INCOME TAX

Rev. Rul. 2003–28, page 594. Charitable contributions; patents. Under section 170(a) of the Code, a taxpayer’s contribution to a qualified charity of: (1) a license to use a patent is not deductible if the taxpayer retains any substantial right in the patent; (2) a patent subject to a conditional reversion is not deductible unless the likelihood of the reversion is so remote as to be negligible; and (3) a patent subject to a license or transfer restriction generally is deductible, but the restriction reduces the amount of the charitable contribution for section 170 purposes.

Rev. Rul. 2003–29, page 587. Election in respect of losses attributable to a disaster. This ruling lists the areas declared by the President to qualify as major disaster or emergency areas during 2002 under the Disaster Relief and Emergency Assistance Act.

Rev. Proc. 2003–24, page 599. Exceptions from loss transactions. This procedure provides that certain losses are not taken into account in determining whether a transaction is a reportable transaction for purposes of the disclosure rules under section 1.6011–4(b)(5) of the regulations.

Rev. Proc. 2003–25, page 601. Transactions with significant book-tax difference, excep- tions. This procedure provides that certain book-tax differences are not taken into account in determining whether a transaction is a reportable transaction for purposes of the disclosure rules under section 1.6011–4(b)(6) of the regulations.