Internal Revenue Bulletin: 2004-27
July 6, 2004
Special use value; farms; interest rates. The 2004 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for July 2004.
Final regulations amend the regulations under sections 263A and 448 of the Code to allow taxpayers changing a method of accounting under those sections to take any adjustment under section 481(a) resulting from the change into account over the same number of taxable years that applies to taxpayers changing a method of accounting under the general administrative procedures issued by the Service.
This notice provides transition relief for individuals in states where high deductible health plans (HDHPs) are not available because state laws require health plans to provide certain benefits with a low or no deductible.
This procedure informs owners of qualified low-income housing projects how to obtain the waiver of annual recertification of tenant income provided in section 42(g)(8)(B) of the Code. New Form 8877, Request for Waiver of Annual Income Recertification Requirement for the Low-Income Housing Credit, will be used to make the request. Rev. Proc. 94-64 superseded.
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