Internal Revenue Bulletins  
May 30, 2006

Internal Revenue Bulletin No. 2006-22

Official IRS Bulletin Documents linked below are in HTML. These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
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INCOME TAX

Rev. Rul. 2006-28(HTML)
LIFO; price indexes; department stores. The March 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, March 31, 2006.

Rev. Proc. 2006-24(HTML)
This procedure informs the trustee (or debtor in possession) representing the bankruptcy estate of the debtor of the procedure to be followed in obtaining a prompt determination by the Service of any unpaid tax liability of the estate incurred during the administration of the case. Rev. Proc. 81-17 obsoleted.

EMPLOYEE PLANS

Notice 2006-49(HTML)
Weighted average interest rate update; 30-year Treasury securities. The weighted average interest rate for May 2006 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

Rev. Proc. 2006-27(HTML)
Administrative programs; correction programs. This procedure updates and expands upon the Service's comprehensive Employee Plans Compliance Resolution System (EPCRS) of correction programs for retirement plans within the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division. Rev. Proc. 2003-44 modified and superseded.

ESTATE TAX

Rev. Rul. 2006-26(HTML)
IRA, marital deduction. This ruling clarifies circumstances under which the surviving spouse is considered to have a qualifying income interest for life in an IRA where a marital trust is designated as the IRA beneficiary for purposes of electing to have the IRA treated as qualifying terminable interest property under section 2056(b)(7) of the Code. Rev. Rul. 2000-2 modified and superseded.

EMPLOYMENT TAX

Rev. Proc. 2006-24(HTML)
This procedure informs the trustee (or debtor in possession) representing the bankruptcy estate of the debtor of the procedure to be followed in obtaining a prompt determination by the Service of any unpaid tax liability of the estate incurred during the administration of the case. Rev. Proc. 81-17 obsoleted.

EXCISE TAX

Rev. Proc. 2006-24(HTML)
This procedure informs the trustee (or debtor in possession) representing the bankruptcy estate of the debtor of the procedure to be followed in obtaining a prompt determination by the Service of any unpaid tax liability of the estate incurred during the administration of the case. Rev. Proc. 81-17 obsoleted.

ADMINISTRATIVE

Rev. Proc. 2006-24(HTML)
This procedure informs the trustee (or debtor in possession) representing the bankruptcy estate of the debtor of the procedure to be followed in obtaining a prompt determination by the Service of any unpaid tax liability of the estate incurred during the administration of the case. Rev. Proc. 81-17 obsoleted.

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