[Federal Register Volume 78, Number 234 (Thursday, December 5, 2013)]
[Rules and Regulations]
[Pages 73079-73083]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-28933]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
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Federal Register / Vol. 78, No. 234 / Thursday, December 5, 2013 /
Rules and Regulations
[[Page 73079]]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9648]
RIN 1545-BK53
Dividend Equivalents From Sources Within the United States
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations and removal of temporary regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains final regulations relating to certain
dividend equivalents for purposes of section 871(m) of the Internal
Revenue Code (Code). The regulations provide guidance to nonresident
alien individuals and foreign corporations that hold specified notional
principal contracts providing for payments that are contingent upon or
determined by reference to U.S. source dividend payments and to
withholding agents.
DATES: Effective Date: These regulations are effective on December 5,
2013.
Applicability Date: For dates of applicability, see Sec. Sec.
1.863-7(a)(2), 1.871-15(o), 1.881-2(e), 1.892-3(c), 1.894-1(e), 1.1441-
2(f), 1.1441-3(h)(2), 1.1441-4(g)(1), 1.1441-6(i)(1), 1.1441-7(a)(4)
and (g), and 1.1461-1(c)(2)(iii).
FOR FURTHER INFORMATION CONTACT: D. Peter Merkel or Karen Walny at
(202) 317-6938 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
Congress enacted section 871(m) (originally designated as section
871(l)) on March 18, 2010, in section 541 of the Hiring Incentives to
Restore Employment Act (HIRE Act), Public Law 111-147 (124 Stat. 71).
Section 871(m) applies to any substitute dividend made pursuant to
a securities lending or a sale-repurchase transaction (repo) that is
contingent upon, or determined by reference to, the payment of a U.S.
source dividend, any payment made pursuant to a notional principal
contract (NPC) that is a specified notional principal contract
(specified NPC) when the payment is contingent upon, or determined by
reference to, the payment of a U.S. source dividend, and any other
payment determined by the Secretary to be substantially similar
(dividend equivalent). Section 871(m) treats a dividend equivalent as a
dividend from sources within the United States for purposes of sections
871(a), 881, and 4948(a), and chapters 3 and 4 of subtitle A of the
Code. Section 871(m) generally applies to any dividend equivalent
payment made on or after September 14, 2010. With respect to payments
made on or after September 14, 2010, and on or before March 18, 2012,
section 871(m)(3)(A) provides a factor-based test for determining
whether an NPC is a specified NPC. With respect to payments made after
March 18, 2012, section 871(m)(3)(B) provides that any NPC is a
specified NPC unless the Secretary determines that the contract is of a
type which does not have the potential for tax avoidance.
On January 23, 2012, the Federal Register published temporary
regulations (TD 9572) at 77 FR 3108 (2012 temporary regulations), and a
notice of proposed rulemaking by cross-reference to temporary
regulations and notice of public hearing at 77 FR 3202 (2012 proposed
regulations, and together with the 2012 temporary regulations, 2012
section 871(m) regulations) under section 871(m) of the Code. The 2012
section 871(m) regulations related to dividend equivalents from sources
within the United States paid to nonresident alien individuals and
foreign corporations. Corrections to the 2012 temporary regulations
were published on February 6, 2012, and March 8, 2012, in the Federal
Register at 77 FR 5700 and 77 FR 13969, respectively. A correcting
amendment to the 2012 temporary regulations was also published on
August 31, 2012, in the Federal Register at 77 FR 53141.
The Treasury Department and the IRS received written comments on
the 2012 section 871(m) regulations, which are available at
www.regulations.gov. A public hearing was held on April 27, 2012. The
majority of the comments related to the 2012 proposed regulations.
Comments received regarding the provisions being finalized in this
document are described in the Explanation of Provisions part of the
preamble. An explanation of the other comments on the 2012 section
871(m) regulations is provided in the withdrawal of notice of proposed
rulemaking, notice of proposed rulemaking and notice of public hearing
on this subject in the Proposed Rules Section in this issue of the
Federal Register.
