INCOME TAX

Rev. Rul. 2005–3, page 334. 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 Ruls. 92–63 and 95–63 modified and superseded.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 Rul. 2004–103 superseded.

Notice 2005–2, page 337. This notice provides guidance to qualifying vessel operators on the procedure for electing into the tonnage tax regime under section 1354(a) of the Code, which was added by section 248 of the American Jobs Creation Act of 2004.