Internal Revenue Bulletin: 2004-16
April 19, 2004
Public comments are requested for items that should be included on the 2004-2005 Guidance Priority List. Taxpayers may submit recommendations at any time during the year. All recommendations received by April 30, 2004, will be reviewed for possible inclusion on the original 2004-2005 Guidance Priority List. Recommendations received after April 30, 2004, will be reviewed for inclusion in the quarterly updates if received by August 31, 2004; November 30, 2004; or February 28, 2005, respectively.
Losses; decrease in stock value. This notice advises taxpayers that the Service will disallow deductions for theft losses claimed on account of decreases in the market value of stock purchased on the open market that may be attributable to fraudulent misrepresentations or other illegal misconduct of corporate officials. A taxpayer generally may deduct as a capital loss such a decrease in value when it is recognized by the taxpayer because the stock is sold or exchanged or becomes wholly worthless.
This document provides administrative procedures under which taxpayers may obtain automatic consent to change to a method of accounting provided in sections 1.263(a)-4, 1.263(a)-5, and 1.167(a)-3(b) of the regulations for the taxpayer’s first taxable year ending on or after December 31, 2003. Rev. Proc. 2002-9 modified and amplified. Announcement 93-60 obsoleted.
Qualified mortgage bonds; mortgage credit certificates; national median gross income. Guidance is provided concerning the use of the national and area median gross income figures by issuers of qualified mortgage bonds and mortgage credit certificates in determining the housing cost/income ratio described in section 143(f) of the Code. Rev. Proc. 2003-29, obsoleted, except as provided in section 5.02 of this procedure.
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