Internal Revenue Bulletin:  2006-48 

November 27, 2006 

INCOME TAX


Rev. Rul. 2006-59 Rev. Rul. 2006-59

LIFO; price indexes; department stores. The September 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, September 30, 2006.

T.D. 9293 T.D. 9293

Final, temporary, and proposed regulations under section 199 of the Code concern the amendments made by the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) to section 199, which provides a deduction for income attributable to domestic production activities. A public hearing on the proposed regulations is scheduled for February 5, 2007.

REG-127819-06 REG-127819-06

Final, temporary, and proposed regulations under section 199 of the Code concern the amendments made by the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) to section 199, which provides a deduction for income attributable to domestic production activities. A public hearing on the proposed regulations is scheduled for February 5, 2007.

REG-110405-05 REG-110405-05

Proposed regulations provide guidance regarding the application of section 362(e)(2) of the Code to determine the bases of assets and stock transferred in certain nonrecognition transactions. They also provide instructions on how to make an election to apply section 362(e)(2)(C).

Rev. Proc. 2006-52 Rev. Proc. 2006-52

This procedure informs plan proponents in cases under chapter 12 of Title 11 of the United States Code of the procedures to be followed to request determinations of the income tax effects of proposed plans when such requests are authorized by the bankruptcy courts.

Rev. Proc. 2006-53 Rev. Proc. 2006-53

Cost-of-living adjustments for 2007. This procedure sets forth the cost-of-living adjustments to certain items for 2007 as required under various provisions of the Code. Rev. Proc. 2002-41 modified.


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