Explanation of Provisions
Section 1.871-15(d)(1) of these final regulations adopts with
minimal changes Sec. 1.871-16T(b) of the 2012 temporary regulations,
which incorporates the definition of a specified NPC provided in
section 871(m)(3)(A). The four-factor specified NPC definition provided
in Sec. 1.871-16T(b) applies to payments made after March 18, 2012,
and before January 1, 2014. These final regulations extend the
applicability of the four-factor definition to payments made before
January 1, 2016. Proposed regulations set forth in the notice of
proposed rulemaking on this subject in the Proposed Rules section in
this issue of the Federal Register (the 2013 proposed regulations)
contain the proposed definition of a specified NPC for payments made on
or after January 1, 2016. The 2013 proposed regulations replace the
2012 proposed regulations, which provided a seven-factor approach to
defining a specified NPC. Comments indicated that financial services
providers would have difficulty modifying their systems to implement
the 2012 proposed regulations under the timeline provided in the 2012
proposed regulations. The Treasury Department and the IRS believe that
an extension of the statutory definition of the term specified NPC is
necessary because the 2013 proposed regulations adopt a different
approach from the 2012 proposed regulations for determining whether an
NPC is a specified NPC. In addition, this extension will allow the
financial services industry adequate time to establish necessary
systems and other operating procedures to comply with the rules
described in the 2013 proposed regulations.
[[Page 73080]]
The 2012 temporary regulations amended several regulations to
clarify the application of section 871(m). For example, the 2012
temporary regulations modified Sec. 1.863-7 to provide that the
general source rule for NPCs did not apply to a dividend equivalent
under section 871(m). The 2012 temporary regulations also provided that
section 871(m) and Sec. 1.871-16T applied to dividend equivalents
received by foreign corporations. These final regulations adopt those
temporary rules without change.
These final regulations also amend certain regulations under
section 1441 to require a withholding agent to withhold tax owed with
respect to a dividend equivalent. Generally, these amendments are
consistent with the amendments made in the 2012 temporary regulations.
In addition, these final regulations reinstate to Sec. 1.1441-7(a)(3)
examples relating to the definition of a withholding agent, which were
inadvertently deleted by the 2012 temporary regulations.
One comment suggested that the regulations clarify that financial
intermediaries and custodians are not parties to a section 871(m)
transaction and should not be withholding agents with respect to a
dividend equivalent payment. The Treasury Department and the IRS
disagree and believe that a financial intermediary or custodian that
satisfies the definition of a withholding agent provided in Sec.
1.1441-7(a) should be considered a withholding agent for purposes of
section 871(m).
Another comment stated that Sec. 1.1441-3T(i), which permitted a
withholding agent to use the distributing corporation's estimates to
determine the amount of a dividend equivalent, was unduly harsh because
the withholding agent remained liable for tax, interest, and penalties
when the actual dividend exceeded the estimate. Section 1.1441-3T(i) is
withdrawn and is not adopted in these final regulations. The Treasury
Department and the IRS believe that withholding agents should comply
with Sec. 1.1441-3(d)(1) in the event that the amount of a dividend
equivalent is uncertain.
Other comments relating to the withholding provisions described the
difficulties that withholding agents would encounter when administering
the 2012 proposed regulations. The Treasury Department and the IRS
believe that withdrawing the 2012 proposed regulations and publishing
the 2013 proposed regulations addresses these comments.
In addition, these regulations finalize portions of the 2012
proposed regulations relating to the treatment of dividend equivalent
payments for purposes of sections 892 and 894. Comments to the 2012
proposed regulations generally supported the proposed regulations under
sections 892 and 894. These portions of the proposed regulations are
finalized without change.
The Treasury Department and the IRS will continue to closely
scrutinize other transactions that are not covered by section 871(m)
and that may be used to avoid U.S. taxation and U.S. withholding. In
addition, the IRS may challenge the U.S. tax results claimed in
connection with transactions that are designed to avoid the application
of section 871(m) using all available statutory provisions and judicial
doctrines (including the substance over form doctrine, the economic
substance doctrine under section 7701(o), the step transaction
doctrine, and tax ownership principles) as appropriate. For example,
nothing in section 871(m) precludes the IRS from asserting that a
contract labeled as an NPC is in fact an ownership interest in the
equity referenced in the contract.
