INCOME TAX

Rev. Rul. 2006-33(HTML)
LIFO; price indexes; department stores. The April 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, April 30, 2006.

T.D. 9264(HTML)
REG-134317-05(HTML)
Final, temporary, and proposed regulations under section 1502 of the Code and others simplify, clarify, or eliminate taxpayer reporting burdens. They also eliminate regulatory impediments to the electronic filing of certain statements that taxpayers are required to include on or with their federal income tax returns.

Notice 2006-52(HTML)
This notice sets forth a process that allows a taxpayer who owns a commercial building and installs property as part of the commercial building's interior lighting systems, heating, cooling, ventilation, and hot water systems, or building envelope to obtain a certification that the property satisfies the energy efficiency requirements of section 179D(c)(1) and (d) of the Code. The notice also provides for a public list of software programs that may be used in calculating energy and power consumption for purposes of section 179D.

Notice 2006-53(HTML)
This notice modifies section 4.04 of Notice 2006-26, 2006-11 I.R.B. 622, to make clear that a component that provides structural support or a finished surface, or a component that has as a principal purpose any function unrelated to the reduction of heat loss or gain, is not a component specifically and primarily designed to reduce heat loss or gain of a dwelling. Notice 2006-26 clarified.

Notice 2006-54(HTML)
This notice provides procedures that a vehicle manufacturer (or, in the case of a foreign vehicle manufacturer, its domestic distributor) may use to certify that both a particular make, model, and year of vehicle qualifies as an alternative fuel motor vehicle under sections 30B(a)(4) and (e) of the Code and the amount of the credit allowable with respect to the vehicle. The notice also provides guidance to taxpayers who purchase vehicles regarding the conditions under which they may rely on the vehicle manufacturer's certification.

Announcement 2006-39(HTML)
The 2005 Form 6765, Credit for Increasing Research Activities, is revised to show that only 20% of the energy research consortia expense is included in the alternative incremental credits.

ESTATE TAX

Rev. Rul. 2006-32(HTML)
Special use value; farms; interest rates. The 2006 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.

Rev. Rul. 2006-34(HTML)
Real property interests; closely held business. This ruling updates the guidance provided by Rev. Ruls. 75-365, 75-366, and 75-367, and provides certain safe harbors and a non-exclusive list of factors that are likely to be relevant in determining whether a deceased owner's activities with regard to certain real property were sufficiently active to support a finding that the real property interest constitutes a closely held business interest for purposes of section 6166 of the Code. Rev. Rul. 75-365 revoked and Rev. Rul. 75-367 revoked in part.

Rev. Rul. 2006-34(HTML)
Real property interests; closely held business. This ruling updates the guidance provided by Rev. Ruls. 75-365, 75-366, and 75-367, and provides certain safe harbors and a non-exclusive list of factors that are likely to be relevant in determining whether a deceased owner's activities with regard to certain real property were sufficiently active to support a finding that the real property interest constitutes a closely held business interest for purposes of section 6166 of the Code. Rev. Rul. 75-365 revoked and Rev. Rul. 75-367 revoked in part.

T.D. 9264(HTML)
REG-134317-05(HTML)
Final, temporary, and proposed regulations under section 1502 of the Code and others simplify, clarify, or eliminate taxpayer reporting burdens. They also eliminate regulatory impediments to the electronic filing of certain statements that taxpayers are required to include on or with their federal income tax returns.

Announcement 2006-40(HTML)
This announcement serves notice to donors that on May 9, 2006, the United States Court of Federal Claims entered Stipulations of Dismissal with Prejudice pursuant to the agreement of the parties that the organizations listed below are described in section 501(c)(3) and are recognized as exempt from tax under section 501(a), effective as of the dates in parentheses.

Announcement 2006-41(HTML)
This announcement serves notice to donors that on May 12, 2006, pursuant to agreement of the parties, the United States Tax Court entered a decision declaring that the organization listed below is described in section 501(c)(3) and is recognized as exempt from tax under section 501(a), effective as of the date in parenthesis.