INCOME TAX

Rev. Rul. 2005–59, page 505. Valid return; election to file joint return. This ruling clarifies when documents prepared or executed by the Secretary under section 6020 of the Code, or waivers on assessment constitute valid returns under Beard v. Commissioner, 82 T.C. 766 (1984), aff’d, 793 F.2d 139 (6th Cir. 1986), for purposes of the election to file a joint return under section 6013. Rev. Rul. 74–203 revoked.

T.D. 9217, page 498. REG–121584–05, page 523. Final, temporary, and proposed regulations under section 263A of the Code relate to the definition of self-constructed property that is considered produced on a “routine and repetitive” basis in the ordinary course of a taxpayer’s trade or business for purposes of the simplified service cost method and the simplified production method provided by the regulations. For purposes of these methods, property is produced on a routine and repetitive basis only if numerous substantially identical assets are manufactured within a taxable year using standardized designs and assembly line techniques, and the applicable recovery period of the property determined under section 168(c) is not longer than 3 years.

T.D. 9218, page 503. Final regulations under section 883 of the Code amend the applicability date of final regulations (T.D. 9087, 2003–2 C.B. 781) that relate to income derived by a foreign corporation from the international operation of ships or aircraft. Section 423 of the American Jobs Creation Act of 2004 delayed the applicability date of the final regulations under section 883 for one year so that they will apply to taxable years of foreign corporations beginning after September 24, 2004.

Finding Lists begin on page ii.