Internal Revenue Bulletin: 2006-36
September 5, 2006
This notice contains questions and answers that provide guidance on the information reporting requirements for qualified tuition and related expenses under section 6050S of the Code.
This document provides changes of date and location for a public hearing on proposed regulations (REG-118775-06, 2006-28 I.R.B. 73) under sections 871 and 881 of the Code relating to the exclusion from gross income of portfolio interest paid to a nonresident alien individual or foreign corporation. The public hearing is rescheduled for October 6, 2006.
Bonds issued by or on behalf of Indian tribal governments are excluded from gross income only if the proceeds of such bonds are used for an “essential governmental function.” This announcement of advanced notice of proposed rulemaking provides that an activity performed by an Indian tribal government will be treated as an essential governmental function if (1) many state and local governments conduct such activity and finance it with tax-exempt bonds, (2) state and local governments have been financing such activity for many years, and (3) such activity is not a commercial or industrial activity.
This announcement provides an opportunity for small business/self employed taxpayers to use Fast Track Settlement (FTS) to expedite case resolution within the IRS’s Small Business/Self Employed (SB/SE) organization. The SB/SE FTS will enable SB/SE taxpayers that currently have unagreed issues in at least one open year under examination to work together with SB/SE and the Office of Appeals to resolve outstanding disputed issues while the case is still in SB/SE jurisdiction.
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