INCOME TAX

Rev. Rul. 99–5, page 8. Disregarded entity to partnership. This ruling describes the federal income tax consequences when a single member limited liability company that is disregarded as an entity separate from its owner under section 301.7701–3 of the Procedure and Administration Regulations becomes an entity with more than one owner that is classified as a partnership for federal tax purposes.

Rev. Rul. 99–6, page 6. Partnership to disregarded entity. This ruling describes the federal income tax consequences if one person purchases all of the ownership interests in a domestic limited liability company (LLC) that is classified as a partnership under section 301.7701–3 of the Procedure and Administration Regulations, causing the LLC’s status as a partnership to terminate under section 708(b)(1)(A) of the Code.

Rev. Rul. 99–8, page 10. Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term exempt rate. For purposes of sections 1274, 1288, 382, and other sections of the Code, tables set forth the rates for February 1999.

T.D. 8799, page 12. Final regulations relate to the treatment of certain investment income under the qualifying income provisions of section 7704 of the Code and the application of the passive activity loss rules to publicly traded partnerships.

Finding Lists begin on page 24.

Department of the Treasury Internal Revenue Service