Low-income housing credit; satisfactory bond; “bond factor” amounts for the period July through September 2004. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period July through September 2004.

Final regulations under section 460 of the Code provide guidance regarding the income tax consequences of certain partnership transactions involving contracts accounted for under a long-term contract method of accounting.

This notice solicits public comments concerning whether the existing final regulations under section 423 of the Code, concerning options granted under an employee stock purchase plan, should be amended.

Specifications are set forth for the private printing of paper and laser-printed substitutes for tax year 2004 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Proc. 2003-30 superseded.

REG-101447-04

Final regulations under section 408(q) of the Code provide requirements relating to deemed IRAs that may be included in qualified employer plans, which are plans described in sections 401(a), 403(a), 403(b), and governmental plans under section 457(b). The regulations also amend section 408(a) with regard to the requirements under section 408(a) for non-bank trustees for deemed IRAs. Temporary and proposed regulations under section 408(a) provide that the Commissioner may, in his discretion, allow governmental entities to act as qualified non-bank trustees for deemed IRAs which are part of the entities’ qualified employer plan within the meaning of section 408(q).

This procedure explains both the standard procedure and an alternate procedure for preparing and filing Form W-2, Wage and Tax Statement; Form 941, Employer’s Quarterly Federal Tax Return; Form W-4, Employee’s Withholding Allowance Certificate; and Form W-5, Earned Income Credit Advance Payment Certificate, in certain acquisitions. It also provides guidance on the new schedule (Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations) that employers will be able to use to explain discrepancies between Forms W-2 and 941. Rev. Proc. 96-60 superseded and Rev. Rul. 62-60 amplified.

Specifications are set forth for the private printing of paper and laser-printed substitutes for tax year 2004 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Proc. 2003-30 superseded.

Obsolete revenue rulings. This ruling obsoletes prior rulings that are no longer considered determinative. Rev. Ruls. 58-120, 70-58, 79-64, and 80-366 obsoleted. Rev. Procs. 89-37 and 96-18 obsoleted.

Low-income housing tax credit. This procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) of the Code for calendar year 2004.

This procedure provides the domestic asset/liability percentages and domestic investment yield percentages needed by foreign insurance companies to compute their minimum effectively connected net investment income for taxable years beginning after December 31, 2002.