[Federal Register Volume 79, Number 147 (Thursday, July 31, 2014)]
[Proposed Rules]
[Pages 44324-44325]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-17831]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-105067-14]
RIN 1545-BM17
Segregation Rule Effective Date
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 that modify
the effective date provision of recently published final regulations
under Section 382 of the Internal Revenue Code. The temporary
regulations affect corporations whose stock is or was acquired by the
Department of the Treasury (Treasury) pursuant to certain programs
under the Emergency Economic Stabilization Act of 2008 (EESA). The text
of those temporary regulations published in this issue of the Federal
Register also serves as the text of these proposed regulations.
DATES: Written or electronic comments and requests for a public hearing
must be submitted by October 29, 2014.
ADDRESSES: Send submissions to CC:PA:LPD:PR (REG-105067-14), Room 5203,
Internal Revenue Service, P.O. 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-
105067-14), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue NW., Washington, DC 20224, or sent electronically via the
Federal eRulemaking Portal at www.regulations.gov (IRS REG-105067-14).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
Stephen R. Cleary, (202) 317-5353; concerning submission of comments
and requests for a public hearing, Oluwafumnilayo Taylor, (202) 317-
6901 (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 26 CFR Part 1. The temporary
regulations modify the effective date provision for TD 9638 [78 FR
62418], published on October 22, 2013, which provided final regulations
that altered the operation of certain of the public group segregation
rules under section 382. The temporary regulations apply to stock
acquired by Treasury pursuant to certain programs under EESA
(Programs). In particular, the temporary regulations apply to the
subsequent sale by Treasury of that stock. The text of those
regulations also serves as the text of these proposed regulations. The
preamble to the temporary regulations explains the amendments.
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 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, if the regulations apply to any small entities, the
effect will not be to increase their tax liability, but to prevent a
potential increase in tax liability that might otherwise occur.
Therefore, a Regulatory Flexibility Analysis under the Regulatory
Flexibility Act (5 U.S.C. chapter 6) is not required. Pursuant to
section 7805(f) of the Code, these regulations have been submitted to
the Chief Counsel for Advocacy of the Small Business Administration for
comment on their impact on small business.
Comments and Requests for a 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 copies that are submitted timely to the IRS.
The IRS and the Treasury Department request comments on the clarity of
the proposed rules and how they can be made easier to understand. All
comments will be made available for public inspection and copying at
www.regulations.gov or upon request. A public hearing will 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 the public hearing will be published in the Federal
Register.
Drafting information
The principal author of these regulations is Stephen R. Cleary,
Office of Associate Chief Counsel (Corporate). 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 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.382-3 also issued under 26 U.S.C. 382(g)(4)(C) and 26
U.S.C. 382(m). * * *
0
Par. 2. Section 1.382-3 is amended by revising paragraph (j)(17) to
read as follows:
Sec. 1.382-3 Definitions and Rules Relating to a 5-percent
Shareholder.
* * * * *
(j) * * *
(17) Effective/applicability date. [The text of the proposed
amendment to
[[Page 44325]]
Sec. 1.382-3(j)(17) is the same as the text of Sec. 1.382-3T(j)(17)
published elsewhere in this issue of the Federal Register].
John Dalrymple,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2014-17831 Filed 7-30-14; 8:45 am]
BILLING CODE 4830-01-P