2005 Treasury Decisions
"Treasury Decisions" are either temporary or
final Regulations that have been approved by the Department of the Treasury after submission from the IRS. (Proposed regulations are not approved by the Treasury Dept.) Tax
Regulations are the IRS Commissioner's rules, 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 promulgated by publishing in the Federal Register, and are also published in the weekly Internal Revenue Bulletin. All persons concerned are, by reason of
publication in the Federal Register, given notice of the official rules of the Department of the Treasury for the administration, application, and enforcement of the Internal Revenue laws.
Final regulations carry the force and effect of law.
For more information about IRS Regulations, see the Guide to Understanding the Differences Among Official IRS Documents
Treasury Decisions are either in HTML or in the Adobe Acrobat PDF format.
Internal Revenue Bulletin Summary pages are in HTML format.
| Treasury Decisions |
Bulletin |
Date of IRB |
 |
| T.D. 9230(PDF) |
IRB #2005-52(HTML) |
December 27, 2005 |
| Final regulations under section 6043 of the Code require information reporting by a corporation if control of the corporation is acquired or the corporation has a substantial change in capital structure, and the corporation or any shareholder is required to recognize gain (if any) under section 367(a) and the regulations. The regulations also pertain to information reporting requirements for brokers with respect to transactions described in section 6043(c). |
| T.D. 9229(HTML) |
IRB #2005-48(HTML) |
November 28, 2005 |
| Final, temporary, and proposed regulations under section 6081 of the Code relate to the simplification of procedures for obtaining automatic extensions of time to file certain returns. The temporary regulations allow individual income taxpayers and certain other taxpayers to obtain an automatic six-month extension of time to file certain returns by filing a single request. For these returns, the regulations also remove the requirements for a signature and an explanation of the need for an extension of time to file. |
| T.D. 9228(HTML) |
IRB #2005-47(HTML) |
November 21, 2005 |
| Final regulations under section 42 of the Code eliminate the requirement in regulations section 1.42-1(h) that a completed Form 8609, Low-Income Housing Credit Allocation and Certification, must be filed with an owner's Federal income tax return for each of the 15 taxable years of the compliance period when the owner claims the low-income housing credit. |
| T.D. 9227(HTML) |
IRB #2005-45(HTML) |
November 7, 2005 |
| Final, temporary, and proposed regulations under section 7804 of the Code amend 26 CFR Part 801 to clarify when quantity measures, which are not tax enforcement results, may be used in measuring organizational and employee performance. |
| T.D. 9226(HTML) |
IRB #2005-43(HTML) |
October 24, 2005 |
| Final 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 income from stock may, in some circumstances, be effectively connected income. |
| T.D. 9225(HTML) |
IRB #2005-42(HTML) |
October 17, 2005 |
| Final regulations under section 368 of the Code provide guidance regarding the satisfaction of the continuity of interest requirement for corporate reorganizations. Specifically, these regulations identify certain circumstances in which the determination, of whether a proprietary interest in the target corporation is preserved, would be made by reference to the value of the issuing corporation's consideration on the last business day before there is an agreement to effect the potential reorganization. |
| T.D. 9224(HTML) |
IRB #2005-41(HTML) |
October 11, 2005 |
| Final regulations under section 6654 of the Code provide information for making payments of estimated income tax by individuals. The regulations incorporate changes made by the Tax Reform Act of 1984 and are necessary to update, clarify, and reorganize the rules and procedures under section 6654. The regulations do not impose any new requirements for taxpayers. |
| T.D. 9223(HTML) |
IRB #2005-39(HTML) |
September 26, 2005 |
