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June 2003 Plain Language Regulations

Notice: Historical Content

This is an archival or historical document and may not reflect current law, policies or procedures.

The following is a list of tax regulations published in June 2003:

Transfers of Compensatory Options

These final regulations provide that a sale or other disposition of a compensatory option to a related person will not be treated as an arm's length transaction for purposes of section 1.83-7 of the Income Tax Regulations.  Accordingly, a service provider that sells or otherwise disposes of a compensatory option to a related person may recognize additional compensation income upon the transferee's exercise of the option.  The term related person is defined to include family members, entities, a significant portion of which is owned by family members, and entities with common ownership.  TD 9067.  Published July 2, 2003
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Transfers of Compensatory Options

These proposed regulations provide that a sale or other disposition of a compensatory option to a related person will not be treated as an arm's length transaction for purposes of section 1.83-7 of the Income Tax Regulations.  Accordingly, a service provider that sells or otherwise disposes of a compensatory option to a related person may recognize additional compensation income upon the transferee's exercise of the option.  The term related person is defined generally to include family members, entities, a significant portion of which is owned by family members, and entities with common ownership.  REG-116914-03.  Published July 2, 2003
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Outbound Liquidations Into Foreign Corporations

These final regulations provide guidance relating to certain outbound liquidations.  The regulations amend the anti-abuse rule by narrowing the scope of the rule to apply only to outbound transfers to a foreign corporation in a complete liquidation of a domestic corporation in which a principal purpose of the liquidation is the avoidance of U.S. tax.  TD 9066.  Published July 2, 2003.
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Returns Required With Respect to Controlled Foreign Partnerships

These final regulations relate to U.S. partners of foreign partnerships and Form 8865.  The instructions for filing Form 8865 that certain U.S. persons that are partners in a foreign partnership must follow will no longer be contained in regulations, but only in the instructions to the form.  TD 9065.  Published July 1, 2003
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Substantiation of Incidental Expenses

These final regulations allow the Commissioner to establish a method under which a taxpayer may substantiate the amount of incidental expenses paid or incurred while traveling away from home by means of an allowance in lieu of substantiating the actual cost.  The taxpayer will not be relieved of the requirement to substantiate the actual cost of other travel expenses as well as the time, place, and business purpose of the travel.  The regulations apply to expenses paid or incurred after September 30, 2002.
TD 9064.  Published July 1, 2003
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Distributions of Interests in a Loss Corporation From Qualified Trusts

These temporary regulations affect loss corporations and provide guidance on whether a loss corporation has an ownership change when a qualified trust distributes an ownership interest in an entity. Currently, a distribution from a qualified trust of an interest in a loss corporation may cause an ownership change even when the ultimate beneficial ownership of the loss corporation does not change. These temporary regulations will prevent this result by providing that the distributee is treated as having acquired the distributed interest on the date and in the manner acquired by the trust. TD 9063.  Published June 27, 2003
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Distribution of Interests in a Loss Corporation From Qualified Trusts

These proposed regulations affect loss corporations and provide guidance on whether a loss corporation has an ownership change where a qualified trust distributes an ownership interest in an entity.  Currently, a distribution from a qualified trust of an interest in a loss corporation may cause an ownership change even when the ultimate beneficial ownership of the loss corporation does not change.  Temporary regulations being issued will prevent this result by providing that the distributee is treated as having acquired the distributed interest on the date and in the manner acquired by the trust.  REG-108676-03. Published June 27, 2003.
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Assumption of Partner Liabilities

These temporary regulations relate to a partnership's assumption of a partner's liabilities in a transaction occurring after October 18, 1999, and before June 24, 2003.  They affect partners and partnerships and clarify the tax treatment of an assumption by a partnership of a partner's liability.  TD 9062.  Published
June 24, 2003.
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Assumption of Partner Liabilities

These proposed regulations provide rules regarding a partnership's assumption of certain fixed and contingent obligations in exchange for a partnership interest conforming changes to certain regulations.  These regulations also provide rules for assumptions of liabilities by corporations from partners and partnerships.
REG-106736-00.  Published June 24, 2003.
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Automatic Time Extension to File Information Returns

Automatic Extension of Time to File Certain Information Returns and Exempt Organization Returns;  These temporary regulations provide an automatic extension of time to file certain information and exempt organization returns.  They remove the requirement for a signature and an explanation to obtain an automatic extension of time to file these returns.  They effect taxpayers who are required to file certain information returns and/or exempt organization returns and need an extension of time to file.  TD 9061.  Published June 11, 2003.
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Automatic Time Extension to File Information Returns

Automatic Extension of Time to File Certain Information Returns and Exempt Organization Returns;  These regulations will provide guidance to taxpayers who file certain information returns and/or exempt organization returns on how to obtain an automatic extension of time to file the return.  Filers of certain information returns may now obtain an automatic 30-day extension and exempt organizations may now obtain an automatic three-month extension.  REG-107618-02.  Published June 11, 2003.
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Statutory Stock Options

These proposed regulations will provide guidance about the transfer of stock pursuant to the exercise of an incentive stock option and the exercise of an option granted under an employee stock option plan.  The regulations are proposed to be effective for statutory options that are granted on or after 180 days after the publication of the final regulations.  REG-122917-02.  Published June 9, 2003.
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Allocation of Basis Adjustments Among Partnership Assets

Coordination of sections 755 and 1060 of the Internal Revenue Code (Code); These final regulations provide guidance relating to the allocation of basis adjustments among partnership assets under section 755 of the Code.  The regulations are necessary to implement section 1060 of the Code, which applies to certain partnership transactions.  TD 9059.  Published June 9, 2003.
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Disclosure of Return Information to the Department of Agriculture

These final regulations incorporate and clarify the phrase "return information reflected on returns" in conformance with the terms of section 6103(j)(5) of the Internal Revenue Code.  They also remove certain items of return information that the IRS currently discloses, but the Department of Agriculture no longer needs, for conducting the census of agriculture.  TD 9060.  Published June 6, 2003.
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Disclosure of Return Information to the Department of Agriculture

These proposed regulations, by cross reference to a temporary regulation, incorporate and clarify the phrase "return information reflected on returns" in conformance with the terms of section 6103(j)(5) of the Internal Revenue Code.  They also remove certain items of return information that the IRS currently discloses, but the Department of Agriculture no longer needs, for conducting the census of agriculture.  REG-103809-03.  Published June 6, 2003.
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