| Revenue Rulings |
Bulletin |
Date of IRB |
 |
| Rev. Rul. 2005-79(PDF) |
IRB #2005-52(HTML) |
December 27, 2005 |
| LIFO; price indexes; department stores. The October 2005 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, October 31, 2005. |
| Rev. Rul. 2005-78(HTML) |
IRB #2005-51(HTML) |
December 19, 2005 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 2006, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 4.5 percent. |
| Rev. Rul. 2005-77(HTML) |
IRB #2005-49(HTML) |
December 5, 2005 |
| 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 December 2005. |
| Rev. Rul. 2005-76(HTML) |
IRB #2005-49(HTML) |
December 5, 2005 |
| This ruling provides the dollar amounts, increased by the 2006 inflation adjustment, for section 1274A of the Code. Rev. Rul. 2004-107 supplemented and superseded. |
| Rev. Rul. 2005-75(HTML) |
IRB #2005-49(HTML) |
December 5, 2005 |
| The amount that section 7872(g) of the Code permits a taxpayer to lend to a qualified continuing care facility without incurring imputed interest is published and adjusted for inflation for years 1987-2006. Rev. Rul. 2004-108 supplemented and superseded. |
| Rev. Rul. 2005-74(HTML) |
IRB #2005-51(HTML) |
December 19, 2005 |
| This ruling addresses the tax treatment of costs an employer incurs in connection with three different home purchase programs the employer may offer to employees who are being relocated. Transactions under the three programs are analyzed to determine whether, based on the benefits and burdens of ownership of an employee's home, the transactions are treated for tax purposes as a sale of the home by the employee to the employer followed by a separate sale by the employer to a third party buyer, or as one sale by the employee to the third party buyer facilitated by the employer. |
| Rev. Rul. 2005-73(HTML) |
IRB #2005-48(HTML) |
November 28, 2005 |
| LIFO; price indexes; department stores. The September 2005 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, 2005. |
| Rev. Rul. 2005-72(HTML) |
IRB #2005-46(HTML) |
November 14, 2005 |
| The covered compensation tables under section 401 of the Code for the year 2006 are provided for use in determining contributions to defined benefit plans and permitted disparity. |
| Rev. Rul. 2005-71(HTML) |
IRB #2005-45(HTML) |
November 7, 2005 |
| 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 November 2005. |
| Rev. Rul. 2005-70(HTML) |
IRB #2005-45(HTML) |
November 7, 2005 |
| 2005 base period T-bill rate. The "base period T-bill rate" for the period ending September 30, 2005, is published as required by section 995(f) of the Code. |
| Rev. Rul. 2005-69(HTML) |
IRB #2005-44(HTML) |
October 31, 2005 |
| LIFO; price indexes; department stores. The August 2005 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, August 31, 2005. |
| Rev. Rul. 2005-68(HTML) |
IRB #2005-44(HTML) |
October 31, 2005 |
| This ruling illustrates the interaction between the REMIC excess inclusion rules and the net operating loss rules. Section 860E(a)(1) of the Code provides that the taxable income of a holder of a residual interest in a REMIC shall not be less than the holder's "excess inclusion" (generally equivalent to REMIC phantom income) for the taxable year. Effectively this prevents the application of NOLs to offset the excess inclusion income. The statute includes NOL coordinating rules in section 860E(a)(3) with the general effect of creating a separate basket for taxing excess inclusion income, so that the amount calculated as an NOL for a year is not reduced by the excess inclusion income and NOL carryovers are not absorbed by excess inclusion income. The ruling simply illustrates the application of the coordination rules. |
| Rev. Rul. 2005-67(HTML) |
IRB #2005-43(HTML) |
October 24, 2005 |
| This ruling provides the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through December 2005. |
| Rev. Rul. 2005-66(HTML) |
IRB #2005-41(HTML) |
October 11, 2005 |
| 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 October 2005. |
| Rev. Rul. 2005-65(HTML) |
IRB #2005-41(HTML) |
October 11, 2005 |
| Section 355(e). Guidance is provided on whether, under the described facts, an acquisition and a distribution are part of a plan under section 355(e) of the Code and section 1.355-7(b) of the regulations. |
