INCOME TAX

Rev. Rul. 2004–39, page 700. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for April 2004.

T.D. 9115, page 680. REG–106590–00, page 704. Final, temporary, and proposed regulations under section 168 of the Code provide guidance on how to depreciate MACRS property that is acquired in a like-kind exchange or as a result of an involuntary conversion. These regulations explain how a taxpayer should determine depreciation in the year of the exchange or involuntary conversion and subsequent years. A public hearing on the proposed regulations is scheduled for June 3, 2004. Notice 2000–4 obsoleted. REG–138499–02 partially withdrawn.

T.D. 9116, page 674. REG–115471–03, page 706. Temporary and proposed regulations under section 45D of the Code amend temporary regulations (T.D. 8971, 2002–1 C.B. 308) and proposed regulations (REG–119436–01, 2002–1 C.B. 377). These regulations provide revised rules relating to the new markets tax credit. A taxpayer making a qualified equity investment in a qualified community development entity that has received a new markets tax credit allocation may claim a 5-percent tax credit with respect to the qualified equity investment on each of the first 3 credit allowance dates and a 6-percent tax credit with respect to the qualified equity investment on each of the remaining 4 credit allowance dates. A public hearing is scheduled for June 2, 2004.

Finding Lists begin on page ii.