INCOME TAX

Rev. Rul. 2006–5, page 302. Low-income housing credit; satisfactory bond; “bond factor” amounts for the period January through March 2006. This ruling provides the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through March 2006.

REG–137243–02, page 317. Proposed regulations under section 7216 of the Code update the rules regarding the disclosure and use of tax return information by tax return preparers. The regulations announce new and additional rules for taxpayers to consent electronically to the disclosure or use of their tax return information by tax return preparers. The proposed rules provide guidelines for tax return preparers using or disclosing information obtained in the process of preparing income tax returns. A public hearing is scheduled for April 4, 2006.

Notice 2006–3, page 306. Section 1(h) of the Code provides that certain dividends paid to an individual shareholder from either a domestic corporation or a “qualified foreign corporation” are subject to tax at the reduced rates applicable to certain capital gains. This notice provides guidance for persons required to make returns and provide statements under section 6042 regarding distributions with respect to securities issued by a foreign corporation, and for individuals receiving such statements. This notice provides generally that the simplified procedures and other rules contained in Notice 2003–79 and Notice 2004–71 are extended to apply for 2005 information reporting of distributions with respect to securities issued by foreign corporations and for future years.

Finding Lists begin on page ii.