INCOME TAX
Rev. Rul. 2006-11(HTML)
TEFRA partnership provisions; classification of items.
This ruling provides that the tax treatment by an affiliated group
on a consolidated return of the parent corporation's payment
to a partnership, in which the parent is not a partner, is not a
"partnership item" within the meaning of section 6231(a)(3) of
the Code or an "affected item" within the meaning of section
6231(a)(5), even if another member of the group is a partner
in the partnership.
Rev. Rul. 2006-12(HTML)
Interest rates; underpayments and overpayments. The
rate of interest determined under section 6621 of the Code
for the calendar quarter beginning April 1, 2006, will be 7 percent
for overpayments (6 percent in the case of a corporation),
7 percent for underpayments, and 9 percent for large corporate
underpayments. The rate of interest paid on the portion of
a corporate overpayment exceeding $10,000 will be 4.5 percent.
Notice 2006-21(HTML)
This notice informs Alabama, Louisiana, and Mississippi of their
state population portion in the Gulf Opportunity Zone required to
determine the (1) Gulf Opportunity housing amount under section
1400N(c)(1)(B) of the Code, and (2) maximum aggregate
face amount of qualified Gulf Opportunity Zone Bonds under
section 1400N(a)(3) of the Code.
Notice 2006-29(HTML)
This notice informs taxpayers of amendments that will be made
to the final regulations (T.D. 9241, 2006-7 I.R.B. 427) under
section 671 of the Code regarding certain reporting rules for
non-mortgage widely held fixed investment trusts (NMWHFITs).
Until such amendments reflecting these changes are issued,
taxpayers may rely on this notice.
EXEMPT ORGANIZATIONS
Announcement 2006-17(HTML)
John A. Hyman Memorial Youth Foundation of Warrenton, NC,
no longer qualifies as an organization to which contributions
are deductible under section 170 of the Code.
Announcement 2006-18(HTML)
A list is provided of organizations now classified as private foundations.
ADMINISTRATIVE
Rev. Rul. 2006-11(HTML)
TEFRA partnership provisions; classification of items.
This ruling provides that the tax treatment by an affiliated group
on a consolidated return of the parent corporation's payment
to a partnership, in which the parent is not a partner, is not a
"partnership item" within the meaning of section 6231(a)(3) of
the Code or an "affected item" within the meaning of section
6231(a)(5), even if another member of the group is a partner
in the partnership.
T.D. 9252(HTML)
REG-157271-05(HTML)
Temporary and proposed regulations under section 6103 of
the Code are provided regarding administrative review procedures
for certain government agencies and other authorized
recipients of tax returns or return information (authorized recipients)
whose receipt of returns and return information may be
suspended or terminated because they do not maintain proper
safeguards. The regulations provide guidance to responsible
IRS personnel and authorized recipients as to these administrative
procedures.
Rev. Proc. 2006-18(HTML)
Automobile owners and lessees. This procedure provides
owners and lessees of passenger automobiles (including
trucks, vans, and electric automobiles) with tables detailing
the limitations on depreciation deductions for passenger
automobiles first placed in service during calendar year 2006
and the amounts to be included in income for passenger
automobiles first leased during calendar year 2006.
Announcement 2006-16(HTML)
This document withdraws a proposed regulation
(REG-103829-99, 2002-2 C.B. 59) regarding the definition
of highway vehicle.
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