HIGHLIGHTS OF THIS ISSUE

These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.

SPECIAL ANNOUNCEMENT

Announcement 2003–73, page 1149. This announcement solicits applications from potential partners to participate in the 2004 IRS Individual e-file Partnership Program. The partnership opportunities are a result of RRA 98, which requires the IRS to receive 80 percent of all returns electronically by 2007. RRA 98 authorized the IRS Commissioner to promote the benefits of and encourage the use of e-file services through partnerships with various entities that offer low cost tax preparation and electronic filing of income tax returns for qualified taxpayers. Those applicants that are accepted as partners will have a link(s) and description(s) of their services placed on the IRS website at www.irs.gov (IRS e-file Partners Page).

INCOME TAX

Rev. Rul. 2003–118, page 1095. CPI adjustment for below-market loans for 2004. The amount that section 7872(g) of the Code permits a taxpayer to lend to a qualified continuing care facility without incurring imputed interest is published and adjusted for inflation for years 1987–2004. Rev. Rul. 2002–78 supplemented and superseded.

Rev. Rul. 2003–119, page 1094. Section 1274A — inflation adjusted numbers for 2004. This ruling provides the dollar amounts, increased by the 2004 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2002–79 supplemented and superseded.

Announcements of Disbarments and Suspensions begin on page 1143. Finding Lists begin on page ii. Index for July through November begins on page x.