Bulletin No. 2003-50 December 15, 2003

Notice 2003–79, page 1206. Section 1(h) of the Code provides that certain dividends paid to an individual shareholder from either a domestic corporation or a "qualified foreign corporation" are subject to tax at the reduced rates applicable to certain capital gains. This notice provides guidance for persons required to make returns and provide statements under section 6042 ( e.g., Form 1099-DIV) regarding distributions with respect to securities issued by a foreign corporation, and for individuals receiving such statements. The notice also describes when a security (or an American depositary receipt in respect to such security) issued by a foreign corporation that is other than ordinary or common stock (such as preferred stock) will satisfy the readily tradable test.

Announcement 2003–79, page 1219. This announcement withdraws proposed regulations (REG–209817–96, 1997–1 C.B. 754) concerning the treatment of obligation-shifting transactions. REG–209817–96 withdrawn.

Announcement 2003–80, page 1220. This document contains corrections to proposed regulations (REG–133791–02, 2003–35 I.R.B. 493) under section 41 of the Code relating to the computation and allocation of the credit for increasing research activities for members of a controlled group of corporations or a group of trades or businesses under common control.

Announcement 2003–81, page 1220. This document contains corrections to final regulations (T.D. 9078, 2003–39 I.R.B. 630) under section 1361 of the Code relating to a qualified subchapter S trust election for testamentary trust.

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Announcement of Declaratory Judgment Proceedings Under Section 7428 begins on page 1221. Announcements of Disbarments and Suspensions begin on page 1216. Finding Lists begin on page ii.