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November 2003 Plain Language Regulations

The following is a list of tax regulations published in November 2003:

Installment Obligations and Contributed Contracts
Sections 704(c) and 737 of the Code, generally restrict a partner's ability to transfer the gain or loss in property contributed to a partnership to another partner. These regulations clarify that if the contributed property is sold for an installment obligation, the installment obligation is treated as the contributed property for purposes of applying sections 704(c) and 737. Likewise, if the contributed property is a contract, such as an option to acquire property, the property acquired pursuant to the contract is treated as the contributed property for these purposes.  REG-160330-02. 
Published November 24, 2003.
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Transfers to Provide for Satisfaction of Contested Liabilities
These temporary regulations relate to the transfers of money or other property to provide for the satisfaction of contested liabilities. The regulations affect taxpayers that  are contesting an asserted liability and that transfer their own stock or indebtedness, the stock or indebtedness of a related party, or a promise to provide services or property in the future, to provide for the satisfaction of the liability prior to the resolution of the contest.  The regulations also affect taxpayers that transfer money or other property to a trust, an escrow account, or a court to provide for the satisfaction of a liability for which payment is economic performance.  TD 9095.
Published November 20, 2003.
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Transfers to Provide for Satisfaction of Contested Liabilities
These proposed regulations relate to the transfers of indebtedness or stock of a taxpayer or related persons of a promise to provide services or property in the future to provide for the satisfaction of an asserted liability that the taxpayer is contesting. They also relate to transfers of money or other property to a trust, an escrow account, or a court to provide for the satisfaction for which payment is economic performance.
REG-136890-02.  Published November 20, 2003.
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Charitable Remainder Trusts; Application of Ordering Rule
The proposed regulations provide guidance on the treatment of the capital gains category of income that, pursuant to the Tax Reform Act of 1997 and the Internal Revenue Service Restructuring Act of 1998 (the Acts), contains different types of long term capital gains that are subject to different tax rates. The proposed regulations also provide guidance on the netting of capital gains and losses following the changes made by the Acts.  They also provide guidance on the changes made to the income tax rates applicable to certain dividends, one type of ordinary income, by the Jobs and Growth Tax Relief Reconciliation Act of 2003.  REG-110896-98. 
Published November 20, 2003.
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Treatment of Obligation Shifting Transactions
The proposed regulations issued under section 7701(1) of the Internal Revenue Code, published on December 27, 1996, are withdrawn. Since the publication of the proposed regulations, the IRS has successfully opposed certain multiple party financing transactions in which one party realizes income from leases or other similar agreement and another party claims deductions related to that income without reliance on arguments based upon the proposed regulations.  REG-209817-96.
Published November 10, 2003.
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Amendment to Partnership Income Tax Reporting
These temporary 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 9094. Published November 10, 2003. 
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Amendment to Partnership Income Tax Reporting
These proposed 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.   REG-115472-03.  Published November 10, 2003.
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Mortgage Revenue Bonds
Generally, interest on bonds issued by State and local governments is excluded from gross income.  However, this exclusion does not apply to non-qualified private activity bonds.  A qualified mortgage bond or a qualified veteran's mortgage bond (together, "qualified mortgage revenue bonds") may be a qualified bond.  A bond may only be a qualified mortgage revenue bond if the effective rate of mortgage interest on the mortgages provided with the bond proceeds does not exceed the yield on the bonds by more than 1.125 percentage points.  The proposed regulations provide rules for calculating the effective rate of mortgage interest.  Specifically, the proposed regulation provides that amounts paid for pool mortgage inusurance are to be excluded from the calculation of the effective rate of mortgage interest (which results in a lower effective rate of mortgage interest).  REG-146692-03.  Published November 5, 2003.
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Page Last Reviewed or Updated: 30-Dec-2013