Breadcrumb Region

Internal Revenue Bulletin: 2003-51

December 22, 2003


Highlights of This Issue

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

INCOME TAX

REG-110896-98 REG-110896-98

Proposed regulations under section 664(b) of the Code concern the characterization of distributions from charitable remainder trusts. The proposed regulations reflect changes made to income tax rates, including the rates applicable to capital gains and certain dividends, by the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Jobs and Growth Tax Relief Reconciliation Act of 2003. A public hearing is scheduled for March 9, 2004.

REG-160330-02 REG-160330-02

Proposed regulations under section 704(c) of the Code provide guidance with respect to the tax treatment of installment obligations and property acquired pursuant to a contract under sections 704(c) and 737.

Notice 2003-81 Notice 2003-81

Option; foreign currency. This notice describes a transaction in which a taxpayer claims a loss upon the assignment of a section 1256 contract to a charity, but fails to report the recognition of gain when the taxpayer's obligation under an offsetting non-section 1256 contract terminates. The notice identifies the described transaction and those that are substantially similar to that transaction as listed transactions. The notice holds that the taxpayer must either recognize gain when the option is assumed by the charity or must recognize the premium at the time the taxpayer's obligations under the option contract terminate.

EMPLOYEE PLANS

Notice 2003-80 Notice 2003-80

Weighted average interest rate update. The weighted average interest rate for December 2003 and the resulting permissible range of interest rates used to calculate current liability for purposes of the full funding limitation of section 412(c)(7) of the Code are set forth.

EXEMPT ORGANIZATIONS

Announcement 2003-84 Announcement 2003-84

A list is provided of organizations now classified as private foundations.

ESTATE TAX

REG-110896-98 REG-110896-98

Proposed regulations under section 664(b) of the Code concern the characterization of distributions from charitable remainder trusts. The proposed regulations reflect changes made to income tax rates, including the rates applicable to capital gains and certain dividends, by the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Jobs and Growth Tax Relief Reconciliation Act of 2003. A public hearing is scheduled for March 9, 2004.

GIFT TAX

REG-110896-98 REG-110896-98

Proposed regulations under section 664(b) of the Code concern the characterization of distributions from charitable remainder trusts. The proposed regulations reflect changes made to income tax rates, including the rates applicable to capital gains and certain dividends, by the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Jobs and Growth Tax Relief Reconciliation Act of 2003. A public hearing is scheduled for March 9, 2004.

ADMINISTRATIVE

T.D. 9096 T.D. 9096

This document removes final regulations sections 1.6152-1 and 301.6152-1 pertaining to section 6152 of the Code.

Announcement 2003-85 Announcement 2003-85

This document contains corrections to proposed regulations (REG-128203-02, 2003-41 I.R.B. 828) under section 460 of the Code that provide guidance regarding the income tax consequences of certain partnership transactions involving contracts accounted for under a long term contract method of accounting.

Announcement 2003-86 Announcement 2003-86

This document contains corrections to temporary regulations (T.D. 9090, 2003-43 I.R.B. 891) under section 448(d)(5) of the Code that provide guidance regarding the use of a nonaccrual-experience method by taxpayers using an accrual method of accounting and performing services.

Announcement 2003-87 Announcement 2003-87

This document contains corrections to proposed regulations (REG-106486-98, 2003-42 I.R.B. 853) under section 1275 of the Code that provide for the treatment of contingent payment debt instruments for which one or more payments are denominated in, or determined by reference to, a currency other than the taxpayer's functional currency.

Preface

The IRS Mission

Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.

Introduction

The Internal Revenue Bulletin is the authoritative instrument of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest. It is published weekly and may be obtained from the Superintendent of Documents on a subscription basis. Bulletin contents are consolidated semiannually into Cumulative Bulletins, which are sold on a single-copy basis.

It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application of the tax laws, including all rulings that supersede, revoke, modify, or amend any of those previously published in the Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management are not published; however, statements of internal practices and procedures that affect the rights and duties of taxpayers are published.

Revenue rulings represent the conclusions of the Service on the application of the law to the pivotal facts stated in the revenue ruling. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices, identifying details and information of a confidential nature are deleted to prevent unwarranted invasions of privacy and to comply with statutory requirements.

Rulings and procedures reported in the Bulletin do not have the force and effect of Treasury Department Regulations, but they may be used as precedents. Unpublished rulings will not be relied on, used, or cited as precedents by Service personnel in the disposition of other cases. In applying published rulings and procedures, the effect of subsequent legislation, regulations, court decisions, rulings, and procedures must be considered, and Service personnel and others concerned are cautioned against reaching the same conclusions in other cases unless the facts and circumstances are substantially the same.

The Bulletin is divided into four parts as follows:

Part I.—1986 Code. This part includes rulings and decisions based on provisions of the Internal Revenue Code of 1986.

Part II.—Treaties and Tax Legislation. This part is divided into two subparts as follows: Subpart A, Tax Conventions and Other Related Items, and Subpart B, Legislation and Related Committee Reports.

Part III.—Administrative, Procedural, and Miscellaneous. To the extent practicable, pertinent cross references to these subjects are contained in the other Parts and Subparts. Also included in this part are Bank Secrecy Act Administrative Rulings. Bank Secrecy Act Administrative Rulings are issued by the Department of the Treasury's Office of the Assistant Secretary (Enforcement).

Part IV.—Items of General Interest. This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements.

The last Bulletin for each month includes a cumulative index for the matters published during the preceding months. These monthly indexes are cumulated on a semiannual basis, and are published in the last Bulletin of each semiannual period.*

Part I. Rulings and Decisions Under the Internal Revenue Code of 1986

T.D. 9096

Installment Payments

DEPARTMENT OF THE TREASURY
Internal Revenue Service (IRS)
26 CFR Parts 1, 301, and 602

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Removal of final regulations.

SUMMARY:

This document removes regulation §§1.6152-1 and 301.6152-1 relating to installment payments made pursuant to section 6152 of the Internal Revenue Code. These regulations are obsolete because section 6152 was repealed for tax years beginning after December 31, 1986. The removal of these regulations will not affect taxpayers.

DATES:

The removal of these regulations is effective December 3, 2003.

FOR FURTHER INFORMATION CONTACT:

Janice R. Feldman, (202) 622-4940 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background and Explanation of Provisions

This document removes one section from the Income Tax Regulations (26 CFR part 1) and one section from the Procedure and Administration Regulations (26 CFR part 301) relating to installment payments made pursuant to section 6152 of the Internal Revenue Code. Section 6152, prior to its repeal in 1986, generally permitted a decedent’s estate to pay income taxes in four equal installments, with the fourth installment due on or before 9 months after the date prescribed for the payment of the tax. Section 6152 was repealed by section 1404(c)(1) of the Tax Reform Act of 1986, (Public Law 99-514, 100 Stat. 2714), applicable to taxable years beginning after December 31, 1986. The repeal of section 6152 has rendered §§1.6152-1 and 301.6152-1 obsolete.

Section 1.6152-1 was added by T.D. 6364, 1959-1 C.B. 546 [25 FR 12138], published in the Federal Register for November 26, 1960. Section 1.6152-1 was amended by T.D. 6914, 1967-1 C.B. 344 [32 FR 3819] and by T.D. 7953, 1984-1 C.B. 241 [49 FR 19643]. Section 1.6152-1, as amended, provides that corporations (relevant only with respect to provisions in section 6152 repealed in 1982) and estates of decedents may elect to pay income taxes in installments.

Section 301.6152-1 was added by T.D. 6498 (25 FR 10154) published in the Federal Register for October 25, 1960. Section 301.6152-1 provides that the regulations relating to the installment payments of income taxes are found at §1.6152-1.

Effect on Other Documents

The final regulation §1.6152-1 published in the Federal Register for May 9, 1984 (49 FR 19643) and the final regulation §301.6152-1 published in the Federal Register for October 25, 1960 (25 FR 10154) are removed as of December 3, 2003.

Special Analyses

It has been determined that the removal of these regulations is not a significant regulatory action as defined in Executive Order 12866. Therefore, a regulatory assessment is not required. Because this rule merely removes regulatory provisions made obsolete by statute, prior notice and comment and a delayed effective date are unnecessary and contrary to the public interest. 5 U.S.C. 553(b)(B) and (d). Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply.

Adoption of Amendments to the Regulations

Accordingly, 26 CFR parts 1, 301, and 602 are amended as follows:

PART 1—INCOME TAXES

Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *

§1.6152-1 [Removed]

Par. 2. Section 1.6152-1 is removed.

PART 301—PROCEDURE AND ADMINISTRATION

Par. 3. The authority citation for part 301 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *

§301.6152-1 [Removed]

Par. 4. Section 301.6152-1 is removed.

Part 602—OMB CONTROL NUMBERS UNDER THE PAPERWORK REDUCTION ACT

Par. 5. The authority citation for part 602 continues to read as follows:

Authority: 26 U.S.C. 7805 * * *

Par. 6. In §602.101, paragraph (b) is amended by removing the entry for 1.6152-1 from the table.

Robert E. Wenzel,
Deputy Commissioner for
Services and Enforcement.

Approved November 19, 2003.

Pamela F. Olson,
Assistant Secretary of the
Treasury (Tax Policy).

Note

(Filed by the Office of the Federal Register on December 2, 2003, 8:45 a.m., and published in the issue of the Federal Register for December 3, 2003, 68 F.R. 67596)

Drafting Information

The principal author of the removals of these regulations is Janice R. Feldman of the Office of Associate Chief Counsel, Procedure and Administration (Administrative Provisions and Judicial Practice Division).

* * * * *

Part III. Administrative, Procedural, and Miscellaneous

Notice 2003-80

Weighted Average Interest Rate Update

Sections 412(b)(5)(B) and 412(l) (7)(C)(i) of the Internal Revenue Code provide that the interest rates used to calculate current liability for purposes of determining the full funding limitation under § 412(c)(7) and the required contribution under § 412(l) must be within a permissible range around the weighted average of the rates of interest on 30-year Treasury securities during the four-year period ending on the last day before the beginning of the plan year.

Notice 88-73, 1988-2 C.B. 383, provides guidelines for determining the weighted average interest rate and the resulting permissible range of interest rates used to calculate current liability for the purpose of the full funding limitation of § 412(c)(7) of the Code.

Section 417(e)(3)(A)(ii)(II) of the Code defines the applicable interest rate, which must be used for purposes of determining the minimum present value of a participant’s benefit under § 417(e)(1) and (2), as the annual rate of interest on 30-year Treasury securities for the month before the date of distribution or such other time as the Secretary may by regulations prescribe. Section 1.417(e)-1(d)(3) of the Income Tax Regulations provides that the applicable interest rate for a month is the annual interest rate on 30-year Treasury securities as specified by the Commissioner for that month in revenue rulings, notices or other guidance published in the Internal Revenue Bulletin.

The rate of interest on 30-year Treasury Securities for November 2003 is 5.12 percent. Pursuant to Notice 2002-26, 2002-1 C.B. 743, the Service has determined this rate as the monthly average of the daily determination of yield on the 30-year Treasury bond maturing in February 2031.

Section 405 of the Job Creation and Worker Assistance Act of 2002 amended § 412(l)(7)(C) of the Code to provide that for plan years beginning in 2002 and 2003 the permissible range is extended to 120 percent.

The following rates were determined for the plan years beginning in the month shown below.

Month Year Weighted Average 90% to 110% Permissible Range 90% to 120% Permissible Range
December 2003 5.26 4.74 to 5.79 4.74 to 6.32

Drafting Information

The principal authors of this notice are Paul Stern and Tony Montanaro of the Employee Plans, Tax Exempt and Government Entities Division. For further information regarding this notice, please contact the Employee Plans’ taxpayer assistance telephone service at 1-877-829-5500 (a toll-free number), between the hours of 8:00 a.m. and 6:30 p.m. Eastern time, Monday through Friday. Mr. Stern may be reached at 1-202-283-9703. Mr. Montanaro may be reached at 1-202-283-9714. The telephone numbers in the preceding sentences are not toll-free.

Notice 2003-81

Tax Avoidance Using Offsetting Foreign Currency Option Contracts

The Internal Revenue Service and the Treasury Department are aware of a type of transaction, described below, in which a taxpayer claims a loss upon the assignment of a section 1256 contract to a charity but fails to report the recognition of gain when the taxpayer’s obligation under an offsetting non-section 1256 contract terminates. This notice alerts taxpayers and their representatives that these transactions are tax avoidance transactions and identifies these transactions, and those that are substantially similar to these transactions, as listed transactions for purposes of § 1.6011-4(b)(2) of the Income Tax Regulations and §§ 301.6111-2(b)(2) and 301.6112-1(b)(2) of the Procedure and Administration Regulations. This notice also alerts parties involved with these transactions of certain responsibilities that may arise from their involvement with these transactions.

FACTS

A taxpayer pays premiums to purchase a call option and a put option (the purchased options) on a foreign currency. The currency is one in which positions are traded through regulated futures contracts, and the purchased options, therefore, are foreign currency contracts within the meaning of section 1256(g)(2)(A) of the Internal Revenue Code and section 1256 contracts within the meaning of section 1256(b). The purchased options are reasonably expected to move inversely in value to one another over a relevant range, thus ensuring that, as the value of the underlying foreign currency changes, the taxpayer will hold a loss position in one of the two section 1256 contracts. The taxpayer also receives premiums for writing a call option and a put option (the written options) on a different foreign currency in which positions are not traded through regulated futures contracts. Thus, the written options are not foreign currency contracts within the meaning of section 1256(g)(2)(A), nor are they section 1256 contracts within the meaning of section 1256(b). The written options are reasonably expected to move inversely in value to one another over a relevant range, thus ensuring that, as the value of the underlying foreign currency changes, the taxpayer will hold a gain position in one of the two non-section 1256 contracts.

The values of the two currencies underlying the purchased and written options (i) historically have demonstrated a very high positive correlation with one another, or (ii) officially have been linked to one another, such as through the European Exchange Rate Mechanism (ERM II). Thus, as the currencies change in value, the taxpayer reasonably expects to have the following potential gains and losses in substantially offsetting positions: (1) a loss in a purchased option and a gain in a written option; and (2) a gain in a purchased option and a loss in a written option. At any time, the taxpayer’s loss in the purchased option position that has declined in value may be more or less than the taxpayer’s gain in the offsetting written option position that has appreciated in value. Similarly, the taxpayer’s gain in the remaining purchased option position may be more or less than the taxpayer’s loss in the remaining written option position. A material pre-tax profit or rate of return, or both, on the transaction is possible but unlikely.

The taxpayer assigns to a charity the purchased option that has a loss. The charity also assumes the taxpayer's obligation under the offsetting written option that has a gain. As with all written options, the amount of gain on the option is limited to the premium received for the option. In the same tax year, the taxpayer may dispose of the remaining purchased option and offsetting written option.

