Internal Revenue Bulletins  
May 17, 2004

Internal Revenue Bulletin No. 2004-20

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.


REG-116564-03(PDF, 101K)
Proposed regulations under section 358 of the Code adopt a tracing approach in determining the basis of stock and securities received in transactions under sections 355, 368, and certain transactions that qualify under both section 351 and section 368.

T.D. 9121(PDF, 69K)
REG-139792-02(PDF, 57K)
Final, temporary, and proposed regulations under section 704(b) of the Code provide guidance on the proper allocation of certain foreign tax expenditures of a partnership. A public hearing on the proposed regulations is scheduled for September 14, 2004.

Rev. Proc. 2004-29(PDF, 461K)
Use of statistical sampling under section 274(n). This procedure provides the statistical sampling methodology by which a taxpayer may establish the amount of meal and entertainment expenses excepted from the 50% deduction disallowance of section 274(n)(1) of the Code.

Rev. Rul. 2004-46(PDF, 61K)
Royalties; information reporting. This ruling provides guidance concerning the reporting requirements of sections 6041 and 6050N of the Code for payments by publishers to literary agents on behalf of an author. T.D. 9121, page 903.

T.D. 9123(PDF, 143K)
Final regulations under section 1296 of the Code provide procedures for certain U.S. persons holding marketable stock in a passive foreign investment company (PFIC) to elect mark to market treatment for that stock under section 1296 and related provisions of sections 1291 and 1295.

T.D. 9124(PDF, 71K)
Final regulations provide that all activities are subject to the rule under section 465 of the Code that amounts borrowed from a person who has an interest in an activity other than that of a creditor or from a person related to a person (other than the borrower) with such an interest do not increase the amount at risk in the activity.


Announcement 2004-36(PDF, 89K)
A list is provided of organizations now classified as private foundations.

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