| Final regulations under section 402 of the Code address the amount includible in a distributee’s income when life insurance contracts are distributed by a qualified retirement plan and also address the treatment of property sold by a qualified retirement plan to a plan participant or beneficiary for less than fair market value. The regulations also provide guidance regarding the amounts includible in income when an employee is provided permanent benefits in combination with group-term life insurance or when a life insurance contract is transferred in connection with the performance of services. |
| T.D. 9222(HTML) |
IRB #2005-40(HTML) |
October 3, 2005 |
| Final regulations under section 951 of the Code prescribe rules under which a United States shareholder of a controlled foreign corporation (CFC) determines its pro rata share of the subpart F income, previously excluded subpart F income withdrawn from investment in less developed countries, and previously excluded subpart F income withdrawn from foreign base company shipping operations. |
| T.D. 9221(HTML) |
IRB #2005-39(HTML) |
September 26, 2005 |
| Final regulations under section 4291 of the Code provide guidance for collectors of communications excise taxes under section 4251 and excise taxes on amounts paid for taxable transportation under sections 4261 and 4271. These regulations clarify the time by which collectors must report refusals to pay or other failures to collect these excise taxes. |
| T.D. 9220(HTML) |
IRB #2005-39(HTML) |
September 26, 2005 |
| Temporary and proposed regulations under section 408A of the Code provide guidance concerning the tax consequences of converting a non-Roth IRA annuity to a Roth IRA. The regulations affect individuals establishing Roth IRAs, beneficiaries under Roth IRAs, and trustees, custodians and issuers of Roth IRAs. |
| T.D. 9219(HTML) |
IRB #2005-38(HTML) |
September 19, 2005 |
| Final regulations under section 411(d)(6) of the Code provide guidance relating to the anti-cutback rules and the notification requirements under section 4980F. |
| T.D. 9218(HTML) |
IRB #2005-37(HTML) |
September 12, 2005 |
| Final regulations under section 883 of the Code amend the applicability date of final regulations (T.D. 9087, 2003-2 C.B. 781) that relate to income derived by a foreign corporation from the international operation of ships or aircraft. Section 423 of the American Jobs Creation Act of 2004 delayed the applicability date of the final regulations under section 883 for one year so that they will apply to taxable years of foreign corporations beginning after September 24, 2004. |
| T.D. 9217(HTML) |
IRB #2005-37(HTML) |
September 12, 2005 |
| Final regulations under section 269B of the Code concern the definition and treatment of a stapled foreign corporation, which is generally treated for U.S. tax purposes as a domestic corporation. The regulations also put in regulation form Notices 89-94 and 2003-50, treating a stapled foreign corporation as foreign for purposes of determining whether it is an includible corporation within the meaning of section 1504(d), except when applying sections 1.904(i)-1 and 1.861-11T(d)(6) of the regulations. |
| T.D. 9216(HTML) |
IRB #2005-36(HTML) |
September 6, 2005 |
| Final regulations under section 269B of the Code concern the definition and treatment of a stapled foreign corporation, which is generally treated for U.S. tax purposes as a domestic corporation. The regulations also put in regulation form Notices 89-94 and 2003-50, treating a stapled foreign corporation as foreign for purposes of determining whether it is an includible corporation within the meaning of section 1504(d), except when applying sections 1.904(i)-1 and 1.861-11T(d)(6) of the regulations. |
| T.D. 9215(HTML) |
IRB #2005-36(HTML) |
September 6, 2005 |
| Temporary and proposed regulations under section 6020 of the Code modify the provisions of the current regulations section 301.6020-1 to provide the following: (1) a document (or set of documents) signed by the Commissioner or other authorized Internal Revenue officer or employee shall be a return under section 6020(b) if the document (or set of documents) identifies the taxpayer by name and taxpayer identification number, contains sufficient information from which to compute the taxpayer’s tax liability, and the document (or set of documents) purports to be a return; (2) the document and subscription may be in written or electronic form; and (3) pursuant to section 6651(g)(2), the document that constitutes a return under section 6020(b) will be treated as the return filed by the taxpayer for purposes of determining the amount of the addition to tax under sections 6651(a)(2) and (a)(3). |
