Rev. Rul. 2006-29(HTML)
Federal rates; adjusted federal rates; adjusted federal
long-term rate and the long-term exempt rate. For purposes
of sections 382, 642, 1274, 1288, and other sections
of the Code, tables set forth the rates for June 2006.
Temporary and proposed regulations under section 904 of the
Code provide guidance relating to the look-through treatment of
dividends from noncontrolled section 902 corporations (10/50
corporations). The American Jobs Creation Act (AJCA) of 2004
amended section 904(d) and repealed the separate limitation
category for dividends from 10/50 corporations effective for
taxable years beginning after December 31, 2002. The temporary
regulations also provide guidance concerning the Gulf
Opportunity Zone Act of 2005, which permitted taxpayers to
elect to defer the effective date of the AJCA amendments until
after taxable years beginning after December 31, 2004.
A list is provided of organizations now classified as private foundations.
Budget and Credit Counseling Services, Inc., of New York, NY;
Felton Dean Minority and Disadvantaged Youth Sports Foundation,
Inc., of Lawton, OK; Guardian Angel Academy, Inc., of
Front Royal, VA; Northwest Passage Foundation of Salt Lake
City, UT; and The Paul Revere Society of Mill Valley, CA, no
longer qualify as organizations to which contributions are deductible
under section 170 of the Code.
Rev. Proc. 2006-22(HTML)
This procedure provides methods to be used in determining
the amount of W-2 wages for purposes of the limitation contained
in section 199(b)(1) of the Code on the amount of the
deduction provided by section 199(a)(1) for domestic production
activities. This procedure applies only for taxable years
beginning on or after January 1, 2005, and on or before May
17, 2006, and only under certain specific conditions.
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