Because the purchased option assigned to the charity is a section 1256 contract, the taxpayer relies on section 1256(c) and Greene v. United States, 79 F.3d 1348 (2d Cir. 1996), to mark to market the purchased option when the option is assigned to the charity and to recognize a loss at that time. In contrast, because the assumed written option is not a section 1256 contract, the taxpayer claims not to recognize gain attributable to the option premium. Specifically, the taxpayer claims that the charity’s assumption of the option obligation does not cause the taxpayer to recognize gain and that the taxpayer also does not recognize gain either at the time the option expires or terminates or at any other time.

ANALYSIS

Rev. Rul. 58-234, 1958-1 C.B. 279, clarified by Rev. Rul. 68-151, 1968-1 C.B. 363, holds that an option writer does not recognize income or gain with respect to a premium received for writing an option until the option is terminated, without exercise, or otherwise. Accord Rev. Rul. 78-182, 1978-1 C.B. 265; Koch v. Commissioner, 67 T.C. 71 (1976), acq. 1980-2 C.B. 1. Rev. Rul. 58-234 explains that this is the treatment for the option writer because the option writer assumes a burdensome and continuing obligation, and the transaction therefore stays open without any ascertainable income or gain until the writer’s obligation is finally terminated. When the option writer’s obligation terminates, the transaction closes, and the option writer must recognize any income or gain attributable to the prior receipt of the option premium.

In some cases, the option writer’s obligation under the option contract may terminate on the charity’s assumption of the written option obligation. In other cases, the writer will have a continuing obligation because the writer may be called upon to perform if the charity fails to perform or to reimburse the charity for any losses or expenses it may incur if called upon to perform. If an assumption terminates the option writer’s obligation under the option contract, the option writer must recognize gain when the option obligation is assumed. If the assumption does not terminate the option writer’s obligation under the option contract, the option writer must recognize the premium when the option writer’s obligation under the option contract terminates (other than through an exercise of the option against, and performance by, the option writer).

These general principles remain applicable even if the assumption of the option writer’s obligation is part of what the taxpayer claims is a donative transaction. Cf. Diedrich v. Commissioner, 457 U.S. 191 (1982) (noting that if a donee pays a gift tax obligation arising from a donative transfer, the donative nature of the transaction does not preclude income recognition by the donor on the obligation assumed). Here, the taxpayer has made a transfer to the charity of the purchased option, and the charity has assumed the burden of the written option. No aspect of the taxpayer’s transfer or the charity’s assumption (or their combination) relieves the taxpayer from its duty under the Code to account for the gain attributable to the premium originally received by the taxpayer for assuming the burden of writing the option. See Lucas v. Earl, 281 U.S. 111 (1930) (holding that a taxpayer may not avoid inclusion of future earned income by making a gratuitous transfer of the right to receive the income).

Finally, if the taxpayer has any unrecognized gain on the written option at the end of the year in which the assumption occurs (e.g., the assumption did not terminate the option writer’s obligation under the option contract), the mark-to-market loss on the offsetting contributed section 1256 contract will be deferred under section 1092.

Transactions that are the same as, or substantially similar to, the transactions described in this notice are identified as “listed transactions” for purposes of §§ 1.6011-4(b)(2), 301.6111-2(b)(2) and 301.6112-1(b)(2) effective December 4, 2003, the date this notice was released to the public. Variations on these transactions may include positions in other section 1256 and non-section 1256 contracts. Independent of their classification as “listed transactions” for purposes of §§ 1.6011-4(b)(2), 301.6111-2(b)(2), and 301.6112-1(b)(2), transactions that are the same as, or substantially similar to, the transaction described in this notice may already be subject to the disclosure requirements of section 6011 (§ 1.6011-4), the tax shelter registration requirements of section 6111 (§§ 301.6111-1T, 301.6111-2), or the list maintenance requirements of section 6112 (§ 301.6112-1). Persons who are required to register these tax shelters under section 6111 but have failed to do so may be subject to the penalty under section 6707(a). Persons who are required to maintain lists of investors under section 6112 but have failed to do so (or who fail to provide those lists when requested by the Service) may be subject to the penalty under section 6708(a). In addition, the Service may impose penalties on parties involved in these transactions or substantially similar transactions, including the accuracy-related penalty under § 6662.

The Service and the Treasury recognize that some taxpayers may have filed tax returns taking the position that they were entitled to the purported tax benefits of the type of transaction described in this notice. These taxpayers should consult with a tax advisor to ensure that their transactions are disclosed properly and to take appropriate corrective action.

The principal author of this notice is Clay Littlefield of the Office of Associate Chief Counsel (Financial Institutions and Products). For further information regarding this notice, contact Mr. Littlefield at (202) 622-3920 (not a toll-free call).

Part IV. Items of General Interest

REG-110896-98

Notice of Proposed Rulemaking and Notice of Public Hearing Charitable Remainder Trusts; Application of Ordering Rule

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Notice of proposed rulemaking and notice of public hearing.

SUMMARY:

This document contains proposed regulations on the ordering rules of section 664(b) of the Internal Revenue Code for characterizing distributions from charitable remainder trusts. The proposed regulations reflect changes made to income tax rates, including the rates applicable to capital gains and certain dividends, by the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Jobs and Growth Tax Relief Reconciliation Act of 2003. The proposed regulations affect charitable remainder trusts and their beneficiaries. This document also provides notice of a public hearing on these proposed regulations.

DATES:

Written or electronic comments must be received Tuesday, February 17, 2004. Outlines of topics to be discussed at the public hearing scheduled for Tuesday, March 9, 2004, must be received by Tuesday, February 17, 2004.

ADDRESSES:

Send submissions to: CC:PA:LPD:PR (REG-110896-98), room 5203, Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-110896-98), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW, Washington, DC. Alternatively, taxpayers may submit comments electronically directly to the IRS internet site at www.irs.gov/regs. The public hearing will be held in the auditorium, Internal Revenue Building, 1111 Constitution Avenue, NW, Washington, DC.

FOR FURTHER INFORMATION CONTACT:

Concerning the proposed regulations, Theresa M. Melchiorre, (202) 622-7830; concerning submissions of comments, the hearing, and/or to be placed on the building access list to attend the hearing, Robin Jones, (202) 622-7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

Section 664 contains the rules for charitable remainder annuity trusts and charitable remainder unitrusts. In general, a charitable remainder trust provides for a specified periodic distribution (CRT distribution) to one or more beneficiaries (at least one of which is a noncharitable beneficiary) for life or for a term of years, with an irrevocable remainder interest held for the benefit of charity.

Section 664(b) provides ordering rules for determining the character of CRT distributions in the hands of the recipient of those distributions. A CRT distribution is treated: first, as ordinary income to the extent of the trust's gross income other than gains from the sale of capital assets (“ordinary income”) for the trust's taxable year and its undistributed ordinary income for prior years; second, as capital gain to the extent of the trust's capital gain for the trust's taxable year and its undistributed capital gain for prior years; third, as other income (that is, tax-exempt income) to the extent of the trust's other income for the trust's taxable year and its undistributed other income for prior years; and, finally, as a distribution of trust corpus. The general principle of section 664(b) is that income subject to the highest Federal income tax rate is deemed distributed prior to income subject to a lower (or no) Federal income tax rate. The existing regulations under §1.664-1(d)(1)(i)(b)(1) follow this general principle by providing that short-term capital gain is deemed distributed prior to any long-term capital gain.

Beginning with the Taxpayer Relief Act of 1997 (TRA), Public Law 105-34 (111 Stat. 788), different types of long-term capital gains are subject to different Federal income tax rates. The different classes of long-term capital gains and losses properly taken into account by a charitable remainder trust after May 6, 1997, may, for example, consist of 28-percent rate gain as defined in section 1(h)(4), unrecaptured section 1250 gain as defined in section 1(h)(6), and all other long-term capital gains and losses. For taxable years beginning after December 31, 2002, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), Public Law 108-27 (117 Stat. 752), provides that qualified dividend income as defined in section 1(h)(11) is taxed at the rates applicable to all other long-term capital gains. Because dividends represent one type of ordinary income, different types of ordinary income are subject to different Federal income tax rates as a result of JGTRRA.

Notice 98-20, 1998-1 C.B. 776, as modified by Notice 99-17, 1999-1 C.B. 871, provides guidance on the treatment of capital gains under section 664(b)(2) following the changes made by the TRA and the technical corrections made by the Internal Revenue Service Restructuring and Reform Act of 1998, Public Law 105-206 (112 Stat. 685). The proposed regulations incorporate this guidance as well as provide additional guidance regarding the treatment of qualified dividend income under section 664(b)(1).

Explanation of Provisions

The proposed regulations will amend §1.664-1(d)(1) to revise the rules for characterizing a CRT distribution to take into account differences in the Federal income tax rates applicable to items of income that are assigned to the same category under section 664(b). The trust’s income is assigned, in the year it is required to be taken into account by the trust, to one of three categories: the ordinary income category, the capital gains category, or the other income category. Further, within the ordinary income and capital gains categories, items are also assigned to different classes based on the Federal income tax rate applicable to each type of income in the category. In accordance with section 664(b), a CRT distribution is treated as being made from the categories in the following order: ordinary income, capital gain, other income, and trust corpus. Within the ordinary income and capital gains categories, income is treated as distributed from the classes of income in that category beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest Federal income tax rate. The proposed regulations also provide rules for netting different classes of capital gains and losses based on the guidance in Notice 97-59, 1997-2 C.B. 309.

Proposed Effective Date

The provisions in these regulations that were set forth in Notice 98-20, 1998-1 C.B. 776, and Notice 99-17, 1999-1 C.B. 871, are proposed to apply for taxable years ending on or after December 31, 1998, and taxpayers may rely on the provisions for taxable years beginning on or after January 1, 1998. The other provisions of these regulations are proposed to apply for taxable years ending after November 20, 2003.

Special Analyses

It has been determined that this proposed regulation is not a significant regulatory action as defined in Executive Order 12866. Therefore, a regulatory assessment is not required. It also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations and, because these regulations do not impose on small entities a collection of information requirement, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Therefore, a Regulatory Flexibility Analysis is not required. Pursuant to section 7805(f) of the Internal Revenue Code, this notice of proposed rulemaking will be submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.

Comments and Public Hearing

Before these proposed regulations are adopted as final regulations, consideration will be given to any written (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The IRS and Treasury Department specifically request comments on the clarity of the proposed regulations and how they may be made easier to understand. In addition, comments are requested on the administrative difficulty and potential tax benefit or detriment of maintaining separate classes within a category when two classes are only temporarily subject to the same rate (for example, if the current rate applicable to one class sunsets in a future year). All comments will be available for public inspection and copying.

A public hearing has been scheduled for Tuesday, March 9, 2004, in the auditorium, Internal Revenue Building, 1111 Constitution Avenue, NW, Washington, DC. Due to building security procedures, visitors must use the main building entrance on Constitution Avenue. In addition, all visitors must present photo identification to enter the building. Because of access restrictions, visitors will not be admitted beyond the immediate entrance area more than 30 minutes before the hearing starts. For more information about having your name placed on the list to attend the hearing, see the “FOR FURTHER INFORMATION CONTACT” section of this preamble.

The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments at the hearing must submit written (signed original and eight (8) copies) or electronic comments and an outline of the topics to be discussed and the time to be devoted to each topic by Tuesday, February 17, 2004. A period of 10 minutes will be allotted to each person for making comments. An agenda showing the scheduling of the speakers will be prepared after the deadline for receiving outlines has passed. Copies of the agenda will be available free of charge at the hearing.

Proposed Amendments to the Regulations

Accordingly, 26 CFR part 1 is proposed to be amended as follows:

PART 1—INCOME TAXES

Paragraph 1. The authority for part 1 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *

Par. 2. Section 1.664-1 is amended as follows:

1. Paragraph (d)(1) is revised.

2. Paragraph (d)(2) is amended by:

a. Removing the language “or to corpus (determined under subparagraph (1)(i) of this paragraph)” in the first sentence and adding “(determined under paragraph (d)(1)(i)(a) of this section) or to corpus” in its place.

b. Removing the language “subparagraph (1)(i)(c) of this paragraph” from the fifth sentence and adding “paragraph (d)(1)(i)(a)(3) of this section” in its place.

c. Removing the language “or corpus in the categories described in subparagraph (1) of this paragraph” from the last sentence and adding “described in paragraph (d)(1)(i)(a) of this section or to corpus” in its place.

3. Paragraph (e)(1) is amended by removing the language “paragraph (d)(1)” from the first sentence and adding “paragraph (d)(1)(i)(a)” in its place.

The revision reads as follows:

§1.664-1 Charitable remainder trusts.

* * * * *

(d) Treatment of annual distributions to recipients—(1) Character of distributions—(i) Assignment of income to categories and classes. (a) A trust’s income, including income includible in gross income and other income, is assigned to one of three categories in the year in which it is required to be taken into account by the trust. These categories are—

(1) Gross income, other than gains and amounts treated as gains from the sale or other disposition of capital assets (referred to as the ordinary income category);

(2) Gains and amounts treated as gains from the sale or other disposition of capital assets (referred to as the capital gains category); and

(3) Other income (including income excluded under part III, subchapter B, chapter 1, subtitle A of the Internal Revenue Code).

(b) Items within the ordinary income and capital gains categories are assigned to different classes based on the Federal income tax rate applicable to each type of income in that category in the year the items are required to be taken into account by the trust. For example, the ordinary income category may include a class of qualified dividend income as defined in section 1(h)(11) and a class of all other ordinary income. In addition, the capital gains category may include separate classes for short-term capital gains and losses, for 28-percent rate gain as defined in section 1(h)(4), for unrecaptured section 1250 gain as defined in section 1(h)(6), and for all other long-term capital gains and losses. After items are assigned to a class, the tax rates may change so that items in two or more classes would be taxed at the same rate if distributed during a particular year. If the changes to the tax rates are permanent, the undistributed items in those classes are combined into one class. If, however, the changes to the tax rates are only temporary (for example, the new rate for one class will sunset in a future year), the classes are kept separate.

(ii) Order of distributions. (a) The categories and classes of income (determined under paragraph (d)(1)(i) of this section) are used to determine the character of an annuity or unitrust distribution from the trust in the hands of the recipient irrespective of whether the trust is exempt from taxation under section 664(c) for the year of the distribution. The determination of the character of amounts distributed shall be made as of the end of the taxable year of the trust. The recipient is taxed on the distribution based on the tax rates applicable in the year of the distribution to the classes of income that are deemed distributed from the trust. The character of the distribution in the hands of the annuity or unitrust recipient is determined by treating the distribution as being made from each category in the following order:

(1) First, from ordinary income to the extent of the sum of the trust’s ordinary income for the taxable year and its undistributed ordinary income for prior years.

