Washington (Feb. 20, 2004) -- The Treasury Department and the Internal Revenue Service said they will let taxpayers take advantage of provisions of the Tax Technical Corrections Act of 2003 related to qualified dividends, in spite of the fact that the law hasn’t been enacted yet.
The act will allow partnerships, S corporations, estates and revocable trusts treated as part of an estate in a fiscal year that began in 2002 to pass through dividends received in 2003 to their partners, shareholders and beneficiaries as dividends qualifying for the lower tax rates, to the extent that the dividends are otherwise qualified. The act will also change the holding period test for qualified dividends. Congress is expected to enact legislation to make the technical corrections in Section 2 of the act effective for dividends received beginning Jan. 1, 2003.
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