Bulletin No. 2004-11 March 15, 2004

T.D. 9114, page 589. Final regulations provide for the voluntary electronic furnishing of statements on Forms W–2, Wage and Tax Statement, under sections 6041 and 6051 of the Code, and statements on Forms 1098–T, Tuition Statement, and Forms 1098–E, Student Loan Interest Statement, under section 6050S.

Notice 2004–17, page 605. This notice provides that benefits received under the Smallpox Emergency Personnel Protection Act of 2003 (SEPPA) are exempt from income and employment taxes.

Notice 2004–19, page 606. This notice withdraws Notice 98–5, but announces that the IRS will continue to scrutinize abusive transactions that are designed to generate foreign tax credits and will challenge the claimed tax consequences of such transactions under principles of existing law. The notice also describes the approach that Treasury and the IRS are using to address transactions involving inappropriate foreign tax credit results. Notice 98–5 withdrawn and Notice 2003–76 modified.

Notice 2004–20, page 608. This notice describes a transaction involving the purported acquisition of stock of a foreign target corporation, an election under section 338, and a prearranged plan to sell the target corporation’s assets in a transaction that gives rise to foreign tax without corresponding income for U.S. tax purposes. The notice identifies this transaction, and substantially similar transactions, as listed transactions that are subject to reporting, registration, and list maintenance requirements.

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Notice 2004–21, page 609. Low-income housing tax credit; private activity bonds. Resident populations of the 50 states, the District of Columbia, Puerto Rico, and the insular areas are provided for purposes of determining the 2004 calendar year (1) state housing credit ceiling under section 42(h) of the Code, (2) private activity bond volume cap under section 146, and (3) private activity bond volume limit under section 142(k)(5).