Internal Revenue Bulletin: 2005-28
July 11, 2005
Special use value; farms; interest rates. The 2005 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.
Environmental remediation costs. This ruling holds that environmental remediation costs that are incurred to clean up land that a taxpayer contaminated with hazardous waste by the operation of the taxpayer's manufacturing activities are incurred by reason of production activities and are properly allocable under section 263A of the Code to the inventory produced during the taxable year the costs are incurred. Rev. Proc. 2002-9 modified and amplified.
Tobacco quota termination payments. This notice provides guidance in a Q&A format regarding the tax treatment of payments made to eligible tobacco quota holders for the termination of tobacco marketing quotas and related price support programs under the American Jobs Creation Act of 2004.
Utilities; taxable income. For federal income tax purposes, if certain conditions are satisfied, a utility may treat an up-front payment for network upgrades as not being taxable income under section 61 when received. Rev. Proc. 2002-9 modified and amplified.
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