Rev. Rul. 2006-57(HTML)
Qualified transportation fringes; smartcards and debit
cards. This ruling provides guidance to employers on the use
of smartcards and debit cards to provide qualified transportation
fringes under section 132(f) of the Code.
Final regulations under section 704 of the Code provide that
allocations of creditable foreign tax expenditures cannot have
substantial economic effect, and, therefore, must be allocated
in accordance with the partners' interests in the partnership.
The regulations provide a safe harbor whereby allocations of
creditable foreign tax expenditures will be deemed to be in
accordance with the partners' interests in the partnership. To
satisfy the safe harbor, allocations of creditable foreign tax
expenditures must be in proportion to the distributive shares
of income to which the taxes relate.
Proposed regulations under section 72 of the Code provide
guidance on taxation of the exchange of property for an annuity
contract. The regulations would apply the same rule to
exchanges for both private annuities and commercial annuities,
but the regulations would not affect charitable gift annuities. A
public hearing is scheduled for February 16, 2007.
Proposed regulations under section 141 of the Code provide
guidance relating to the standards for treating payments in lieu
of taxes as generally applicable taxes for purposes of the private
security or payment test. A public hearing is scheduled
for February 13, 2007.
This notice updates Notice 2003-69, 2003-2 C.B. 851, which
contains a list of the United States tax treaties that meet the
requirements of section 1(h)(11)(C)(i)(II) of the Code. Notice
2003-69 amplified and superseded.
Rev. Proc. 2006-42(HTML)
This document provides rules for taxpayers to obtain automatic
approval to change certain elections to apportion interest expense
and research and experimentation expense under section
861 of the Code as a result of new rules under the section
199 domestic production activities deduction.
Rev. Proc. 2006-51(HTML)
This procedure amplifies Rev. Proc. 2005-70, 2005-47 I.R.B.
979, to provide the maximum amount of foreign earned income,
as adjusted for inflation, that may be excluded from
gross income under section 911 of the Code for taxable years
beginning in 2006. Rev. Proc. 2005-70 amplified.
Because Patriots' Day falls on Monday, April 16, this notice provides
individual taxpayers residing in Maine, Maryland, Massachusetts,
New Hampshire, New York, Vermont, and the District
of Columbia an additional day to file their federal income tax
returns and make their payments (until April 17, 2007). The
additional day applies to the payment of the first installment of
estimated tax for 2007.
Rev. Proc. 2006-48(HTML)
Guidance is provided concerning when information shown on a
return in accordance with the applicable forms and instructions
will be adequate disclosure for purposes of reducing an understatement
of income tax under sections 6662(d) and 6694(a)
of the Code.
Rev. Proc. 2006-49(HTML)
Optional standard mileage rates. This procedure announces
48.5 cents as the optional rate for deducting or
accounting for expenses for business use of an automobile,
14 cents as the optional rate for use of an automobile as a
charitable contribution, and 20 cents as the optional rate for
use of an automobile as a medical or moving expense for
2007. The procedure also provides rules for substantiating
the deductible expenses of using an automobile for business,
moving, medical, or charitable purposes. Rev. Proc.
Rev. Proc. 2006-50(HTML)
Substantiation of expenses of Native Alaskan whaling
captains. This document provides the procedures for the substantiation
of whaling expenses of an individual recognized as
a whaling captain by the Alaska Eskimo Whaling Commission.
This document contains corrections to a notice of proposed
rulemaking (REG-124152-06, 2006-36 I.R.B. 368) and notice
of public hearing relating to the determination of who is
considered to pay a foreign tax for purposes of sections 901
and 903 of the Code.
This document contains corrections to final and temporary regulations
(T.D. 9244, 2006-8 I.R.B. 463) under sections 358
and 1502 of the Code regarding the determination of the basis
of stock or securities received in exchange for, or with respect
to, stock or securities in certain transactions.
You can either: Search all IRS Bulletin Documents issued since January 1996, or Search the entire site. For a more focused search, put your search word(s) in quotes.