Special Analyses
It has been determined that this Treasury decision 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. It is hereby certified that these
regulations will not have a significant economic impact on a
substantial number of small entities. This certification is based on
the fact that these regulations will primarily affect multinational
financial institutions, which tend to be larger businesses, and foreign
entities. Moreover the number of taxpayers affected and the average
burden are minimal. Therefore, a Regulatory Flexibility Analysis is not
required. Pursuant to section 7805(f) of the Code, the notice of
proposed rulemaking preceding this regulation was submitted to the
Chief Counsel for Advocacy of the Small Business Administration for
comment on its impact on small business.
Drafting Information
The principal authors of these regulations are D. Peter Merkel and
Karen Walny of the Office of Associate Chief Counsel (International).
Other personnel from the Treasury Department and the IRS also
participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Adoption of Amendments to the Regulations
Accordingly, 26 CFR part 1 is amended as follows:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 is amended by revising
the entry for Sec. 1.863-7 and adding an entry for Sec. 1.871-15 to
read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Sec. 1.863-7 also issued under 26 U.S.C. 863(a) and 871(m). * *
* Sec. 1.871-15 also issued under 26 U.S.C. 871(m). * * *
0
Par. 2. Section 1.863-7 is amended by:
0
1. Revising paragraph (a)(1).
0
2. In paragraph (a)(2), revising the heading and adding a sentence at
the end.
The revisions and addition read as follows:
Sec. 1.863-7 Allocation of income attributable to certain notional
principal contracts under section 863(a).
(a) Scope--(1) Introduction. This section provides rules relating
to the source and, in certain cases, the character of notional
principal contract income. However, this section does not apply to
income from a section 988 transaction within the meaning of section 988
and the regulations thereunder, relating to the treatment of certain
nonfunctional currency transactions. Further, this section does not
apply to a dividend equivalent described in section 871(m) and the
regulations thereunder. Notional principal contract income is income
attributable to a notional principal contract as defined in Sec.
1.446-3(c). An agreement between a taxpayer and a qualified business
unit (as defined in section 989(a)) of the taxpayer, or among qualified
business units of the same taxpayer, is not a notional principal
contract, because a taxpayer cannot enter into a contract with itself.
(2) Effective/applicability date. * * * With respect to a dividend
equivalent described in section 871(m) and the regulations thereunder,
this section applies to payments made on or after January 23, 2012.
* * * * *
Sec. 1.863-7T [Removed].
0
Par. 3. Section 1.863-7T is removed.
[[Page 73081]]
0
Par. 4. Section 1.871-15 is added as follows:
Sec. 1.871-15 Treatment of dividend equivalents.
(a) through (c) [Reserved].
(d) Specified NPCs--(1) Specified NPCs before January 1, 2016. For
payments made after March 18, 2012, and before January 1, 2016, a
specified NPC is any NPC if--
(i) In connection with entering into the contract, any long party
to the contract transfers the underlying security to any short party to
the contract;
(ii) In connection with the termination of the contract, any short
party to the contract transfers the underlying security to any long
party to the contract;
(iii) The underlying security is not readily tradable on an
established securities market; or
(iv) In connection with entering into the contract, the underlying
security is posted as collateral by any short party to the contract
with any long party to the contract.
(d)(2) through (n) [Reserved].
(o) Effective/applicability date. This section applies to payments
made on or after January 23, 2012.
Sec. 1.871-15T [Removed].
0
Par. 5. Section 1.871-15T is removed.
Sec. 1.871-16T [Removed].
0
Par. 6. Section 1.871-16T is removed.
0
Par. 7. Section 1.881-2 is amended by:
0
1. Revising paragraph (b)(3).
0
2. In paragraph (e), revising the heading and adding a sentence at the
end.
The revisions and addition read as follows:
Sec. 1.881-2 Taxation of foreign corporations not engaged in U.S.
business.
* * * * *
(b) * * *
(3) Dividend Equivalents. For rules applicable to a foreign
corporation's receipt of a dividend equivalent, see section 871(m) and
the regulations thereunder.
