INCOME TAX

Ct. D. 2081, page 656. IRA assets; bankruptcy estate. The Supreme Court holds that a taxpayer can exempt IRA assets from the bankruptcy estate because the IRAs fulfill both of the Bankruptcy Code section 522(d)(10)(E) requirements at issue here—they confer a right to receive payment on account of age, and they are similar plans or contracts to those enumerated in section 522(d)(10)(E). Rousey, et ux. , v . Jacoway.

Rev. Rul. 2006–13, page 656. Fringe benefits aircraft valuation formula. The Standard Industry Fare Level (SIFL) cent-per-mile rates and terminal charges in effect for the first half of 2006 are set forth for purposes of determining the value of noncommercial flights on employer-provided aircraft under section 1.61–21(g) of the regulations.

Rev. Rul. 2006–15, page 661. LIFO; price indexes; department stores. The January 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, January 31, 2006.

T.D. 9254, page 662. Final regulations under section 1502 of the Code apply when a member of a consolidated group sells subsidiary stock at a loss. They also apply when a member holds loss shares of subsidiary stock and the subsidiary ceases to be a member of the group. The regulations generally limit duplicated losses by redetermining stock basis, suspending stock loss, or adjust

Finding Lists begin on page ii. Index for January through March begins on page iv.