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May 2003 Plain Language Regulations

5/28/08-Deb The following is a list of tax regulations published in May 2003:

Deemed IRAs in Qualified Retirement Plans
These proposed regulations provide guidance regarding accounts or annuities added to qualified employer plans where such accounts or annuities are to be treated as individual retirement plans, and effect administrators of, participants in, and beneficiaries of qualified employer plans.  REG-157302-02.  Published May 20, 2003
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Simplification of Adjustment Periods
Administration Simplification of Section 481(a) Adjustment Periods in Various Regulations:  Each time a taxpayer alters its method of accounting there may be an adjustment the taxpayer needs to make to prevent duplication or omission of income, expenses, credits, etc.  The taxpayer recognizes these adjustments, whether positive or negative, generally over one to four years.  The Service publishes most of these applicable adjustment periods in revenue procedures.  These proposed regulations are intended to allow the Service to inform taxpayers of any changes in recognition periods through administrative pronouncements instead of amending the regulations each time there is a change.  REG-142605-02.  Published May 12, 2003
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Liabilities Assumed in Certain Property Transactions
This advance notice advises that the IRS and Treasury are considering publishing a notice of proposed rulemaking proposing rules regarding the amount of a liability a transferee of property is treated as assuming in connection with a transfer of property and certain tax consequences that result from the transferee's assumption of such a liability.  This notice describes and explains the issues that the IRS and Treasury are considering addressing and the rules the IRS and Treasury might propose to address some of these issues.  REG-100818-01.  Published May 6, 2003.
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Obligations of States and Political Subdivisions
Generally, gross income does not include the interest on any State or local bond.  The exclusion does not apply to private activity bonds, other than certain qualified private activity bonds.  Comprehensive regulations were issued in 1997 providing guidance on the application of the private activity bond rules, but the provisions applying the rules to refunding issues were reserved.  These proposed regulations provide guidance to issuers of tax-exempt bonds in the application of the private activity bond tests to refunding issues.  REG-113007-99.  Published May 14, 2003.
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Split-Dollar Life Insurance Arrangements
These proposed regulations relate to the valuation of economic benefits under certain equity split-dollar life insurance arrangement.  The proposed regulations provide guidance needed to persons who enter into split-dollar life insurance arrangements. 
REG-164754-01.  Published May 9, 2003.
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Amendment of Waiver of Loss Carryovers
These final regulations relate to a corporation that files a consolidated return that acquires a subsidiary may elect to waive all or a portion of that subsidiary's loss carryovers from a separate return limitation year.  Waived loss carryovers are deemed to have expired.  Generally, such an election is irrevocable.These final regulations provide guidance on when a corporation may make a limited amendment to a previous election to waive these loss carryovers.  REG-152524-02.  Published May 7, 2003.
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Amendment of Waiver of Loss Carryovers
These temporary regulations relate to a corporation that files a consolidated return that acquires a subsidiary may elect to waive all or a portion of that subsidiary's loss carryovers from a separate return limitation year.  Waived loss carryovers are deemed to have expired.  Generally, such an election is irrevocable.  These temporary regulations provide guidance on whan a corporation may make a limited amendment to a previous election to waive these loss carryovers.  TD 9057.  Published
May 7, 2002.
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Guidance on Modified Guaranteed Contracts
These final regulations affect insurance companies that define the interest rate to be used with respect to certain insurance contracts that guarantee higher returns for an ititial, temporary period.  Specificially, they define the appropriate interest rate to be used in the determination of tax reserves and required interest for certain modified guaranteed contracts.  They also address how temporary guarantee periods that extend past the end of a taxable year are to be taken into account.  TD 9058. 
Published May 7, 2003.
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Safe Harbor for Certain Securities and Commodities
These proposed regulations describe and explain a possible framework for a safe harbor that would satisfy the statutory requirement to value certain securities and commodities under section 475 of the Internal Revenue Code.  This safe harbor would apply to only certain securities subject to marking.  This approach is elective and comtemplates that certain requirements must be met for the safe harbor to be used, including recordkeeping and record reproduction requirements.  REG-100420-03.
Published May 5, 2003.
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Earings Calculation for Returned or Recharacterized IRA Contributions
These final regulations provide a new method to be used for calculation the net income attributable to IRA (including Roth IRA) contributions that are distributed as returned contributions pursuant to section 408(d)(4) or recharacterized pursuant to section 408A(d)(6) of the Internal Revenue Code.  These regulations will effect individuals who maintain IRAs and businesses that are IRA trustees.  TD9056.  Published
May 5, 2003.
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