INCOME TAX

T.D. 9228, page 972. Final regulations under section 42 of the Code eliminate the requirement in regulations section 1.42–1(h) that a completed Form 8609, Low-Income Housing Credit Allocation and Certifi- cation, must be filed with an owner’s Federal income tax return for each of the 15 taxable years of the compliance period when the owner claims the low-income housing credit.

REG–105847–05, page 987. Proposed regulations under section 199 of the Code relate to the deduction for income attributable to domestic production activities. Section 199 was enacted as part of the American Jobs Creation Act of 2004, and allows a deduction equal to 3 percent (for 2005 and 2006) of the lesser of the qualified production activities income of the taxpayer for the taxable year, or the taxable income of the taxpayer for the taxable year, subject to certain limits. The applicable percentage rises to 6 percent for 2007, 2008, and 2009, and 9 percent for 2010 and subsequent years. A public hearing is scheduled for January 11, 2006.

Rev. Proc. 2005–70, page 979. Cost-of-living adjustments for 2006. This procedure sets forth the cost-of-living adjustments to certain items for 2006 as required under various provisions of the Code.

Rev. Proc. 2005–71, page 985. This procedure modifies Rev. Proc. 2004–59, 2004–2 C.B. 678, to extend the sunset date for participation in the Voluntary Compliance Program from December 31, 2005, to March 31, 2006, and provides that no extensions will be granted beyond June 30, 2006. Rev. Proc. 2004–59 modified.

Finding Lists begin on page ii.