This is the table of contents of Internal Revenue Bulletin IRB 2004-23. Click on an entry to view the entry. Items shown under "Highlights of This Issue" open summaries of each IRB-referenced document only. Scroll to Parts I, II, etc. to view the full text versions of each IRB-referenced document. Use the "Keyword Search" option of TouchTax to search the full text of all Internal Revenue Bulletins, including this IRB.
These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for June 2004.
Final regulations under section 221 of the Code provide rules for the treatment of interest paid on a qualified education loan during the taxable year. The regulations clarify that qualified education interest includes capitalized interest and other amounts charged for the use or forbearance of money. The regulations also amend the transition period in the regulations under section 6050S to provide that information reporting is not required for loan origination fees and capitalized interest on loans made before September 1, 2004.
Final regulations under section 704 of the Code allow revaluations in connection with the grant of an interest in the partnership (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the partnership.
Proposed regulations under section 142(a) of the Code define solid waste disposal facilities for purposes of exempt facility bonds. Generally, interest on a state or local bond is excluded from gross income. However, the exclusion does not apply to a private activity bond unless the bond is a qualified bond. A qualified bond includes an exempt facility bond that meets certain requirements. Exempt facility bonds include bonds for solid waste disposal facilities. A public hearing is scheduled for August 11, 2004.
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for May 2004 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.
This announcement corrects an error in section V. of Announcement 2004-43, 2004-21 I.R.B. 955, and restates the section as corrected. Announcement 2004-43 corrected.
Clarification of scope of section 6103(a). This ruling clarifies the fact that government employees who receive returns or return information pursuant to disclosures under section 6103(c), (k)(6), or (e) of the Code, other than section 6103(e)(1)(D)(iii) (relating to certain shareholders), are not subject to the disclosure restrictions of section 6103(a) with regard to the returns or return information received.
This procedure concerns automatic relief to file certain late shareholder consents to be an S corporation.
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