SECTION 3. REQUEST FOR PUBLIC

COMMENT

The Internal Revenue Service and the Treasury Department request comments regarding the application of the conditions set forth in § 1.761–2(a)(2) and whether those conditions should be revised, modified, or clarified. Among other things, comments are requested on the circumstances under which participants in the joint purchase, retention, sale, or exchange of investment property should be treated as owning the property as coowners for purposes of electing out of subchapter K under section 761.

Comments are also requested on the facts that should be considered in determining whether participants in the joint purchase, retention, sale, or exchange of investment property have reserved the right separately to take or dispose of their underlying shares in the property. For example, comments are requested as to whether an agreement with a third party, such as a lender, that limits the rights of the coowners to take or dispose of their underlying shares in the investment property would prohibit the group from electing to be excluded from the provisions of all or part of subchapter K.

In addition, comments are requested on the meaning of investment property for purposes of § 1.761–2(a)(2). For example, comments are requested on whether rental real estate is (or can be) properly treated as investment property for these purposes.

Taxpayers may submit comments in writing to:

Internal Revenue Service Attn: CC:PSI:RU (Notice 2004–53) P.O. Box 7604 Room 5226 Ben Franklin Station Washington, DC 20044

2004–33 I.R.B. 209 August 16, 2004

III. REQUIREMENTS FOR USE OF ALTERNATIVE METHODS OF SIGNING

This notice authorizes income tax return preparers to sign original returns, amended returns, and requests for filing extensions by means of a rubber stamp, mechanical device, or computer software program. These alternative methods of signing must include either a facsimile of the individual preparer’s signature or the individual preparer’s printed name. Income tax return preparers utilizing one of these alternative means are personally responsible for affixing their signatures to returns or requests for extension.

Income tax return preparers who use alternative methods of signing must provide all of the other preparer information that is required on returns and extensions, such as the name, address, relevant employer identification number, the preparer’s individual identification number (social security number or preparer tax identification number), and phone number.

This notice applies only to income tax return preparers as defined by Treas. Reg. § 301.7701–15(a) and does not alter the signature requirements for any other type of document currently required to be manually signed, such as elections, applications for changes in accounting method, powers of attorney, or consent forms. In addition, this notice does not alter the requirement that tax returns or requests for filing extensions be signed by the person ( i.e., the taxpayer) making the return or the request by handwritten signature or other authorized means.

IV. EFFECTIVE DATE

This notice applies to any original return, amended return, or request for filing extension filed on or after January 1, 2004.

DRAFTING INFORMATION

The principal author of this notice is Richard Charles Grosenick of the Office of Associate Chief Counsel (Procedure and Administration). For further information regarding this notice, contact Richard Charles Grosenick at (202) 622–7950 (not a toll-free call).

26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of cor- rect tax liability. (Also Part 1, §§ 368, 1361; 1.1361–3, 1.1362–5.)

Rev. Proc. 2004–49