(2) Second, from capital gain to the extent of the trust’s capital gains determined under paragraph (d)(1)(iv) of this section.

(3) Third, from other income to the extent of the sum of the trust’s other income for the taxable year and its undistributed other income for prior years.

(4) Finally, from trust corpus (with corpus defined for this purpose as the net fair market value of the trust assets less the total undistributed income (but not loss) in paragraphs (d)(1)(i)(a)(1) through (3) of this section)).

(b) If the trust has different classes of income in the ordinary income category, the distribution from that category is treated as being made from each class, in turn, until exhaustion of the class, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest Federal income tax rate. If the trust has different classes of net gain in the capital gains category, the distribution from that category is treated as being made first from the short-term capital gain class and then from each class of long-term capital gain, in turn, until exhaustion of the class, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate. If two or more classes within the same category are subject to the same current tax rate, but at least one of those classes will be subject to a different tax rate in a future year (for example, if the current rate sunsets), the order of that class in relation to other classes in the category with the same current tax rate is determined based on the future rate or rates applicable to those classes. Within each category, if there is more than one type of income in a class, amounts treated as distributed from that class are to be treated as consisting of the same proportion of each type of income as the total of the current and undistributed income of that type bears to the total of the current and undistributed income of all types of income included in that class. For example, if rental income and interest income are subject to the same current and future Federal income tax rate and therefore are in the same class, a distribution from that class will be treated as consisting of a proportional amount of rental income and interest income.

(iii) Treatment of losses—(a) Ordinary income category. An ordinary loss for the current year is first used to reduce undistributed ordinary income for prior years that is assigned to the same class as the loss. Any excess loss is then used to reduce the current and undistributed ordinary income from other classes, in turn, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest Federal income tax rate. If any of the loss exists after all the current and undistributed ordinary income from all classes has been offset, the excess is carried forward indefinitely to reduce ordinary income for future years. For purposes of this section, the amount of current income and prior years' undistributed income shall be computed without regard to the deduction for net operating losses provided by sections 172 or 642(d).

(b) Other income category. A loss in the other income category for the current year is used to reduce undistributed income in this category for prior years and any excess is carried forward indefinitely to reduce other income for future years.

(iv) Netting of capital gains and losses. Capital gains of the trust are determined on a cumulative net basis under the rules of this paragraph (d)(1) without regard to the provisions of section 1212. For each taxable year, current and undistributed gains and losses within each class are netted to determine the net gain or loss for that class, and the classes of capital gains and losses are then netted against each other in the following order. A net loss from the class of short-term capital gain and loss offsets the net gain from each class of long-term capital gain and loss, in turn, until exhaustion of the class, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest Federal income tax rate. A net loss from a class of long-term capital gain and loss (beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate) is used to offset net gain from each other class of long-term capital gain and loss, in turn, until exhaustion of the class, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate. A net loss from all the classes of long-term capital gain and loss (beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate) offsets any net gain from the class of short-term capital gain and loss.

(v) Carry forward of net capital gain or loss. If, at the end of a taxable year, a trust has, after the application of paragraph (d)(1)(iv), any net loss or any net gain that is not treated as distributed under paragraph (d)(1)(ii)(a)(2) of this section, the net gain or loss is carried over to succeeding taxable years and retains its character in succeeding taxable years as gain or loss from its particular class.

(vi) Special transitional rules. To be eligible to be included in the class of qualified dividend income, dividends must meet the definition of section 1(h)(11) and must be received by the trust after December 31, 2002. Long-term capital gain or loss properly taken into account by the trust before January 1, 1997, is included in the class of all other long-term capital gains and losses. Long-term capital gain or loss properly taken into account by the trust on or after January 1, 1997, and before May 7, 1997, if not treated as distributed in 1997, is included in the class of all other long-term capital gains and losses. Long-term capital gain or loss (other than 28-percent rate gain as defined in section 1(h)(4), unrecaptured section 1250 gain as defined in section 1(h)(6), and qualified 5-year gain as defined in section 1(h)(9) prior to its amendment by the Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27 (117 Stat. 752)), properly taken into account by the trust on or after January 1, 2003, and before May 6, 2003, if not treated as distributed during 2003, is included in the class of all other long-term capital gains and losses. Qualified 5-year gain properly taken into account by the trust after December 31, 2000, and before May 6, 2003, if not treated as distributed by the trust in 2003 or a prior year, must be maintained in a separate class within the capital gains category.

(vii) Application of section 643(a)(7). For application of the anti-abuse rule of section 643(a)(7) to distributions from charitable remainder trusts, see §1.643(a)-8.

(viii) Examples. The following examples illustrate the rules in this paragraph (d)(1):

Example 1. (i) X, a charitable remainder annuity trust described in section 664(d)(1), is created on January 1, 2003. The annual annuity amount is $100. X’s income for the 2003 tax year is as follows:

Interest income $80
Qualified dividend income 50
Capital gains and losses 0
Tax-exempt income 0

(ii) In 2003, the year this income is received by the trust, qualified dividend income is subject to a different rate of Federal income tax than interest income and is, therefore, a separate class of income in the ordinary income category. The annuity amount is deemed to be distributed from the classes within the ordinary income category, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate. Because during 2003 qualified dividend income is taxed at a lower rate than interest income, the interest income is deemed distributed prior to the qualified dividend income. Therefore, in the hands of the recipient, the 2003 annuity amount has the following characteristics:

Interest income $80
Qualified dividend income 20

(iii) The remaining $30 of qualified dividend income that is not treated as distributed to the recipient in 2003 is carried forward to 2004 as undistributed qualified dividend income.

Example 2. (i) The facts are the same as in Example 1, and at the end of 2004, X has the following classes of income:

Interest income class $ 5
Qualified dividend income class 40
($10 from 2004 and $30 carried forward from 2003)
Net short-term capital gain class 15
Net long-term capital loss in 28-percent rate class (325)
Net long-term capital gain unrecaptured section 1250 gain class 175
Net long-term capital gain in all other long-term capital gain class 350

(ii) In 2004, gain in the unrecaptured section 1250 gain class is subject to a 25-percent Federal income tax rate, and gain in the all other long-term capital gain class is subject to a lower rate. The net long-term capital loss in the 28-percent rate class is used to offset the net capital gains in the other classes of long-term capital gain and loss, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate. The $325 net loss in the 28-percent rate class reduces the $175 net gain in the unrecaptured section 1250 gain class to $0. The remaining $150 loss from the 28-percent rate class reduces the $350 gain in the all other long-term capital gain class to $200. As in Example 1, qualified dividend income is taxed at a lower rate than interest income during 2004. The annuity amount is deemed to be distributed from all the classes in the ordinary income category and then from the classes in the capital gains category, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate. In the hands of the recipient, the 2004 annuity amount has the following characteristics:

Interest income $ 5
Qualified dividend income 40
Net short-term capital gain 15
Net long-term capital gain in all other long-term capital gain class 40

(iii) The remaining $160 gain in the all other long-term capital gain class that is not treated as distributed to the recipient in 2004 is carried forward to 2005 as gain in that same class.

Example 3. (i) The facts are the same as in Examples 1 and 2, and at the end of 2005, X has the following classes of income:

Interest income class $ 5
Qualified dividend income class 20
Net short-term capital loss class (50)
Net long-term capital gain in 28-percent rate class 10
Net long-term capital gain unrecaptured section 1250 gain class 135
Net long-term capital gain in all other long-term capital gain class (carried forward from 2004) 160

(ii) Net short-term capital loss is used to offset the net capital gains in the classes of long-term capital gain and loss, in turn, until exhaustion of the class, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate. The $50 net loss reduces the $10 net gain in the 28-percent rate class to $0. The remaining $40 net loss reduces the $135 net gain in the unrecaptured section 1250 gain class to $95. As in Examples 1 and 2, during 2005, qualified dividend income is taxed at a lower rate than interest income; gain in the unrecaptured section 1250 gain class is taxed at 25-percent; and gain in the all other long-term capital gain class is taxed at a rate lower than 25-percent. The annuity amount is deemed to be distributed from all the classes in the ordinary income category and then from the classes in the capital gains category, beginning with the class subject to the highest Federal income tax rate and ending with the class subject to the lowest rate. In the hands of the recipient, the 2005 annuity amount has the following characteristics:

Interest income $ 5
Qualified dividend income 20
Unrecaptured section 1250 gain 75

(iii) The remaining $20 gain in the unrecaptured section 1250 gain class and the $160 gain in the all other long-term capital gain class that are not treated as distributed to the recipient in 2005 are carried forward to 2006 as gains in their respective classes.

(ix) Effective dates. The rules in this paragraph (d)(1) that require long-term capital gains to be distributed in the following order: first, 28-percent rate gain as defined in section 1(h)(4); second, unrecaptured section 1250 gain as described in section 1(h)(6); and then, all other long-term capital gains are applicable for taxable years ending on or after December 31, 1998. The rules in this paragraph (d)(1) that provide for the netting of capital gains and losses are applicable for taxable years ending on or after December 31, 1998. The rule in the second sentence of paragraph (d)(1)(vi) of this section is applicable for taxable years ending on or after December 31, 1998. The rule in the third sentence of paragraph (d)(1)(vi) of this section is applicable for distributions made in taxable years ending on or after December 31, 1998. All other provisions of paragraph (d)(1) are applicable for taxable years ending after November 20, 2003.

* * * * *

Mark E. Matthews,
Deputy Commissioner for
Services and Enforcement
.

Note

(Filed by the Office of the Federal Register on November 19, 2003, 8:45 a.m., and published in the issue of the Federal Register for November 20, 2003, 68 F.R. 65419)

Drafting Information

The principal author of these regulations is Theresa M. Melchiorre, Office of Chief Counsel, IRS. Other personnel from the IRS and Treasury Department participated in their development.

* * * * *

REG-160330-02

Notice of Proposed RulemakingSection 704(c), Installment Obligations and Contributed Contracts

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Notice of proposed rulemaking.

SUMMARY:

This document contains proposed regulations relating to the tax treatment of installment obligations and property acquired pursuant to a contract under sections 704(c) and 737. The proposed regulations affect partners and partnerships and provide guidance necessary to comply with the law.

DATES:

Written and electronic comments and requests for a public hearing must be received no later than February 23, 2003.

ADDRESSES:

Send submissions to: CC:PA:LPD:PR (REG-160330-02), room 5203, Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. Submissions may also be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-160330-02), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW, Washington, DC. Alternatively, taxpayers may submit electronic comments directly to the IRS Internet site at: www.irs.gov/regs.

FOR FURTHER INFORMATION CONTACT:

Concerning the regulations, Christopher L. Trump, 202-622-3070; concerning submissions and the hearing, Robin Jones, 202-622-3521 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

Section 704(c)(1)(A) provides that income, gain, loss or deduction with respect to property contributed to a partnership by a partner shall be shared among the partners so as to take into account the variation between the basis of the property to the partnership and its fair market value at the time of the contribution.

Under section 704(c)(1)(B) and the regulations thereunder, any partner that contributes section 704(c) property to a partnership must recognize gain or loss on the distribution of such property to another partner within 7 years of its contribution. The amount of gain or loss recognized is the amount of gain or loss that would have been allocated to such partner under section 704(c)(1)(A) if the property had been sold by the partnership to the distributee partner for its fair market value at the time of the distribution.

Under section 737(a) and the regulations thereunder, any partner that contributes section 704(c) property to a partnership may recognize gain on a distribution of property (other than money) by the partnership to that partner. The amount of gain recognized is the lesser of: (1) the amount by which the fair market value of the distributed property exceeds the distributee partner’s adjusted tax basis in the partner’s partnership interest, or (2) the net precontribution gain of the partner. Section 737(b) defines the net precontribution gain of the partner as the net gain (if any) that would have been recognized by the distributee partner under section 704(c)(1)(B) if all property that (1) had been contributed to the partnership by the distributee partner within 7 years of the distribution and (2) is held by such partnership immediately before the distribution, had been distributed by such partnership to another partner.

For purposes of section 704(c)(1)(A) and (B) and section 737, if a partnership disposes of section 704(c) property in a nonrecognition transaction in which no gain or loss is recognized, the substituted basis property (within the meaning of section 7701(a)(42)) is treated as section 704(c) property with the same amount of built-in gain or loss as the section 704(c) property disposed of by the partnership. See §§1.704-3(a)(8), 1.704-4(d)(1), and 1.737-2(d)(3).

If a partnership disposes of property in an installment sale, income is taken into account under the installment method unless the partnership elects otherwise. See section 453. Upon the satisfaction of an installment obligation at other than its face value or the distribution, transmission, sale, or other disposition of an installment obligation, a taxpayer is generally required, under section 453B, to recognize gain or loss. Section 453B does not apply, however, on the disposition of an installment obligation in certain situations where the Internal Revenue Code (Code) otherwise provides for nonrecognition of gain or loss. For example, §1.453-9(c)(2) provides that no gain or loss results under section 453(d) (now section 453B) in the case of a contribution to or distribution from a partnership under sections 721 or 731.

In addition, if a partnership acquires property pursuant to a contract such as an option, a forward contract, or a futures contract, the partnership may recognize no gain or loss on the acquisition of the property.

Explanation of Provisions

The proposed regulations amend §1.704-3(a)(8) to clarify that, if a partnership disposes of section 704(c) property in exchange for an installment obligation, the installment obligation is treated as the section 704(c) property. The proposed regulations also clarify that, if a partner contributes a contract that is section 704(c) property to a partnership, and the partnership subsequently acquires property pursuant to that contract in a transaction in which less than all of the gain or loss is recognized, the acquired property is treated as the section 704(c) property for purposes of sections 704(c) and 737. For this purpose the term contract includes, but is not limited to, options, forward contracts, and futures contracts.

The proposed regulations amend §1.704-4(d)(1) to provide that an installment obligation received by a partnership and property acquired pursuant to a contributed contract are treated as section 704(c) property for purposes of section 704(c)(1)(B) to the extent that the installment obligation or the acquired property is section 704(c) property under §1.704-3(a)(8). As a result, if the installment obligation or property acquired pursuant to a contributed contract is distributed by a partnership to a partner other than the contributing partner within 7 years of the contribution, the contributing partner may recognize gain or loss under section 704(c)(1)(B). The proposed regulations include a similar rule under §1.737-2(d)(3).

No inference is intended as to the treatment of these transactions under prior law.

Proposed Effective Date

These regulations are proposed to apply to installment obligations received by a partnership on or after November 24, 2003, in exchange for section 704(c) property and to property acquired on or after November 24, 2003, by a partnership pursuant to a contract that is section 704(c) property.

