ADMINISTRATIVE

Rev. Rul. 2006–34, page 1171. Real property interests; closely held business. This ruling updates the guidance provided by Rev. Ruls. 75–365, 75–366, and 75–367, and provides certain safe harbors and a non-exclusive list of factors that are likely to be relevant in determining whether a deceased owner’s activities with regard to certain real property were sufficiently active to support a finding that the real property interest constitutes a closely held business interest for purposes of section 6166 of the Code. Rev. Rul. 75–365 revoked and Rev. Rul. 75–367 revoked in part.

T.D. 9264, page 1150. REG–134317–05, page 1184. Final, temporary, and proposed regulations under section 1502 of the Code and others simplify, clarify, or eliminate taxpayer reporting burdens. They also eliminate regulatory impediments to the electronic filing of certain statements that taxpayers are required to include on or with their federal income tax returns.

June 26, 2006 2006–26 I.R.B.