* * * * *
(e) Effective/applicability date. * * * Paragraph (b)(3) of this
section applies to payments made on or after January 23, 2012. * * *
Sec. 1.881-2T [Removed].
0
Par. 8. Section 1.881-2T is removed.
0
Par. 9. Section 1.892-3 is added to read as follows:
Sec. 1.892-3 Income of foreign governments.
(a)(1) through (a)(5) [Reserved]. For further information, see
Sec. 1.892-3T(a)(1) through (a)(5).
(6) Dividend equivalents. Income from investments in stocks
includes the payment of a dividend equivalent described in section
871(m) and the regulations thereunder.
(b) [Reserved]. For further information, see Sec. 1.892-3T(b).
(c) Effective/applicability date. Paragraph (a)(6) of this section
applies to payments made on or after December 5, 2013.
0
Par. 10. Section 1.894-1 is amended by:
0
1. Redesignating paragraph (c) as (c)(1) and adding paragraph (c)(2).
0
2. In paragraph (e):
0
a. Revising the heading,
0
b. Revising the third sentence, and
0
c. Adding a new fourth sentence.
The addition and revisions read as follows:
Sec. 1.894-1 Income affected by treaty.
* * * * *
(c) * * *
(2) Dividend equivalents. The provisions of an income tax
convention relating to dividends paid to or derived by a foreign person
apply to the payment of a dividend equivalent described in section
871(m) and the regulations thereunder.
* * * * *
(e) Effective/applicability date. * * * Paragraph (c)(1) of this
section applies to payments made after November 13, 1997. Paragraph
(c)(2) of this section applies to payments made on or after December 5,
2013. * * *
0
Par. 11. Section 1.1441-2 is amended by:
0
1. Revising paragraph (b)(6).
0
2. Adding a sentence to the end of paragraph (f).
The revision and addition read as follows:
Sec. 1.1441-2 Amounts subject to withholding.
* * * * *
(b) * * *
(6) Dividend equivalents. Amounts subject to withholding include a
dividend equivalent described in section 871(m) and the regulations
thereunder. For this purpose, the amount of a dividend equivalent
includes any gross amount that is used in computing any net amount that
is transferred to or from the taxpayer under the terms of the
transaction or any other payment described in section 871(m) and the
regulations thereunder.
* * * * *
(f) Effective/applicability date. * * * Paragraph (b)(6) of this
section applies to payments made on or after January 23, 2012.
Sec. 1.1441-2T [Removed].
0
Par. 12. Section 1.1441-2T is removed.
0
Par. 13. Section 1.1441-3 is amended by:
0
1. Revising paragraph (h).
0
2. Removing paragraph (i).
0
3. Redesignating paragraph (j) as newly-designated paragraph (i) and
removing the language ``paragraph (g)'' from newly-redesignated
paragraph (i) and adding ``paragraphs (g) and (h)'' in its place.
The revisions read as follows:
Sec. 1.1441-3 Determination of amounts to be withheld.
* * * * *
(h) Dividend equivalents--(1) Withholding on gross amount. The
gross amount of a dividend equivalent described in section 871(m) and
the regulations thereunder is subject to withholding in an amount equal
to the gross amount of the dividend equivalent used in computing any
net amount that is transferred to or from the taxpayer.
(2) Effective/applicability date. This paragraph (h) applies to
payments made on or after January 23, 2012.
* * * * *
Sec. 1.1441-3T [Removed].
0
Par. 14. Section 1.1441-3T is removed.
0
Par. 15. Section 1.1441-4 is amended by:
0
1. Revising paragraphs (a)(3)(i) and (iii).
0
2. Revising the heading to paragraph (g).
0
3. Removing the language ``2000.'' in paragraph (g)(1) and adding
``2000, except that paragraph (a)(3)(iii) of this section applies to
payments made on or after January 23, 2013.'' in its place
The revisions read as follows:
Sec. 1.1441-4 Exemptions from withholding for certain effectively
connected income and other amounts.
(a) * * *
(3) Income on notional principal contracts--(i) General rule.
