Internal Revenue Bulletin:  2004-38 

September 20, 2004 

INCOME TAX


Rev. Rul. 2004-94 Rev. Rul. 2004-94

Dealers in securities futures contracts. This ruling holds that Tier 1, Tier 2, and Tier 3 NQLX LLC Market Makers that satisfy the market maker requirements described in the ruling perform functions similar to the functions performed by options dealers (as defined in section 1256(g)(8)(A) of the Code) and that these NQLX LLC Market Makers are therefore dealers in securities futures contracts within the meaning of section 1256(g)(9)(B).

Rev. Rul. 2004-95 Rev. Rul. 2004-95

Dealers in securities futures contracts. This ruling holds that Category 1 and Category 2 OneChicago LLC Market Makers that satisfy the Market Maker requirements described in the ruling and satisfy the section 1256 Dealer Qualification quotation requirements described in the ruling perform functions similar to the functions performed by options dealers (as defined in section 1256(g)(8)(A) of the Code) and that these OneChicago LLC Market Makers are therefore dealers in securities futures contracts within the meaning of section 1256(g)(9)(B).

T.D. 9151 T.D. 9151

Final, temporary, and proposed regulations under section 1031 of the Code replace the Standard Industrial Classification (SIC) system of codes with the North American Industry Classification System (NAICS) for purposes of determining what depreciable tangible personal property is like-kind to other property. For transfers of property on or before the date of publication of final regulations, taxpayers may treat properties within the same SIC product class or the same NAICS product class as property of a like class and of like-kind.

REG-116265-04 REG-116265-04

Final, temporary, and proposed regulations under section 1031 of the Code replace the Standard Industrial Classification (SIC) system of codes with the North American Industry Classification System (NAICS) for purposes of determining what depreciable tangible personal property is like-kind to other property. For transfers of property on or before the date of publication of final regulations, taxpayers may treat properties within the same SIC product class or the same NAICS product class as property of a like class and of like-kind.

REG-106889-04 REG-106889-04

Proposed regulations under section 368 of the Code provide guidance regarding the requirements necessary for a transaction to qualify as a mere change in identity, form, or place of organization of one corporation under section 368(a)(1)(F).

REG-131264-04 REG-131264-04

Proposed regulations under section 1502 of the Code provide rules for taking into account items of income, gain, deduction, and loss of members from transactions between members of a consolidated group. Section 1.1502-13(c)(7)(ii), Example 13, illustrates how the matching rules of the intercompany transaction regulations treat manufacturer incentive payments from one member of a group to another. These regulations supplement the fact pattern in this example to provide further guidance regarding the proper treatment of certain of these manufacturer incentive payment transactions under the intercompany transaction regulations.


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