Bulletin No. 2005-32 August 8, 2005

Notice 2005–55, page 265. 2005 marginal production rates. This notice announces the applicable percentage under section 613A of the Code to be used in determining percentage depletion for marginal properties for the 2005 calendar year.

Notice 2005–56, page 266. 2005 enhanced oil recovery credit. The enhanced oil recovery credit for taxable years beginning in the 2005 calendar year is determined without regard to the phase-out for crude oil price increases provided in section 43(b) of the Code.

Notice 2005–57, page 267. Tobacco quota termination payments. This notice provides guidance in a Q&A format regarding the tax treatment of payments made to eligible tobacco quota holders for the termination of tobacco marketing quotas and related price support programs under the American Jobs Creation Act of 2004. Notice 2005–51 modified and superseded.

Rev. Proc. 2005–47, page 269. This procedure provides automatic consent procedures for certain taxpayers to change their method of accounting for credit card cash advance fees to treat these fees as creating or increasing OID on a pool of credit card loans that includes the cash advances that give rise to these fees. The procedure also sets forth the conditions under which the Commissioner will not challenge a taxpayer’s treatment of such fees. Rev. Proc. 2002–9 modified and amplified.

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