proposed regulations also withdraw REG–143321–02. A public hearing on the proposed regulations is scheduled for March 31, 2004.
REG-155608-02(PDF, 337K)	IRB #2004-49(HTML)	Dec. 6, 2004	N/A
Proposed regulations provide updated guidance on tax-shelter annuities, custodial accounts of public schools and section 501(c)(3) tax-exempt organizations and church retirement income accounts authorized under section 403(b) of the Code. These regulations would provide the public with guidance necessary to comply with the law and affect sponsors of section 403(b) contracts, administrators, participants, and beneficiaries. A public hearing is scheduled for February 15, 2005.
REG-154077-03(PDF, 57K)	IRB #2004-37(HTML)	Sept. 13, 2004	N/A
Proposed regulations under section 860F of the Code discuss the definition of partnership item for purposes of applying the unified partnership audit procedures to real estate mortgage investment conduits (REMICs).
REG-153841-02(PDF, 177K)	IRB #2004-31(HTML)	Aug. 2, 2004	N/A
Proposed regulations provide guidance for making the election under section 2632(c) of the Code to not have the deemed allocation of unused generation-skipping transfer (GST) tax exemption apply with regard to certain transfers to a GST trust. The regulations also provide guidance for making the election to treat a trust as a GST trust.
REG-153172-03(PDF, 59K)	IRB #2004-15(HTML)	April 12, 2004	T.D. 9118(PDF, 59K)
Final, temporary, and proposed regulations under section 337 of the Code clarify that in computing the amount of stock loss attributable to the recognition of built-in gain, gain recognized on the disposition of an asset may be reduced by expenses directly attributable to the recognition of that gain. These regulations also clarify that a worthless stock deduction in stock of a member of a consolidated group results in the elimination of that member’s apportioned losses only if, following the year in which the worthless stock deduction is claimed, the member has no separate return year. The regulations further clarify that stock of a member of a consolidated group may be treated as worthless, provided it otherwise qualifies for such treatment under the Code immediately prior to the time that the subsidiary ceases to be a member of the group.
REG-152549-03(PDF, 68K)	IRB #2004-36(HTML)	Sept. 7, 2004	T.D. 9146(PDF, 68K)
Final, temporary, and proposed regulations under section 179 of the Code provide rules for making and revoking elections to expense the cost of certain depreciable business property. The regulations apply for property placed in service in taxable years beginning after 2002 and before 2006. A public hearing on the proposed regulations is scheduled for November 30, 2004.
REG-150562-03(PDF, 160K)	IRB #2004-32(HTML)	Aug. 9, 2004	N/A
Proposed regulations relate to the application of section 1045 of the Code to partnerships and their partners. The regulations provide rules regarding the deferral of gain on a partner’s sale of qualified small business stock and deferral of gain on a partner’s sale of qualified small business stock distributed by a partnership. A public hearing is scheduled for November 2, 2004.
REG-149752-03(PDF, 67K)	IRB #2004-14(HTML)	April 5, 2004	N/A
Proposed regulations under section 410(b) of the Code allow employees of a tax-exempt organization who are eligible to make salary reduction contributions to a section 403(b) plan to be treated as excludable employees for the purpose of testing whether a section 401(k) plan or a section 401(m) plan meets the minimum coverage requirements contained in section 410(b) if two conditions are met. This modification was directed by Congress in section 664 of the Economic Growth and Tax Relief Reconciliation Act of 2001.
REG-149524-03(PDF, 100K)	IRB #2004-39(HTML)	Sept. 27, 2004	N/A
Proposed regulations under section 1363 of the Code relate to LIFO recapture by corporations converting from C corporations to S corporations. The purpose of the regulations is to provide guidance on the LIFO recapture requirement when the corporation holds inventory accounted for under the last-in, first-out method (LIFO inventory) indirectly through a partnership. The regulations affect C corporations that own interests in partnerships holding LIFO inventory and that elect to be taxed as S corporations or that transfer such partnership interests to S corporations in nonrecognition transactions. The regulations also affect S corporations receiving such partnership interests from C corporations in nonrecognition transactions. A public hearing is scheduled for December 8, 2004.