Special Analyses

It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 12866. Therefore, a regulatory assessment is not required. It also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations, and, because these regulations do not impose a collection of information on small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Pursuant to section 7805(f) of the Code, this notice of proposed rulemaking will be submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.

Comments and Requests for Public Hearing

Before these proposed regulations are adopted as final regulations, consideration will be given to any written (a signed original and 8 copies) or electronic comments that are submitted timely to the IRS. The IRS and Treasury Department request comments on the clarity of the proposed rules, how they can be made easier to understand and the administrability of the rules in the proposed regulations. All comments will be available for public inspection and copying. A public hearing may be scheduled if requested in writing by any person that timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place of the public hearing will be published in the Federal Register.

Proposed Amendments to the Regulations

Accordingly, 26 CFR part 1 is proposed to be amended as follows:

PART 1—INCOME TAXES

Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *

Par. 2. Section 1.704-3 is amended as follows:

1. The paragraph heading for (a)(8) is revised.

2. The text of paragraph (a)(8) is redesignated as paragraph (a)(8)(i).

3. A paragraph heading for newly designated paragraph (a)(8)(i) is added.

4. The first sentence of newly designated paragraph (a)(8)(i) is amended by removing the language “in which no gain or loss is recognized”.

5. Paragraphs (a)(8)(ii) and (a)(8)(iii) are added.

6. Paragraph (f) is amended by:

a. Amending the first sentence of paragraph (f) by removing the language “of paragraph (a)(11)” and adding “of paragraphs (a)(8)(ii), (a)(8)(iii) and (a)(11)” in its place.

b. Adding two sentences at the end of paragraph (f).

The revisions and additions read as follows:

§1.704-3 Contributed property.

(a) * * *

(8) Special rules—(i) Disposition in a nonrecognition transaction. * * *

(ii) Disposition in an installment sale. If a partnership disposes of section 704(c) property in an installment sale as defined in section 453(b), the installment obligation received by the partnership is treated as the section 704(c) property with the same amount of built-in gain as the section 704(c) property disposed of by the partnership (with appropriate adjustments for any gain recognized on the installment sale). The allocation method for the installment obligation must be consistent with the allocation method chosen for the original property.

(iii) Contributed contracts. If a partner contributes to a partnership a contract that is section 704(c) property, and the partnership subsequently acquires property pursuant to that contract in a transaction in which less than all of the gain or loss is recognized, then the acquired property is treated as the section 704(c) property with the same amount of built-in gain or loss as the contract (with appropriate adjustments for any gain or loss recognized on the acquisition). For this purpose, the term contract includes, but is not limited to, options, forward contracts, and futures contracts. The allocation method for the acquired property must be consistent with the allocation method chosen for the contributed contract.

* * * * *

(f) Effective date. * * * Paragraph (a)(8)(ii) applies to installment obligations received by a partnership in exchange for section 704(c) property on or after November 24, 2003. Paragraph (a)(8)(iii) is effective for property acquired on or after November 24, 2003, by a partnership pursuant to a contract that is section 704(c) property.

Par. 3. Section 1.704-4 is amended as follows:

1. The paragraph heading for (d)(1) is revised.

2. The text of paragraph (d)(1) is redesignated as paragraph (d)(1)(i).

3. A paragraph heading for newly designated paragraph (d)(1)(i) is added.

4. Paragraphs (d)(1)(ii) and (d)(1)(iii) are added.

5. Revising paragraph (g).

The revisions and additions read as follows:

§1.704-4 Distribution of contributed property.

* * * * *

(d) Special rules—(1) Nonrecognition transactions, installment obligations and contributed contracts—(i) Nonrecognition transactions. * * *

(ii) Installment obligations. An installment obligation received by the partnership in an installment sale (as defined in section 453(b)) of section 704(c) property is treated as the section 704(c) property for purposes of section 704(c)(1)(B) and this section to the extent that the installment obligation received is treated as section 704(c) property under §1.704-3(a)(8). See §1.737-2(d)(3) for a similar rule in the context of section 737.

(iii) Contributed contracts. Property acquired by the partnership pursuant to a contract that is section 704(c) property is treated as the section 704(c) property for purposes of section 704(c)(1)(B) and this section, to the extent that the acquired property is treated as section 704(c) property under §1.704-3(a)(8). See §1.737-2(d)(3) for a similar rule in the context of section 737.

* * * * *

(g) Effective date. This section applies to distributions by a partnership to a partner on or after January 9, 1995, except that paragraphs (d)(1)(ii) and (iii) apply to distributions by a partnership to a partner on or after November 24, 2003.

Par. 4. Section 1.737-2 is amended as follows:

1. The paragraph heading for (d)(3) is revised.

2. The text of paragraph (d)(3) is redesignated (d)(3)(i).

3. A paragraph heading for newly designated (d)(3)(i) is added.

4. Paragraphs (d)(3)(ii) and (d)(3)(iii) are added.

§1.737-2 Exceptions and special rules.

* * * * *

(d) * * *

(3) Nonrecognition transactions, installment sales and contributed contracts—(i) Nonrecognition transactions. * * *

(ii) Installment sales. An installment obligation received by the partnership in an installment sale (as defined in section 453(b)) of section 704(c) property is treated as the contributed property with regard to the contributing partner for purposes of section 737 to the extent that the installment obligation received is treated as section 704(c) property under §1.704-3(a)(8). See §1.704-4(d)(1) for a similar rule in the context of section 704(c)(1)(B).

(iii) Contributed contracts. Property acquired by a partnership pursuant to a contract that is section 704(c) property is treated as the contributed property with regard to the contributing partner for purposes of section 737 to the extent that the acquired property is treated as section 704(c) property under §1.704-3(a)(8). See §1.704-4(d)(1) for a similar rule in the context of section 704(c)(1)(B).

* * * * *

Par. 5. Section 1.737-5 is revised to read as follows:

§1.737-5 Effective dates.

Sections 1.737-1, 1.737-2, 1.737-3, and 1.737-4 apply to distributions by a partnership to a partner on or after January 9, 1995, except that §1.737-2(d)(3)(ii) and (iii) apply to distributions by a partnership to a partner on or after November 24, 2003.

Mark E. Matthews,
Deputy Commissioner for
Services and Enforcement
.

Note

(Filed by the Office of the Federal Register on November 21, 2003, 8:45 a.m., and published in the issue of the Federal Register for November 24, 2003, 68 F.R. 65864)

Drafting Information

The principal author of these proposed regulations is Christopher L. Trump of the Office of Associate Chief Counsel (Passthroughs and Special Industries). Other personnel from Treasury and the IRS participated in their development.

* * * * *

Announcement 2003-84

Foundations Status of Certain Organizations

The following organizations have failed to establish or have been unable to maintain their status as public charities or as operating foundations. Accordingly, grantors and contributors may not, after this date, rely on previous rulings or designations in the Cumulative List of Organizations (Publication 78), or on the presumption arising from the filing of notices under section 508(b) of the Code. This listing does not indicate that the organizations have lost their status as organizations described in section 501(c)(3), eligible to receive deductible contributions.

Former Public Charities. The following organizations (which have been treated as organizations that are not private foundations described in section 509(a) of the Code) are now classified as private foundations:

