Links to Official IRS Bulletin Documents listed below are in the Adobe Acrobat PDF Format, and require the appropriate Acrobat Reader to view and/or print.

INCOME TAX

Announcement 2005-35(PDF, 44K)
This document contains corrections to temporary regulations (T.D. 9170, 2005-4 I.R.B. 363) that provide guidance concerning the applicability of section 1374 to S corporations that acquire assets in carryover basis transactions from C corporations on or after December 27, 1994, and to certain corporations that terminate S corporation status and later elect again to become S corporations.

Notice 2005-35(PDF, 28K)
Issuers of life insurance contracts that request to enter into a closing agreement with the Internal Revenue Service under Alternative B or C of Rev. Rul. 2005-6 may, in lieu of a paper submission, provide a CD-ROM diskette in read-only format listing the contracts that are the subject of the closing agreement.

Rev. Proc. 2005-28(PDF, 44K)
This procedure provides the mechanism by which taxpayers may choose to forgo the normally required private letter ruling for switching from the fair market value method to the alternative tax book value method, within a certain limited time period. Section 864(e)(2) requires that interest expense be apportioned on the basis of assets for purposes of computing foreign source taxable income. Taxpayers may elect to compute the value of assets on the basis of fair market value or tax book value. In March 2004, Treasury and the IRS issued temporary and proposed regulations that contained a third method for determining the value of assets, the "alternative tax book value method."

Rev. Rul. 2005-29(PDF, 57K)
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. 2005-31(PDF, 64K)
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.

Announcement 2005-36(PDF, 51K)
EP opinion letters and advisory letters; GUST. This announcement is the formal closing of the GUST program for defined contribution pre-approved plans. The announcement states that after June 15, 2005, the Service will no longer accept those submissions. In addition, this announcement states that October 31, 2005, is the deadline for sponsors and practitioners of mass submitter plans and national sponsor plans for the initial six-year cycle for defined contribution pre-approved plans for the EGTRRA program.

Announcement 2005-37(PDF, 48K)
Volume Submitter (VS) practitioners; certain plan amendments. This announcement explains the steps available to VS practitioners to make certain plan amendments on behalf of the adopting employers of their VS specimen plans.

Notice 2005-39(PDF, 39K)
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for May 2005 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

Notice 2005-40(PDF, 92K)
Election to defer a net experience loss; notice to Pension Benefit Guaranty Corporation; notice to plan participants and beneficiaries; notice to employers; notice to labor organizations. This notice provides guidance regarding the election that can be made for certain multiemployer plans to defer charges with respect to certain net experience losses pursuant to section 412(b)(7)(F) of the Code and section 302(b)(7)(F) of the Employee Retirement Income Security Act of 1974 (ERISA), as well as certification and notification requirements.

Announcement 2005-38(PDF, 35K)
Beacon Ministries of North Carolina, Inc., of Creston, NC; Haysville Tiger Baseball Foundation of Haysville, KS; and National Center for Debt Elimination, Ltd., of North Huntingdon, PA, no longer qualify as organizations to which contributions are deductible under section 170 of the Code. May 23, 2005 2005-21 I.R.B.