REG-149519-03(PDF, 195K)	IRB #2004-51(HTML)	Dec. 20, 2004	N/A
Proposed regulations under section 707 of the Code provide guidance relating to the treatment of transactions between a partnership and its partners as disguised sales of partnership interests between partners. The regulations describe circumstances in which a transfer of consideration (including the assumption of a liability) by a purchasing partner to a partnership and a transfer of consideration by the partnership to a selling partner constitute a sale of a partnership interest. In addition, the proposed rules require disclosure of certain transfers and assumptions of liabilities to the Service. A public hearing is scheduled for March 8, 2005.
REG-148399-02(PDF, 101K)	IRB #2004-24(HTML)	June 14, 2004	T.D. 9129(PDF, 101K)
Final, temporary, and proposed regulations under section 263A of the Code except interest expense incurred by a lessor in certain safe harbor leasing transactions from the requirement to capitalize interest under section 263A.
REG-145988-03(PDF, 108K)	IRB #2004-42(HTML)	Oct. 18, 2004	N/A
Proposed regulations relate to the predeceased parent rule, which provides an exception to the general rules of section 2651 of the Code for determining the generation assignment of a transferee of property for generation-skipping transfer (GST) purposes. The proposed regulations also provide rules regarding a transferee assigned to more than one generation. A public hearing is scheduled for December 14, 2004.
REG-145987-03(PDF, 123K)	IRB #2004-39(HTML)	Sept. 27, 2004	N/A
Proposed regulations under section 2642 of the Code provide guidance regarding the qualified severance of a trust for generation-skipping transfer (GST) tax purposes under section 2642(a)(3), which was added to the Code by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
REG-145535-02(PDF, 125K)	IRB #2004-51(HTML)	Dec. 20, 2004	N/A
Proposed regulations define the terms predecessor and successor for purposes of section 355(e) of the Code. These regulations provide guidance in determining whether a corporation is a predecessor or successor of a distributing or controlled corporation, as well as rules to assist taxpayers in determining whether an acquisition of an interest in a corporation would cause a distributing corporation to recognize gain under section 355(e). The regulations affect corporations that distribute the stock of controlled corporations in distributions described in section 355.
REG-140492-02(PDF, 94K)	IRB #2004-23(HTML)	June 7, 2004	N/A
Proposed regulations under section 142(a) of the Code define solid waste disposal facilities for purposes of exempt facility bonds. Generally, interest on a state or local bond is excluded from gross income. However, the exclusion does not apply to a private activity bond unless the bond is a qualified bond. A qualified bond includes an exempt facility bond that meets certain requirements. Exempt facility bonds include bonds for solid waste disposal facilities. A public hearing is scheduled for August 11, 2004.
REG-139845-02(PDF, 55K)	IRB #2004-5(HTML)	Feb. 2, 2004	N/A
Proposed regulations under section 2032 of the Code concern the election to value a decedent’s gross estate on the alternate valuation date. The regulations reflect a change to the law made by the Deficit Reduction Act of 1984. The regulations, when finalized, will remove temporary regulation 301.9100–6T(b).
REG-139792-02(PDF, 57K)	IRB #2004-20(HTML)	May 17, 2004	T.D. 9121(PDF, 57K)
Final, temporary, and proposed regulations under section 704(b) of the Code provide guidance on the proper allocation of certain foreign tax expenditures of a partnership. A public hearing on the proposed regulations is scheduled for September 14, 2004.
REG-138176-02(PDF, 61K)	IRB #2004-43(HTML)	Oct. 25, 2004	N/A
Proposed regulations under section 7502 of the Code amend regulations section 301.7502-1 to provide that, other than direct proof of actual delivery, a registered or certified mail receipt is the only prima facie evidence of delivery of documents that have a filing deadline prescribed by the internal revenue laws. The regulations are necessary to provide greater certainty on this issue and to provide specific guidance. The regulations affect taxpayers who mail federal tax documents to the Internal Revenue Service or the United States Tax Court.
