As of this writing, the American Jobs Creation Act of 2004 has just passed Congress and is awaiting President Bush's expected signature. With 580 amendments to the Internal Revenue Code affecting 274 sections, including 34 brand-new sections, there is much for tax practitioners to ponder in this legislation.

In some cases, however, it may be best not to ponder too long, because some of these provisions may warrant quick action. Although the provisions are focused heavily on business and international tax issues, there are a number of significant individual tax issues addressed as well.

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