| Rev. Rul. 2005-64(HTML) |
IRB #2005-39(HTML) |
September 26, 2005 |
| This ruling describes the circumstances in which losses incurred by an individual who provides air transportation through a passthrough entity can qualify as passive losses under section 469 of the Code. In addition, this ruling describes the applicability of section 4261 to the amounts paid for the air transportation services. |
| Rev. Rul. 2005-63(HTML) |
IRB #2005-39(HTML) |
September 26, 2005 |
| LIFO; price indexes; department stores. The July 2005 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, July 31, 2005 |
| Rev. Rul. 2005-62(HTML) |
IRB #2005-38(HTML) |
September 19, 2005 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning October 1, 2005, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 4.5 percent. |
| Rev. Rul. 2005-61(HTML) |
IRB #2005-38(HTML) |
September 19, 2005 |
| The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the second half of 2005 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations. |
| Rev. Rul. 2005-60(HTML) |
IRB #2005-37(HTML) |
September 12, 2005 |
| This ruling holds that the employer subsidy for maintaining prescription drug coverage provided under section 1860D-22 of the Social Security Act, as added by section 101 of the Medicare Prescription Drug, Improvement and Modernization Act of 2003, is not taken into account in computing the applicable employer cost for purposes of determining whether the minimum cost requirement of § 420(c)(3) of the Code is satisfied. |
| Rev. Rul. 2005-59(HTML) |
IRB #2005-37(HTML) |
September 12, 2005 |
| This ruling clarifies when documents prepared or executed by the Secretary under section 6020 of the Code, or waivers on assessment constitute valid returns under Beard v. Commissioner, 82 T.C. 766 (1984), aff’d, 793 F.2d 139 (6th Cir. 1986), for purposes of the election to file a joint return under section 6013. Rev. Rul. 74-203 revoked. |
| Rev. Rul. 2005-58(HTML) |
IRB #2005-36(HTML) |
September 6, 2005 |
| Mutual life insurance companies; differential earnings rate. The differential earnings rate for 2004 is determined for use by mutual life insurance companies to compute their income tax liability for 2004. |
| Rev. Rul. 2005-57(HTML) |
IRB #2005-36(HTML) |
September 6, 2005 |
| 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 September 2005. |
| Rev. Rul. 2005-56(HTML) |
IRB #2005-35(HTML) |
August 29, 2005 |
| LIFO; price indexes; department stores. The June 2005 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, June 30, 2005. |
| Rev. Rul. 2005-55(HTML) |
IRB #2005-33(HTML) |
August 15, 2005 |
| Profit-sharing plan; retiree health accounts; nonforfeitability; prospective application. This ruling holds that a sub-account within a profit-sharing plan that provides medical reimbursement expenses to each participant does not meet the provisions of section 411 of the Code on nonforfeitability because it imposes conditions on the use of the amounts held in the participants’ accounts. If certain criteria are met, the ruling will be applied prospectively. |
| Rev. Rul. 2005-54(HTML) |
IRB #2005-33(HTML) |
August 15, 2005 |
| 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 August 2005. |
| Rev. Rul. 2005-53(HTML) |
IRB #2005-35(HTML) |
August 29, 2005 |
| For purposes of the simplified service cost method and simplified production method provided in the regulations under section 263A of the Code, a taxpayer's self-constructed assets are produced on a routine and repetitive basis in the ordinary course of its trade or business if the assets are either mass-produced (numerous identical goods are manufactured using standardized designs and assembly line techniques) or have a high degree of turnover. |
| Rev. Rul. 2005-52(HTML) |
IRB #2005-35(HTML) |
August 29, 2005 |
| Tool allowance payments. This ruling holds that tool allowances paid to employees are not paid under an accountable plan because the substantiation and return of excess requirements are not met. All tool allowance payments under the arrangement must be included in the employees' gross income, reported on the employees' Forms W-2, and are subject to withholding and payment of federal employment taxes. |
| Rev. Rul. 2005-51(HTML) |
