CCH TAX NEWS for June 2, 2006
FEDERAL NEWS
IRS Reminds Charities Not to Engage in Political Campaign Activities (IR-2006-87)
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Proposed Regulations Address Attribution of Earnings and Profits Under Code Sec. 1248 Following Nonrecognition Transactions (NPRM REG-135866-02)
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IRS's Right to Set Off Tax Overpayments Against Tax Liabilities Did Not Constitute Cause to Lift Automatic Stay After Confirmation of Chapter
13 Plan (In re Shultz, BAP-6)
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STATE NEWS
Iowa --Corporate, Personal Income Taxes: Targeted Jobs Withholding Credit Created
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Wisconsin --Corporate, Personal Income Taxes: Film Production Credits Enacted
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