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December 2003 Plain Language Regulations

Defenses to the Imposition of the Accuracy-Related Penalty
These final regulations are intended to promote disclosure of reportable transactions and positions based on the conclusion that a regulation is invalid by narrowing a taxpayer's ability to establish good faith and reasonable cause as a defense. The regulations also clarify the existing regulations with respect to the facts and circumstances to be considered in determining whether a taxpayer acted with reasonable cause and in good faith. TD 9109. Published December 30, 2003.
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Summary of Confidential Transactions Regulations
These final regulations modify and clarify the rules relating to confidential transactions under section 1.6011-4(b)(3) of the Income Tax Regulations, and make minor conforming changes to the list maintenance rules under section 301.6112-1 of the Procedure and Administration Regulations.  These regulations affect taxpayers participating in reportable transactions and persons responsible for maintaining and furnishing lists of investors in reportable transactions.  TD 9108. 
Published December 30, 2003.
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Information Reporting Relating to Taxable Stock Transactions
These are temporary regulations relating to the requirement of information reporting by a corporation if control of the corporation is acquired or if the corporation has a recapitalization or other substantial change in capital structure.  The regulations also concern information reporting requirements for brokers with respect to transactions described in section 6043(c).  TD 9101.  Published December 30, 2003.
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Information Reporting Relating to Taxable Stock Transactions
These proposed regulations relate to section 6043(c) of the Code, requiring information reporting by a corporation if control of the corporation is acquired or if the corporation has a recapitalization or other substantial change in capital structure.  The regulations also contain proposed regulations under section 6045 concerning information reporting requirements for brokers with respect to transactions described in section 6043(c).  REG-156232-03; REG-143321-02. 
Published December 30, 2003.
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Regulations Governing Practice Before the Internal Revenue Service
These regulations propose modifications of the regulations governing practice before the Internal Revenue Service (Circular 230).  These regulations affect individuals who are eligible to practice before the IRS.  The proposed regulations set forth best practices for tax advisors providing advice to taxpayers relating to Federal tax issues or submissions to the IRS and modify the standards for certain tax shelter opinions. 
REG-122379-02.  Published December 30, 2003.
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Qualified Offer Rule
A taxpayer may make a qualified offer within certain limitations. These final regulations explain when qualified offers may be made, the requirements to make a valid qualified offer, and to whom the qualified offer should be made.  These regulations also provide examples to aid taxpayers to understand how qualified offers operate.  TD 9106.  Published December 29, 2003.
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Information Statements for Certain Substitute Payments
These final regulations provide that brokers must file information returns and furnish information statements to individuals who receive substitute payments in lieu of dividends on or after January 1, 2003. TD 9103.  Published December 29, 2003.
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Gross Estate; Election to Value on Alternate Valuation Date
These proposed regulations relate to the election under section 2032 of the Internal Revenue Code to value a decedent's gross estate on the alternate valuation date. The regulations reflect a change in the law made by the Deficit Reduction Act of 1984.  They will effect estates that are required to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.  REG-139845-02.
Published December 24, 2003.
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Guidance Necessary to Facilitate Business Electronic Filing
These final regulations are designed to eliminate regulatory obstacles to the electronic filing of certain business income tax returns and other forms.  TD 9100.
Published December 19, 2003.
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Guidance Necessary to Facilitate Business Electronic Filing
These proposed regulations are designed to eliminate regulatory obstacles to the electronic filing of certain business income tax returns and other forms.
REG-116664-01.  Published December 19, 2003.
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Disclosure of Relative Values of Optional Forms of Benefit
These final regulations consolidate the content requirements applicable to explanations of qualified joint and survivor annuities and qualified preretirement survivor annuities payable under certain retirement plans, and specify requirements for disclosing the relative value of optional forms of benefit that are payable from certain retirement plans in lieu of qualified joint and survivor annuity. These final regulations affect plan sponsors and administrators, and participants in and beneficiaries of, certain retirement plans.  TD 9099.  Published December 17, 2003.
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Application of Section 108 to Members of a Consolidated Group
Corporations that exclude discharge of indebtedness income from gross income must reduce their tax attributes by the amount excluded. On September 4, 2003, regulations (REG-132760-03, 68 FR 52542, and TD 9089, 68 FR 52487) were published in the Federal Register, which provide guidance concerning the determination of the tax attributes that are subject to reduction when a corporation that excludes discharge of indebtedness income from gross income is a member of a consolidated group.  These regulations amend the earlier regulations to clarify the specific tax attributes of a member consolidated group that are subject to attribute reduction.  TD 9098.  Published December 11, 2003.
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Application of Section 108 to Members of a Consolidated Group
Corporations that exclude discharge of indebtedness income from gross income must reduce their tax attributes by the amount excluded. On September 4, 2003, regulations (REG-132760-03, 68 FR 52542, and TD 9089, 68 FR 52487) were published in the Federal Register, which provide guidance concerning the determination of the tax attributes that are subject to reduction when a corporation that excludes discharge of indebtedness income from gross income is a member of a consolidated group.  These regulations amend the earlier regulations to clarify the specific tax attributes of a member of a consolidated group that are subject to attribute reduction.  REG-153319-03.  Published December 11, 2003.
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Guaranteed Investment Contract Broker's Commission
The final regulations set forth rules for determining when a broker's commission or similar fee incurred in connection with a guaranteed investment contract or investments purchased for a yield restricted defeasance escrow is treated as a qualified administrative cost. TD 9097.  Published December 11, 2003.
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Installment Payments
This final regulation removes final regulation sections 1.6152-1 and 301.6152-1, pertaining to section 6152 of the Internal Revenue Code.  A portion of section 6152 was repealed for taxpayers beginning after December 31, 1982.  Prior to repeal in 1982, section 6152 permitted corporations to pay income taxes in two equal installments.  Section 6152, prior to its complete repeal in 1986, generally permitted a decedent's estate to pay income taxes in four equal installments.  The removal of these regulations will not affect taxpayers.  TD 9096.  Published December 3, 2003.
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