Org. Name City State
49er United Soccer Club, Inc., Auburn CA
Ace Boxing Club, Inc., Milwaukee WI
Adams Acre, Fuquay Varina NC
African American Health Education & Resource Center, Avondale AZ
African-American Womens Program, Pomona CA
African & Caribbean Immigrant Resource Center, Inc., Plainfield NJ
Agua Luna Dance Company, E. Rancho Dominguez CA
Al Cox Ministries, Inc., Adairsville GA
Alaska Urban and Community Forest Council, Anchorage AK
All and All Ministries, San Diego CA
Alpha Programs, Inc., Las Vegas NV
America Asia Adoption Agency, San Marino CA
American Foundation for the Development of Science and Education, Glendale CA
American Friends of Mosdos Ramou of Hunyad, Inc., Brooklyn NY
American Friends of Universidad de San Andres, Inc., New York NY
Amy, Inc., Tulsa OK
Area-51 Dance Theatre, Reno NV
Arizona Wildlands Conservancy, Prescott AZ
Art for Peace Foundation, Inc., Miami FL
Artesia Coalition for Better Health, Inc., Artesia NM
Arts Consortium, Inc., Miami Beach FL
Asian-Pacific Islanders Vote 2000, San Francisco CA
Asthmanon Foundation, Sylvana OH
At Risk for Success, Austell GA
Atlantic Bridge, Inc., Charlotte NC
Avue Institute, Tacoma WA
Baker Jr., IGH PTSA, Tacoma WA
Barbara Bush Elementary Parent Teacher Organization, Mesa AZ
Bedford Central Community Development Corporation, Inc., Brooklyn NY
Bellevue Youth Basketball Association, Bellevue WA
Ben Rush Elementary School Foundation, Redmond WA
Best Media, Inc., Holliswood NY
Black Community Institution Network, Inglewood CA
Blackhawk Baseball, Inc., Argyle TX
Blossom House, Inc., Bullhead City AZ
Booster Club Maclay Middle School, Inc., Pacoima CA
Bradd Neal Feldbaum Foundation Memorial Scholarship Fund, East Brunswick NJ
Bright Star Chapter of Texas Mental Health Consumers, Inc., Sulphur Springs TX
Bunker Hill Historical Society, Bunker Hill IL
Burlingame Lions Charities, Inc., Burlingame CA
Cadari, Pittsburgh PA
Caldacar Success Unlimited Training Institute, Los Angeles CA
California Dispute Resolution Institute, San Francisco CA
Calistoga Respite Center, Calistoga CA
Captive Heart Prison Ministry, Inc., Sneads FL
Caring Hands Extended, Inc., Altadena CA
Carl H. Sundahl Elementary School Foundation, Folsom CA
Carolina Border Collie Rescue, Cary NC
Casas De Las Familias, Tucson AZ
Center for Informed Choices, Inc., Williamsville NY
Center for Latin American Arts of New York, Inc., New York NY
Center for Mediation and Training, Inc., New City NY
Center for Mental Health Research and Education, Inc., Roswell GA
Center for Public Representation, Columbus OH
Central Florida Triathletes, Inc., Clermont FL
Central Linn School District 552C, Halsey OR
Centro Comunal General Gregorio Luperon, Inc., New York NY
Cheer Center Booster Club, Grove City OH
Chernobyls Hope, Monroe NC
Chesterfield Education and Training Institute, Seattle WA
Children of Destiny International, Inc., Pasadena CA
Children of the Nations International Adoptions, Inc., New Port Richey FL
Childrens Coalition of Southern New Hampshire, Salem NH
Chinook Middle School P A T S, Lacey WA
Chosen Child, Van Nuys CA
Christmas in April - Napa Valley, Napa CA
Christmas in May Sheboygan County, Sheboygan WI
Christopher Washingtons Youth Inspiration and Goals Foundation, Cupertino CA
Church of Christ, Bakersfield CA
Chuukese Catholic Community Council of Honolulu, Inc., Waipahu HI
Cisprohr, Inc., Miami FL
Citizens Empowerment, Miami FL
Citizens for Police Accountability, Providence RI
City Arts Project, Los Angeles CA
Clearview Heights Child Care and Development Center, Inc., Gallatin TN
Coalition of Arizonans to Abolish the Death Penalty, Inc., Tucson AZ
Coalition to Protect America's Elders, Inc., Tampa FL
Coast Public Radio, Inc., Capitola CA
Collaborations, Seattle WA
Colorado Advanced Photonics Technology Center, Longmont CO
Colorado Indian Education Association, Denver CO
Communities in School of Walker County GA, Inc., Chickamauga GA
Community Apartments Corporation of Metrolina 3, Raleigh NC
Community Food Exchange Limited, Jamaica Plain MA
Community Health International, Inc., Mendota Heights MN
Company One, Inc., Brookline MA
Complementary Care Foundation, Inc., Mt. Kisco NY
Concerned Alumni of Catholic University, Arlington VA
Conner Community Development Corporation, Connersville IN
Constant Elevation Youth Foundation, Chicago IL
Contextualized Urban Ministry Education of the Northwest, Inc., Portland OR
Corazon Behavioral Health Services, Inc., Los Alamos NM
Council for the Imaginative Arts, Richland WA
Counting All Children, Mitchellville MD
CPLC Tucson Foundation, Tucson AZ
Crimebusters, Inc., Hendersonville TN
Cultural Society of Mesilla Valley, Inc., Las Cruces NM
Curry Ministries, Inc., Sanford FL
D & M Community Development Corporation, Inc., Crosby TX
Daisy Foundation, Inc., Greenwood LA
Dancin Kidz Performance Co., Inc., Bullhead City AZ
Daniel Foundation, Pasadena CA
Day Star Arise Production Company, College Park GA
Des Moines for Jesus, Des Moines IA
Dewey Ladies Auxiliary, Dewey OK
Dimmit 9-11-90 PTSA, Seattle WA
Discovery Clubhouse Child Care Center, Grand Rapids MI
Dr. Karl Wamsler Foundation, Inc., New York NY
Dream of a Lifetime, Seattle WA
DreamWorks of Kansas, Kansas City KS
Eagle Corrections Corporation, Louisville KY
Earth Generation San Diego, Lemon Grove CA
Earth Kids Foundation, Carlsbad CA
East Texas Parent and Children Services, Incorporated, Longview TX
East Valley Native American Parents Group, Tempe AZ
East West Academic Business & Cultural Council EWABC, City Industry CA
Ecumenical Community Center, Inc., Columbia SC
Edmond Jacques Eckels & Harvey Ellis Historical Foundation, St. Joseph MO
Edon Summer Ball League, Edon OH
El Beth El Development Center, Inc., Jacksonville FL
Elite Lay Activities, Looneyville WV
Elizabeth House, Mountain Lake MN
Elmira Booster Club, Veneta OR
Emprise Ministries, New Bern NC
Endless Mountains Theatre Company, New Milford PA
Esthers Way, Sherman Oaks CA
Eurasian Origins Foundation, Beverly Hills CA
Evergreen Community Festival of Clark County, Vancouver WA
Evergreen High School Band & Color Guards Booster, Vancouver WA
Families & Community Experiencing Success, Inc., Omaha NE
Family Institute of Colorado, Denver CO
Family Life Outreach Ministries, Glassboro NJ
FASP Childrens Services Fund, Inc., Merritt Island FL
Fighting Irish Soccer Boosters, El Paso TX
Firestone Theatre Foundation Enterprises, Inc., New York NY
First Night Bradford, Bradford PA
First Night of Syracuse, Inc., Syracuse NY
Flint Inner City Jr. Golf Association, Inc., Flint MI
Footsteps, Inc., Greeley CO
Forum for Government Reform, Davis CA
Foundation for Aggrandizement of Rural Areas (FARA), Inc., Baton Rouge LA
Foundation for Excellence & Ethics in Medicine, Inc., Oyster Bay NY
Foundation for Human Rabies Education and Eradication, Malibu CA
Foundation for Interracial Couples Seeking Tolerance, Thousand Palms CA
Foundation for Supporters of the Disabled, Saint James NY
Freedom Memorial of Harrison County, Inc., Clarksburg WV
Fresno Airport Rotary Foundation, Fresno CA
Friends for Affordable Housing, Los Angeles CA
Friends of China Heritage Fund Limited, New York NY
Friends of Fiji, Danville CA
Friends of Francois, Seattle WA
Friends of Lynn Community Charter School, Inc., Lynn MA
Friends of Mt. Davidson Conservancy, San Francisco CA
Friends of the International School of Dusseldorf Foundation, England
Friends of Wayne County Bookmobile Library, Bicknell UT
Full Circle Initiative, Inc., Fort Collins CO
Gaelquest, Berkley MI
Gaining Access to Independent Living, Effingham IL
Galveston County K-9 Search & Rescue, Texas City TX
Garinagu Empowerment Movement, Los Angeles CA
GEM Foundation, Detroit MI
General Information-Financial Training, Woodinville WA
Getting In Getting Through, Magnolia Square CA
Gila Monster Watershed Council, Willcox AZ
Gila Valley Boys and Girls Club, Inc., Safford AZ
Glendale Chamber Foundation, Glendale CA
Global Alliance of Mental Illness Advocacy Network, Inc., Staten Island NY
Global Environmental and Energy in the 21st Century, Honolulu HI
Globalith, Inc., Winter Park FL
Globalquest, Woolwich ME
Glorybound, Minneapolis MN
Gloryland World Ministries, Inc., Baltimore MD
God's Gift to Families, Inc., South Orange NJ
God's Work, Inc., Birmingham AL
Good Life Center, Harborside ME
Good Neighbor Outreach Foundation, Ltd., Scotch Plains NJ
Good Shepherd Broadcasting, Enumclaw WA
Grand Rapids Academy of Japanese Language and Culture, Grand Rapids MI
Grand Valley Community Theatre, Grand Junction CO
Great Bay Regional Volunteer Emergency Medical Services, Inc., Little Egg Harbor NJ
Greater Central Valley Outreach, Inc., Modesto CA
Green Tree Foundation, Murray UT
Greene Group, Philadelphia PA
Greenlake Plaza Resident Council, Seattle WA
Greywood, Incorporated, Towson MD
Guang-Ping Yang Tai Chi Association, El Cerrito CA
Guardian & Conservator Training Services, Inc., Caldwell ID
Guatemalan Unity Information Agency, Los Angeles CA
Gulshan Foundation, Inc., Washington DC
Guttenberg Affordable Housing Corporation, Guttenberg NJ
Guyana Youth Watch, Inc., Richmond Hill NY
Haitian Connection for Development, Inc., West Palm Beach FL
Hallowed House, Inc., Austin TX
Hard Scramble Educational Center, Inc., Camden SC
Haslw599, Kansas City MO
Healing Art of San Francisco, San Francisco CA
Health Motivation and Healing Program, Seattle WA
Healthy Ways, Inc., Carlsbad CA
Heart of a Parent, Wells ME
Helper Main Street Program, Helper UT
Henry Hensche Foundation, Thibodaux LA
High Sonoran Foundation, Scottsdale AZ
Higher Educational Development and Upliftment Program, Braintree MA
Hira Publications, Sterling VA
Home of Comfort, Oakland CA
Honolulu Sunset Foundation, Honolulu HI
Hope for the Underprivileged Children, Diamond Bar CA
Hopkinton Educational Assistance Trust, Inc., Milford MA
Horace Mann Parents Association, Inc., San Francisco CA
Horizon Family Services, Inc., Citrus Heights CA
Hospice Memorial Foundation, Las Vegas NV
Humanitarian Assistance Service Information & Referral Center, Inc., Brooklyn NY
Ilwaco Community Development Association, Ilwaco WA
Indigenous Permaculture Center, Inc., Denver CO
Inner-City Games Los Angeles, Los Angeles CA
Inspirational Family Life Center, Cincinnati OH
Institute of Science and Theology, Beverly Hills CA
Internet Weblinks Alliance, Inc., Los Angeles CA
Isle of Excellence, Chicago IL
J. B. Counseling & Consulting, Inc., Lennox CA
Jack Milam Memorial Foundation, Inc., Statesville NC
Jeanne Dini Performing Arts Center, Inc., Yerington NV
Jim Elder Good Sport Fund, Dallas TX
Job Club, Inc., Los Angeles CA
Ka Ulu Lauhala O Kona, Kailua-Kona HI
Kamp Kindness, Inc., Bowie MD
Kathys Sunshine Outreach Center, Dallas TX
Katie Scott Ministries, Inc., Tulsa OK
Kenny Lofton Youth Foundation, Tucson AZ
Kereng Ende Institute, Portland OR
Kids Space Foundation, New York NY
Kindness Overall Hawaii, Honolulu HI
Kingdom Power & Glory Mission, Inc., Costa Mesa CA
Klearview Center for Independent Living, Inc., Moultrie GA
Knights of the Road Foundation, Inc., Virginia Beach VA
Knowledge Navigators International Foundation, Inc., Clifton NJ
Korean Schools Association of Northern California, Davis CA
Krafft A. Ehricke Institute for Space Development, La Jolla CA
Kurdish Community Center of Arizona, Phoenix AZ
La Familia Neighborhood, Inc., Winslow AZ
Lake County Police Chaplains, Inc., Demotte IN
Latin Motion-Picture Arts and Resources Association, Inc., Los Angeles CA
Latinos Unidos Del Valle De Napa, Napa CA
Lawrence Township Quick Response Team, Lawrence MI
Life Challenges, Ashland OR
Light House Home of Lafayette, Inc., Lafayette LA
Linda Vista Elementary School Parent Teacher Organization, Fremont CA
LISTO, W. Los Angeles CA
Live Oak Artists Guild, Inc., Live Oak FL
LOCK Foundation, Newton NC
Locks of Love, Inc., A Delaware Corporation, Hayward CA
Long Beach Basketball Club, Inc., Long Beach NY
Love in Action Ministry, Houston TX
Lydia Whitney Foundation, Inc., Collinsville CT
Magnolia State Housing, Inc., Mendenhall MS
Mark Keppel High School Alumni and Friends Association, Alhambra CA
Marshall Diamond Club American Legion Baseball, Portland OR
Mary Alice Lamy Hope Charitable Organization, Morrison CO
Mass Ave Film Festival, Watertown MA
Massachusetts Coalition For Oral Health, Inc., Boston MA
McDonald School Parent-Teacher Organization, Moscow ID
Medical Services Advocacy, Omaha NE
Mentor and the Hip Hop Owls Foundation, Newark NJ
Mid-Atlantic Regional Service Committee of Narcotics Annyms, Inc., Wyomissing PA
Middleton Center, Detroit MI
Milwaukee Modern Chinese School, Menomonee Falls WI
Montrose Golden Hope Center of Montrose, Colorado, Montrose CO
Moose Boosters Wrestling Club, Palmer AK
Mother International, Pomona CA
Mothers Aligned Saving Kids, Inc., Brooklyn NY
Mountain Hoops Girls Basketball Club, Fort Collins CO
Moviemaker Alliance, Montrose CA
Mt. Vernon Medical Rescue, Mount Vernon MO
My Sisters Keeper, Incorporated, Ellenwood GA
Nam Yong Foundation, Cerritos CA
Nantucket Childrens Depot, Inc., Nantucket MA
Naples Memorial, Inc., Naples FL
National Free Flight Society, Millcreek WA
Native American Arts Alliance, Santa Fe NM
Neighbors Who Care and Assist, San Mateo CA
New American Educational Service Center, Rosemead CA
New Beginnings, Kalamazoo MI
New Day Aero-Medical Foundation, Inc., Stockbridge GA
New Jersey Gladiator Hockey Club, Inc., Pitman NJ
New Lease on Life, Naperville IL
New Life Institute, Lakeside AZ
New Power Houston, Houston TX
New Stone Project, San Francisco CA
Nguoi Viet Foundation, Westminster CA
NHEST, Inc., Bradford ME
Nonprofit Ventures, Inc., Irvine CA
Nonviolence Empowerment Organization, Inc., Greenwich CT
North American Affordable Housing Initiative, Inc., San Antonio TX
North Pole Rotary Club Foundation, North Pole AK
Northampton Youth Football League, Inc., Northampton MA
Northeast Wisconsin Masonic Library and Museum, Inc., Green Bay WI
Northern Michigan Computer Users Group, Green Bush MI
Northwest Arizona Watershed Council, Kingman AZ
Numedix, Inc., Auburn CA
NYSEG Foundation, Inc., Ithaca NY
Okanogan County Childrens Society, Omak WA
Old Concho Community Assistance Center, Concho AZ
Olive Branch Learning Center, London OH
Open Door Theatre, Chapel Hill NC
Open Voice, East Palo Alto CA
Oregon Craftsman Home Program, Inc., Salem OR
Organizacion Coatepecana En Los Angeles, Rowland Heights CA
Otolaryngology-Head and Neck Surgery Resident Education Foundation, Denver CO
Our Oregon, Portland OR
Ozark Museum of Natural History, Cedarcreek MO
Pamela S. & Milton F. Watkins Family Foundation, Inc., Canton GA
Paraklesis Ministries, Inc., Lima OH
Path Ahead, Olivette MO
Pathfinders of Linn & Benton, Inc., Albany OR
Pathways to Health, Inc., Napa CA
Paul Robeson Music Guild of the National Association of Negro Music, East Orange NJ
Peace and Emergency Action Coalition for Earth, Kerville TX
Pebble Creek Racing Foundation, Pocatello ID
Peli International Friendship Foundation, San Luis Obispo CA
Pencon Foundation, Milton PA
People First of Larimer County, Inc., Ft. Collins CO
People Make A Difference, Inc., Riverdale NY
Performing Arts Reaching to Youth, San Francisco CA
Philadelphia Nonprofit Advertising Agency, Philadelphia PA
Phillips Foundation, Denver CO
Phillipstown Performing Arts, Inc., Garrison NY
Piney Grove Human Services Corporation, Inc., Ft. Lauderdale FL
Pinnacle One Foundation 03-20-98, Scottsdale AZ
Positive Partners, Inc., Los Angeles CA
Powerful Word, Inc./Valerie Cameron Ministries, New Orleans LA
Preston Community Foundation, Preston WA
Primary Care Network, Inc., Springfield MO
Prime Station, Incorporated, Polson MT
Program for Us, Los Angeles CA
Project Pears, Santa Monica CA
Project Zero, Santa Ana CA
Property Innovations, Inc., Fall River MA
Psalm & Proverbs of the Potters House, Los Angeles CA
Puanani Foundation, Inc., Lahaina HI
Public Housing Advocacy for Disability and Diversity, Inc., Atlanta GA
Quantum Institute, Morrison CO
Quoddy Spill Prevention Group, Inc., Eastport ME
Qutekcak, Inc., Seward AK
Raider Athletic Booster Club, Corvallis OR
Rainbolt Hampton Arts, Mill Valley CA
Rainbow Connection Ministry and Center for Spiritual Health, Wellness and Mind-Body, Northumberland PA
Ransom Soulwork, Fresno CA
Realization Productions, Inc., New York NY
Redmond High School Choral Boosters, Redmond WA
Redwood City Library Foundation, Redwood City CA
Rehabilitation Help Center, Pacoima CA
Renaissance Development Corporation, East Chicago IN
Resident Counsel of the South Scattered Sites, Compton CA
Resource Center for Community Health and Environmental Justice, San Antonio TX
Resurrection and Restoration Ministry, McGehee AR
Revolution, Inc., Austin TX
River View Gardens Housing Development Found Company, Inc., New York NY
Riversong Music Society, Berrien Springs MI
R.O.S.E. Center, Fayetteville NC
Rural Community Development Center, Bakersfield CA
Ruth Pearce Fund for Therapeutic Companions, Studio City CA
RWC Padre Foundation, Inc., Redwood City CA
Sacramento Interfaith Hospitality Network, Sacramento CA
Safety Net Academy, Inc., Tucker GA
Sagaponack Home Owners Association, New York NY
San Geronimo Valley Land Trust, San Geronimo CA
San Francisco Council on Poverty & Homelessness, San Francisco CA
Sandeborne Institute, Amherst VA
Sara Kent Foundation, Cincinnati OH
Sarah Allen Services, Philadelphia PA
Scholastic Foundation, Tacoma WA
Science Fiction Hall of Fame Foundation, Inc., Long Beach CA
Seattle Womens Hockey Club, Seattle WA
Seed Collective, Winston-Salem NC
Sgt. James S. Noves Memorial Ski Race Fund, Glen NH
Shalom Solutions, Inc., Chattanooga TN
Shelters of Praise, Redwood City CA
Sheryl A. Jones Ministries, Sanford FL
Shining Stars Childrens Center, Pomona CA
Sitka Harvest Divers Association, Sitka AK
Sober Grad Nite, Inc., Grand Junction CO
Sober Seas, San Diego CA
Social Justice Network UP-TV, Upperco MD
Society for Ocean Acoustic Research, Carmel Valley CA
Sole Hope, Fort Worth TX
Sopris Camp for Kids, Woody Creek CO
SOS 4 Our Kids Mission, Inc., Corona CA
Soul Saving Station, Inc., Winston Salem NC
South Brunswick Foundation for Excellence in Education, Inc., Monmouth Junction NJ
South Los Angeles Multiservices, Inc., Los Angeles CA
South Piegan Mission Outreach, Browning MT
Special Beginnings, Inc., Eureka CA
S P I C E-Spanish-English Peer Immersion Cult Educ Parent Assn., Vacaville CA
Spirit in Motion, Inc., Cleveland OH
Springhill High School Band, Spring Hill TN
St. Charles Hustlers Basketball Team, Inc., Kenner LA
St. Thomas More Center for Catholic Family Life, Cranberry PA
Standing on Our Own Richmond VA, Inc., Richmond VA
Stanislaus County Citizens Against Substance Abuse Red Ribbon Coalition, Oakdale CA
Stany Foundation, Inc., New York NY
Stepping Stones Recovery Home, Inc., Winnsboro LA
Stop Secondhand Smoke, Inc., Racine WI
Stratfield Kids Club, Inc., Fairfield CT
STV America, Inc., Los Angeles CA
Suncoast Trailblazers, Inc., St. Petersburg FL
Sunrise Preservation Group, Inc., Southern Pines NC
Sustainable Communities Northwest, Portland OR
Swim Pasadena Booster Club, Pasadena CA
Syal Foundation, Inc., Minneapolis MN
Sycamore Foundation, Griffin GA
Taiga Group, Fairbanks AK
Taos Community Foundation, Inc., Taos NM
Team Chandler Community Policing Advisory Board, Chandler AZ
Teen Mercy, Scranton PA
Tender Mercy Ministries, Lexington KY
Terezin Publishing Project, Ltd., New York NY
Testimonies, Houston TX
Texas Aguilar Y. Aguilar Counseling Services, Inc., Houston TX
Texas Council for Education Excellence, Houston TX
Theatrical History, Inc., Atlanta GA
This is For Life, Los Angeles CA
Three Oaks Circle, Inc., Milwaukee WI
Tiger Baseball Booster Club, Irving TX
Timbre Harpers Ferry Teaching and Learning Center, Harpers Ferry WV
Tir Na Nog - An Irish Theatre, Denver CO
Tombstone Office of Tourism, Tombstone AZ
Touched by Love Ministries, Inc., Sierra CA
Track 29 Foundation, Inc., Ft. Ogelthorpe GA
Treehill Park Foundation, Inc., Sherwood AR
Tri-State Consumers Group, Inc., Sioux City IA
Twin Harbors Community Development Council, Aberdeen WA
Unidos Por El Peru, Chevy Chase MD
Union House and Engine Company, Inc., Union Springs NY
Unique Minds Foundation, Inc., Sharon CT
Unique Reflections For Today's Living, Inc., Largo FL
Unite Sports Fans Now, Fairfax CA
United Affordable Housing, Inc., Manetta GA
United Heritage Association, Aumsville OR
United People Helpers, Inc., Los Angeles CA
Universal Foundation for Humanity, Edina MN
Urban-Angels-Welfare-League UAWL, Springfield OH
Urban Housing Management & Development Council, Kansas City MO
Urbanworld Foundation, Inc., New York NY
US-Kosovo Foundation, Washington DC
USA Chinese Women Association Corp., New York NY
Valley of the Sun Boys and Girls Club, Phoenix AZ
Venue, Kutztown PA
Veterans Flying Museum of Texas, Inc., Colleyville TX
Victorias Quilts, Redondo CA
Viola Corporation, Port Allen LA
Violence Hotline Center, Inc., Annapolis MD
Virginia Partnership for Animal Welfare and Support VA PAWS, Pilot VA
Vishva Bharti Parishad USA, Laguna Hills CA
Volunteer Thrift Store & Care Center, Gallatin TN
Wakina Sky Learning Circle Parent Education Advisory Committee, Helena MT
Warbirds of America Air Museum, Erie PA
Washington Science Olympiad, Vancouver WA
West Charleston Lions Club Foundation, Las Vegas NV
West Michigan Hockey Association, Ada MI
Western Institute for Nature Resources Education and Policy, Rickreall WA
Westminster Community Care Services, Inc., Orlando FL
Westside Hawaiian Lifeguard Ohana, Waianae HI
Whale Shark Research Group, Ivoryton CT
Wickenburg Foundation for the Performing Arts, Wickenburg AZ
Widows or Widowers, Inc., Lake Mary FL
Wildshare, Inc., Georgetown CT
William Hart/Hart's Battery Confederate States of America, Inc., Mountain Home AR
Willie and Gloria Spooner Foundation, Baton Rouge LA
Winter Area Theatre Artists & Performers, Radisson WI
W I S H Foundation, Wrightsville Beach NC
Women's Project Community Outreach, Inc., Downey CA
Womens Club of Irvine, Irvine CA
Womens Enterprise Foundation, Inc., Phoenix AZ
Womens World Christian Council, Inc., Oldsmar FL
Words of Life Ministries, Greenville SC
World Mission of New York, Center Moriches NY
Wyoming Center on Deafness, Wright WY
Youth Excelling Through Sports, Bellingham WA
Youth With a Future, Englewood CO

