Because Patriots’ Day falls on Monday, April 16, this notice provides individual taxpayers residing in Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont, and the District of Columbia an additional day to file their federal income tax returns and make their payments (until April 17, 2007). The additional day applies to the payment of the first installment of estimated tax for 2007.

Guidance is provided concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under sections 6662(d) and 6694(a) of the Code.

Optional standard mileage rates. This procedure announces 48.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 20 cents as the optional rate for use of an automobile as a medical or moving expense for 2007. The procedure also provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes. Rev. Proc. 2005-78 superseded.

Substantiation of expenses of Native Alaskan whaling captains. This document provides the procedures for the substantiation of whaling expenses of an individual recognized as a whaling captain by the Alaska Eskimo Whaling Commission.

This document contains corrections to a notice of proposed rulemaking (REG-124152-06, 2006-36 I.R.B. 368) and notice of public hearing relating to the determination of who is considered to pay a foreign tax for purposes of sections 901 and 903 of the Code.

This document contains corrections to final and temporary regulations (T.D. 9244, 2006-8 I.R.B. 463) under sections 358 and 1502 of the Code regarding the determination of the basis of stock or securities received in exchange for, or with respect to, stock or securities in certain transactions.