Except as otherwise provided in paragraph (a)(3)(iii) of this section,
a withholding agent that pays amounts attributable to a notional
principal contract described in Sec. 1.863-7(a) or Sec. 1.988-2(e)
shall have no obligation to withhold on the amounts paid under the
terms of the notional principal contract regardless of whether a
withholding certificate is provided. However, a withholding agent
[[Page 73082]]
must file returns under Sec. 1.1461-1(b) and (c) reporting the income
that it must treat as effectively connected with the conduct of a trade
or business in the United States under the provisions of this paragraph
(a)(3). Except as otherwise provided in paragraph (a)(3)(ii) of this
section, a withholding agent must treat the income as effectively
connected with the conduct of a U.S. trade or business if the income is
paid to, or to the account of, a qualified business unit of a foreign
person located in the United States or, if the payment is paid to, or
to the account of, a qualified business unit of a foreign person
located outside the United States, the withholding agent knows, or has
reason to know, the payment is effectively connected with the conduct
of a trade or business within the United States. Income on a notional
principal contract does not include the amount characterized as
interest under the provisions of Sec. 1.446-3(g)(4).
* * * * *
(iii) Exception for specified notional principal contracts. A
withholding agent that makes a payment attributable to a specified
notional principal contract described in section 871(m) and the
regulations thereunder that is not treated as effectively connected
with the conduct of a trade or business within the United States is
obligated to withhold on the amount of the payment that is a dividend
equivalent.
* * * * *
(g) Effective/applicability date--* * *
* * * * *
Sec. 1.1441-4T [Removed].
0
Par. 16. Section 1.1441-4T is removed.
0
Par. 17. Section 1.1441-6 is amended by:
0
1. Revising paragraph (c)(2).
0
2. Redesignating paragraph (h) as paragraph (i) and revising newly-
redesignated paragraph (i)(1).
0
3. Adding a new paragraph (h).
The revisions and addition read as follows:
Sec. 1.1441-6 Claim of reduced withholding under an income tax
treaty.
* * * * *
(c) * * *
(2) Income to which special rules apply. The income to which
paragraph (c)(1) of this section applies is dividends and interest from
stocks and debt obligations that are actively traded, dividends from
any redeemable security issued by an investment company registered
under the Investment Company Act of 1940 (15 U.S.C. 80a-1), dividends,
interest, or royalties from units of beneficial interest in a unit
investment trust that are (or were upon issuance) publicly offered and
are registered with the Securities and Exchange Commission under the
Securities Act of 1933 (15 U.S.C. 77a), and amounts paid with respect
to loans of securities described in this paragraph (c)(2). With respect
to a dividend equivalent described in section 871(m) and the
regulations thereunder, this paragraph (c)(2) applies to the extent
that the underlying security described in section 871(m) and the
regulations thereunder satisfies the requirements of this paragraph
(c)(2). For purposes of this paragraph (c)(2), a stock or debt
obligation is actively traded if it is actively traded within the
meaning of section 1092(d) and Sec. 1.1092(d)-1 when documentation is
provided.
* * * * *
(h) Dividend equivalents. The rate of withholding on a dividend
equivalent may be reduced to the extent provided under an income tax
treaty in effect between the United States and a foreign country. For
this purpose, a dividend equivalent as described in section 871(m) and
the regulations thereunder is treated as a dividend from sources within
the United States. To receive a reduced rate of withholding with
respect to a dividend equivalent, a foreign person must satisfy the
other requirements described in this section.
(i) Effective/applicability dates--(1) General rule. This section
applies to payments made after December 31, 2000, except that--
(i) Paragraph (g) of this section applies to payments made after
December 31, 2001, and
(ii) Paragraph (h) of this section applies to payments made on or
after December 5, 2013.
* * * * *
0
Par. 18. Section 1.1441-7 is amended by:
0
1. Removing paragraph (a)(3).
0
2. Redesignating paragraph (a)(2) as paragraph (a)(3) and revising
newly-redesignated paragraph (a)(3).
0
3. Adding a new paragraph (a)(2).
0
4. Adding a new paragraph (a)(4).
0
5. Revising paragraph (g).
The revisions and additions read as follows:
Sec. 1.1441-7 General provisions relating to withholding agents.
