Bulletin No. 2003-41 October 14, 2003

REG–140378–01, page 825. Proposed regulations under section 6334 of the Code relate to property exempt from levy. The regulations have been revised to provide guidance with respect to the procedures for obtaining prior judicial approval of certain principal residence levies and for exemption from levy for certain residences and business assets. The regulations have also been revised to reflect recent legislative changes.

REG–128203–02, page 828. Proposed 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.

Notice 2003–68, page 824. Qualified community development entity (CDE) loan purchases. The Treasury Department and the Service announce that they will clarify and amend the definition of a qualified low-income community investment under section 1.45D–1T(d)(1)(ii) of the regulations.