INCOME TAX

Rev. Rul. 2003–123, page 1200. Qualified conservation contribution. This ruling clarifies the ServiceÊs position that a trust is not allowed either a charitable deduction under section 642(c) or a distribution deduction under section 661(a)(2) of the Code with respect to a contribution to charity of trust principal that meets the requirements of a qualified conservation contribution under section 170(h). Rev. Rul. 68–667 amplified.

T.D. 9094, page 1201. REG–115472–03, page 1215. Final, temporary, and proposed regulations under section 6031(a) of the Code allow the Commissioner to publish in the Internal Revenue Bulletin guidance that excepts, from the partnership income tax reporting requirements, partnerships whose income is primarily from tax-exempt bonds.

Notice 2003–75, page 1204. This notice describes the new simplified reporting regime for taxpayers who hold interests in Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs). The new reporting regime, which is effective for taxable years beginning after December 31, 2002, is in lieu of the Form 3520, Annual Return To Report Transactions With For- eign Trusts and Receipt of Certain Foreign Gifts, and Form 3520–A, Annual Information Return of Foreign Trust With a U.S. Owner, filing obligations that otherwise apply to U.S. citizens and resident aliens who hold interests in RRSPs and RRIFs and to the custodians of such plans. Notices 97–34 (section II-E), 2003–25, and 2003–57 superseded.