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March 2004 Plain Language Regulations

Allocation and Apportionment of Expenses; Alternative Method for Determining Tax Book Value of Assets
These regulations provide an alternative method for valuing assets for purposes of apportioning interest expense under the tax book value method of apportionment contained in Temp. Treas. Reg. section 1.861-9T(g). The alternative method allows taxpayers to determine the adjusted basis of all tangible property under the Alternative Depreciation System of section 168(g).  These regulations also provide guidance on electing the alternative method.  TD 9120.  Published March 26, 2004.
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Allocation and Apportionment of Expenses; Alternative Method for Determining Tax Book Value of Assets
These regulations provide an alternative method for valuing assets for purposes of apportioning interest expense under the tax book value method of apportionment contained in Temp. Treas. Reg. section 1.861-9T(g).  The alternative method allows taxpayers to determine the adjusted basis of all tangible property under the Alternative Depreciation System of section 168(g).  These regulations also provide guidance on electing the alternative method.  REG-129447-01.  Published March 26, 2004.
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Qualified Zone Academy Bonds
Qualified zone academy bonds (QZAB) are bonds issued by States and local governments to finance certain eligible public school improvements. These proposed regulations amend the final regulations regarding qualified zone academy bonds.  The regulations propose guidance for State and local governments that issue QZABs and for banks, insurance companies, and other taxpayers that hold those bonds.  These regulations provide guidance on the maximum term, use of proceeds, and remedial actions for QZABs.  REG-121475-03.  Published March 26, 2004.
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Tax Return Preparers; Electronic Filing

This final regulation will facilitate tax return preparation by paid preparers. The existing regulations, which contain references to manually signed returns, have resulted in uncertainty over whether preparers must produce manually signed, paper copies of returns for taxpayers and for the preparers' records.  The final regulation clarifies that preparers may avoid paper copies by retaining and furnishing to taxpayers copies of returns in electronic or digital format as prescribed by the Commissioner in forms, instructions, or other appropriate guidance.  TD 9119.  Published March 25, 2004. Download Full Text

Section 411(d)(6) Protected Benefits
These proposed regulations are under section 411(d)(6) of the Internal Revenue Code and section 204(g) of ERISA relating to the conditions under which a plan amendment may eliminate an opitional form of benefit, an early retirement benefit, or an retirement-type subsidy, with respect to a participant's benefits attributable to service before the applicable amendment date.  The proposed regulations also provide guidance on how the notice requirements of section 4980F apply with respect to certain plan amendments eliminating an early retirement benefit or a retirement-type subsidy.  These proposed regulations would generally affect plan sponsors of, and participants in, defined benefit pension plans.  REG-128309-03.  Published March 24, 2004.
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Loss Limitation Rules
Final and temporary regulations containing amendments relating to the deductibility of losses recognized on dispositions of subsidiary stock by members of a consolidated group and to the consequences of treating subsidiary stock as worthless.  In addition, these regulations clarify when stock of a member of a consolidated group may be treated as worthless.  These regulations apply to corporations apply to corporations filing consolidated returns.  TD 9118.  Published March 18, 2004.
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Loss Limitation Rules
Proposed regulations under sections 337(d) and 1502 of the Internal Revenue Code relating to the deductibility of losses recognized on dispositions of subsidiary stock by members of a consolidated group, the consequences of treating subsidiary stock as worthless, and when stock of a member of a consolidated group may be treated as worthless.  The temporary regulations apply to corporations filing consolidated returns.  REG-153172-03.  Published March 18, 2004.
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Exclusion of Employees of 501(c)(3) Organizations in 401(k) and 401(m) Plans
This proposed regulation allows employees of a tax-exempt organization who are eligible to make salary reduction contributions to a section 403(b) plan to be treated as excludable employees for the purpose of testing whether a section 401(k) plan or a section 401(m) plan meets the minimum coverage requirements contained in section 410(b) if two conditions are met.  This modification was directed by Congress in section 664 the Economic Growth and Tax Relief Reconciliation Act of 2001.  REG-149752-03.  Published March 16, 2004.
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Guidance under Section 1502; Application of Section 108 to Members of a Consolidated Group
These regulations govern the application of section 1245 when a member of a consolidated group realizes discharge of indebtedness.  These regulations limit the amount of ordinary income included under section 1245, to prevent double inclusions of income.  The regulations also address the application of the intercompany transaction rules when a member of a consolidated group has reduced its basis in an intercompany obligation under section 108, and the timing of the inclusion of gain from excess loss accounts triggered when a member of a consolidated group realizes discharge of indebtedness income.  These regulations affect corporations filing consolidated returns.  TD 9117.  Published March 15, 2004.
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Guidance under Section 1502; Application of Section 108 to Members of a Consolidated Group
These regulations govern the application of sections 108 and 1245 when a member of a consolidated group realizes discharge of indebtedness.  In addition, these regulations govern the timing and calculation of certain basis adjustments within the consolidated group in respect of discharge of indebtedness income that is excluded from gross income, to prevent circular basis adjustments on the disposition of stock of a group member.  These regulations affect corporations filing consolidated returns.  REG-167265-03.  Published March 15, 2004.
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New Markets Tax Credit Amendments
These proposed regulations cross-reference temporary regulations that provide revised rules relating to the new markets tax credit under section 45D.  The proposed regulations will affect a taxpayer making a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation.  The taxpayer may claim a 5-percent tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6-percent tax credit with respect to the qualified equity investment on each of the remaining 4 credit allowance dates.  REG-115471-03.  Published March 11, 2004.
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New Markets Tax Credit Amendments
These temporary regulations provide revised rules relating to the new markets tax credit under section 45D.  The temporary regulations affect a taxpayer making a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation.  The taxpayer may claim a 5-percent tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6-percent tax credit with respect to the qualified equity investment on each of the remaining 4 credit allowance dates.  TD 9116.  Published March 11, 2004.
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Corporate Reorganizations; Transfers of Assets or Stock Following a Reorganization
The Internal Revenue Code of 1986 (Code) provides general nonrecognition treatment for reorganizations specifically described in the Code.  These proposed regulations provide guidance relating to the effect of certain asset and stock transfers on the qualification of certain transactions as reorganizations under section 368(a).  The proposed regulations also provide guidance relating to the continuity of business enterprise requirement and the definition of a party to a reorganization.  The proposed regulations affect corporations and their shareholders.  REG-165579-02.  Published March 2, 2004.
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