Section 901(j)(5) Presidential waiver; Libya. Pursuant to a section 901(j)(5) Presidential waiver, section 901(j)(1) of the Code ceased to apply to Libya effective December 10, 2004. Section 911(d)(8) is not applicable to Libya after September 20, 2004, and Iraq after July 29, 2004. Rev. Ruls. 92-63 and 95-63 modified and superseded. Rev. Rul. 2004-103 superseded.

This notice provides guidance to qualifying vessel operators on the procedure for electing into the tonnage tax regime under section 1354(a) of the Code, which was added by section 248 of the American Jobs Creation Act of 2004.

Temporary and proposed regulations under section 409(p) of the Code provide guidance on the definition and effects of a prohibited allocation under section 409(p), identification of disqualified persons and determination of a nonallocation year, calculation of synthetic equity under section 409(p)(5), and standards for determining whether a transaction is an avoidance or evasion of section 409(p). A public hearing on the proposed regulations is scheduled for April 20, 2005.

Temporary and proposed regulations under section 409(p) of the Code provide guidance on the definition and effects of a prohibited allocation under section 409(p), identification of disqualified persons and determination of a nonallocation year, calculation of synthetic equity under section 409(p)(5), and standards for determining whether a transaction is an avoidance or evasion of section 409(p). A public hearing on the proposed regulations is scheduled for April 20, 2005.

Automatic rollover; section 657 of Economic Growth Tax Relief and Reconciliation Act of 2001. This notice provides guidance in question and answer format on the automatic rollover provisions of section 401(a)(31)(B) of the Code as amended by section 657 of the Economic Growth and Tax Relief Reconciliation Act of 2001.

This announcement advises employers about a new Code Z for use on the 2005 Form W-2. This code will be used to identify income recognized due to participation in a nonqualified deferred compensation plan that fails to meet the requirements of section 409A of the Code. Similar reporting is required on Form 1099-MISC for nonemployees.

This notice addresses the applicability of section 6043A of the Code and requests public comments on issues relating to information reporting for acquisitions under section 6043A by March 1, 2005. The notice provides that taxpayers required to report under regulations sections 1.6043-4T and 1.6045-3T must continue to report pursuant to those regulations.

Per diem allowances. This procedure provides optional rules for deeming substantiated the amount of certain reimbursed traveling expenses of an employee as well as determining the amount of deductible meal and incidental expenses while traveling away from home. It updates Rev. Proc. 2004-60, 2004-42 I.R.B. 682, to revise the high-low substantiation method to conform to changes in the per diem rates made by the General Services Administration. Rev. Proc. 2004-60 superseded.