If an organization listed above submits information that warrants the renewal of its classification as a public charity or as a private operating foundation, the Internal Revenue Service will issue a ruling or determination letter with the revised classification as to foundation status. Grantors and contributors may thereafter rely upon such ruling or determination letter as provided in section 1.509(a)-7 of the Income Tax Regulations. It is not the practice of the Service to announce such revised classification of foundation status in the Internal Revenue Bulletin.

Announcement 2003-85

Partnership Transactions Involving Long Term Contracts; Correction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to notice of proposed rulemaking.

SUMMARY:

This document contains a correction to a proposed regulation (REG-128203-02, 2003-41 I.R.B. 828 [68 FR 46516]) that was published in the Federal Register on August 6, 2003, relating to partnership transactions involving contracts accounted for under a long term contract method of accounting.

FOR FURTHER INFORMATION CONTACT:

Richard Probst (202) 622-3060 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The proposed regulations that are the subject of this correction are under section 460 of the Internal Revenue Code.

Need for Correction

As published, the proposed regulations (REG-128203-02), contain an error that may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the proposed regulations (REG-128203-02), which are the subject of FR Doc. 03-18484, is corrected as follows:

On page 46518, column 1, in the preamble under the paragraph heading “1. Contribution of a Contract to a Partnership”, line 8 from the top of the column, the language “to the contract, and the contributes the” is corrected to read “to the contract, and then contributes the”.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch,
Legal Processing Division,
Associate Chief Counsel
(Procedure and Administration).

Note

(Filed by the Office of the Federal Register on October 30, 2003, 8:45 a.m., and published in the issue of the Federal Register for October 31, 2003, 68 F.R. 62040)

Announcement 2003-86

Limitation on Use of the Nonaccrual-Experience Method of Accounting Under Section 448(d)(5); Correction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to temporary regulations.

SUMMARY:

This document contains corrections to temporary regulations (T.D. 9090, 2003-43 I.R.B. 891 [68 FR 52496]) that were published in the Federal Register on September 4, 2003, that revises temporary income tax regulations providing guidance regarding the use of a nonaccrual-experience method of accounting by taxpayers using an accrual method of accounting and performing services.

Dates:

This correction is effective September 4, 2003.

FOR FURTHER INFORMATION CONTACT:

Terrance McWhorter (202) 622-4970 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

These temporary regulations that are the subject of these corrections are under section 448 of the Internal Revenue Code.

Need for Correction

As published, this temporary regulation (T.D. 9090) contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of temporary regulations (T.D. 9090), which were the subject of FR Doc. 03-22458, is corrected as follows:

§ 1.448-2T [Corrected]

1. On page 52502, column 3, § 1.448-2T(e)(6)(iv), second to last line of the paragraph, the language “self-test), as applicable, of this section” is corrected to read “self test, as applicable,”.

2. On page 52503, column 1, § 1.448-2T(e)(6)(vii), in the paragraph heading, the language “Recapture—(1) In general.” is corrected to read “Recapture.”

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch,
Legal Processing Division,
Associate Chief Counsel
(Procedure and Administration).

Note

(Filed by the Office of the Federal Register on November 4, 2003, 8:45 a.m., and published in the issue of the Federal Register for November 5, 2003, 68 F.R. 62516)

Announcement 2003-87

Guidance Regarding the Treatment of Certain Contingent Payment Debt Instruments With One or More Payments That Are Denominated in, or Determined by Reference to, a Nonfunctional Currency; Correction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to notice of proposed rulemaking; notice of public hearing; and withdrawal of previous proposed regulations section.

SUMMARY:

This document contains corrections to proposed regulations (REG-106486-98; INTL-0015-91, 2003-42 I.R.B. 853 [68 FR 51944]) that were published in the Federal Register on August 29, 2003, regarding the treatment of contingent payment debt instruments for which one or more payments are denominated in, or determined by reference to, a currency other than the taxpayer’s functional currency.

FOR FURTHER INFORMATION CONTACT:

Milton Cahn at (202) 622-3860 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The proposed regulations that are the subject of these corrections are under Section 1275 of the Internal Revenue Code.

Need for Correction

As published, the notice of proposed rulemaking; notice of public hearing; and withdrawal of previous proposed regulations (REG-106486-98; INTL-0015-91), contains errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of the notice of proposed rulemaking, notice of public hearing; and withdrawal of previous proposed regulation (REG-106486-98; INTL-0015-91), which was the subject of FR Doc. 03-21827, is corrected as follows:

On page 51944, column 2, in the preamble under the subject heading “FOR FURTHER INFORMATION CONTACT”, line 2, the language “Milton Cahn at (202) 622-3870;” is corrected to read “Milton Cahn at (202) 622-3860;”.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch,
Legal Processing Division,
Associate Chief Counsel
(Procedure and Administration).

Note

(Filed by the Office of the Federal Register on November 26, 2003, 8:45 a.m., and published in the issue of the Federal Register for November 28, 2003, 68 F.R. 66776)

Announcement 2003-88

Notice of Disposition of Declaratory Judgment Proceedings Under Section 7428

This announcement serves notice to donors that on August 13, 2003, the United States Court of Appeals for the Fourth Circuit granted the appellant’s motion to dismiss the appeal and the court dismissed the case. Thus, the organization listed below is not recognized as an organization described in section 501(c) and is not exempt from taxation under section 501(a), effective January 1, 1985.

Org. Name City State
Fountain of Life, Inc. Greensboro NC

Definition of Terms and Abbreviations

Definition of Terms

Amplified describes a situation where no change is being made in a prior published position, but the prior position is being extended to apply to a variation of the fact situation set forth therein. Thus, if an earlier ruling held that a principle applied to A, and the new ruling holds that the same principle also applies to B, the earlier ruling is amplified. (Compare with modified, below).

Clarified is used in those instances where the language in a prior ruling is being made clear because the language has caused, or may cause, some confusion. It is not used where a position in a prior ruling is being changed.

Distinguished describes a situation where a ruling mentions a previously published ruling and points out an essential difference between them.

Modified is used where the substance of a previously published position is being changed. Thus, if a prior ruling held that a principle applied to A but not to B, and the new ruling holds that it applies to both A and B, the prior ruling is modified because it corrects a published position. (Compare with amplified and clarified, above).

Obsoleted describes a previously published ruling that is not considered determinative with respect to future transactions. This term is most commonly used in a ruling that lists previously published rulings that are obsoleted because of changes in laws or regulations. A ruling may also be obsoleted because the substance has been included in regulations subsequently adopted.

Revoked describes situations where the position in the previously published ruling is not correct and the correct position is being stated in a new ruling.

Superseded describes a situation where the new ruling does nothing more than restate the substance and situation of a previously published ruling (or rulings). Thus, the term is used to republish under the 1986 Code and regulations the same position published under the 1939 Code and regulations. The term is also used when it is desired to republish in a single ruling a series of situations, names, etc., that were previously published over a period of time in separate rulings. If the new ruling does more than restate the substance of a prior ruling, a combination of terms is used. For example, modified and superseded describes a situation where the substance of a previously published ruling is being changed in part and is continued without change in part and it is desired to restate the valid portion of the previously published ruling in a new ruling that is self contained. In this case, the previously published ruling is first modified and then, as modified, is superseded.

Supplemented is used in situations in which a list, such as a list of the names of countries, is published in a ruling and that list is expanded by adding further names in subsequent rulings. After the original ruling has been supplemented several times, a new ruling may be published that includes the list in the original ruling and the additions, and supersedes all prior rulings in the series.

Suspended is used in rare situations to show that the previous published rulings will not be applied pending some future action such as the issuance of new or amended regulations, the outcome of cases in litigation, or the outcome of a Service study.

Revenue rulings and revenue procedures (hereinafter referred to as “rulings”) that have an effect on previous rulings use the following defined terms to describe the effect:

Abbreviations

The following abbreviations in current use and formerly used will appear in material published in the Bulletin.

A—Individual.

Acq.—Acquiescence.

B—Individual.

BE—Beneficiary.

BK—Bank.

B.T.A.—Board of Tax Appeals.

C—Individual.

C.B.—Cumulative Bulletin.

CFR—Code of Federal Regulations.

CI—City.

COOP—Cooperative.

Ct.D.—Court Decision.

CY—County.

D—Decedent.

DC—Dummy Corporation.

DE—Donee.

Del. Order—Delegation Order.

DISC—Domestic International Sales Corporation.

DR—Donor.

E—Estate.

EE—Employee.

E.O.—Executive Order.

ER—Employer.

ERISA—Employee Retirement Income Security Act.

EX—Executor.

F—Fiduciary.

FC—Foreign Country.

FICA—Federal Insurance Contributions Act.

FISC—Foreign International Sales Company.

FPH—Foreign Personal Holding Company.

F.R.—Federal Register.

FUTA—Federal Unemployment Tax Act.

FX—Foreign corporation.

G.C.M.—Chief Counsel's Memorandum.

GE—Grantee.

GP—General Partner.

GR—Grantor.

IC—Insurance Company.

I.R.B.—Internal Revenue Bulletin.

LE—Lessee.

LP—Limited Partner.

LR—Lessor.

M—Minor.

Nonacq.—Nonacquiescence.

O—Organization.

P—Parent Corporation.

PHC—Personal Holding Company.

PO—Possession of the U.S.

PR—Partner.

PRS—Partnership.

PTE—Prohibited Transaction Exemption.

Pub. L.—Public Law.

REIT—Real Estate Investment Trust.

Rev. Proc.—Revenue Procedure.

Rev. Rul.—Revenue Ruling.

S—Subsidiary.

S.P.R.—Statement of Procedural Rules.

Stat.—Statutes at Large.

T—Target Corporation.

T.C.—Tax Court.

T.D. —Treasury Decision.

TFE—Transferee.

TFR—Transferor.

T.I.R.—Technical Information Release.

TP—Taxpayer.

TR—Trust.

TT—Trustee.

U.S.C.—United States Code.

X—Corporation.

Y—Corporation.

Z —Corporation.

Numerical Finding List

Numerical Finding List

A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2003-1 through 2003-26 is in Internal Revenue Bulletin 2003-27, dated July 7, 2003.