IRB #2005-31(HTML) |
August 1, 2005 |
| This ruling clarifies whether the mathematical or clerical error assessment procedures of section 6213(b) of the Code apply when a taxpayer files an income tax return that reports income in an amount different from that reported on a W-2. |
| Rev. Rul. 2005-50(HTML) |
IRB #2005-30(HTML) |
July 25, 2005 |
| Discharge of property; refund action. This ruling clarifies that, in light of amendments to sections 6325 and 7426 of the Code made by the IRS Restructuring and Reform Act of 1998, a person not liable for the underlying tax may not file a refund action under the holding of United States v. Williams, 514 U.S. 527 (1995). |
| Rev. Rul. 2005-49(HTML) |
IRB #2005-30(HTML) |
July 25, 2005 |
| Judicial remedy for wrongful levies. This ruling clarifies that a wrongful levy action under section 7426 of the Code is the only remedy available to a third person whose property was levied to satisfy the tax debt of another. |
| Rev. Rul. 2005-48(HTML) |
IRB #2005-32(HTML) |
August 8, 2005 |
| This ruling clarifies that, except as otherwise provided by section 83 of the Code, transfer restrictions on restricted stock or other section 83 property do not prevent the property from being substantially vested for purposes of section 83. |
| Rev. Rul. 2005-47(HTML) |
IRB #2005-32(HTML) |
August 8, 2005 |
| This ruling holds that, for federal income tax purposes, a credit card issuer treats third-party ATM surcharge fees incurred by its cardholders as additional amounts loaned to those cardholders. Further, this is so whether the credit card issuer reflects the ATM surcharge fee on the cardholder’s account as part of the amount of the cardholder’s cash advance (as in Situation 1) or as a separately stated amount (as in Situation 2). |
| Rev. Rul. 2005-46(HTML) |
IRB #2005-30(HTML) |
July 25, 2005 |
| This ruling holds that a grant received by a business under a state program to reimburse businesses for losses incurred for damage or destruction of real and personal property on account of a disaster is not excludable from gross income under the general welfare exclusion, as a gift under section 102 of the Code, as a qualified disaster relief payment under section 139, or as a contribution to the capital of a corporation under section 118. The business may elect under section 1033 to defer including in income gain realized from receipt of the grant to the extent the grant proceeds are used to timely purchase property similar or related in service or use to the destroyed or damaged property. |
| Rev. Rul. 2005-45(HTML) |
IRB #2005-30(HTML) |
July 25, 2005 |
| LIFO; price indexes; department stores. The May 2005 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, May 31, 2005. |
| Rev. Rul. 2005-44(PDF, 79K) |
IRB #2005-29(HTML) |
July 18, 2005 |
| This ruling provides the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through September 2005. |
| Rev. Rul. 2005-43(PDF, 73K) |
IRB #2005-29(HTML) |
July 18, 2005 |
| This ruling obsoletes Rev. Proc. 64–54, and several subsequent rulings because they only apply to tax years prior to January 1, 1965, and are therefore no longer determinative with respect to future transactions. Rev. Procs. 64–54, 66–33, 69–13, 71–1, and 72–22 and Rev. Ruls. 65–109 and 68–549 obsoleted. |
| Rev. Rul. 2005-42(PDF, 89K) |
IRB #2005-28(HTML) |
July 11, 2005 |
| This ruling holds that environmental remediation costs that are incurred to clean up land that a taxpayer contaminated with hazardous waste by the operation of the taxpayer’s manufacturing activities are incurred by reason of production activities and are properly allocable under section 263A of the Code to the inventory produced during the taxable year the costs are incurred. Rev. Proc. 2002–9 modified and amplified. |
| Rev. Rul. 2005-41(PDF, 141K) |
IRB #2005-28(HTML) |
July 11, 2005 |
| The 2005 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. 2005–40(PDF, 87K) |
IRB #2005-27(HTML) |
July 5, 2005 |
| This ruling considers four circumstances in which arrangements between unrelated entities do, and do not, constitute insurance for federal income tax purposes and whether the issuer qualifies as an insurance company for federal income tax purposes. |
| Rev. Rul. 2005–39(PDF, 150K) |
