Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.

INCOME TAX

Notice 2004-28(PDF, 54K)
Frivolous claims for refunds of income or alternative minimum tax incurred upon the exercise of compensatory stock options. This notice describes five claims and explains that in most cases the arguments behind such claims are without merit and will not be respected by the Service. This notice also enumerates the penalties which may be applicable to taxpayers relying on such claims or arguments.

REG-121475-03(PDF, 107K)
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.

Ct. D. 2078(PDF, 133K)
Employee Retirement Income Security Act of 1974 (ERISA); participant; working owner. The Supreme Court holds that the working owner of a business may qualify as a “participant” in a pension plan covered by ERISA if the plan covers one or more employees other than the business owner and his or her spouse. Raymond B. Yates, M.D., P.C. Profit Sharing Plan et al. v. Hendon, Trustee.

REG-128309-03(PDF, 251K)
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.

Rev. Proc. 2004-25(PDF, 42K)
Remedial amendment period; disqualifying provisions; December 31, 2001. This procedure extends the remedial amendment period under section 401(b) of the Code with respect to certain disqualifying provisions of all new plans put into effect after December 31, 2001, until the end of the remedial amendment period for the Economic Growth and Tax Relief Reconciliation Act of 2001.

Announcement 2004-28(PDF, 74K)
A list is provided of organizations now classified as private foundations.

Notice 2004-26(PDF, 38K)
Public comments are requested for items that should be included on the 2004–2005 Guidance Priority List. Taxpayers may submit recommendations at any time during the year. All recommendations received by April 30, 2004, will be reviewed for possible inclusion on the original 2004–2005 Guidance Priority List. Recommendations received after April 30, 2004, will be reviewed for inclusion in the quarterly updates if received by August 31, 2004; November 30, 2004; or February 28, 2005, respectively.

Notice 2004-27(PDF, 40K)
Losses; decrease in stock value. This notice advises taxpayers that the Service will disallow deductions for theft losses claimed on account of decreases in the market value of stock purchased on the open market that may be attributable to fraudulent misrepresentations or other illegal misconduct of corporate officials. A taxpayer generally may deduct as a capital loss such a decrease in value when it is recognized by the taxpayer because the stock is sold or exchanged or becomes wholly worthless.

Rev. Proc. 2004-23(PDF, 90K)
This document provides administrative procedures under which taxpayers may obtain automatic consent to change to a method of accounting provided in sections 1.263(a)–4, 1.263(a)–5, and 1.167(a)–3(b) of the regulations for the taxpayer’s first taxable year ending on or after December 31, 2003. Rev. Proc. 2002–9 modified and amplified. Announcement 93–60 obsoleted.

Rev. Proc. 2004-24(PDF, 43K)
Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f) of the Code. Rev. Proc. 2003–29, obsoleted, except as provided in section 5.02 of this procedure.