Internal Revenue Bulletin:  2004-3 

January 20, 2004 


Notice 2004-6 Notice 2004-6

Capitalization, business expenses, tangible property. The Service and Treasury Department intend to propose regulations that clarify the application of sections 162 and 263 of the Code to expenditures paid or incurred to repair, improve, or rehabilitate tangible property. This notice requests comments on issues relating to such expenditures by March 1, 2004.

Notice 2004-7 Notice 2004-7

Charitable contributions; intellectual property. This notice advises taxpayers that, in appropriate cases, the Service intends to disallow improper charitable contribution deductions claimed by taxpayers in connection with the transfer of patents or other intellectual property to charitable organizations. In particular, the IRS has become aware of purported charitable contributions of intellectual property in which one or more of the following issues (which may affect the availability or amount of a deduction) are present: 1) transfer of a nondeductible partial interest in intellectual property; 2) the taxpayer's expectation or receipt of a benefit in exchange for the transfer; 3) inadequate substantiation of the contribution; and 4) overvaluation of the intellectual property transferred.

Rev. Proc. 2004-11 Rev. Proc. 2004-11

This procedure provides an automatic consent procedure allowing a taxpayer to make a change in method of accounting for certain depreciable or amortizable property after its disposition, waives the two-year rule in Rev. Rul. 90-38 with respect to certain changes in depreciation or amortization, and modifies other revenue procedures to conform with regulations section 1.446-1T(e)(2)(ii)(d). Rev. Procs. 2000-38, 2000-50, and 2002-9 modified.

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