Internal Revenue Bulletin:  2005-50 

December 12, 2005 

INCOME TAX


REG-144620-04 REG-144620-04

Proposed regulations under section 704(b) of the Code provide rules for testing the substantiality of an allocation where the partners are look-through entities or members of a consolidated group, provide additional guidance on the effect of other provisions, such as section 482, upon the tax treatment of a partner with respect to the partner's distributive share under section 704(b), and revise the existing rules for determining the partners' interests in the partnership. A public hearing is scheduled for February 15, 2006.

Rev. Proc. 2005-74 Rev. Proc. 2005-74

Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal tax forms and conditions under which the Service will accept computer prepared, and computer-generated tax forms and schedules. Rev. Proc. 2004-62 superseded.


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