Internal Revenue Bulletin: 2010-46
November 15, 2010
Final regulations under section 6109 of the Code provide guidance to tax return preparers on furnishing an identifying number on tax returns and claims for refund of tax.
Final regulations under section 883 of the Code include a new rule permitting foreign corporations to include certain bearer shares maintained in a dematerialized or immobilized book-entry system to determine whether the corporation can satisfy one of the ownership tests of section 883(c).
2010 Section 43 inflation adjustment factor. This notice announces the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2010 calendar year. The notice also contains the previously published figures for taxable years beginning in the 1991 through 2009 calendar years.
2010 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2010 calendar year.
Cost-of-living adjustments for 2011. This procedure sets forth the cost-of-living adjustments to certain items for 2011 due to inflation as required under various provisions of the Code and Service guidance. This procedure does not include the following items: the tax rate tables under section 1, the child tax credit under section 24, the Hope Scholarship and Lifetime Learning Credits under section 25A, the earned income credit under section 32, the standard deduction under section 63, the overall limitation on itemized deductions under section 68, the qualified transportation fringe under section 132, the personal exemption under section 151, and the interest on education loans under section 221. Those items will be addressed in future guidance.
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