SECTION 1. PURPOSE

This notice updates the list of transactions that have been determined by the Internal Revenue Service to be “listed transactions” for purposes of § 1.6011–4(b)(2) of the Income Tax Regulations and §§ 301.6111–2(b)(2) and 301.6112–1(b)(2) of the Procedure and Administration Regulations. This notice restates the list of “listed transactions” in Notice 2003–76, 2003–49 I.R.B. 1181, and updates the list by adding transactions identified as “listed transactions” in notices and other guidance released subsequent to November 7, 2003, and by eliminating transactions described in Part II of Notice 98–5, 1998–1 C.B. 334, and Notice 2002–70, 2002–2 C.B. 765.