Internal Revenue Bulletin:  2006-9 

February 27, 2006 

ADMINISTRATIVE


T.D. 9246 T.D. 9246

Some business entities may be recognized under state or foreign law as created or organized in more than one jurisdiction at the same time (“dually chartered entities”). Final regulations under section 7701 of the Code provide clarification regarding how to determine the federal tax classification (e.g., corporation, partnership, or an entity disregarded as separate from its owner) of a dually chartered entity and how to determine whether a dually chartered entity is domestic or foreign.

Rev. Proc. 2006-16 Rev. Proc. 2006-16

This procedure explains how a state’s commercial revitalization agency may retroactively allocate commercial revitalization expenditure amounts under section 1400I of the Code for qualified revitalization buildings placed in service after December 31, 2001, in the expanded area of a renewal community. The procedure also explains how a taxpayer may make a commercial revitalization deduction election under section 1400I(a) for these buildings and may elect to deduct the increased section 179 expensing amount provided by section 1400J for qualified renewal property placed in service after December 31, 2001, in the expanded area of a renewal community. Rev. Proc. 2002-9 modified and amplified and Rev. Proc. 2003-38 modified.


More Internal Revenue Bulletins