INCOME TAX

Rev. Rul. 2005–29, page 1080. 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, page 1084. Designation of dividends; regulated investment com- pany (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.

Notice 2005–35, page 1087. 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, page 1093. 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

Finding Lists begin on page ii.