INCOME TAX

Rev. Rul. 2006–7, page 399. Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for February 2006.

T.D. 9238, page 408. REG–143244–05, page 419. Temporary and proposed regulations under section 7874 of the Code provide for determination of whether a foreign corporation is a surrogate foreign corporation when the foreign corporation is part of an expanded affiliated group. A public hearing on the proposed regulations is scheduled for April 27, 2006.

Notice 2006–9, page 413. This notice provides procedures for a vehicle manufacturer to certify that a passenger automobile or light truck meets certain requirements for the new advanced lean burn technology motor vehicle credit or the new qualified hybrid motor vehicle credit, and to certify the amount of the credit available with respect to the vehicle. The notice also provides guidance to taxpayers who purchase passenger automobiles and light trucks regarding the conditions under which they may rely on the vehicle manufacturer’s certification.