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February 2005 Plain Language Regulations

Reorganizations under Section 368(a)(1)(E) or (F)
In general, a continuity of interest and a continuity of business enterprise are required for a transaction to qualify as a reorganization within the meaning of section 368(a) of the Internal Revenue Code. These regulations provide that a continuity of interest and a continuity of business enterprise are not required for a transaction to qualify as a reorganization under section 368(a)(1)(E) or (F) of the Code.
TD 9182. Published February 25, 2005.
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REMIC TEFRA Applicability
This document describes the limited applicability of the unified partnership audit procedures apply to REMICs.  Determination of the identity of a holder of a REMIC residual interest is not a partnership item for purposes of the unified partnership audit procedures as applied to REMICs.  Section 860F(e) provides that a REMIC shall be treated as a partnership (and holders of residual interests in that REMIC shall be treated as partners) for purposes of subtitle F of the Code, which includes the unified partnership audit procedures. 
TD 9184.  Published February 25, 2005.
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Modification of Check-the-Box
These final regulations 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.  These regulations affect qualified REIT subsidiaries, qualified subchapter S subsidiaries, and single owner eligible entities that are liable for federal taxes (1) with respect to tax periods during which they were not disregarded or (2) because they are successors or transferees of taxable entities. 
TD 9183.  Published February 25, 2005.
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Qualified Interest
There are special rules for valuing gifts in trust when the grantor or the grantor's family member retains an interest in the trust.  If the retained interest is not a qualified interest, the retained interest is valued at zero, and the amount of the gift is the entire value of the transferred property.  If the retained interest is a qualified interest, the retained interest is valued under special actuarial tables and interest rates, and the amount of the gift is the value of the transferred property reduced by the value of the retained interest.  These proposed regulations provide guidance in two specific situations.  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.  TD 9181.  Published February 25, 2005.
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Capitalization of Interest on Safe Harbor Leasing Transactions
Taxpayers producing certain real and tangible personal property are sometimes required to capitalize some or all of their interest expense into the basis of the property they produce. These final regulations exempt from this requirement interest expense incurred by a lessor in certain safe harbor leasing transactions.  TD 9179.
Published February 23, 2005.
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Adjustment to Net Unrealized Built-in Gain
This document contains final regulations under section 1374 that 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.  These final regulations provide guidance to certain S corporations that acquire assets from a C corporation in a carryover basis transaction. TD 9180.  Published February 23, 2005.
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Guidance under Section 1502
Guidance under Section 1502; Miscellaneous Operating Rules for Successor Person; Succession to Items of the Liquidating Corporation. These proposed regulations under section 1502 provide guidance regarding the manner in which the intercompany items of a liquidating corporation are succeeded to and taken into account in cases where more than one distributee member acquires the assets of the liquidating corporation in a complete liquidation to which section 332 applies.  These proposed regulations also provide guidance regarding the manner in which more than one distributee member succeeds to the items (including the items described in sectin 381(c)) of the liquidating corporation.  REG-131128-04.  Published February 22, 2005.
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Testimony or Production of Records in a Court or Other Proceeding
The Internal Revenue Service (IRS) often receives requests and subpoenas for IRS records, including tax returns and other tax information, and IRS personnel records, in connection with federal and state court tax and nontax proceedings.  These final regulation sets 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 such requests.  It also provides procedures for the public to follow when seeking testimony or IRS records in a nontax proceeding. 
TD 9178.  Published February 14, 2005.
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Amendment to Partnership Income Tax Reporting
These final regulations 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.
TD 9177.  Published February 11, 2005.
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