Internal Revenue Bulletin:  2006-23 

June 5, 2006 

INCOME TAX


Rev. Rul. 2006-29 Rev. Rul. 2006-29

Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for June 2006.

T.D. 9260 T.D. 9260

Temporary and proposed regulations under section 904 of the Code provide guidance relating to the look-through treatment of dividends from noncontrolled section 902 corporations (10/50 corporations). The American Jobs Creation Act (AJCA) of 2004 amended section 904(d) and repealed the separate limitation category for dividends from 10/50 corporations effective for taxable years beginning after December 31, 2002. The temporary regulations also provide guidance concerning the Gulf Opportunity Zone Act of 2005, which permitted taxpayers to elect to defer the effective date of the AJCA amendments until after taxable years beginning after December 31, 2004.

REG-144784-02 REG-144784-02

Temporary and proposed regulations under section 904 of the Code provide guidance relating to the look-through treatment of dividends from noncontrolled section 902 corporations (10/50 corporations). The American Jobs Creation Act (AJCA) of 2004 amended section 904(d) and repealed the separate limitation category for dividends from 10/50 corporations effective for taxable years beginning after December 31, 2002. The temporary regulations also provide guidance concerning the Gulf Opportunity Zone Act of 2005, which permitted taxpayers to elect to defer the effective date of the AJCA amendments until after taxable years beginning after December 31, 2004.


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