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.

INCOME TAX

REG-108637-03(PDF, 67K)
Proposed regulations under section 1275 of the Code provide rules for the accrual of original issue discount (OID) on certain real estate mortgage investment conduit (REMIC) regular interests. The regulations provide guidance to REMICs, REMIC regular interest holders and information reporters regarding the accrual of OID. A public hearing is scheduled for November 17, 2004.

REG-129706-04(PDF, 70K)
Proposed regulations under section 368 of the Code provide that in order to qualify as a tax-free reorganization, a transaction must meet certain requirements. One such requirement is that the owners of the corporation being acquired exchange their interests in the acquired corporation for a substantial interest in the acquiring corporation. These regulations explain the circumstances in which the determination will be made of whether the owners of the acquired corporation have exchanged their interests for a substantial interest in the acquiring corporation by reference to the signing date value of the acquiring corporation stock to be issued in the transaction.

REG�208254�90, REG�136481�04(PDF, 136K)
Proposed regulations under section 861 of the Code describe the proper basis for determining the source of compensation for labor or personal services performed partly within and partly without the United States. REG-208254-90 withdrawn.

REG-154077-03(PDF, 57K)
Proposed regulations under section 860F of the Code discuss the definition of partnership item for purposes of applying the unified partnership audit procedures to real estate mortgage investment conduits (REMICs).

T.D. 9147(PDF, 57K)
REG-171386-03(PDF, 58K)
Temporary and proposed regulations amend the regulations under section 163(d) of the Code to provide the rules relating to how and when taxpayers may elect to take qualified dividend income into account as investment income for purposes of calculating the deduction for investment income expense.

Rev. Rul. 2004-70(PDF, 46K)
Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the second half of 2004 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations.

Rev. Rul. 2004-92(PDF, 63K)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 2004, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent.

Rev. Rul. 2004-93(PDF, 54K)
LIFO; price indexes; department stores. The July 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, July 31, 2004.

T.D. 9148(PDF, 54K)
Final regulations under section 83 of the Code provide that the transfer of a compensatory stock option to a related person will not be treated as an arm�s length transaction, meaning that section 83 will continue to apply and the original holder of the option may realize further compensation income at the time of exercise of the option. The regulations also provide a definition of a related person.

EXCISE TAX

T.D. 9145(PDF, 65K)
REG-120616-03(PDF, 67K)
Final, temporary, and proposed regulations under section 4081 of the Code relate to the entry of taxable fuel into the United States. The regulations affect enterers of taxable fuel, certain other importers of record, and certain sureties.