Temporary and proposed regulations under section 1502 of the Code extend the time for consolidated groups to make elections, and permit them to amend or revoke prior elections, concerning methods for determining allowable loss on a disposition of subsidiary stock.

Temporary and proposed regulations under section 1502 of the Code provide that the application of the deemed waiver rule of regulations section 1.1502-32T(b)(4)(v), which denied the use of excess losses in cases in which such denial was not intended, is elective.

Temporary and proposed regulations under section 1502 of the Code provide that the application of the deemed waiver rule of regulations section 1.1502-32T(b)(4)(v), which denied the use of excess losses in cases in which such denial was not intended, is elective.

Final regulations under section 988 of the Code provide for the treatment of contingent payment debt instruments for which one or more payments are denominated in, or determined by reference to, a currency other than the taxpayer’s functional currency. This regulation generally provides that taxpayers should apply the existing rules under section 1275 to nonfunctional currency contingent payment debt instruments in the currency in which the debt instrument is denominated, and should then translate those amounts into the taxpayer’s functional currency using the rules provided. In addition, a rule is provided to determine the currency in which the calculations should be made, in the case of a multi-currency debt instrument. Announcement 99-76 obsolete.

This document describes rules that the IRS and Treasury may include in proposed regulations (REG-106679-04) regarding the proper timing of income or deduction attributable to an interest-only regular interest in a Real Estate Mortgage Investment Conduit (REMIC). This document also invites comments from the public.

Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for September 2004 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

Minimum funding standards; disaster relief. The Service, the Employee Benefits Security Administration (EBSA) of the Department of Labor, and the Pension Benefit Guaranty Corporation (PBGC) are providing relief in connection with certain employee benefit plans because of damage in Florida caused by Tropical Storm Bonnie, Hurricane Charley, and Hurricane Frances (Florida Storms). The relief provided by this notice is in addition to the relief already provided by the Service to victims of the Florida Storms.

Qualification; determination letters; staggered remedial amendment periods. This announcement includes a draft revenue procedure that contains the Service’s procedures for issuing letters pursuant to section 401(a) of the Code with respect to a staggered remedial amendment period system for plans that have not been pre-approved as well as for pre-approved plans. This document also invites comments from the public.

This announcement is a public notice of the suspension of the federal tax exemption under section 501(p) of the Code of a certain organization that has been designated as supporting or engaging in terrorist activity or supporting terrorism. Contributions made to this organization during the period that the organization’s tax-exempt status is suspended are not deductible for federal tax purposes.

A list is provided of organizations now classified as private foundations.

Independent Insurance Agents Association of Queens and Kings Counties, Inc., of Long Island City, NY, no longer qualifies as an organization to which contributions are deductible under section 170 of the Code.