Rev. Rul. 2006-23(HTML)
LIFO; price indexes; department stores. The February
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, February 28, 2006.
Final regulations under section 338 of the Code apply to a
deemed sale or acquisition of an insurance company's assets,
to a sale or acquisition of an insurance trade or business, and
to the acquisition of insurance contracts through assumption
reinsurance. It also contains final regulations concerning the
effect of certain corporate liquidations and reorganizations on
certain tax attributes of insurance companies. This document
also contains temporary and proposed regulations relating to
the determination of adjusted basis of amortizable section 197
intangibles, increases in reserves after a deemed asset sale,
and the carryover of an election to use a company's historical
loss payment pattern.
Weighted average interest rate update; 30-year Treasury securities.
The weighted average interest rate for April 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. 2006-20(HTML)
Qualified mortgage bonds; mortgage credit certificates; national median gross income.
Guidance is provided concerning the use of the national and area median gross income
figures by issuers of qualified mortgage bonds and mortgage
credit certificates in determining the housing cost/income ratio
described in section 143(f) of the Code. Rev. Proc. 2005-22 obsoleted.
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