ADMINISTRATIVE

Rev. Proc. 2004–14, page 489. This document provides procedures under which a corporation’s S status will not be terminated by a direct rollover of stock from its employee stock ownership plan (ESOP) to a participant’s individual retirement account (IRA). Rev. Proc. 2003–23 modified and superseded.

Announcement 2004–10, page 501. This document contains corrections to final and temporary regulations (T.D. 9048, 2003–1 C.B. 644) under section 1502 of the Code that redetermine the basis of stock of a subsidiary member of a consolidated group immediately prior to certain transfers of such stock and certain deconsolidations of a subsidiary member and also suspend certain losses recognized on the disposition of stock of a subsidiary member.

February 17, 2004 2004-7 I.R.B.