INCOME TAX

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.

T.D. 9260(HTML)
REG-144784-02(HTML)
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 The American Jobs Creation Act (AJCA) of 2004 amended section 904(d) and repealed the separate limitation category for dividends from 10/50 corporations effective for taxable years beginning after December 31, 2002.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.

Announcement 2006-36(HTML)
A list is provided of organizations now classified as private foundations.

Announcement 2006-37(HTML)
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.