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January 2004 Plain Language Regulations

Low-Income Housing Credit Allocation Certification; Electronic Filing
These final regulations remove an impediment to the electronic filing of Form 8609, "Low-Income Housing Credit Allocation Certification." The form is used for claiming the low-income housing credit. The prior regulations impeded electronic filing of the form by requiring a taxpayer to include a third-party signature from an authorized State or local housing credit agency official when filing the form.  These regulations eliminate that requirement.  The regulations are effective for forms filed on or after January 27, 2004.  TD 9112.  Published January 26, 2004.
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Section 42 Carryover and Stacking Rule Amendments
These final regulations amend several existing regulations concerning the low-income housing tax credit.  The regulations primarily reflect changes to the law made by the Community Renewal Tax Relief Act of 2000 and affect owners of low-income housing projects who claim the credit and the State and local housing credit agencies who administer the credit.   The regulations also amend current regulations to facilitate the electronic filing of income tax returns.  TD 9110.  Published January 6, 2004.
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Definition of Agent for Certain Purposes
The final regulations relate to the definition of agent for certain purposes. The final regulations clarify that the term agent in certain provisions of section 6103 of the Internal Revenue Code includes contractors.  TD 9111.  Published January 6, 2004.
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Guidance Regarding Deduction and Capitalization of Expenditures
These final regulations provide rules for determining whether a taxpayer may deduct costs that produce some future benefit for the taxpayer, but do not result in the acquisition or creation of a tangible asset. The regulations identify certain intangibles, the costs of which must be capitalized (and not immediately deducted) by the taxpayer.  In addition, these regulations provide a fixed period over which taxpayers may deduct certain of these capitalized costs.  The regulations also provide rules for determining the extent to which taxpayers must capitalize amounts paid in acquiring a trade or business, changing the capital structure of a trade or business, or engaging in certain other transactions.  TD 9107.  Published January 5, 2004.
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Credit for Increasing Research Activities
This Advance Notice of Proposed Rulemaking (ANPRM), provides guidance for taxpayers regarding the interim effective dates of the internal-use software rules.  It also invites comments relating to the definition of internal-use software with respect to the credit for increasing research activities under section 41.  REG-153656-03.  Published January 2, 2004.
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Credit for Increasing Research Activities
These final regulations clarify the definition of qualified research with respect to the credit for increasing research activities under section 41.  In addition, the regulations adopt the recordkeeping requirements and the rules for excluded activities as set forth in the 2001 proposed regulations.  TD 9104.  Published January 2, 2004.
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Definition of Income for Trust Purposes
These final regulations revise the definition of trust accounting income to take into account changes in the definition of trust accounting income under state laws, which allow certain amounts traditionally considered as principal to be treated as income. The final regulations also clarify the situations in which capital gains will be included in a trust's distributable net income.  Conforming amendments with regard to the revised definition of trust accounting income are made to regulations affecting various trusts, including pooled income funds, charitable remainder trusts, trusts qualifying for the marital deduction, and trusts exempt from the generation-skipping transfer tax.
TD 9102.  Published January 2, 2004.
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Changes in Computing Depreciation
Generally, a taxpayer must obtain the consent of the Commissioner of the Internal Revenue Service before changing a method of accounting for federal tax purposes.  These proposed regulations provide the changes in depreciation or amortization for certain property that are, and are not, a change in method of accounting.
REG-126459-03.  Published January 2, 2004.
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Changes in Computing Depreciation
Generally, a taxpayer must obtain the consent of the Commissioner of the Internal Revenue Service before changing a method of accounting for federal tax purposes.  These final regulations provide the changes in depreciation or amortization for certain property that are, and are not, a change in method of accounting.  TD 9105.  Published January 2, 2004.
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