REG–208254–90, REG–136481–04(PDF, 136K)	IRB #2004-37(HTML)	Sept. 13, 2004	N/A
Proposed regulations under section 861 of the Code describe the proper basis for determining the source of compensation for labor or personal services performed partly within and partly without the United States. REG-208254-90 withdrawn.
REG-135898-04(PDF, 61K)	IRB #2004-40(HTML)	Oct. 4, 2004	T.D. 9154(PDF, 61K)
Temporary and proposed regulations under section 1502 of the Code extend the time for consolidated groups to make elections, and permit them to amend or revoke prior elections, concerning methods for determining allowable loss on a disposition of subsidiary stock.
REG-131786-03(PDF, 77K)	IRB #2004-38(HTML)	Sept. 20, 2004	T.D. 9139(PDF, 77K)
Final, temporary, and proposed regulations under section 7701 of the Code provide that an eligible entity that makes a timely and valid election to be classified as an S corporation will be deemed to have elected to be classified as an association taxable as a corporation.
REG-131486-03(PDF, 75K)	IRB #2004-28(HTML)	July 12, 2004	N/A
Proposed regulations under section 1374 of the Code provide for an adjustment to the amount that may be subject to tax in certain cases in which an S corporation acquires assets from a C corporation in an acquisition to which section 1374(d)(8) applies. These regulations provide guidance to certain S corporations that acquire assets from a C corporation in a carryover basis transaction.
REG-131264-04(PDF, 99K)	IRB #2004-38(HTML)	Sept. 20, 2004	N/A
Proposed regulations under section 1502 of the Code provide rules for taking into account items of income, gain, deduction, and loss of members from transactions between members of a consolidated group. Section 1.1502-13(c)(7)(ii), Example 13, illustrates how the matching rules of the intercompany transaction regulations treat manufacturer incentive payments from one member of a group to another. These regulations supplement the fact pattern in this example to provide further guidance regarding the proper treatment of certain of these manufacturer incentive payment transactions under the intercompany transaction regulations.
REG-130863-04(PDF, 116K)	IRB #2004-39(HTML)	Sept. 27, 2004	N/A
Proposed regulations address the effect of transfers of the assets or the stock of parties to a reorganization pursuant to transactions intended to qualify as reorganizations within the meaning of section 368(a) of the Code.
REG-129771-04(PDF, 122K)	IRB #2004-36(HTML)	Sept. 7, 2004	N/A
Proposed regulations under section 951(a) of the Code provide guidance for determining a United States shareholder’s pro rata share of a controlled foreign corporation’s (CFC’s) subpart F income, previously excluded subpart F income withdrawn from investment in less developed countries, previously excluded subpart F income withdrawn from foreign base company shipping operations, and amounts determined under section 956. A public hearing is scheduled for November 18, 2004.
REG-129706-04(PDF, 70K)	IRB #2004-37(HTML)	Sept. 13, 2004	N/A
Proposed regulations under section 368 of the Code provide that in order to qualify as a tax-free reorganization, a transaction must meet certain requirements. One such requirement is that the owners of the corporation being acquired exchange their interests in the acquired corporation for a substantial interest in the acquiring corporation. These regulations explain the circumstances in which the determination will be made of whether the owners of the acquired corporation have exchanged their interests for a substantial interest in the acquiring corporation by reference to the signing date value of the acquiring corporation stock to be issued in the transaction.
REG-129447-01(PDF, 56K)	IRB #2004-19(HTML)	May 10, 2004	T.D. 9120(PDF, 56K)
Final, temporary, and proposed regulations under section 861 of the Code provide an alternative method for valuing assets for purposes of apportioning interest expense under the tax book value method contained in temporary regulations section 1.861-9T(g). For that limited purpose, the alternative method allows taxpayers to determine the adjusted basis of all tangible property under the alternative depreciation system of section 168(g). The regulations also provide guidance on electing the alternative method. The alternative method provides taxpayers with the option of determining the adjusted bases of both foreign and domestic assets under one consistent depreciation regime for temporary regulations section 1.861-9T(g) apportionment purposes and helps reduce the basis disparity between foreign and domestic assets which can occur under the current regulations. A public hearing on the proposed regulations is scheduled for July 19, 2004.
