Internal Revenue Bulletin:  2006-26 

June 26, 2006 

ESTATE TAX


Rev. Rul. 2006-32 Rev. Rul. 2006-32

Special use value; farms; interest rates. The 2006 interest rates to be used in computing the special use value of farm real property for which an election is made under section 2032A of the Code are listed for estates of decedents.

Rev. Rul. 2006-34 Rev. Rul. 2006-34

Real property interests; closely held business. This ruling updates the guidance provided by Rev. Ruls. 75-365, 75-366, and 75-367, and provides certain safe harbors and a non-exclusive list of factors that are likely to be relevant in determining whether a deceased owner’s activities with regard to certain real property were sufficiently active to support a finding that the real property interest constitutes a closely held business interest for purposes of section 6166 of the Code. Rev. Rul. 75-365 revoked and Rev. Rul. 75-367 revoked in part.


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