Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Balboni John N
 2. Date of Event Requiring Statement (Month/Day/Year)
03/13/2006		 3. Issuer Name and Ticker or Trading Symbol
INTERNATIONAL PAPER CO /NEW/ [IP]
(Last)
(First)
(Middle)
C/O INTERNATIONAL PAPER, 400 ATLANTIC STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
SVP and CIO
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

STAMFORD, CT 06921		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 74,972 (1)
D
 
Common Stock 7,406 (1) (2)
I
By SSP
Common Stock 1,332
I
By Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options (right to buy) 01/14/1999 01/14/2007 Common Stock 4,000 $ 42.875 D  
Employee Stock Options (right to buy) 01/29/1999 01/29/2007 Common Stock 2,000 $ 41 D  
Employee Stock Options (right to buy) 04/14/2000 04/14/2008 Common Stock 4,000 $ 51.375 D  
Employee Stock Options (right to buy) 01/12/2001 01/12/2009 Common Stock 4,000 $ 46 D  
Employee Stock Options (right to buy) 01/11/2002 01/11/2010 Common Stock 8,000 $ 63.375 D  
Employee Stock Options (right to buy) 10/10/2002 10/10/2010 Common Stock 8,000 $ 29.3125 D  
Employee Stock Options (right to buy) 04/10/2003 04/10/2011 Common Stock 3,500 $ 35.05 D  
Employee Stock Options (right to buy) 10/09/2003 10/09/2011 Common Stock 3,500 $ 35 D  
Employee Stock Options (right to buy) 04/09/2004 04/09/2012 Common Stock 7,500 $ 41.4 D  
Employee Stock Options (right to buy) 10/08/2004 10/08/2012 Common Stock 7,500 $ 32.54 D  
Employee Stock Options (right to buy) 04/08/2005 04/08/2013 Common Stock 10,000 $ 34.96 D  
Employee Stock Options (right to buy) 07/12/2005 10/14/2013 Common Stock 10,000 $ 39.14 D  
Common Stock Units   (5)   (5) Common Stock 4,855 (1) $ (4) I DCSP (3)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Balboni John N
C/O INTERNATIONAL PAPER
400 ATLANTIC STREET
STAMFORD, CT 06921		       SVP and CIO  

Signatures

Beth Murphree, Attorney-in-fact for John N. Balboni 03/22/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Share numbers are rounded.
(2) Represents shares of International Paper common stock held through the International Paper Salaried Savings Plan (SSP). This information is as of March 13, 2006.
(3) The International Paper Deferred Compensation Savings Plan (DCSP) is an unfunded deferred compensation plan. Deferrals are placed into various fund equivalents offered by the DCSP, including investments in common stock equivalents of International Paper (units).
(4) The units are to be converted into cash based on the stock price of International Paper's common stock at the time of conversion.
(5) Distributions from the DCSP are made when a participant retires, terminates employment, becomes permanently disabled or dies. All distributions are paid in cash.

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