IRB #2005-27(HTML) |
July 5, 2005 |
| This ruling discusses whether restricted stock for which a section 83(b) election has been made is treated as outstanding stock for purposes of determining whether there has been a change in ownership or control under section 280G of the Code and for determining the amount of stock held by shareholders in testing whether the shareholder is a disqualified individual under section 280G. |
| Rev. Rul. 2005–38(PDF, 117K) |
IRB #2005-27(HTML) |
July 5, 2005 |
| 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 July 2005. |
| Rev. Rul. 2005–37(PDF, 102K) |
IRB #2005-26(HTML) |
June 27, 2005 |
| LIFO; price indexes; department stores. The April 2005 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, April 30, 2005. |
| Rev. Rul. 2005–36(PDF, 138K) |
IRB #2005-26(HTML) |
June 27, 2005 |
| This ruling discusses whether a beneficiary’s disclaimer of a beneficial interest in a decedent’s IRA is a qualified disclaimer under section 2518 of the Code even though prior to making the disclaimer, the beneficiary receives from the IRA the required minimum distribution for the year of the decedent’s death. |
| Rev. Rul. 2005-35(PDF, 96K) |
IRB #2005-24(HTML) |
June 13, 2005 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning July 1, 2005, will be 6 percent for overpayments (5 percent in the case of a corporation), 6 percent for underpayments, and 8 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 3.5 percent. |
| Rev. Rul. 2005-34(PDF, 70K) |
IRB #2005-22(HTML) |
May 31, 2005 |
| LIFO; price indexes; department stores. The March 2005 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, March 31, 2005. |
| Rev. Rul. 2005-33(PDF, 89K) |
IRB #2005-23(HTML) |
June 6, 2005 |
| Insurance companies; premium stabilization reserves. This ruling holds that additions to premium stabilization reserves are return premiums for purposes of determining the amount of premiums earned on insurance contracts during a taxable year. |
| Rev. Rul. 2005-32(PDF, 123K) |
IRB #2005-23(HTML) |
June 6, 2005 |
| 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 2005. |
| Rev. Rul. 2005-31(PDF, 64K) |
IRB #2005-21(HTML) |
May 23, 2005 |
| Designation of dividends; regulated investment company (RIC). This ruling provides guidance that allows a RIC, in making the dividend designations permitted by sections 852, 854, and 871 of the Code, to designate the maximum amount permitted under each provision even if the total amount so designated exceeds the total amount of the RIC’s dividend distributions. It also allows individual shareholders of the RIC who are U.S. persons to apply designations to the dividends they receive from the RIC that differ from designations applied by shareholders who are nonresident aliens. |
| Rev. Rul. 2005-30(PDF, 53K) |
IRB #2005-20(HTML) |
May 16, 2005 |
| Deferred annuity contract. This ruling addresses the treatment of certain amounts received under a deferred annuity contract as income in respect of a decedent (IRD) under section 691 of the Code. Rev. Rul. 79-335 modified and superseded. |
| Rev. Rul. 2005-29(PDF, 57K) |
IRB #2005-21(HTML) |
May 23, 2005 |
| Insurance companies; interest rate tables. Prevailing state assumed interest rates are provided for the determination of reserves under section 807 of the Code for contracts issued in 2004 and 2005. Rev. Rul. 92-19 supplemented in part. |
| Rev. Rul. 2005-28(PDF, 55K) |
IRB #2005-19(HTML) |
May 9, 2005 |
| Medicaid rebates. This ruling holds that Medicaid rebates incurred by a pharmaceutical manufacturer are purchase price adjustments that are subtracted from gross receipts in determining gross income. Rev. Rul. 76-96 suspended in part. |
| Rev. Rul. 2005-27(PDF, 58K) |
IRB #2005-19(HTML) |
May 9, 2005 |
| 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 May 2005. |
| Rev. Rul. 2005-26(PDF, 76K) |
IRB #2005-17(HTML) |
April 25, 2005 |
| LIFO; price indexes; department stores. The February 2005 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, February 28, 2005. |
| Rev. Rul. 2005-25(PDF, 56K) |
IRB #2005-18(HTML) |
May 2, 2005 |