| T.D. 9214(HTML) |
IRB #2005-35(HTML) |
August 29, 2005 |
| Final regulations under section 2651 of the Code provide an exception to the general rules for determining the generation assignment of a transferee of property for generation-skipping transfer (GST) purposes. The regulations also provide rules regarding a transferee assigned to more than one generation. |
| T.D. 9213(PDF, 300K) |
IRB #2005-35(HTML) |
August 29, 2005 |
| Section 6343(d) of the Code was added by the Taxpayer Bill of Rights 2 and authorizes the Service to return levied property in certain cases. Final regulations under section 6343 set forth the cases in which the Service may return levied property and the procedures for a taxpayer to request a return of property. |
| T.D. 9212(HTML) |
IRB #2005-35(HTML) |
August 29, 2005 |
| Final 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. |
| T.D. 9211(HTML) |
IRB #2005-33(HTML) |
August 15, 2005 |
| Final 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 a taxpayer’s gross income and are apportioned on the basis of income from sources within the United States. In addition, regulations are finalized in this document with respect to the allocation and apportionment of deductions for charitable contributions that are provided by an income tax treaty rather than by sections 170, 873(b)(2), and 882(c)(1)(B). |
| T.D. 9210(HTML) |
IRB #2005-33(HTML) |
August 15, 2005 |
| Final 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 2008. |
| T.D. 9209(HTML) |
IRB #2005-31(HTML) |
August 1, 2005 |
| Final regulations under section 1363(d) of the Code address LIFO recapture by corporations converting from C corporations to S corporations. The purpose of these regulations is to provide guidance on the LIFO recapture requirement when the corporation holds inventory accounted for under the last-in, first-out (LIFO) method (LIFO inventory) indirectly through a partnership. |
| T.D. 9208(HTML) |
IRB #2005-31(HTML) |
August 1, 2005 |
| Final regulations under section 2632(c)(5)(A)(i) of the Code provide guidance for making the election to not have the deemed allocation of unused generation-skipping transfer (GST) tax exemption under section 2632(c)(1) apply with regard to certain transfers to a GST trust, as defined in section 2632(c)(3)(B). The regulations also provide guidance for making the election under section 2632(c)(5)(A)(ii) to treat a trust as a GST trust. |
| T.D. 9207(PDF, 300K) |
IRB #2005-26(HTML) |
June 27, 2005 |
| Final, temporary, and proposed regulations under section 752 of the Code relate to the definition of liabilities. These regulations provide rules regarding a partnership’s assumption of certain fixed and contingent obligations in connection with the issuance of a partnership interest and provide conforming changes to certain regulations. These regulations also provide rules under section 358(h) for assumptions of liabilities by corporations from partners and partnerships. In addition, to prevent the abuse that section 358(h) was designed to prevent, these regulations also provide rules that, with respect to an exchange to which section 358(a)(1) applies, remove the exception for transfers in which substantially all of the assets associated with a liability are transferred to the person assuming the liability as part of the exchange. |
| T.D. 9206(PDF, 89K) |
IRB #2005-25(HTML) |
June 20, 2005 |
| Temporary and proposed regulations under section 6050L provide guidance for the filing of information returns by donees relating to qualified intellectual property contributions. The regulations affect donees receiving net income from qualified intellectual property contributions after June 3, 2004. |
| T.D. 9205(PDF, 374K) |
IRB #2005-25(HTML) |
June 20, 2005 |
| Temporary and proposed regulations under section 41 of the Code provide rules for the computation and allocation of the credit for increasing research activities in the case of a controlled group of corporations or a group of trades or businesses under common control. The regulations also provide rules for making and revoking an election to compute the research credit using the alternative incremental research credit rules. A public hearing on the proposed regulations is scheduled for October 19, 2005. REG–133791–02 withdrawn. |