(a) * * *
(2) Withholding agent with respect to dividend equivalents. Each
person that is a party to any contract or arrangement that provides for
the payment of a dividend equivalent, as described in section 871(m)
and the regulations thereunder, is treated as having control and
custody of the payment.
(3) Examples. The following examples illustrate the rules of
paragraphs (a)(1) and (a)(2) of this section:
Example 1. USB is a broker organized in the United States. USB
pays U.S. source dividends and interest, which are amounts subject
to withholding under Sec. 1.1441-2(a), to FC, a foreign corporation
that has an investment account with USB. USB is a withholding agent
as defined in paragraph (a)(1) of this section.
Example 2. USB is a bank organized in the United States. FB is a
bank organized in country X. FB has an omnibus account with USB
through which FB invests in debt and equity instruments that pay
amounts subject to withholding as defined in Sec. 1.1441-2(a). FB
is a nonqualified intermediary, as defined in Sec. 1.1441-1(c)(14).
Both USB and FB are withholding agents as defined in paragraph
(a)(1) of this section.
Example 3. The facts are the same as in Example 2, except that
FB is a qualified intermediary. Both USB and FB are withholding
agents as defined in paragraph (a)(1) of this section.
Example 4. FB is a bank organized in country X. FB has a branch
in the United States. FB's branch has customers that are foreign
persons who receive amounts subject to withholding, as defined in
Sec. 1.1441-2(a). FB is a withholding agent under paragraph (a)(1)
of this section and is required to withhold and report payments of
amounts subject to withholding in accordance with chapter 3 of the
Internal Revenue Code.
Example 5. X is a foreign corporation. X pays dividends to
shareholders who are foreign persons. Under section 861(a)(2)(B), a
portion of the dividends are from sources within the United States
and constitute amounts subject to withholding within the meaning of
Sec. 1.1441-2(a). The dividends are not subject to tax under
section 884(a). See section 884(e)(3). X is a withholding agent
under paragraph (a)(1) of this section.
Example 6. FC, a foreign corporation, enters into a notional
principal contract (NPC) with Bank X, a bank organized in the United
States. The NPC is a specified NPC for purposes of section 871(m)
and the regulations thereunder. FC is the long party to the contract
and Bank X is the short party. The NPC references a specified number
of shares of dividend-paying common stock issued by a domestic
corporation. As the long party, FC receives payments from Bank X
based on any appreciation in the value of the common stock and
dividends paid with respect to the common stock. As the short party,
Bank X receives payment from FC based on any depreciation in the
value of the common stock and a payment based on LIBOR. Bank X is a
withholding agent because Bank X is deemed to have control and
custody of a dividend equivalent as a party to the NPC. If FC's tax
liability under section 881 has not been satisfied in full by Bank X
as withholding agent, FC is required to file a return on Form 1120-F
(U.S. Income Tax Return of a Foreign Corporation).
[[Page 73083]]
(4) Effective/applicability date. Paragraph (a)(2) of this section
and Example 6 apply on or after January 23, 2012.
* * * * *
(g) Effective/applicability date. Except as otherwise provided in
paragraphs (a)(4) and (f)(3) of this section, this section applies to
payments made after December 31, 2000.
Sec. 1.1441-7T [Removed].
0
Par. 19. Section 1.1441-7T is removed.
0
Par. 20. Section 1.1461-1 is amended by:
0
1. Revising paragraph (c)(2)(i)(L).
0
2. Adding paragraph (c)(2)(iii).
The revision and addition read as follows:
Sec. 1.1461-1 Payment and returns of tax withheld.
* * * * *
(c) * * *
(2) * * *
(i) * * *
(L) Dividend equivalents as described in section 871(m) and the
regulations thereunder;
* * * * *
(iii) Effective/applicability date. Paragraph (c)(2)(i)(L) of this
section applies on or after January 23, 2012.
* * * * *
Sec. 1.1461-1T [Removed].
0
Par. 21. Section 1.1461-1T is removed.
John Dalrymple,
Deputy Commissioner for Services and Enforcement.
Approved: November 26, 2013.
Mark J. Mazur,
Assistant Secretary of the Treasury (Tax Policy).
[FR Doc. 2013-28933 Filed 12-4-13; 8:45 am]
BILLING CODE 4830-01-P