| Health Savings Accounts (HSAs); non-high deductible health plan (HDHP). This ruling provides guidance on eligibility and contribution rules under section 223 of the Code for a married individual whose spouse has non-high deductible health plan (HDHP) coverage. A married individual may contribute to a Health Savings Account (HSA) even though his or her spouse has non-HDHP coverage, so long as the individual is not covered by the spouse’s non-HDHP. The maximum amount that an eligible individual may contribute to an HSA is based on whether the individual has self-only or family HDHP coverage. |
| Rev. Rul. 2005-24(PDF, 70K) |
IRB #2005-16(HTML) |
April 18, 2005 |
| Health reimbursement arrangements. This ruling addresses the income tax treatment under section 105 of the Code of amounts received by employees from employer-provided reimbursement plans. Notice 2002-45 amplified. |
| Rev. Rul. 2005-23(PDF, 86K) |
IRB #2005-15(HTML) |
April 11, 2005 |
| 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 April 2005. |
| Rev. Rul. 2005-22(PDF, 93K) |
IRB #2005-13(HTML) |
March 28, 2005 |
| LIFO; price indexes; department stores. The January 2005 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, January 31, 2005. |
| Rev. Rul. 2005-21(PDF, 90K) |
IRB #2005-14(HTML) |
April 4, 2005 |
| Frivolous tax returns; use of "straw man" to avoid tax. This ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax on the erroneous theory that the government has created a separate and distinct entity or "straw man," in place of the taxpayer and that the taxpayer is not responsible for the tax obligations of the "straw man". This argument has no merit and is frivolous. |
| Rev. Rul. 2005-20(PDF, 86K) |
IRB #2005-14(HTML) |
April 4, 2005 |
| Frivolous tax returns; protesting government programs or policies. This ruling emphasizes to taxpayers and to promoters and return preparers that liability for federal taxes does not depend on whether the taxpayer agrees with the government programs or policies that are funded with tax receipts. Any argument that taxpayers may refuse to report income or claim deductions because they oppose particular government programs or policies is frivolous and has no merit. |
| Rev. Rul. 2005-19(PDF, 97K) |
IRB #2005-14(HTML) |
April 4, 2005 |
| Frivolous tax returns; constitutionally based arguments. This ruling emphasizes to taxpayers and to promoters and return preparers that a taxpayer cannot avoid income tax by making frivolous constitutionally based arguments. |
| Rev. Rul. 2005-18(PDF, 92K) |
IRB #2005-14(HTML) |
April 4, 2005 |
| Frivolous tax returns; altering the jurat. This ruling deals with taxpayers who attempt to reduce their federal tax liability by striking or altering the written declaration (the jurat) that verifies that a return, declaration, statement or other document is made under penalties of perjury. The ruling emphasizes to taxpayers and to promoters and return preparers that striking or altering the jurat in a manner that negates its validity invalidates the return. |
| Rev. Rul. 2005-17(PDF, 66K) |
IRB #2005-14(HTML) |
April 4, 2005 |
| Frivolous tax returns; Social Security refund. This ruling emphasizes to taxpayers and to promoters and return preparers that there is no right to a refund of, or a deduction for, Social Security taxes paid based on arguments that a taxpayer has waived the right to receive Social Security benefits or has donated Social Security taxes or benefits to the government. These arguments have no merit and are frivolous. |
| Rev. Rul. 2005-16(PDF, 90K) |
IRB #2005-13(HTML) |
March 28, 2005 |
| Low-income housing credit; satisfactory bond; "bond factor" amounts for the period January through June 2005. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through June 2005. |
| Rev. Rul. 2005-15(PDF, 110K) |
IRB #2005-11(HTML) |
March 14, 2005 |
| Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning April 1, 2005, will be 6 percent for overpayments (5 percent in the case of a corporation), 6 percent for underpayments, and 8 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 3.5 percent. |
| Rev. Rul. 2005-14(PDF, 87K) |
IRB #2005-12(HTML) |
March 21, 2005 |
| Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cents-per-mile rates and terminal charges in effect for the first half of 2005 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61-21(g) of the regulations. |
| Rev. Rul. 2005-13(PDF, 115K) |