| T.D. 9204(PDF, 116K) |
IRB #2005-25(HTML) |
June 20, 2005 |
| Final regulations under section 143 of the Code provide rules for calculating the effective rate of mortgage interest. Specifically, the regulations provide that amounts paid for pool mortgage insurance are to be excluded from the calculation of the effective rate of mortgage interest (which results in a lower effective rate of mortgage interest). Generally, interest on bonds issued by state and local governments is excluded from gross income. However, this exclusion does not apply to non-qualified private activity bonds. A qualified mortgage bond or a qualified veterans’ mortgage bond (together, "qualified mortgage revenue bonds") may be a qualified bond. A bond may only be a qualified mortgage revenue bond if the effective rate of mortgage interest on the mortgages provided with the bond proceeds does not exceed the yield on the bonds by more than 1.125 percentage points. |
| T.D. 9203(PDF, 75K) |
IRB #2005-25(HTML) |
June 20, 2005 |
| Final 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. |
| T.D. 9202(PDF, 149K) |
IRB #2005-24(HTML) |
June 13, 2005 |
| Final 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. |
| T.D. 9201(PDF, 115K) |
IRB #2005-23(HTML) |
June 6, 2005 |
| Final regulations under section 330 of title 31 of the U.S. Code modify section 10.35 which prescribes specific requirements for covered opinions. Certain written advice issued after a tax return is filed, advice provided by taxpayer’s in-house counsel, and negative advice are excluded from the requirements of covered opinions. These regulations also clarify "principal purpose" and "prominently disclose". |
| T.D. 9200(PDF, 599K) |
IRB #2005-23(HTML) |
June 6, 2005 |
| Final, temporary, and proposed regulations under section 1446 of the Code provide guidance on the withholding tax liability of a partnership with income that is effectively connected with its U.S. trade or business, all or a portion of which is allocable under section 704 to foreign partners. The regulations also provide rules permitting a partnership under certain circumstances to consider partner-level deductions and losses when computing its section 1446 withholding tax obligation with respect to a foreign partner. A public hearing on the proposed regulations is scheduled for October 3, 2005. |
| T.D. 9199(PDF, 71K) |
IRB #2005-19(HTML) |
May 9, 2005 |
| Final, temporary, and proposed regulations under section 4082 of the Code describe the mandatory mechanical dye injection systems for use in injection of indelible dye into diesel fuel and kerosene that is used in a nontaxable use. A public hearing on the proposed regulations is scheduled for July 19, 2005. |
| T.D. 9198(PDF, 191K) |
IRB #2005-18(HTML) |
May 2, 2005 |
| Final regulations under section 355(e) of the Code relate to the recognition of gain on certain distributions of stock or securities in connection with an acquisition. The regulations provide guidance on whether an acquisition and a distribution are part of a plan (or series of related transactions). |
| T.D. 9197(PDF, 65K) |
IRB #2005-18(HTML) |
May 2, 2005 |
| Final, temporary, and proposed regulations under section 7701 of the Code add to the list of foreign business entities that are always classified as corporations, per se corporations, and, therefore, are not eligible to check the box to change their classification. A public hearing on the proposed regulations is scheduled for July 27, 2005. |
| T.D. 9196(PDF, 71K) |
IRB #2005-19(HTML) |
May 9, 2005 |
| Final, temporary, and proposed regulations under section 3402(f) of the Code provide guidance for employers and employees relating to Form W-4, Employee’s Withholding Allowance Certificate. The regulations provide rules for the submission of copies of certain withholding exemption certificates to the IRS, the notification provided to the employer and the employee of the maximum number of exemptions permitted, and the use of substitute forms. A public hearing on the proposed regulations is scheduled for July 26, 2005. |
| T.D. 9195(PDF, 77K) |
IRB #2005-17(HTML) |
April 25, 2005 |
| Final regulations under section 7602 of the Code adopt the rules of the temporary regulations, which confirm that officers and employees of the Office of Chief Counsel may be included as persons designated to receive summoned books, papers, records, or other data and to take summoned testimony under oath. |
