Revenue Ruling 2014-16 provides various prescribed rates for federal income tax purposes for June 2014 (the current month).

Revenue Ruling 2014-17 holds that tangible assets used in converting corn to fuel grade ethanol are properly included in asset class 49.5 of Rev. Proc. 87-56,1987-2 C.B. 674, for depreciation purposes.  The Internal Revenue Service will not apply the revenue ruling to tangible assets that are used in converting biomass to a liquid fuel such as fuel grade ethanol that a taxpayer places in service before June 9, 2014.