IRB #2005-10(HTML) |
March 7, 2005 |
| 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 March 2005. |
| Rev. Rul. 2005-12(PDF, 56K) |
IRB #2005-9(HTML) |
February 28, 2005 |
| LIFO; price indexes; department stores. The December 2004 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, December 31, 2004. |
| Rev. Rul. 2005-11(PDF, 100K) |
IRB #2005-14(HTML) |
April 4, 2005 |
| Alternative minimum tax; refinanced mortgage interest. Interest paid on a home mortgage that has been refinanced more than one time is deductible as qualified housing interest for purposes of the alternative minimum tax to the extent the interest on the mortgage that was refinanced is qualified housing interest and the amount of the mortgage indebtedness is not increased. |
| Rev. Rul. 2005-10(PDF, 62K) |
IRB #2005-7(HTML) |
February 14, 2005 |
| Partnership mergers. This ruling informs taxpayers that the Treasury Department and the Service intend to issue regulations under sections 704(c)(1)(B) and 737 of the Code implementing the principles of Rev. Rul. 2004-43. Rev. Rul. 2004-43 revoked. |
| Rev. Rul. 2005-9(PDF, 41K) |
IRB #2005-6(HTML) |
February 7, 2005 |
| Bankruptcy cases; definition of "pending". This ruling discusses the definition of "pending" regarding bankruptcy cases for purposes of the relief from the imposition of certain penalties provided under section 6658 of the Code. |
| Rev. Rul. 2005-8(PDF, 57K) |
IRB #2005-6(HTML) |
February 7, 2005 |
| 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 February 2005. |
| Rev. Rul. 2005-7(PDF, 55K) |
IRB #2005-6(HTML) |
February 7, 2005 |
| Segregated asset account. For purposes of determining whether a segregated asset account held by an insurance company is adequately diversified pursuant to section 817(h) of the Code, a segregated asset account that invests in a regulated investment company which in turn, holds an interest in another regulated investment company, may look through to the individual assets of both regulated investment companies. |
| Rev. Rul. 2005-6(PDF, 62K) |
IRB #2005-6(HTML) |
February 7, 2005 |
| Life insurance contracts. For purposes of determining whether a contract qualifies as a life insurance contract under section 7702 of the Code, and as a modified endowment contract under section 7702A, charges for qualified additional benefits (QABs) are to be taken into account under the expense charge rule of section 7702(c)(3)(B)(ii) rather than under the mortality charge rule of section 7702(c)(3)(B)(i). Issuers whose compliance systems do not currently account for QABs under the expense charge rule of section 7702(c)(3)(B)(ii) are provided alternatives to correct their compliance systems. |
| Rev. Rul. 2005-5(PDF, 44K) |
IRB #2005-5(HTML) |
January 31, 2005 |
| LIFO; price indexes; department stores. The November 2004 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, November 30, 2004. |
| Rev. Rul. 2005-4(PDF, 76K) |
IRB #2005-4(HTML) |
January 24, 2005 |
| Interest suspension; time sensitive penalties. Section 6404(g) of the Code suspends interest and time sensitive penalties, additions to tax and additional amounts with respect to an increased tax liability reported on an individual’s amended income tax return filed more than 18 months after the date that is the later of (1) the original due date of the return (without regard to extensions) or (2) the date on which the taxpayer timely filed the return. |
| Rev. Rul. 2005-3(PDF, 63K) |
IRB #2005-3(HTML) |
January 18, 2005 |
| Section 901(j)(5) Presidential waiver; Libya. Pursuant to a section 901(j)(5) Presidential waiver, section 901(j)(1) of the Code ceased to apply to Libya effective December 10, 2004. Section 911(d)(8) is not applicable to Libya after September 20, 2004, and Iraq after July 29, 2004. Rev. Ruls. 92-63 and 95-63 modified and superseded. Rev. Rul. 2004-103 superseded. |
| Rev. Rul. 2005-2(PDF, 60K) |
IRB #2005-2(HTML) |
January 10, 2005 |
| 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 January 2005. |
| Rev. Rul. 2005-1(PDF, 55K) |
IRB #2005-2(HTML) |
January 10, 2005 |
| Low-income housing credit; satisfactory bond; "bond factor" amounts for the period January through March 2005. This ruling announces the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2005. |
