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September 2003 Plain Language Regulations

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

Split Dollar Life Insurance Arrangements
These final regulations relate to income, employment, and gift taxation of split dollar life insurance arrangements. The regulations provide needed guidance to persons who enter into split dollar life insurance arrangements.  TD 9092. 
Published September 17, 2003
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Allocation of Income and Deductions From Intangibles
Treatment of Services Under Section 482:  These proposed regulations provide guidance regarding the treatment of controlled services transactions and the allocation of income from intangibles, in particular with respect to contributions by a controlled party to the value of an intangible that is owned by another controlled party.  They potentially affect controlled taxpayers within the meaning of section 482.  
REG-146893-02; REG-115037-00.  Published September 10, 2003. 
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Special Depreciation Allowance
Recent amendments to the Internal Revenue Code allow taxpayers to deduct additional depreciation in the first year that certain depreciable property is in service.  These final regulations explain the requirements that must be met for property to qualify for the additional first year depreciation and how to calculate that depreciation.
TD 9091.  Published September 8, 2003.
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Special Depreciation Allowance
Recent amendments to the Internal Revenue Code allow taxpayers to deduct additional depreciation in the first year that certain depreciable property is placed in service.  These proposed regulations explain the requirements that must be met for property to qualify for the additional first year depreciation and how to calculate that depreciation.  REG-157164-02.  Published September 8, 2003.
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Limitation on Use of Nonaccrual Experience Method of Accounting
Certain taxpayers using an accrual method of accounting are permitted to exclude from gross income each year an amount equal to the portion of their accounts receivable outstanding at the end of the year that, based on their experience, will not be collected.  These regulations provide rules for determining the proper amount of the exclusion, and for including in gross income subsuquent recoveries of amounts that the taxpayer previously excluded.  The regulations also provide procedures for taxpayers to change to, or from, a nonaccrual experience method. TD 9090. Published September 4, 2003.
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Limitation on Use of Nonaccrual Experience Method of Accounting
This proposed regulation is issued in conjunction with temporary regulations relating to the use of the nonaccrual experience method of accounting by certain taxpayers using an accrual method of accounting, and provides for a request for comments on the clarity of the proposed rule and how it may be made easier to understand.
REG-141402-02.  Published September 4, 2003.
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Application of Section 108 to Members of a Consolidated Group
Corporations that exclude discharge of indebtedness income from gross income must reduce their tax attributes by the amount excluded.  For corporations that join in the filing of a consolidated federal income tax return, many of the corporation's tax attributes that are subject to reduction are computed only on a consolidated basis.  These proposed regulations provide that, with the exception of asset basis, the tax attributes listed at section 108(b)(2) include the full amount of each consolidated tax attribute.  In addition, the regulations provide an ordering rule that directs that tax attributes that were generated by the debtor member (including the applicable portion of a consolidated tax attribute) be reduced before those attributes that were generated by other members of the group.  REG-132760-03.  Published September 4, 2003.
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Obligation of a Partnership to Pay Withholding Tax
Section 1446 Regulations:  A partnership that conducts a trade or business in the United States may earn income that its partners are required to report in their respective income tax returns.  If one or more of the partnership's partners is a foreign person, the partnership is required to pay a withholding tax on the partner's allocable share of such income.  In the case of a publicly traded partnership conducting a trade or business in the United States that has foreign partners, the withholding tax is generally based upon distributions to the foreign partners.  These regulations provide guidance to partnerships to determine whether they are required to pay a withholding tax on a foreign partner's allocable share of partnership income (or on distributions), and, if so, how to calculate and pay over to the Internal Revenue Service the appropriate tax.  REG-108524-00.  Published September 3, 2003.
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Page Last Reviewed or Updated: 30-Dec-2013