Internal Revenue Bulletins  
October 16, 2006

Internal Revenue Bulletin No. 2006-42

Official IRS Bulletin Documents linked below are in HTML: Revenue Rulings, Revenue Procedures, Announcements, Notices, Treasury Decisions, Regulations, Treaties, etc.
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Announcement 2006-77(HTML)
The Nineteenth Annual Institute on Current Issues in International Taxation, jointly sponsored by the Internal Revenue Service and the George Washington University Law School, will be held on December 14 and 15, 2006, at the Grand Hyatt Washington Hotel in Washington, DC.


Proposed regulations under section 987 of the Code provide guidance regarding the determination of the items of income or loss of a taxpayer with respect to a section 987 qualified business unit (QBU) as well as the timing, amount, character, and source of any section 987 gain or loss. A public hearing is scheduled for November 21, 2006.

Notice 2006-88(HTML)
Electricity produced from certain renewable resources; open-loop biomass. This notice sets forth interim guidance, pending the issuance of regulations, regarding the credit for electricity produced from open-loop biomass.

Notice 2006-91(HTML)
Extension of replacement period for livestock sold on account of drought. This notice explains the circumstances under which the 4-year replacement period under section 1033(e)(2) of the Code is extended for livestock sold on account of drought. The Appendix to this notice contains a list of counties that experienced exceptional, extreme, or severe drought conditions during the preceding 12 months. Taxpayers may use this list to determine if an extension is available.


Announcement 2006-75(HTML)
The IRS has revoked its determination that National Credit Counseling Services, Inc., of Orlando, FL, and San Francisco League of Urban Gardeners of San Francisco, CA, qualify as organizations described in sections 501(c)(3) and 170(c)(2) of the Code.

Announcement 2006-76(HTML)
A list is provided of organizations now classified as private foundations.


Notice 2006-90(HTML)
This notice announces a delay in the effective date of new user fee charges for processing Form 8802, Application for United States Residency Certification. The new user fee will be charged for all Forms 8802 received with a postmark date on or after November 1, 2006. Rev. Proc. 2006-35 modified.

Rev. Proc. 2006-40(HTML)
This document provides procedures for an issuer of tax-exempt bonds to request an administrative appeal to the Office of Appeals from a proposed adverse determination by the Service's Office of Tax Exempt Bonds to the effect that an issue of bonds fails to qualify for the exclusion of the interest on the bonds from the gross income of the owners under section 103 of the Code. The document also provides procedures for an issuer of tax-exempt bonds to request such an administrative appeal from a denial by TEB of a claim for recovery of an asserted overpayment of arbitrage rebate under section 148. Rev. Proc. 99-35 modified and superseded.

Announcement 2006-73(HTML)
This announcement contains updates and clarifications to Publication 1220 (Rev. Proc. 2006-33, 2006-32 I.R.B. 140) for tax year 2006 filing of information returns.

Announcement 2006-74(HTML)
This document announces the establishment of the Income Verification Express Service (IVES) program. The IVES program is a new electronic delivery service for IRS transcripts and records available upon submission of IRS Form 4506-T, Request for Transcript of Tax Return.

Announcement 2006-78(HTML)
This document contains corrections to final regulations (T.D. 9280, 2006-38 I.R.B. 450) that provide certain issues under section 411(d)(6) of the Code, including the interaction between the anti-cutback rules of section 411(d)(6) and the nonforfeitability requirements of section 411(a).

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