INCOME TAX

Rev. Rul. 2006-62(HTML)
LIFO; price indexes; department stores. The October 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, October 31, 2006.

Rev. Rul. 2006-63(HTML)
Interest rates; underpayments and overpayments. The rate of interest determined under section 6621 of the Code for the calendar quarter beginning January 1, 2007, will be 8 percent for overpayments (7 percent in the case of a corporation), 8 percent for underpayments, and 10 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 5.5 percent.

Rev. Proc. 2006-55(HTML)
Specifications are set forth for the private printing of paper and laser-printed substitutes for tax year 2006 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Proc. 2005-65 superseded.

Notice 2006-111(HTML)
Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for December 2006 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

Announcement 2006-101(HTML)
A list is provided of organizations now classified as private foundations

Rev. Proc. 2006-55(HTML)
Specifications are set forth for the private printing of paper and laser-printed substitutes for tax year 2006 Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements. Rev. Proc. 2005-65 superseded.

Rev. Proc. 2006-56(HTML)
Nonaccrual-experience method of accounting. This procedure provides the exclusive procedures under which a taxpayer may request the consent of the Commissioner to make certain changes to, from, or within a nonaccrual-experience (NAE) method of accounting and to adopt certain NAE methods. Final regulations on the NAE method of accounting are effective August 31, 2006. Rev. Proc. 2002-9 modified and amplified.

Announcement 2006-102(HTML)
This document contains corrections to final regulations (T.D. 9273, 2006-37 I.R.B. 394) addressing the carryover of certain tax attributes, such as earnings and profits and foreign income tax accounts, when two corporations combine in a corporate reorganization or liquidation that is described in both sections 367(b) and 381 of the Code.

Announcement 2006-103(HTML)
This document contains corrections to final and temporary regulations (T.D. 9293, 2006-48 I.R.B. 957) concerning the amendments made by the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) to section 199 of the Code.

Announcement 2006-104(HTML)
This document contains corrections to final regulations (T.D. 9292, 2006-47 I.R.B. 914) regarding the allocation of creditable foreign tax expenditures by partnerships.

Announcement 2006-105(HTML)
This document contains corrections to temporary regulations (T.D. 9286, 2006-43 I.R.B. 750) providing rules for claiming the railroad track maintenance credit under section 45G of the Code for qualified railroad track maintenance expenditures paid or incurred by a Class II or Class III railroad and other eligible taxpayers during the taxable year.