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February 2004 Plain Language Regulations

Depreciation Relating to Like-Kind Exchanges or Involuntary Conversions
These proposed regulations instruct taxpayers how to determine the annual depreciation allowance for depreciable property acquired in a like-kind exchange or as a result of an involuntary conversion. REG-106590-00, REG-138499-02.
Published March 1, 2004.
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Depreciation Relating to Like-Kind Exchanges or Involuntary Conversions
These final and temporary regulations instruct taxpayers how to determine the annual depreciation allowance for depreciable property acquired in a like-kind exchange or as a result of an involuntary conversion. TD 9115.  Published March 1, 2004.
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Notional Principal Contracts; Contingent Nonperiodic Payments
These proposed regulations relate to the inclusion into income or deduction of a contingent nonperiodic payment provided for under a notional principal contract (NPC).  The proposed regulations also provide guidance relating to the character of payments made pursuant to an NPC.  These proposed regulations will affect taxpayers that enter into NPCs.  REG-166012-02.  Published February 26, 2004.
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Student FICA and FUTA Execptions
This proposed regulation provides guidance on the student services exception from Federal Insurance Contributions Act (FICA) and Federal Unemployment Tax Act (FUTA) taxes.   The proposed 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 exception from FICA and FUTA taxes.  Schools, colleges, and universities, and employers with employees who are medical residents are affected by this proposed regulation.  The proposed regulation is issued in conjunction with Notice 2004-12, I.R.B. 2004-10 (March 8, 2004), containing a proposed revenue procedure suspending Rev. Proc. 98-16, 1998-1 C.B. 403, and proposing to replace it with a revenue procedure that is consistant with the proposed regulation.  REG-156421-03.  Published February 25, 2004.
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Electronic Payee Statements
These final regulations provide for the voluntary electronic furnishing of statements on Forms W-2, "Wage and Tax Statement" under sections 6041 and 6051, and statements on Forms 1098-T, "Tuition Statement," and Forms 1098-E, "Student Loan Interest Statement" under section 6050S. TD 9114. 
Published February 18, 2004.
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Value of Life Insurance Contracts when Distributed from a Qualified Retirement Plan
These proposed regulations will provide rules for determining the amount includible in a distributee's income when life insurance contracts are distributed from a qualified retirement plan.  Under these regulations, the includible amount is the fair market value of the contract, including the policy cash value and all other rights under the contract and any supplemental agreements.  These proposed regulations will also provide similar rules for determining the includible amount under other employer-provided life insurance arrangements.  REG-126967-03.  Published February 17, 2004.
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Electronic Filing of Duplicate Forms 5472
These final and temporary regulations 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 of the Internal Revenue Code that file Form 5472 electronically. The regulations are effective for taxable years ending on or after January 1, 2003.  TD 9113.  Published February 9, 2003.
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Electronic Filing of Duplicate Forms 5472
This Notice of Proposed Rulemaking (NPRM), cross-references temporary regulations (TD 9113) that 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 proposed regulations affect corporations subject to the reporting requirements in sections 6038A and 6038C of the Internal Revenue Code that file Form 5472 electronically.  REG-167217-03.  Published February 9, 2004.
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