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June 2004 Plain Language Regulations

Depreciation of Vans and Light Trucks
Annual depreciation deductions for passenger automobiles and light weight vans and trucks are restricted under these final regulations, to discourage overspending on these vehicles. These regulations provide relief from these restrictions for trucks and vans that are qualified nonpersonal use vehicles, which include vehicles that have been specially modified so that they are not likely to be used more than a small amount for personal purposes. The regulations also provide ways for taxpayers who placed qualified vehicles in service before the effective date of the earlier temporary regulations (July 7, 2003) to obtain the benefit of the regulations.  TD 9133.  Published June 25, 2004.
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Stock Held by Foreign Insurance Companies
These proposed regulations relate to the determination of income of foreign insurance companies that is effectively connected with the conduct of a trade or business within the United States.  The regulation provides that the exception to the asset-use test for stock shall not apply in determining whether the income, gain, or loss from portfolio stock held by foreign insurance companies constitutes effectively connected income.
REG-117307-04.  Published June 25, 2004.
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Adjustment to Net Unrealized Built-in Gain
These proposed regulations under section 1374 provide for an adjustment to the amount that may be subject to tax under section 1374 in certain cases in which an S corporation acquires assets from a C corporation in an acquisition to which section 1375(d)(8) applies.  These proposed regulations provide guidance to certain S corporations that acquire assets from a C corporation in a carryover basis transaction.
REG-131486-03.  Published June 25, 2004.
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Modification of Section 481(a) Adjustment Periods in Certain Regulations
These regulations amend the existing regulations under sections 263A and 448 of the Internal Revenue Code. The amendments allow taxpayers changing a method of accounting under those sections to take any adjustment under section 481(a) resulting from the change into account over the same number of taxable years that applies to taxpayers changing a method of accounting under the general administrative procedures issued by the Internal Revenue Service. 
TD 9131.  Published June 16, 2004.
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Changes in Use under Section 168(i)(5)
These regulations provide the rules for determining the depreciation allowance for tangible property for which the use changes in the hands of the same taxpayer. Changes in use include a conversion of tangible property from personal use to a business or income-producing use, a conversion of depreciable tangible property to different recovery period, different depreciation method, or both.
TD 9132.  Published June 17, 2004.
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Required Distributions from Retirement Plans
This document contains final regulations concerning required minimum distributions under section 401(a)(9) for defined benefit plans and annuity contracts providing benefits under qualified plans, individual retirement plans, and section 403(b) contracts.  This document also contains a change to the separate account rules in the final regulations concerning required minimum distributions for defined contribution plans.  TD 9130.  Published June 15, 2004.
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Page Last Reviewed or Updated: 30-Dec-2013