Internal Revenue Bulletin: 2004-5
February 2, 2004
Temporary and proposed regulations under section 6043 of the Code provide information reporting rules regarding corporations which are acquired, or which experience a recapitalization or other substantial change in capital structure. The proposed regulations also withdraw REG-143321-02. A public hearing on the proposed regulations is scheduled for March 31, 2004.
Final regulations under section 643 of the Code revise the definition of trust accounting income to take into account changes in the definition of trust accounting income under state laws, which allow certain amounts traditionally considered as principal to be treated as income. The regulations also clarify the situations in which capital gains will be included in a trust’s distributable net income. Conforming amendments with regard to the revised definition of trust accounting income are made to regulations affecting various trusts, including pooled income funds, charitable remainder trusts, trusts qualifying for the marital deduction, and trusts exempt from the generation-skipping transfer tax.
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