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July 2005 Plain Language Regulations

Substitute for Returns under Section 6020
When a taxpayer fails to file a return, the IRS may prepare a return on the taxpayer's behalf. These regulations explain the methods the IRS will use to make returns for non-filers.  REG-131739-03.  Published July 18, 2005.
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Substitute for Returns under Section 6020
When a taxpayer fails to file a return, the IRS may prepare a return on the taxpayer's behalf.  These regulations explain the methods the IRS will use to make returns for non-filers.  TD 9215.  Published July 18, 2005.
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Predeceased Parent Rule
A generation-skipping transfer tax is imposed on certain transfers made to individuals who are two or more generations below the generation of the transferor. These final regulations provide guidance and examples regarding a special rule for persons with a deceased parent.  In addition, these regulations provide a special rule for certain adopted individuals.  TD 9214.  Published July 18, 2005.
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Electronic Technologies for Providing Employee Benefit Notices
These proposed regulations would set forth guidance on the permitted use of electronic media to provide certain notices to recipients or to transmit participant and beneficiary elections or consents with respect to employee benefit arrangements.  The proposed regulations would generally affect sponsors of, and participants in, employee benefit arrangements. 
REG-138362-04.  Published July 14, 2005.
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Return of Property Certain Cases
The final regulations reflects amendments made to Internal Revenue Code 6343 by the Taxpayer Bill of Rights 2 (TBOR 2) and the Internal Revenue Service Restructuring and Reform Act of 1998 (RRA 98).
TD 9213.  Published July 14, 2005.
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Deductions for Charitable Contributions
This document finalizes the temporary and proposed regulations under section 861, published on July 28, 2004, relating to the allocation and apportionment of charitable deductions (as defined in section 170(c)).  The regulations provide that these deductions are definitely related and allocable to all of a taxpayer's gross income and apportioned between the statutory and the residual groupings of gross income on the basis of income from sources within the United States.  These regulations will affect individuals and corporations with foreign source income that make contributions to charitable organizations and that calculate their foreign tax credit limitation under section 904.  TD 9211.  Published July 14, 2005.
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Source of Compensation for Labor or Personal Services
These final regulations describe the proper basis for determining the source of compensation from labor or personal services performed partly within and partly without the United States and will affect individuals that earn compensation from labor or personal services performed partly within and partly without the United States.
TD 9212.  Published July 14, 2005.
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Section 179 Elections
These final regulations provide guidance to taxpayers for making and revoking elections to expense the cost of property under section 179.  The regulations reflect changes to section 179 made by the Jobs and Growth Relief Reconciliation Act of 2003 and the American Jobs Creation Act of 2004.  The changes made to section 179 permit small business taxpayers to make or revoke section 179 elections on amended returns without the Commissioner's consent.  This provides flexibility to small business taxpayers in determining whether the section 179 election is to their advantage or disadvantage.
TD 9209.  Published July 13, 2005.
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LIFO Recapture under Section 1363(d)
These regulations describe the tax consequences of LIFO recapture by corporations converting from C corporations to S corporations.  The purpose of the 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.  The regulations provide that a C corporation that holds an interest in a partnership owing LIFO inventory must include the look through LIFO recapture amount in its gross income where the corporation either elects to be an S corporation or transfers its interest in the partnership to an S corporation in a nonrecognition transaction.  TD 9210.  Published July 12, 2005.
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