| T.D. 9194(PDF, 376K) |
IRB #2005-20(HTML) |
May 16, 2005 |
| Final, temporary, and proposed regulations under section 937 of the Code provide rules for determining whether an individual is a bona fide resident of American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or the U.S. Virgin Islands. The regulations also provide rules for determining when income is considered to be from sources within a U.S. possession and whether income is effectively connected with the conduct of a trade or business within a U.S. possession. In addition, conforming changes are made and/or proposed to regulations under related sections of the Code. A public hearing on the proposed regulations is scheduled for July 21, 2005. |
| T.D. 9193(PDF, 88K) |
IRB #2005-15(HTML) |
April 11, 2005 |
| Final regulations under section 704 of the Code clarify that if section 704(c) property is sold for an installment obligation, the installment obligation is treated as the contributed property for purposes of applying sections 704(c) and 737. Likewise, if the contributed property is a contract, such as an option to acquire property, the property acquired pursuant to the contract is treated as the contributed property for these purposes. |
| T.D. 9192(PDF, 288K) |
IRB #2005-15(HTML) |
April 11, 2005 |
| Final regulations under section 1502 of the Code provide guidance concerning the determination of the tax attributes that are available for reduction and the method for reducing those attributes when a member of a consolidated group excludes discharge of indebtedness income from gross income under section 108. |
| T.D. 9191(PDF, 101K) |
IRB #2005-15(HTML) |
April 11, 2005 |
| Final regulations amend 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. |
| T.D. 9190(PDF, 134K) |
IRB #2005-15(HTML) |
April 11, 2005 |
| Final regulations under section 664 of the Code concern the ordering rule of regulations section 1.664-1(d). The regulations provide rules for characterizing the income distributions from charitable remainder trusts (CRTs) when the income is subject to different federal income tax rates. The regulations reflect changes made to income tax rates, including capital gains and certain dividends, by the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Jobs and Growth Tax Relief Reconciliation Act of 2003. |
| T.D. 9189(PDF, 99K) |
IRB #2005-13(HTML) |
March 28, 2005 |
| Final regulations under section 6334 of the Code revise regulations relating to property exempt from levy. The regulations were revised to reflect changes made by the IRS Restructuring and Reform Act of 1998 and the Taxpayer Relief Act of 1997. These changes include the procedures for obtaining prior judicial approval of certain principal residence seizures and the exemption from levy for certain business assets in the absence of administrative approval or jeopardy. |
| T.D. 9188(PDF, 81K) |
IRB #2005-15(HTML) |
April 11, 2005 |
| Temporary and proposed regulations under section 6103 of the Code set forth changes to the list of items of return information that the IRS discloses to the Department of Commerce for the purpose of structuring censuses and national economic accounts and conducting related statistical activities authorized by law. |
| T.D. 9187(PDF, 194K) |
IRB #2005-13(HTML) |
March 28, 2005 |
| Final regulations under sections 337(d) and 1502 of the Code disallow certain losses recognized on sales of subsidiary stock by members of a consolidated group. The regulations apply to corporations filing consolidated returns and to purchasers of stock of members of a consolidated group. |
| T.D. 9186(PDF, 124K) |
IRB #2005-13(HTML) |
March 28, 2005 |
| Temporary and proposed regulations under section 6664 of the Code provide additional circumstances that end the period within which a taxpayer may file an amended return that constitutes a qualified amended return. The regulations provide that the period for filing a qualified amended return is terminated once the IRS has served a John Doe summons on a third party with respect to the taxpayer’s tax liability. In addition, for taxpayers who have claimed tax benefits from undisclosed listed transactions, the regulations provide that the period for filing a qualified amended return is terminated once the IRS contacts a promoter, organizer, seller, or material advisor concerning the listed transaction. The regulations also provide that the date on which published guidance is issued announcing a settlement initiative for a listed transaction in which penalties are compromised or waived is an additional date by which a taxpayer must file a qualified amended return. Notice 2004-38 obsoleted. |
