[Federal Register Volume 77, Number 122 (Monday, June 25, 2012)]
[Proposed Rules]
[Pages 37838-37839]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-15421]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 301
[REG-125570-11]
RIN 1545-BK38
Disregarded Entities and the Indoor Tanning Services Excise Tax
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
disregarded entities (including qualified subchapter S subsidiaries)
and the indoor tanning services excise tax. These regulations affect
disregarded entities responsible for collecting the indoor tanning
services excise tax and owners of those disregarded entities. The text
of the temporary regulations also serves as the text of the proposed
regulations.
DATES: Comments and requests for a public hearing must be received by
September 24, 2012.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-125570-11), Room
5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand-delivered to:
CC:PA:LPD:PR Monday through Friday between the hours of 8 a.m. and 4
p.m. to: CC:PA:LPD:PR (REG-125570-11), Courier's Desk, Internal Revenue
Service, 1111 Constitution Avenue NW., Washington, DC, or sent
electronically via the Federal eRulemaking Portal at http://www.regulations.gov (IRS REG-125570-11).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
[[Page 37839]]
Michael H. Beker, (202) 622-3130; concerning submissions of comments
and requests for a public hearing, Oluwafunmilayo Taylor, (202) 622-
7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
This document contains proposed amendments to the Income Tax
Regulations (26 CFR part 1) under section 1361 of the Internal Revenue
Code (Code) and the Procedure and Administration Regulations (26 CFR
part 301) under section 7701 of the Code. The text of temporary
regulations published in this issue of the Federal Register also serves
as the text of these proposed regulations. The preamble to the
temporary regulations explains the temporary regulations and these
proposed regulations.
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 has also 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 these regulations 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
regulation has been submitted to the Chief Counsel for Advocacy of the
Small Business Administration for comment on its 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 comments that are submitted timely
to the IRS as prescribed in this preamble under the ADDRESSES heading.
The IRS and the Treasury Department request comments on all aspects of
the proposed rules. All comments will be available 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 Michael H. Beker,
Office of the Associate Chief Counsel (Passthroughs and Special
Industries). However, other personnel from the IRS and the Treasury
Department participated in their development.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
26 CFR Part 301
Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income
taxes, Penalties, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR parts 1 and 301 are proposed to be amended as
follows:
PART 1--INCOME TAX
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.1361-4 is amended by adding paragraph (a)(8)(iii)
to read as follows:
Sec. 1.1361-4 Effect of QSub election.
(a) * * *
(8) * * *
(iii) [The text of proposed Sec. 1.1361-4(a)(8)(iii) is the same
as the text of Sec. 1.1361-4T(a)(8)(iii)(A) and (B) published
elsewhere in this issue of the Federal Register].
* * * * *
PART 301--PROCEDURE AND ADMINISTRATION
Par. 3. The authority citation for part 301 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 4. Section 301.7701-2 is amended by adding new paragraphs
(c)(2)(vi) and (e)(9) to read as follows:
Sec. 301.7701-2 Business entities; definitions.
* * * * *
(c) * * *
(2) * * *
(vi) [The text of proposed Sec. 301.7701-2(c)(2)(vi) is the same
as the text of Sec. 301.7701-2T(c)(2)(vi) published elsewhere in this
issue of the Federal Register].
* * * * *
(e) * * *
(9) [The text of proposed Sec. 301.7701-2(e)(9) is the same as the
text of Sec. 301.7701-2T(e)(9)(i) published elsewhere in this issue of
the Federal Register].
Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2012-15421 Filed 6-22-12; 8:45 am]
BILLING CODE 4830-01-P