REG-129274-04(PDF, 51K)	IRB #2004-40(HTML)	Oct. 4, 2004	T.D. 9155(PDF, 51K)
Temporary and proposed regulations under section 1502 of the Code provide that the application of the deemed waiver rule of regulations section 1.1502-32T(b)(4)(v), which denied the use of excess losses in cases in which such denial was not intended, is elective.
REG-128767-04(PDF, 125K)	IRB #2004-39(HTML)	Sept. 27, 2004	N/A
Proposed regulations under section 752 of the Code provide rules for taking into account the net value of a disregarded entity owned by a partner or related person for purposes of allocating partnership liabilities. Specifically, the regulations provide that in determining the extent to which a partner bears the economic risk of loss for a partnership liability, payment obligations of a disregarded entity are taken into account only to the extent of the net value of the disregarded entity.
REG-128590-03(PDF, 84K)	IRB #2004-21(HTML)	May 24, 2004	N/A
Proposed regulations under section 265 of the Code provide guidance regarding the consolidated return treatment of intercompany obligations that are treated as financing tax-exempt obligations. These regulations provide that, if a member of a consolidated group incurs or continues debt to a nonmember that is directly traceable to an intercompany obligation extended to a member of the group (the borrowing member) by another member of the group (the lending member), and section 265(a)(2) applies to disallow a deduction for the borrowing member’s interest expense incurred with respect to the intercompany obligation, then the lending member’s corresponding interest income will not be excluded under the intercompany transaction regulations.
REG-128309-03(PDF, 251K)	IRB #2004-16(HTML)	April 19, 2004	N/A
Proposed regulations under section 411(d)(6) of the Code provide guidance on the conditions under which a plan amendment may eliminate or reduce an early retirement benefit, a retirement-type subsidy, or an optional form of benefit with respect to a participant’s benefits attributable to service before the plan amendment. The regulations also provide guidance on how the notice requirements of section 4980F apply with respect to such plan amendments. A public hearing is scheduled for June 24, 2004.
REG-126967-03(PDF, 90K)	IRB #2004-10(HTML)	March 8, 2004	N/A
Proposed regulations under section 402 of the Code provide rules regarding the amount includible in a participant’s income when a life insurance contract is distributed from a qualified plan, and provide rules under sections 79 and 83 imposing similar valuation requirements for those other employer-provided life insurance arrangements. A public hearing is scheduled for June 9, 2004.
REG-126459-03(PDF, 110K)	IRB #2004-6(HTML)	Feb. 9, 2004	T.D. 9105(PDF, 110K)
Final, temporary, and proposed regulations under sections 167, 446, and 1016 of the Code provide rules for changes in determining depreciation or amortization. The regulations also provide guidance as to whether certain changes in depreciation or amortization are changes in methods of accounting. The regulations apply to changes made for taxable years ending on or after December 30, 2003. A public hearing on the proposed regulations is scheduled for April 7, 2004.
REG-124872-04(PDF, 69K)	IRB #2004-39(HTML)	Sept. 27, 2004	T.D. 9153(PDF, 69K)
Final, temporary, and proposed regulations under section 7701 of the Code provide that some business entities may be recognized under state or foreign law as created or organized in more than one jurisdiction at the same time ("dually chartered entities"). These regulations provide clarification regarding how to determine the federal tax classification (e.g., corporation, partnership, or an entity disregarded as separate from its owner) of a dually chartered entity and how to determine whether a dually chartered entity is domestic or foreign. A public hearing on the proposed regulations is scheduled for November 3, 2004.
REG-124405-03(PDF, 80K)	IRB #2004-35(HTML)	Aug. 30, 2004	N/A
Optional 10-year writeoff of certain tax preferences. Proposed regulations under section 59(e) of the Code provide rules governing the time and manner for making and revoking an election to treat certain qualified expenditures, which are otherwise deductible, as amortized over the applicable period provided for in the statute. The regulations provide that the election may be made for any specific dollar amount of the qualified expenditures, but cannot be made by reference to a formula. To revoke the election, a taxpayer must receive the permission of the Commissioner. Permission will only be granted in rare and unusual circumstances. If permission is granted, the revocation will be effective in the taxpayer’s earliest open taxable year affected by the election.
