[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]



Internal Revenue Service

26 CFR Part 1

RIN 1545-BL46

Reporting for Premium

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 


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 

DATES: Written or electronic comments must be received by July 17, 

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).


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:


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). * * *

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 

Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2013-09084 Filed 4-17-13; 8:45 am]