Bulletins 2003-27 through 2003-51

Announcements

Article Issue Link Page
2003-45 2003-28 I.R.B. 2003-28 73
2003-46 2003-30 I.R.B. 2003-30 222
2003-47 2003-29 I.R.B. 2003-29 124
2003-48 2003-28 I.R.B. 2003-28 73
2003-49 2003-32 I.R.B. 2003-32 339
2003-50 2003-30 I.R.B. 2003-30 222
2003-51 2003-37 I.R.B. 2003-37 555
2003-52 2003-32 I.R.B. 2003-32 345
2003-53 2003-32 I.R.B. 2003-32 345
2003-54 2003-40 I.R.B. 2003-40 761
2003-55 2003-38 I.R.B. 2003-38 597
2003-56 2003-39 I.R.B. 2003-39 694
2003-57 2003-37 I.R.B. 2003-37 555
2003-58 2003-40 I.R.B. 2003-40 746
2003-59 2003-40 I.R.B. 2003-40 746
2003-60 2003-45 I.R.B. 2003-45 1049
2003-61 2003-42 I.R.B. 2003-42 890
2003-62 2003-41 I.R.B. 2003-41 821
2003-63 2003-45 I.R.B. 2003-45 1015
2003-64 2003-43 I.R.B. 2003-43 934
2003-65 2003-43 I.R.B. 2003-43 935
2003-66 2003-45 I.R.B. 2003-45 1049
2003-67 2003-44 I.R.B. 2003-44 1005
2003-68 2003-45 I.R.B. 2003-45 1050
2003-69 2003-46 I.R.B. 2003-46 1086
2003-70 2003-46 I.R.B. 2003-46 1090
2003-71 2003-46 I.R.B. 2003-46 1090
2003-72 2003-47 I.R.B. 2003-47 1146
2003-73 2003-47 I.R.B. 2003-47 1149
2003-74 2003-48 I.R.B. 2003-48 1171
2003-75 2003-49 I.R.B. 2003-49 1195
2003-76 2003-48 I.R.B. 2003-48 1171
2003-77 2003-49 I.R.B. 2003-49 1195
2003-78 2003-48 I.R.B. 2003-48 1172
2003-79 2003-50 I.R.B. 2003-50 1219
2003-80 2003-50 I.R.B. 2003-50 1220
2003-81 2003-50 I.R.B. 2003-50 1220
2003-82 2003-50 I.R.B. 2003-50 1220
2003-83 2003-50 I.R.B. 2003-50 1221
2003-84 2003-51 I.R.B. 2003-51
2003-85 2003-51 I.R.B. 2003-51
2003-86 2003-51 I.R.B. 2003-51
2003-87 2003-51 I.R.B. 2003-51
2003-88 2003-51 I.R.B. 2003-51


Notices

Article Issue Link Page
2003-38 2003-27 I.R.B. 2003-27 9
2003-39 2003-27 I.R.B. 2003-27 10
2003-40 2003-27 I.R.B. 2003-27 10
2003-41 2003-28 I.R.B. 2003-28 49
2003-42 2003-28 I.R.B. 2003-28 49
2003-43 2003-28 I.R.B. 2003-28 50
2003-44 2003-28 I.R.B. 2003-28 52
2003-45 2003-29 I.R.B. 2003-29 86
2003-46 2003-28 I.R.B. 2003-28 53
2003-47 2003-30 I.R.B. 2003-30 132
2003-48 2003-30 I.R.B. 2003-30 133
2003-49 2003-32 I.R.B. 2003-32 294
2003-50 2003-32 I.R.B. 2003-32 295
2003-51 2003-33 I.R.B. 2003-33 361
2003-52 2003-32 I.R.B. 2003-32 296
2003-53 2003-33 I.R.B. 2003-33 362
2003-54 2003-33 I.R.B. 2003-33 363
2003-55 2003-34 I.R.B. 2003-34 395
2003-56 2003-34 I.R.B. 2003-34 396
2003-57 2003-34 I.R.B. 2003-34 397
2003-58 2003-35 I.R.B. 2003-35 429
2003-59 2003-35 I.R.B. 2003-35 429
2003-60 2003-39 I.R.B. 2003-39 643
2003-61 2003-42 I.R.B. 2003-42 851
2003-62 2003-38 I.R.B. 2003-38 576
2003-63 2003-38 I.R.B. 2003-38 577
2003-64 2003-39 I.R.B. 2003-39 646
2003-65 2003-40 I.R.B. 2003-40 747
2003-66 2003-48 I.R.B. 2003-48 1159
2003-67 2003-40 I.R.B. 2003-40 752
2003-68 2003-41 I.R.B. 2003-41 824
2003-69 2003-42 I.R.B. 2003-42 851
2003-70 2003-43 I.R.B. 2003-43 916
2003-71 2003-43 I.R.B. 2003-43 922
2003-72 2003-44 I.R.B. 2003-44 964
2003-73 2003-45 I.R.B. 2003-45 1017
2003-74 2003-47 I.R.B. 2003-47 1097
2003-75 2003-50 I.R.B. 2003-50 1204
2003-76 2003-49 I.R.B. 2003-49 1181
2003-77 2003-49 I.R.B. 2003-49 1182
2003-78 2003-50 I.R.B. 2003-50 1205
2003-79 2003-50 I.R.B. 2003-50 1206
2003-80 2003-51 I.R.B. 2003-51
2003-81 2003-51 I.R.B. 2003-51


Proposed Regulations

Article Issue Link Page
209377-89 2003-36 I.R.B. 2003-36 521
208199-91 2003-40 I.R.B. 2003-40 756
106486-98 2003-42 I.R.B. 2003-42 853
110896-98 2003-51 I.R.B. 2003-51
108639-99 2003-35 I.R.B. 2003-35 431
106736-00 2003-28 I.R.B. 2003-28 60
108524-00 2003-42 I.R.B. 2003-42 869
115037-00 2003-44 I.R.B. 2003-44 967
140378-01 2003-41 I.R.B. 2003-41 825
107618-02 2003-27 I.R.B. 2003-27 13
122917-02 2003-27 I.R.B. 2003-27 15
128203-02 2003-41 I.R.B. 2003-41 828
131997-02 2003-33 I.R.B. 2003-33 366
133791-02 2003-35 I.R.B. 2003-35 493
136890-02 2003-49 I.R.B. 2003-49 1191
138495-02 2003-37 I.R.B. 2003-37 541
138499-02 2003-37 I.R.B. 2003-37 541
140808-02 2003-38 I.R.B. 2003-38 582
140930-02 2003-38 I.R.B. 2003-38 583
141402-02 2003-43 I.R.B. 2003-43 932
141669-02 2003-34 I.R.B. 2003-34 408
142538-02 2003-38 I.R.B. 2003-38 590
143679-02 2003-38 I.R.B. 2003-38 592
144908-02 2003-38 I.R.B. 2003-38 593
146893-02 2003-44 I.R.B. 2003-44 967
157164-02 2003-44 I.R.B. 2003-44 1004
160330-02 2003-51 I.R.B. 2003-51
162625-02 2003-35 I.R.B. 2003-35 500
163974-02 2003-38 I.R.B. 2003-38 595
108676-03 2003-36 I.R.B. 2003-36 523
112039-03 2003-35 I.R.B. 2003-35 504
113112-03 2003-40 I.R.B. 2003-40 760
115472-03 2003-50 I.R.B. 2003-50 1215
116914-03 2003-32 I.R.B. 2003-32 338
121122-03 2003-37 I.R.B. 2003-37 550
129709-03 2003-35 I.R.B. 2003-35 506
130262-03 2003-37 I.R.B. 2003-37 553
132483-03 2003-34 I.R.B. 2003-34 410
132760-03 2003-43 I.R.B. 2003-43 933
146692-03 2003-48 I.R.B. 2003-48 1164


Revenue Procedures

Article Issue Link Page
2003-45 2003-27 I.R.B. 2003-27 11
2003-46 2003-28 I.R.B. 2003-28 54
2003-47 2003-28 I.R.B. 2003-28 55
2003-48 2003-29 I.R.B. 2003-29 86
2003-49 2003-29 I.R.B. 2003-29 89
2003-50 2003-29 I.R.B. 2003-29 119
2003-51 2003-29 I.R.B. 2003-29 121
2003-52 2003-30 I.R.B. 2003-30 134
2003-53 2003-31 I.R.B. 2003-31 230
2003-54 2003-31 I.R.B. 2003-31 236
2003-55 2003-31 I.R.B. 2003-31 242
2003-56 2003-31 I.R.B. 2003-31 249
2003-57 2003-31 I.R.B. 2003-31 257
2003-58 2003-31 I.R.B. 2003-31 262
2003-59 2003-31 I.R.B. 2003-31 268
2003-60 2003-31 I.R.B. 2003-31 274
2003-61 2003-32 I.R.B. 2003-32 296
2003-62 2003-32 I.R.B. 2003-32 299
2003-63 2003-32 I.R.B. 2003-32 304
2003-64 2003-32 I.R.B. 2003-32 306
2003-65 2003-32 I.R.B. 2003-32 336
2003-66 2003-33 I.R.B. 2003-33 364
2003-67 2003-34 I.R.B. 2003-34 397
2003-68 2003-34 I.R.B. 2003-34 398
2003-69 2003-34 I.R.B. 2003-34 403
2003-70 2003-34 I.R.B. 2003-34 406
2003-71 2003-36 I.R.B. 2003-36 517
2003-72 2003-38 I.R.B. 2003-38 578
2003-73 2003-39 I.R.B. 2003-39 647
2003-74 2003-43 I.R.B. 2003-43 923
2003-75 2003-45 I.R.B. 2003-45 1018
2003-76 2003-43 I.R.B. 2003-43 924
2003-77 2003-44 I.R.B. 2003-44 964
2003-78 2003-45 I.R.B. 2003-45 1029
2003-79 2003-45 I.R.B. 2003-45 1036
2003-80 2003-45 I.R.B. 2003-45 1037
2003-81 2003-45 I.R.B. 2003-45 1046
2003-82 2003-47 I.R.B. 2003-47 1087
2003-83 2003-47 I.R.B. 2003-47 1099
2003-84 2003-48 I.R.B. 2003-48 1159
2003-85 2003-49 I.R.B. 2003-49 1184
2003-86 2003-50 I.R.B. 2003-50 1211


Revenue Rulings

Article Issue Link Page
2003-70 2003-27 I.R.B. 2003-27 3
2003-71 2003-27 I.R.B. 2003-27 1
2003-72 2003-33 I.R.B. 2003-33 346
2003-73 2003-28 I.R.B. 2003-28 44
2003-74 2003-29 I.R.B. 2003-29 77
2003-75 2003-29 I.R.B. 2003-29 79
2003-76 2003-33 I.R.B. 2003-33 355
2003-77 2003-29 I.R.B. 2003-29 75
2003-78 2003-29 I.R.B. 2003-29 76
2003-79 2003-29 I.R.B. 2003-29 80
2003-80 2003-29 I.R.B. 2003-29 83
2003-81 2003-30 I.R.B. 2003-30 126
2003-82 2003-30 I.R.B. 2003-30 125
2003-83 2003-30 I.R.B. 2003-30 128
2003-84 2003-32 I.R.B. 2003-32 289
2003-85 2003-32 I.R.B. 2003-32 291
2003-86 2003-32 I.R.B. 2003-32 290
2003-87 2003-29 I.R.B. 2003-29 82
2003-88 2003-32 I.R.B. 2003-32 292
2003-89 2003-37 I.R.B. 2003-37 525
2003-90 2003-33 I.R.B. 2003-33 353
2003-91 2003-33 I.R.B. 2003-33 347
2003-92 2003-33 I.R.B. 2003-33 350
2003-93 2003-33 I.R.B. 2003-33 346
2003-94 2003-33 I.R.B. 2003-33 357
2003-95 2003-33 I.R.B. 2003-33 358
2003-96 2003-34 I.R.B. 2003-34 386
2003-97 2003-34 I.R.B. 2003-34 380
2003-98 2003-34 I.R.B. 2003-34 378
2003-99 2003-34 I.R.B. 2003-34 388
2003-100 2003-34 I.R.B. 2003-34 385
2003-101 2003-36 I.R.B. 2003-36 513
2003-102 2003-38 I.R.B. 2003-38 559
2003-103 2003-38 I.R.B. 2003-38 568
2003-104 2003-39 I.R.B. 2003-39 636
2003-105 2003-40 I.R.B. 2003-40 696
2003-106 2003-44 I.R.B. 2003-44 936
2003-107 2003-41 I.R.B. 2003-41 815
2003-108 2003-44 I.R.B. 2003-44 963
2003-109 2003-42 I.R.B. 2003-42 839
2003-110 2003-46 I.R.B. 2003-46 1083
2003-111 2003-45 I.R.B. 2003-45 1009
2003-112 2003-45 I.R.B. 2003-45 1007
2003-113 2003-44 I.R.B. 2003-44 962
2003-114 2003-45 I.R.B. 2003-45 1012
2003-115 2003-46 I.R.B. 2003-46 1052
2003-116 2003-46 I.R.B. 2003-46 1083
2003-117 2003-46 I.R.B. 2003-46 1051
2003-118 2003-47 I.R.B. 2003-47 1095
2003-119 2003-47 I.R.B. 2003-47 1094
2003-120 2003-48 I.R.B. 2003-48 1154
2003-121 2003-48 I.R.B. 2003-48 1153
2003-122 2003-49 I.R.B. 2003-49 1179
2003-123 2003-50 I.R.B. 2003-50 1200
2003-124 2003-49 I.R.B. 2003-49 1173


Social Security Contribution and Benefit Base; Domestic Employee Coverage Threshhold

Old Article Action New Article Issue Link Page
2003-66 2003-66 2003-48 I.R.B. 2003-48 1159


Tax Conventions

Article Issue Link Page
2003-58 2003-40 I.R.B. 2003-40 746
2003-59 2003-40 I.R.B. 2003-40 746
2003-62 2003-41 I.R.B. 2003-41 821
2003-63 2003-45 I.R.B. 2003-45 1015


Treasury Decisions

Article Issue Link Page
9061 2003-27 I.R.B. 2003-27 5
9062 2003-28 I.R.B. 2003-28 46
9063 2003-36 I.R.B. 2003-36 510
9064 2003-36 I.R.B. 2003-36 508
9065 2003-36 I.R.B. 2003-36 515
9066 2003-36 I.R.B. 2003-36 509
9067 2003-32 I.R.B. 2003-32 287
9068 2003-37 I.R.B. 2003-37 538
9069 2003-37 I.R.B. 2003-37 525
9070 2003-38 I.R.B. 2003-38 574
9071 2003-38 I.R.B. 2003-38 560
9072 2003-37 I.R.B. 2003-37 527
9073 2003-38 I.R.B. 2003-38 570
9074 2003-39 I.R.B. 2003-39 601
9075 2003-39 I.R.B. 2003-39 608
9076 2003-38 I.R.B. 2003-38 562
9077 2003-39 I.R.B. 2003-39 634
9078 2003-39 I.R.B. 2003-39 630
9079 2003-40 I.R.B. 2003-40 729
9080 2003-40 I.R.B. 2003-40 696
9081 2003-35 I.R.B. 2003-35 420
9082 2003-41 I.R.B. 2003-41 807
9083 2003-40 I.R.B. 2003-40 700
9084 2003-40 I.R.B. 2003-40 742
9085 2003-41 I.R.B. 2003-41 775
9086 2003-41 I.R.B. 2003-41 817
9087 2003-41 I.R.B. 2003-41 781
9088 2003-42 I.R.B. 2003-42 841
9089 2003-43 I.R.B. 2003-43 906
9090 2003-43 I.R.B. 2003-43 891
9091 2003-44 I.R.B. 2003-44 939
9092 2003-46 I.R.B. 2003-46 1055
9093 2003-48 I.R.B. 2003-48 1156
9094 2003-50 I.R.B. 2003-50
9095 2003-49 I.R.B. 2003-49 1175
9096 2003-51 I.R.B.