| T.D. 9185(PDF, 111K) |
IRB #2005-12(HTML) |
March 21, 2005 |
| Final regulations under section 817 of the Code remove provisions of the regulations that apply a look-through rule to assets of a nonregistered partnership for purposes of satisfying the diversification requirements of section 817(h). |
| T.D. 9184(PDF, 110K) |
IRB #2005-12(HTML) |
March 21, 2005 |
| Final regulations under section 860F of the Code relate to the application of the unified partnership audit procedures to disputes regarding the ownership of residual interests in a Real Estate Mortgage Investment Conduit (REMIC). |
| T.D. 9183(PDF, 118K) |
IRB #2005-12(HTML) |
March 21, 2005 |
| Final regulations under section 7701 of the Code clarify that a disregarded entity (an entity that is not treated as separate from its owner) is treated as a separate entity for purposes of any federal tax liability for which it is liable. |
| T.D. 9182(PDF, 91K) |
IRB #2005-11(HTML) |
March 14, 2005 |
| Final regulations under section 368 of the Code provide that a continuity of the business enterprise and a continuity of interest are not required for the transaction to qualify as a reorganization under section 368(a)(1)(E) or (F). Rev. Ruls. 69-516, 77-415, 77-479, and 82-34 obsoleted. |
| T.D. 9181(PDF, 126K) |
IRB #2005-11(HTML) |
March 14, 2005 |
| Final 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. |
| T.D. 9180(PDF, 113K) |
IRB #2005-11(HTML) |
March 14, 2005 |
| Final regulations under section 1374 of the Code provide for an adjustment to the amount that may be subject to tax under section 1374 in certain cases in which an S corporation acquires assets from a C corporation in an acquisition to which section 1374(d)(8) applies. The regulations provide guidance to certain S corporations that acquire assets from a C corporation in a carryover basis transaction. |
| T.D. 9179(PDF, 91K) |
IRB #2005-11(HTML) |
March 14, 2005 |
| Final 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. |
| T.D. 9178(PDF, 149K) |
IRB #2005-11(HTML) |
March 14, 2005 |
| Final regulations under section 301 (5 USC) of the Code set forth procedures for current and former officers and employees of the IRS and current and former entities that contract with the IRS to follow when they receive certain requests for disclosure of IRS records or information. It also provides procedures for the public to follow when seeking testimony or IRS records in a nontax proceeding. |
| T.D. 9177(PDF, 87K) |
IRB #2005-10(HTML) |
March 7, 2005 |
| Final regulations under section 6031(a) of the Code allow the Commissioner to publish in the Internal Revenue Bulletin guidance that excepts from the partnership income tax reporting requirements partnerships whose income is primarily from tax-exempt bonds. |
| T.D. 9176(PDF, 112K) |
IRB #2005-10(HTML) |
March 7, 2005 |
| Final regulations under section 411 of the Code reflect the addition of section 411(d)(6)(E) by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) by amending section 1.411(d)-4, Q&A-2(e) of the regulations. The regulations retain rules under which a defined contribution plan could be amended, but remove the 90-day notice condition. |
| T.D. 9175(PDF, 129K) |
IRB #2005-10(HTML) |
March 7, 2005 |
| Temporary and proposed regulations under sections 6011, 6033, and 6037 of the Code affect certain corporations and organizations filing returns. These regulations require certain corporations and organizations to file their Forms 1120, 1120S, 990, and 990-PF electronically. A public hearing on the proposed regulations is scheduled for March 16, 2005. |
| T.D. 9174(PDF, 71K) |
IRB #2005-9(HTML) |
February 28, 2005 |
| Final regulations under section 6661 of the Code remove regulations sections 1.6661-1 through 1.6661-6 relating to an addition to tax in the case of a substantial understatement of income tax liability made pursuant to section 6661. In addition, this regulation corrects a reference to section 6661(b)(2)(C)(ii) in regulations section 1.448-1T(b)(1)(iii) to clarify that the definition of "tax shelter" is now found in section 6662(d)(2)(C). |