REG-122379-02(PDF, 94K)	IRB #2004-5(HTML)	Feb. 2, 2004	N/A
Proposed regulations under section 330 of title 31 of the Code set forth best practices for tax advisors providing advice to taxpayers relating to federal tax issues or submissions to the Internal Revenue Service and modify the standards for certain tax shelter opinions. Section 10.33 encourages all tax advisors to provide their clients with the highest quality representation. Section 10.35 prescribes specific requirements for “more likely than not” and “marketed” tax shelter opinions. Section 10.36 provides that the practitioner who has the principal authority and responsibility for overseeing a firm’s practice of providing advice to clients regarding federal tax issues must take reasonable steps to ensure that the firm has adequate procedures in place for purposes of complying with section 10.35. Section 10.37 authorizes the Director of the Office of Professional Responsibility to establish one or more advisory committees to review and make recommendations regarding professional standards or best practices for tax advisors, including whether a practitioner may have violated section 10.35 or 10.36. A public hearing is scheduled for February 18, 2004.
REG-121475-03(PDF, 107K)	IRB #2004-16(HTML)	April 19, 2004	N/A
Proposed regulations under section 1397E of the Code amend the final regulations regarding qualified zone academy bonds (QZABs). The proposed regulations contain guidance for state and local governments that issue QZABs and for banks, insurance companies, and other taxpayers that hold those bonds on the maximum term, use of proceeds, and remedial actions for QZABs. A public hearing is scheduled for July 21, 2004.
REG-120616-03(PDF, 67K)	IRB #2004-37(HTML)	Sept. 13, 2004	T.D. 9145(PDF, 67K)
Final, temporary, and proposed regulations under section 4081 of the Code relate to the entry of taxable fuel into the United States. The regulations affect enterers of taxable fuel, certain other importers of record, and certain sureties.
REG-117307-04(PDF, 51K)	IRB #2004-28(HTML)	July 12, 2004	N/A
Proposed regulations under section 864 of the Code relate to the application of the asset-use test to stock held by foreign insurance companies. The regulations provide that the exception to the asset-use test for stock does not apply in determining whether the income, gain, or loss from portfolio stock held by foreign insurance companies constitutes income effectively connected with the conduct of a trade or business within the United States.
REG-116664-01(PDF, 65K)	IRB #2004-3(HTML)	Jan. 20, 2004	T.D. 9100(PDF, 65K)
Final, temporary, and proposed regulations under section 6011 of the Code are designed to eliminate regulatory impediments to the electronic filing of certain income tax returns and other forms.
REG-116564-03(PDF, 101K)	IRB #2004-20(HTML)	May 17, 2004	N/A
Proposed regulations under section 358 of the Code adopt a tracing approach in determining the basis of stock and securities received in transactions under sections 355, 368, and certain transactions that qualify under both section 351 and section 368.
REG-116265-04(PDF, 98K)	IRB #2004-38(HTML)	Sept. 20, 2004	T.D. 9151(PDF, 98K)
Final, temporary, and proposed regulations under section 1031 of the Code replace the Standard Industrial Classification (SIC) system of codes with the North American Industry Classification System (NAICS) for purposes of determining what depreciable tangible personal property is like-kind to other property. For transfers of property on or before the date of publication of final regulations, taxpayers may treat properties within the same SIC product class or the same NAICS product class as property of a like class and of like-kind.
REG-115471-03(PDF, 57K)	IRB #2004-14(HTML)	April 5, 2004	T.D. 9116(PDF, 57K)
Temporary and proposed regulations under section 45D of the Code amend temporary regulations (T.D. 8971, 2002-1 C.B. 308) and proposed regulations (REG-119436-01, 2002-1 C.B. 377). These regulations provide revised rules relating to the new markets tax credit. A taxpayer making a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation may claim a 5-percent tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6-percent tax credit with respect to the qualified equity investment on each of the remaining 4 credit allowance dates. A public hearing is scheduled for June 2, 2004.
