Internal Revenue Bulletin: 2005-13
March 28, 2005
Final regulations under section 6334 of the Code revise regulations relating to property exempt from levy. The regulations were revised to reflect changes made by the IRS Restructuring and Reform Act of 1998 and the Taxpayer Relief Act of 1997. These changes include the procedures for obtaining prior judicial approval of certain principal residence seizures and the exemption from levy for certain business assets in the absence of administrative approval or jeopardy.
Proposed regulations under section 6502 of the Code incorporate the changes imposed by the IRS Restructuring and Reform Act of 1988 that limit the IRS’s ability to enter into agreements extending the statute of limitations for collection. The regulations also incorporate a provision governing the continued effect of collection statute extension agreements executed prior to January 1, 2000.
This notice extends the deadline by which state and local governments must nominate projects for designation by the Secretary as qualified green building and sustainable design projects under section 142(l) of the Code.
This procedure modifies Rev. Proc. 2005-9 to waive the 5-year prior change scope limitation for taxpayers seeking the Commissioner’s automatic consent to change a method of accounting for the costs of acquiring or creating intangibles. Rev. Proc. 2005-9 modified.
This document provides procedures for making, withdrawing, or otherwise identifying deposits under new section 6603 of the Code to suspend the running of interest under section 6601 on potential underpayments of tax. Section 6603 was added to the Code by the American Jobs Creation Act of 2004. The procedure also invites comments from the public regarding rules and standards relating to new section 6603. Rev. Proc. 84-58 superseded.
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