| T.D. 9173(PDF, 49K) |
IRB #2005-8(HTML) |
February 22, 2005 |
| Final regulations under section 6104 of the Code provide guidance about the fees which the IRS and exempt organizations may charge for providing copies of material required to be publicly available. |
| T.D. 9172(PDF, 65K) |
IRB #2005-6(HTML) |
February 7, 2005 |
| Final regulations under section 2032 of the Code concern the election to value a decedent’s gross estate on the alternate valuation date. The final regulations reflect a change to the law made by the Deficit Reduction Act of 1984. As a result of the final regulations, section 301.9100-6T(b) of the regulations will be removed. Please note: the preamble of the final regulations describes a change in the IRS’s position on the availability of relief to make the section 2032 election or protective election, and the section 2056A(d) election under sections 301.9100-1 and 301.9100-3 of the regulations. |
| T.D. 9171(PDF, 179K) |
IRB #2005-6(HTML) |
February 7, 2005 |
| Final regulations involve the new markets tax credit under section 45D of the Code. 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. |
| T.D. 9170(PDF, 90K) |
IRB #2005-4(HTML) |
January 24, 2005 |
| Final, temporary, and proposed regulations under section 1374 of the Code provide that (a) section 1374(d)(8) applies to any transaction described in that section that occurs on or after December 27, 1994, regardless of the date of the S corporation’s election under section 1362; and (b) for purposes of the Tax Reform Act of 1986, as amended, a corporation’s most recent S election, not an earlier election that has been revoked or terminated, determines whether or not it is subject to current section 1374. |
| T.D. 9169(PDF, 707K) |
IRB #2005-5(HTML) |
January 31, 2005 |
| Final regulations provide guidance for certain retirement plans containing cash or deferred arrangements under section 401(k) of the Code, and provide for matching contributions or employee contributions under section 401(m). |
| T.D. 9168(PDF, 91K) |
IRB #2005-4(HTML) |
January 24, 2005 |
| Final regulations under section 59 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 under the Code 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. |
| T.D. 9167(PDF, 131K) |
IRB #2005-2(HTML) |
January 10, 2005 |
| Final regulations under sections 3121(b)(10) and 3306(c)(10)(B) of the Code provide guidance on the student services exception from Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) taxes. The regulations provide guidance on whether an employer is considered a "school, college, or university," and whether an employee is considered a "student" for purposes of the student exceptions from FICA and FUTA taxes. Schools, colleges, and universities are affected by this regulation. |
| T.D. 9166(PDF, 555K) |
IRB #2005-8(HTML) |
February 22, 2005 |
| Final regulations under section 9801 of the Code provide guidance on the Health Insurance Portability and Accountability Act of 1996 (HIPAA) portability requirements relating to the restrictions on the extent to which group health plans can impose preexisting condition exclusions, the furnishing of certificates of creditable coverage, the provision of special enrollment rights, and certain definitions used in and exceptions to the HIPAA portability requirements. |
| T.D. 9165(PDF, 138K) |
IRB #2005-4(HTML) |
January 24, 2005 |
| Final regulations under section 330 of title 31 of the U.S. Code revise regulations governing practice before the IRS (Circular 230) that 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. |
| T.D. 9164(PDF, 237K) |
IRB #2005-3(HTML) |
January 18, 2005 |
| Temporary and proposed regulations under section 409(p) of the Code provide guidance on the definition and effects of a prohibited allocation under section 409(p), identification of disqualified persons and determination of a nonallocation year, calculation of synthetic equity under section 409(p)(5), and standards for determining whether a transaction is an avoidance or evasion of section 409(p). A public hearing on the proposed regulations is scheduled for April 20, 2005. |
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