Internal Revenue Bulletin No. 2004-21

Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.

SPECIAL ANNOUNCEMENT

Announcement 2004-46(PDF, 82K)
This announcement is a settlement initiative for taxpayers to resolve transactions described in Notice 2000-44, 2000-2 C.B. 255, and substantially similar transactions (Son of Boss transactions).

INCOME TAX

Announcement 2004-44(PDF, 79K)
This announcement solicits comments and suggestions regarding the scope and details of regulations that may be proposed under section 7701(f) of the Code that will address the application of sections 265(a)(2) and 246A in transactions involving related parties, pass-through entities, or other intermediaries.

Notice 2004-38(PDF, 70K)
This notice announces that the Service and the Treasury Department will issue temporary and proposed regulations that will modify the definition of "qualified amended return" in regulations section 1.6664-2(c)(3).

REG-128590-03(PDF, 84K)
Proposed regulations under section 265 of the Code provide guidance regarding the consolidated return treatment of intercompany obligations that are treated as financing tax-exempt obligations. These regulations provide that, if a member of a consolidated group incurs or continues debt to a nonmember that is directly traceable to an intercompany obligation extended to a member of the group (the borrowing member) by another member of the group (the lending member), and section 265(a)(2) applies to disallow a deduction for the borrowing member�s interest expense incurred with respect to the intercompany obligation, then the lending member�s corresponding interest income will not be excluded under the intercompany transaction regulations.

Rev. Proc. 2004-30(PDF, 64K)
This procedure provides automatic consent procedures for taxpayers to change their method of accounting for income from REMIC inducement fees to a safe harbor method set forth in T.D. 9128. Rev. Proc. 2002-9 modified and amplified.

Rev. Rul. 2004-47(PDF, 81K)
This ruling deals with the application of section 265 of the Code to affiliated corporate groups when one member of the group borrows from outside the group and makes funds available to another member of the group that is a dealer in tax-exempt securities.

Rev. Rul. 2004-48(PDF, 65K)
The March 2004 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, March 31, 2004.

T.D. 9128(PDF, 107K)
Final regulations under sections 446, 860G, and 863 of the Code set out rules relating to the proper timing and source of income from fees received to induce taxpayers to become the holders of noneconomic residual interests in Real Estate Mortgage Investment Conduits (REMICs).

EMPLOYEE PLANS

Announcement 2004-43(PDF, 89K)
Alternative deficit reduction election; notice to Pension Benefit Guaranty Corporation (PBGC) and plan participants and beneficiaries. This announcement describes how notice must be given to the Pension Benefit Guaranty Corporation and to plan participants and their beneficiaries under section 302(d)(12) of the Employee Retirement Income Security Act of 1974 when an employer elects to make an alternative deficit reduction contribution under section 412(1) of the Code. This announcement also provides special timing and transitional rules. Announcement 2004-38 modified.

EXEMPT ORGANIZATIONS

Announcement 2004-45(PDF, 94K)
A list is provided of organizations now classified as private foundations.

ADMINISTRATIVE

Announcement 2004-47(PDF, 61K)
This document contains corrections to temporary regulations (T.D. 9118, 2004-15 I.R.B. 718) under section 337 of the Code that clarify that in computing the amount of stock loss attributable to the recognition of built-in gain, gain recognized on the disposition of an asset may be reduced by expenses directly attributable to the recognition of that gain.

Notice 2004-37(PDF, 73K)
Section 1504. This notice announces circumstances in which the failure to satisfy the value requirement of section 1504(a)(2)(B) of the Code will be disregarded under section 1504(a)(5)(C) and (D) in determining whether a corporation is treated as a member of an affiliated group. The notice also announces that regulations will be proposed and invites comments.

Rev. Rul. 2004-49(PDF, 79K)
Partnerships; amortization of intangibles. This ruling provides that if a section 197(f)(9) intangible is amortizable in the hands of a partnership, the anti-churning rules under section 1.197-2(h)(12)(vii)(A) of the regulations do not apply to curative or remedial reverse section 704(c) allocations of amortization. It also provides that if a section 197(f)(9) intangible was not amortizable in the hands of the partnership, then remedial, not curative, reverse section 704(c) allocations of amortization are permitted.

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