November 2005 Plain Language Regulations


Notice: Historical Content

This is an archival or historical document and may not reflect current law, policies or procedures.

Partner's Distributive Share
These regulations clarify the test for determining whether a partnership allocation will be respected as having substantial economic effect or whether it will be reallocated. These regulations also remove the per capita presumption from the partner's interest in the partnership rules.
REG-144620-04. Published  November 18, 2005.
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Extension of Time for Filing Returns
This document contains final and temporary regulations relating to the simplification of procedures for obtaining automatic extensions of time to file certain returns.  The portions of this document that are final regulations provide necessary cross-references to the temporary regulations.  The temporary regulations allow individual income taxpayers and certain other taxpayers to obtain an automatic six-month extension of time to file certain returns by filing a single request.  For these returns, the temporary regulations also remove the requirements for a signature and an explanation of the need for an extension of time to file.  The temporary regulations affect taxpayers who are required to file certain returns and need an extension to file.
TD 9229.  Published November 7, 2005.
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Extension of Time for Filing Returns
The proposed regulations relates to the simplification of procedures for automatic extensions of time to file certain tax returns.  The text of the final and temporary regulations also serves as the text of the proposed regulations.
REG-144898-04.  Published November 7, 2005.
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Low-Income Housing Credit Allocation and Certification
Treasury Decision 9228 eliminates the requirements in section 1.42-1(h) of the Income Tax Regulations that a completed Form 8609, "Low-Income Housing Credit Allocation and Certification," must be filed with an owner's Federal income tax return for each of the 15 taxable years of the compliance period when the owner claims the low-income housing credit under section 42 of the Internal Revenue Code.  The revision improves administration of the low-income housing credit by having all Forms 8609 processed at one location, rather than at different service center campuses.  The revision also reduces taxpayer burden by having the taxpayer file the form one time, instead of filing the same information for 15 consecutive years.
TD 9228.  Published November 7, 2005.
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Income Attributable to Domestic Production Activities
A taxpayer may claim a deduction from gross income for an applicable percentage of qualified domestic production activities subject to certain limits.  The deduction is specifically designed to be economically equivalent to a 3-percentage point reduction in the corporate tax rate for United States based manufacturers.  On January 19, 2005, the IRS and Treasury Department issued Notice 2005-14 (2005-7 I.R.B. 498) providing interim guidance and inviting comments on issues arising under this provision.  These proposed regulations incorporate the interim guidance with certain revisions.  REG-105847-05.  Published November 4, 2005.
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