Effect of Current Actions on Previously Published Items

Findings List of Current Actions on Previously Published Items

A cumulative list of current actions on previously published items in Internal Revenue Bulletins 2003-1 through 2003-26 is in Internal Revenue Bulletin 2003-27, dated July 7, 2003.

Bulletins 2003-27 through 2003-51

Notices

Old Article Action New Article Issue Link Page
87-5 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
87-66 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
87-79 Modified by Notice 2003-65 2003-40 I.R.B. 2003-40 747
89-79 Modified and superseded by Rev. Proc. 2003-47 2003-28 I.R.B. 2003-28 55
89-94 Modified by Notice 2003-50 2003-32 I.R.B. 2003-32 295
94-46 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
95-18 Modified by Notice 2003-70 2003-43 I.R.B. 2003-43 916
95-50 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
95-53 Modified and superseded by Notice 2003-55 2003-34 I.R.B. 2003-34 395
97-34 (section II-E) Superseded by Notice 2003-75 2003-50 I.R.B. 2003-50 1204
2001-4 Section III.C. superseded for 2004 and subsequent calendar years by Rev. Proc. 2003-64 2003-32 I.R.B. 2003-32 306
2001-51 Supplemented and superseded by Notice 2003-76 2003-49 I.R.B. 2003-49 1181
2001-70 Amplified by Notice 2003-45 2003-29 I.R.B. 2003-29 86
2001-74 Amplified by Notice 2003-45 2003-29 I.R.B. 2003-29 86
2002-1 Amplified by Notice 2003-49 2003-32 I.R.B. 2003-32 294
2003-12 Obsoleted by REG-141402-02 2003-43 I.R.B. 2003-43 891
2003-25 Superseded by Notice 2003-75 2003-50 I.R.B. 2003-50 1204
2003-36 Modified by Notice 2003-59 2003-35 I.R.B. 2003-35 429
2003-57 Superseded by Notice 2003-75 2003-50 I.R.B. 2003-50 1204


Proposed Regulations

Old Article Action New Article Issue Link Page
EE-86-88 (LR-279-81) Withdrawn by REG-122917-02 2003-27 I.R.B. 2003-27 15
209817-96 Withdrawn by Ann. 2003-79 2003-50 I.R.B. 2003-50 1219
106486-98 Corrected by Ann. 2003-87 2003-51 I.R.B. 2003-51
105606-99 Withdrawn by REG-133791-02 2003-35 I.R.B. 2003-35 493
110385-99 Partially withdrawn by Ann. 2003-78 2003-48 I.R.B. 2003-48 1172
128203-02 Corrected by Ann. 2003-85 2003-51 I.R.B. 2003-51
133791-02 Corrected by Ann. 2003-80 2003-50 I.R.B. 2003-50 1220


Revenue Procedures

Old Article Action New Article Issue Link Page
66-3 Revoked by Rev. Proc. 2003-74 2003-43 I.R.B. 2003-43 923
66-50 Modified, amplified, and superseded by Rev. Proc. 2003-62 2003-32 I.R.B. 2003-32 299
68-23 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-41 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-6 Modified and superseded, in part by Notice 2003-70 2003-43 I.R.B. 2003-43 916
77-12 Amplified, modified, and superseded by Rev. Proc. 2003-51 2003-29 I.R.B. 2003-29 121
80-4 Modified and amplified by Notice 2003-70 2003-43 I.R.B. 2003-43 916
81-40 Modified and superseded by Rev. Proc. 2003-62 2003-32 I.R.B. 2003-32 299
84-71 Revoked by Rev. Proc. 2003-74 2003-43 I.R.B. 2003-43 923
85-56 Revoked by Rev. Proc. 2003-74 2003-43 I.R.B. 2003-43 923
87-21 Revoked by Rev. Proc. 2003-74 2003-43 I.R.B. 2003-43 923
89-12 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
89-21 Superseded by Rev. Proc. 2003-53 2003-31 I.R.B. 2003-31 230
89-31 Obsoleted by REG-108524-00 2003-42 I.R.B. 2003-42 869
90-19 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
90-32 Section 4 superseded by Rev. Proc. 2003-55 2003-31 I.R.B. 2003-31 242
90-32 Section 5 superseded by Rev. Proc. 2003-56 2003-31 I.R.B. 2003-31 249
90-32 Section 6 superseded by Rev. Proc. 2003-57 2003-31 I.R.B. 2003-31 257
90-32 Section 7 superseded by Rev. Proc. 2003-59 2003-31 I.R.B. 2003-31 268
90-32 Section 8 superseded by Rev. Proc. 2003-60 2003-31 I.R.B. 2003-31 274
91-11 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
91-13 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
91-39 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
92-33 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
92-35 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
92-39 Superseded in part by Rev. Proc. 2003-78 2003-43 I.R.B. 2003-43 1029
92-66 Obsoleted by REG-108524-00 2003-42 I.R.B. 2003-42 869
92-88 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
93-17 Obsoleted by REG-132483-03 2003-34 I.R.B. 2003-34 410
94-46 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
94-52 Revoked by Rev. Proc. 2003-74 2003-43 I.R.B. 2003-43 923
95-10 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
95-11 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
95-39 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
96-17 Modified and superseded by Rev. Proc. 2003-69 2003-34 I.R.B. 2003-34 403
96-30 Modified and amplified by Rev. Proc. 2003-48 2003-29 I.R.B. 2003-29 86
96-38 Obsoleted by Rev. Proc. 2003-71 2003-36 I.R.B. 2003-36 517
97-11 Revoked by Rev. Proc. 2003-74 2003-43 I.R.B. 2003-43 923
2000-12 Modified by Rev. Proc. 2003-64 2003-32 I.R.B. 2003-32 306
2000-15 Superseded by Rev. Proc. 2003-61 2003-32 I.R.B. 2003-32 296
2000-20 Modified by Rev. Proc. 2003-72 2003-38 I.R.B. 2003-38 578
2001-19 Amplified by Rev. Proc. 2003-75 2003-45 I.R.B. 2003-45 1018
2001-40 Superseded by Rev. Proc. 2003-83 2003-47 I.R.B. 2003-47 1099
2002-9 Modified by T.D. 9090 2003-43 I.R.B. 2003-43 891
2002-9 Modified by REG-141402-02 2003-43 I.R.B. 2003-43 932
2002-9 Modified by Rev. Rul. 2003-81 2003-27 I.R.B. 2003-27 11
2002-13 Revoked by Rev. Proc. 2003-68 2003-34 I.R.B. 2003-34 398
2002-14 Amplified by Rev. Proc. 2003-75 2003-45 I.R.B. 2003-45 1018
2002-21 Amplified by Rev. Proc. 2003-86 2003-50 I.R.B. 2003-50 1211
2002-29 Modified by Rev. Proc. 2003-72 2003-38 I.R.B. 2003-38 578
2002-33 Amplified and modified by Rev. Proc. 2003-50 2003-29 I.R.B. 2003-29 119
2002-34 Superseded by Rev. Proc. 2003-52 2003-30 I.R.B. 2003-30 134
2002-38 Modified by Rev. Proc. 2003-79 2003-45 I.R.B. 2003-45 1036
2002-39 Modified by Rev. Proc. 2003-79 2003-45 I.R.B. 2003-45 1036
2002-45 Revoked by Rev. Proc. 2003-68 2003-34 I.R.B. 2003-34 398
2002-60 Superseded by Rev. Proc. 2003-73 2003-39 I.R.B. 2003-39 647
2002-61 Superseded by Rev. Proc. 2003-76 2003-43 I.R.B. 2003-43 924
2002-63 Superseded by Rev. Proc. 2003-80 2003-45 I.R.B. 2003-45 1037
2002-68 Modified and superseded by Rev. Proc. 2003-84 2003-48 I.R.B. 2003-48 1159
2003-3 Modified by Rev. Proc. 2003-48 2003-29 I.R.B. 2003-29 86
2003-15 Modified and superseded by Rev. Proc. 2003-49 2003-29 I.R.B. 2003-29 89
2003-28 Modified by Ann. 2003-75 2003-38 I.R.B. 2003-38 597
2003-44 Modified by Rev. Proc. 2003-72 2003-38 I.R.B. 2003-38 578
2003-49 Supplemented by Rev. Proc. 2003-81 2003-45 I.R.B. 2003-45 1046


Revenue Rulings

Old Article Action New Article Issue Link Page
53-56 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
54-139 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
54-396 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
55-105 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
55-372 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-128 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-160 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-212 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-220 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-271 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-344 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-448 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-451 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-586 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-680 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
56-681 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
57-116 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
57-296 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
57-542 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
58-92 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
58-618 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-108 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-120 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-122 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-233 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-326 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-356 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-400 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
59-412 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
60-49 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
60-246 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
60-262 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
60-307 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
61-96 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
63-157 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
63-224 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
63-248 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
64-147 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
64-177 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
64-285 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
65-110 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
65-260 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
65-273 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
66-4 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
66-23 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
66-610 Partially obsoleted by Rev. Rul. 2003-105 2003-40 I.R.B. 2003-40 696
66-290 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
67-186 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
67-189 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
67-326 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-309 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-388 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-434 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-477 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-522 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-608 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-640 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-641 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
68-667 Amplified by Rev. Rul. 2003-123 2003-50 I.R.B. 2003-50 1200
69-18 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
69-20 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
69-241 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
69-361 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
69-426 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
69-485 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
69-517 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-6 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-111 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-229 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-230 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-264 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-286 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-378 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-409 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
70-496 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-13 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-384 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-440 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-453 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-454 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-495 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-518 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-565 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
71-582 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-61 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-116 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-212 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-357 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-472 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-526 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-599 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
72-603 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-46 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-119 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-182 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-257 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-277 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-473 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-490 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
73-498 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-6 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-59 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-73 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-83 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-87 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-211 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-376 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-476 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-521 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
74-610 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-53 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-54 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-105 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-106 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-107 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-111 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-134 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-160 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-174 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-179 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-212 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-248 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-298 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-341 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-426 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-468 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-515 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
75-561 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
76-44 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
76-67 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
76-90 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
76-225 Revoked by T.D. 9068 2003-37 I.R.B. 2003-37 538
76-239 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
76-329 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
76-347 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
76-535 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-41 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-81 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-150 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-256 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-284 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-321 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-343 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-405 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-456 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-482 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
77-483 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
78-89 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
78-287 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
78-420 Obsoleted by Rev. Rul. 2003-105 2003-40 I.R.B. 2003-40 696
78-441 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
79-29 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
79-50 Obsoleted by Rev. Rul. 2003-105 2003-40 I.R.B. 2003-40 696
79-71 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
79-82 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
79-104 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
79-116 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
79-314 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
79-410 Amplified by Rev. Rul. 2003-90 2003-33 I.R.B. 2003-33 353
79-424 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
80-78 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
80-79 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
80-101 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
80-167 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
80-170 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
80-358 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
81-190 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
81-225 Clarified and amplified by Rev. Rul. 2003-92 2003-33 I.R.B. 2003-33 350
81-247 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
82-164 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
82-226 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
83-101 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
83-119 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
84-28 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
84-30 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
85-55 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
85-136 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
86-52 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
87-1 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
87-95 Superseded by Rev. Rul. 2003-109 2003-42 I.R.B. 2003-42 839
88-7 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
89-72 Obsoleted by Rev. Rul. 2003-99 2003-34 I.R.B. 2003-34 388
94-56 Superseded by Rev. Rul. 2003-109 2003-42 I.R.B. 2003-47 839
2002-78 Supplemented and superseded by Rev. Rul. 2003-118 2003-47 I.R.B. 2003-47 1095
2002-79 Supplemented and superseded by Rev. Rul. 2003-119 2003-47 I.R.B. 2003-47 1094
2003-58 Distinguished by Rev. Rul. 2003-102 2003-38 I.R.B. 2003-38 559


Treasury Decisions

Old Article Action New Article Issue Link Page
9033 Removed by T.D. 9065 2003-36 I.R.B. 2003-36 515
9078 Corrected by Ann. 2003-81 2003-50 I.R.B. 2003-50 1220
9083 Corrected by Ann. 2003-60 2003-45 I.R.B. 2003-45 1049
9090 Corrected by Ann. 2003-86 2003-51 I.R.B.


How to get the Internal Revenue Bulletin

INTERNAL REVENUE BULLETIN

The Introduction at the beginning of this issue describes the purpose and content of this publication. The weekly Internal Revenue Bulletin is sold on a yearly subscription basis by the Superintendent of Documents. Current subscribers are notified by the Superintendent of Documents when their subscriptions must be renewed.

CUMULATIVE BULLETINS

The contents of this weekly Bulletin are consolidated semiannually into a permanent, indexed, Cumulative Bulletin. These are sold on a single copy basis and are not included as part of the subscription to the Internal Revenue Bulletin. Subscribers to the weekly Bulletin are notified when copies of the Cumulative Bulletin are available. Certain issues of Cumulative Bulletins are out of print and are not available. Persons desiring available Cumulative Bulletins, which are listed on the reverse, may purchase them from the Superintendent of Documents.

ACCESS THE INTERNAL REVENUE BULLETIN ON THE INTERNET

You may view the Internal Revenue Bulletin on the Internet at www.irs.gov. Under contents, select Businesses. Under topics, select More Topics. Then select Internal Revenue Bulletins.

INTERNAL REVENUE BULLETINS ON CD-ROM

Internal Revenue Bulletins are available annually as part of Publication 1976 (Tax Products CD-ROM). The CD-ROM can be purchased from National Technical Information Service (NTIS) on the Internet at www.irs.gov/cdorders (discount for online orders) or by calling 1-877-233-6767. The first release is available in mid-December and the final release is available in late January.

How to Order

Check the publications and/or subscription(s) desired on the reverse, complete the order blank, enclose the proper remittance, detach entire page, and mail to the

P.O. Box 371954, Pittsburgh PA, 15250-7954

. Please allow two to six weeks, plus mailing time, for delivery.

We Welcome Comments About the Internal Revenue Bulletin

If you have comments concerning the format or production of the Internal Revenue Bulletin or suggestions for improving it, we would be pleased to hear from you. You can e-mail us your suggestions or comments through the IRS Internet Home Page (www.irs.gov) or write to the

IRS Bulletin Unit, SE:W:CAR:MP:T:T:SP, Washington, DC 20224