Rev. Rul. 2006-30(HTML)
Interest rates; underpayments and overpayments. The
rate of interest determined under section 6621 of the Code
for the calendar quarter beginning July 1, 2006, will be 8 percent
for overpayments (7 percent in the case of a corporation),
8 percent for underpayments, and 10 percent for large corporate
underpayments. The rate of interest paid on the portion of
a corporate overpayment exceeding $10,000 will be 5.5 percent.
Rev. Rul. 2006-31(HTML)
Regulated investment company (RIC). This ruling modifies
Rev. Rul. 2006-1 to extend until September 30, 2006, the
transition period provided by that ruling, and clarifies that Rev.
Rul. 2006-1 was not intended to preclude a conclusion that
income from certain instruments (such as structured notes)
that create a commodity exposure for the holder is qualifying
income under section 851(b)(2) of the Code. Rev. Rul. 2006-1
modified and clarified.
Final regulations under section 199 of the Code relate to the
deduction for income attributable to domestic production activities.
Section 199 was enacted as part of the American Jobs
Creation Act (AJCA) of 2004, and allows a deduction equal to 3
percent (for 2005 and 2006) of the lesser of the qualified production
activities income of the taxpayer for the taxable year, or
the taxable income of the taxpayer for the taxable year, subject
to certain limits. The applicable percentage rises to 6 percent
for 2007, 2008, and 2009, and 9 percent for 2010 and subsequent
years. Notice 2005-14 obsoleted for taxable years
beginning on or after June 1, 2006.
Renewable electricity production and refined coal production;
calendar year 2006 inflation adjustment factor
and reference prices. This notice announces the calendar
year 2006 inflation adjustment factor and reference prices for
the renewable electricity production credit and refined coal production
credit under section 45 of the Code.
Rev. Proc. 2006-28(HTML)
Guidance is provided to individuals who fail to meet the eligibility
requirements of section 911(d)(1) of the Code because
adverse conditions in a foreign country preclude the individuals
from meeting those requirements. A list of the country for
tax year 2005 and the date that country is subject to the section
911(d)(4) waiver is provided.
Weighted average interest rate update; 30-year Treasury securities.
The weighted average interest rate for June 2006 and the resulting permissible range of interest rates used
to calculate current liability and to determine the required contribution
are set forth.
This notice announces that the Service will follow the holding of
Am. Bankers Ins. Group v. United States, 408 F.3d 1328 (11th
Cir. 2005). The notice provides related guidance to taxpayers
and collectors. Notice 2005-79 revoked.
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