Bulletin No. 2005-30 July 25, 2005

EMPLOYEE PLANS

Notice 2005–54, page 127. Weighted average interest rate update; corporate bond indices; 30-year Treasury securities. The weighted average interest rate for July 2005 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

EXCISE TAX

Rev. Proc. 2005–45, page 141. This procedure provides that a list of rural airports published by the U.S. Department of Transportation, Office of the Secretary of Transportation, may be relied upon to determine whether an airport is a “rural airport” as defined in section 4261(e)(1)(B) of the Code, for purposes of the exception from tax on the amount paid for a domestic segment of taxable transportation by air. Rev. Proc. 98–18 obsoleted.

ADMINISTRATIVE

Rev. Rul. 2005–49, page 125. Judicial remedy for wrongful levies. This ruling clarifies that a wrongful levy action under section 7426 of the Code is the only remedy available to a third person whose property was levied to satisfy the tax debt of another.

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Rev. Rul. 2005–50, page 124. Discharge of property; refund action. This ruling clarifies that, in light of amendments to sections 6325 and 7426 of the Code made by the IRS Restructuring and Reform Act of 1998, a person not liable for the underlying tax may not file a refund action under the holding of United States v. Williams, 514 U.S. 527 (1995).

Rev. Proc. 2005–42, page 128. Publication 1245 is revised for tax year 2005. Follow the specifications in this revenue procedure when submitting Form W–4 electronically or magnetically. Rev. Proc. 2001–16 superseded.

July 25, 2005 2005–30 I.R.B.