Internal Revenue Bulletin: 2005-35
August 29, 2005
Assets produced on a routine and repetitive basis. For purposes of the simplified service cost method and simplified production method provided in the regulations under section 263A of the Code, a taxpayer's self-constructed assets are produced on a routine and repetitive basis in the ordinary course of its trade or business if the assets are either mass-produced (numerous identical goods are manufactured using standardized designs and assembly line techniques) or have a high degree of turnover.
LIFO; price indexes; department stores. The June 2005 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, June 30, 2005.
Final regulations under section 861 of the Code describe the proper basis for determining the source of compensation for labor or personal services performed partly within and partly without the United States.
Proposed regulations under section 6012 of the Code prescribe the form that cooperatives must use to file their income tax returns. The regulations affect all cooperatives that are currently required to file an income tax return on either Form 1120, U.S. Corporation Income Tax Return, or Form 990-C, Farmers' Cooperative Association Income Tax Return. Announcement 84-26 obsoleted.
The purpose of this procedure is to inform authorized IRS e-file providers of their obligations to the Service and to consolidate existing guidance. The procedure combines the rules governing IRS e-file, including the rules regulating Electronic Return Originators (EROs) that electronically file (1) Form 1040 and 1040A, U.S. Individual Income Tax Return, and Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents, contained in Publication 1345, Handbook for Authorized IRS e-file Providers of Individual Income Tax Returns; (2) Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, contained in Rev. Proc. 2001-9; and (3) Form 941, Employer's Quarterly Federal Tax Return, contained in Rev. Proc. 99-39. Rev. Procs. 99-39, 2000-31, and 2001-9 superseded.
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