Internal Revenue Bulletin No. 2006-32, August 7, 2006

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INCOME TAX

Rev. Rul. 2006-39(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 August 2006.

Rev. Rul. 2006-40(HTML)
LIFO; price indexes; department stores. The May 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, May 31, 2006.

EXEMPT ORGANIZATIONS

Announcement 2006-51(HTML)
A list is provided of organizations now classified as private foundations.

ADMINISTRATIVE

Rev. Proc. 2006-33(HTML)
Electronic filing; magnetic media; 2006 form specifications. This procedure contains updates and changes to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically. Rev. Proc. 2005-49 superseded.

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