INCOME TAX

T.D. 9132, page 16. Final regulations under section 168 of the Code provide guidance on how to depreciate property for which the use changes in the hands of the same taxpayer. These regulations explain when a change in use occurs and how a taxpayer should determine depreciation in the year of the change in use, and in subsequent years.

T.D. 9133, page 25. Final and temporary regulations under section 280F of the Code exclude vans and trucks that are qualified nonpersonal use vehicles (as defined in section 1.274–5T(k)) from the definition of “passenger automobile” for purposes of section 280F(a), including transition rules for property placed in service prior to July 7, 2003.

REG–131486–03, page 36. Proposed regulations under section 1374 of the Code provide for an adjustment to the amount that may be subject to tax in certain cases in which an S corporation acquires assets from a C corporation in an acquisition to which section 1374(d)(8) applies. These regulations provide guidance to certain S corporations that acquire assets from a C corporation in a carryover basis transaction.

REG–117307–04, page 39. Proposed regulations under section 864 of the Code relate to the application of the asset-use test to stock held by foreign insurance companies. The regulations provide that the exception to the asset-use test for stock does not apply in determining whether the income, gain, or loss from portfolio stock held by foreign insurance companies constitutes income effectively connected with the conduct of a trade or business within the United States.

Finding Lists begin on page ii.