Internal Revenue Bulletin:  2005-48 

November 28, 2005 

INCOME TAX


Rev. Rul. 2005-73 Rev. Rul. 2005-73

LIFO; price indexes; department stores. The September 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, September 30, 2005.

T.D. 9229 T.D. 9229

Final, temporary, and proposed regulations under section 6081 of the Code relate to the simplification of procedures for obtaining automatic extensions of time to file certain returns. The temporary regulations allow individual income taxpayers and certain other taxpayers to obtain an automatic six-month extension of time to file certain returns by filing a single request. For these returns, the regulations also remove the requirements for a signature and an explanation of the need for an extension of time to file.

T.D. 9229 REG-144898-04

Final, temporary, and proposed regulations under section 6081 of the Code relate to the simplification of procedures for obtaining automatic extensions of time to file certain returns. The temporary regulations allow individual income taxpayers and certain other taxpayers to obtain an automatic six-month extension of time to file certain returns by filing a single request. For these returns, the regulations also remove the requirements for a signature and an explanation of the need for an extension of time to file.

Notice 2005-88 Notice 2005-88

This notice provides procedures for corporations, electing small business corporations, and organizations required to file returns under section 6033 to seek a waiver of the requirement to electronically file Form 1120, U.S. Corporation Income Tax Return; Form 1120S, U.S. Income Tax Return for an  S Corporation; Form 990, Return of Organization Exempt From Income Tax; and Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation.

Announcement 2005-84 Announcement 2005-84

This announcement is to advise fiscal year pass-through entities of two new act sections of the Katrina Emergency Tax Relief Act (KETRA) of 2005 (these act sections will not be codified). Act section 301 concerns the temporary suspension of limitations of charitable contributions for individuals. Act section 305 concerns the donation of “apparently wholesome food” by individuals, corporations, and partnerships.


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