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June 2005 Plain Language Regulations

Application of the Federal Insurance Contributions Act
The withdrawal of notice of proposed rulemaking relating to the application of the Federal Insurance Contributions Act (FICA), Federal Unemployment Tax Act (FUTA), and Collection of Income Tax at Source to incentive stock options and options granted under employee stock purchase plans (collectively referred to as "statutory stock options") that was published on November 14, 2001 (66 FR 57023). This withdrawal affects employers that grant these options and employees who exercise these options.  REG-142686-01.  Published July 1, 2005.
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Election Out of GST Deemed Allocations
Every individual is allowed a generation-skipping transfer (GST) tax exemption that may be allocated by the individual to any property with regard to which the individual is a transferor.  Generally, an allocation of an individual's GST exemption may be made at any time on or before the date prescribed for filing the estate tax return for the individual's estate.  In certain circumstances, the law provides deemed allocation rules pursuant to which an individual's available GST exemption is automatically allocated to certain kinds of transfers, without any action on the part of the transferor.  These final regulations provide guidance for making an election to not have the deemed allocation rules apply.  The final regulations also provide guidance for making an election to treat a trust, that would not otherwise be subject to the deemed allocation rules, as a GST trust.  TD 9208.  Published June 29, 2005.
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Page Last Reviewed or Updated: 17-Jan-2014