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.

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.

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.

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 adjusting inside loss. These regulations finalize section 1.1502-35T without substantive change.

Specifications are set forth for the private printing of paper and laser-printed substitutes for the January 2006 revisions of Form W-2c, Corrected Wage and Tax Statement, and Form W-3c, Transmittal of Corrected Wage and Tax Statements. Rev. Proc. 2003-31 superseded.

Weighted average interest rate update; 30-year Treasury securities. The weighted average interest rate for March 2006 and the resulting permissible range of interest rates used to calculate current liability and to determine the required contribution are set forth.

Specifications are set forth for the private printing of paper and laser-printed substitutes for the January 2006 revisions of Form W-2c, Corrected Wage and Tax Statement, and Form W-3c, Transmittal of Corrected Wage and Tax Statements. Rev. Proc. 2003-31 superseded.

U.S.-Ireland income tax treaty and protocol. This announcement provides a copy of the Mutual Agreement, entered into on February 9, 2006, by the Competent Authorities of the United States and Ireland, regarding the treatment of common contractual funds under the U.S.-Ireland income tax treaty and protocol.

U.S.-Japan Investment Bank list. This announcement provides a copy of the first publication, dated March 3, 2006, regarding notification of self-certification of United States and Japanese resident investment banks, pursuant to section E of the U.S.-Japan Investment Bank MOU entered into on December 27, 2005 (Ann. 2006-6, 2006-4 I.R.B. 340) by the Competent Authorities of the United States and Japan.