ADMINISTRATIVE

Rev. Proc. 2005–68, page 694. This procedure provides guidelines for requesting expedited processing of letter ruling requests for certain reorganizations and for distributions under section 355 of the Code, and clarifies the requirement that a “significant issue” be present before the Service will rule on certain transactions. Rev. Procs. 2005–1 and 2005–3 amplified.

Announcement 2005–71, page 714. Revised optional standard mileage rates for 2005. This announcement advises taxpayers that the Service is revising the optional standard mileage rates for business, medical, and moving expenses. Effective September 1, 2005, the business standard mileage rate is 48.5 cents per mile and the standard mileage rate for medical and moving expenses is 22 cents per mile. Rev. Proc. 2004–64 modified.

Announcement 2005–73, page 715. This announcement contains updates and corrections to Publication 1187, Specifications for Filing Form 1042–S, Foreign Person’s U.S. Source Income Subject to Withholding, Electron- ically or Magnetically .

October 11, 2005 2005–41 I.R.B.