ADMINISTRATIVE

Notice 2006–47, page 892. This notice provides a brief description of various elections that were created by the American Jobs Creation Act of 2004 as well as the revocation of certain elections, and it includes information about the effective date, the deadline for making the election/revocation, and interim guidance where applicable. Rev. Proc. 2002–9 modified and amplified.

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Rev. Proc. 2006–23, page 900. This document updates the procedures for requesting assistance from the U.S. competent authority under the provisions of tax coordination agreements entered into between the IRS and the tax agencies of American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, the U.S. Virgin Islands, and Puerto Rico (collectively, the U.S. possessions). Rev. Proc. 89–8 superseded.

Announcement 2006–31, page 912. This announcement contains corrections to T.D. 9244, 2006–8 I.R.B. 463, that provides guidance regarding the determination of the basis of stock or securities received in exchange for, or with respect to, stock or securities in certain transactions.

Announcement 2006–32, page 913. This announcement contains a correction to final regulations (T.D. 9248, 2006–9 I.R.B. 524) under sections 881(b) and 937(a) of the Code that provide rules for determining bona fide residency in the following U.S. possessions: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the United States Virgin Islands.

May 15, 2006 2006–20 I.R.B.