REG-114726-04(PDF, 148K)	IRB #2004-47(HTML)	Nov. 22, 2004	N/A
Proposed regulations under section 401(a) of the Code provide rules permitting distributions to be made from a pension plan under a phased retirement program and set forth requirements for a bona fide phased retirement program. These regulations will provide the public with guidance regarding distributions from qualified pension plans and will affect administrators of, and participants in, these plans.
REG-108637-03(PDF, 67K)	IRB #2004-37(HTML)	Sept. 13, 2004	N/A
Proposed regulations under section 1275 of the Code provide rules for the accrual of original issue discount (OID) on certain real estate mortgage investment conduit (REMIC) regular interests. The regulations provide guidance to REMICs, REMIC regular interest holders and information reporters regarding the accrual of OID. A public hearing is scheduled for November 17, 2004.
REG-106889-04(PDF, 143K)	IRB #2004-38(HTML)	Sept. 20, 2004	N/A
Proposed regulations under section 368 of the Code provide guidance regarding the requirements necessary for a transaction to qualify as a mere change in identity, form, or place of organization of one corporation under section 368(a)(1)(F).
REG-106681-02(PDF, 72K)	IRB #2004-18(HTML)	May 3, 2004	N/A
Proposed regulations under section 856 of the Code clarify that an entity that is disregarded as separate from its owner, a qualified REIT subsidiary, or a qualified subchapter S subsidiary is treated as an entity separate from its owner if the entity is liable for federal taxes. A public hearing is scheduled for July 22, 2004.
REG-106590-00, REG-138499-02(PDF, 64K)	IRB #2004-14(HTML)	April 5, 2004	T.D. 9115(PDF, 64K)
Final, temporary, and proposed regulations under section 168 of the Code provide guidance on how to depreciate MACRS property that is acquired in a like-kind exchange or as a result of an involuntary conversion. These regulations explain how a taxpayer should determine depreciation in the year of the exchange or involuntary conversion and subsequent years. A public hearing on the proposed regulations is scheduled for June 3, 2004. Notice 2000-4 obsoleted. REG-138499-02 partially withdrawn.
REG-101447-04(PDF, 53K)	IRB #2004-34(HTML)	Aug. 23, 2004	T.D. 9142(PDF, 53K)
Final regulations under section 408(q) of the Code provide requirements relating to deemed IRAs that may be included in qualified employer plans, which are plans described in sections 401(a), 403(a), 403(b), and governmental plans under section 457(b). The regulations also amend section 408(a) with regard to the requirements under section 408(a) for non-bank trustees for deemed IRAs. Temporary and proposed regulations under section 408(a) provide that the Commissioner may, in his discretion, allow governmental entities to act as qualified non-bank trustees for deemed IRAs which are part of the entities’ qualified employer plan within the meaning of section 408(q).
REG-101282-04(PDF, 95K)	IRB #2004-42(HTML)	Oct. 18, 2004	N/A
Proposed regulations under section 269B of the Code generally treat a stapled foreign corporation as a domestic corporation for U.S. federal income tax purposes, unless the stapled foreign corporation and the corresponding domestic stapled corporation are foreign-owned. Under the regulations, while a stapled foreign corporation is not an includible corporation under section 1504(b) for most purposes, it may be an includible corporation for purposes of regulations sections 1.904(i)-1 and 1.861-11T(d)(6). They also provide that a conversion of a domestic corporation to a foreign corporation (or vice versa) as a result of section 269B is treated as an F reorganization; limit the application of treaty benefits to stapled foreign corporations; provide special collection procedures for tax liabilities of stapled foreign corporations; address issues involving multiple classes of stock in determining whether a foreign corporation is a stapled foreign corporation; and provide the Commissioner with authority to disregard certain stapled stock structures involving related parties. A public hearing is scheduled for December 15, 2004.

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