Department of Treasury July 12, 2005 – Federal Register Recent Federal Regulation Documents

Open Meeting of the Ad Hoc Committee of the Taxpayer Advocacy Panel
Document Number: E5-3691
Type: Notice
Date: 2005-07-12
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The open meeting of the Ad Hoc Committee of the Taxpayer Advocacy Panel (via teleconference) originally published in the Federal Register on July 6, 2005, has been cancelled.
LIFO Recapture Under Section 1363(d)
Document Number: 05-13383
Type: Rule
Date: 2005-07-12
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations regarding LIFO recapture by corporations converting from C corporations to S corporations. The purpose of these regulations is to provide guidance on the LIFO recapture requirement when the corporation holds inventory accounted for under the last-in, first-out (LIFO) method (LIFO inventory) indirectly through a partnership. These regulations affect C corporations that own interests in partnerships holding LIFO inventory and that elect to be taxed as S corporations or that transfer such partnership interests to S corporations in nonrecognition transactions. These regulations also affect S corporations receiving such partnership interests from C corporations in nonrecognition transactions.