[Federal Register Volume 78, Number 75 (Thursday, April 18, 2013)]
[Proposed Rules]
[Pages 23183-23184]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-09084]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-154563-12]
RIN 1545-BL46
Reporting for Premium
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
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SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations relating to
the reporting of bond premium and acquisition premium. The text of
those regulations also serves as the text of these proposed
regulations.
DATES: Written or electronic comments must be received by July 17,
2013.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-154563-12), room
5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand-delivered Monday through
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
154563-12), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue NW., Washington, DC, or sent electronically via the Federal
eRulemaking Portal at www.regulations.gov (IRS REG-154563-12).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
Pamela Lew, (202) 622-3950; concerning submissions of comments,
Oluwafunmilayo (Funmi) Taylor, (202) 622-7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of Provisions
Temporary regulations in the Rules and Regulations section of this
issue of the Federal Register amend the Income Tax Regulations (26 CFR
part 1) relating to section 6049. The temporary regulations set forth
information reporting requirements related to bond premium and
acquisition premium. The text of the temporary regulations also serves
as the text of these proposed regulations.
Consideration of Administrative Burdens Related to Basis Reporting
A number of commenters have indicated that compliance with basis
reporting requirements and the use of basis and other information
reported by brokers will require considerable resources and effort on
the part of return preparers and information recipients. The Treasury
Department and the IRS are continuing to review all aspects of the
information reporting process and are exploring ways to reduce the
compliance burden for both brokers and for information recipients.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in Executive Order
12866, as supplemented by Executive Order 13563. Therefore, a
regulatory assessment is not required. It also has been determined that
section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5)
does not apply to these regulations, and because the regulations
[[Page 23184]]
do not impose a collection of information on small entities, the
Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply.
Pursuant to section 7805(f) of the Internal Revenue Code, this
notice of proposed rulemaking has been submitted to the Chief Counsel
for Advocacy of the Small Business Administration for comment on its
impact on small businesses.
Comments and Request for Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written (a signed original and eight
(8) copies) or electronic comments that are submitted timely to the IRS
as prescribed in the preamble under the ``ADDRESSES'' heading. The
Treasury Department and the IRS welcome comments on the clarity of the
proposed rules and how they can be made easier to understand. All
comments will be available at www.regulations.gov for public inspection
and copying. A public hearing may be scheduled if requested in writing
by any person that timely submits written comments. If a public hearing
is scheduled, notice of the date, time, and place for a public hearing
will be published in the Federal Register.
Drafting Information
The principal author of these regulations is Pamela Lew, Office of
Associate Chief Counsel (Financial Institutions and Products). However,
other personnel from the IRS and the Treasury Department participated
in their development.
List of Subjects in 26 CFR Part 1
Income Taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 is amended by adding an
entry in numerical order to read in part as follows:
Authority: 26 U.S.C. 7805 * * * Section 1.6049-9 also issued
under 26 U.S.C. 6049(a). * * *
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Par. 2. Section 1.6049-9 is added to read as follows:
Sec. 1.6049-9 Premium subject to reporting for a debt instrument
acquired on or after January 1, 2014.
[The text of proposed Sec. 1.6049-9 is the same as the text of
Sec. 1.6049-9T published elsewhere in this issue of the Federal
Register].
Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2013-09084 Filed 4-17-13; 8:45 am]
BILLING CODE 4830-01-P