Real Estate Mortgage Investment Conduits, 9218-9219 [05-3697]
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Federal Register / Vol. 70, No. 37 / Friday, February 25, 2005 / Rules and Regulations
must use the following address:
Aviation Consumer Protection Division/
C–75, Room 4107, U.S. Department of
Transportation, 400 7th Street, SW.,
Washington, DC 20590.
The report is to be submitted in
Microsoft Word format. To protect
identifiable personal information,
reporting carriers must submit the
required information in two separate
documents. One document shall contain
all of the required data elements, and
the second shall be redacted and
contain all of these elements with the
exception of information regarding the
identification of the owner(s) and/or
guardian of the animal and the name,
title, address, and telephone number of
the individual filing the report on behalf
of the air carrier.
Frequently Asked Questions
Since the original publication of the
rule, several questions have been raised
concerning the reporting requirements,
answers to which are provided below:
1. Which carriers must file a report on
incidents involving the loss, injury, or
death of an animal during air transport,
and what transportation is subject to the
reporting requirement?
Based on the statute requiring the
reports, a reporting carrier is defined as
any U.S. air carrier that provides
scheduled passenger air transportation.
This definition includes commuter
carriers and air taxis that provide
scheduled service, whether or not they
are classified as a commuter carrier.
Carriers that provide both scheduled
and non-scheduled service are only to
report incidents that occur on (or that
are associated with) a scheduled
passenger flight.
2. Are carriers required to report
incidents involving the loss, injury or
death of an animal transported on an
all-cargo flight?
No. But the loss, injury, or death of a
pet that is shipped as cargo carried on
a passenger flight is subject to this
reporting requirement.
3. Does the requirement to submit a
report on incidents involving the loss,
injury, or death of an animal during air
transport apply to foreign carriers?
No, foreign air carriers are not covered
by the animal reporting requirement.
However, U.S. carriers that provide
scheduled passenger air transportation
must report all incidents involving loss,
injury or death of an animal during air
transport even if the flight is between
two foreign points.
4. If there is an incident involving the
loss, injury or death of an animal on a
code-share flight, which carrier is
required to report it?
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The operating airline is required to
report such incidents, since it provides
services on that flight. An incident that
occurs on a flight that carries the code
of a foreign carrier but that is operated
by a U.S. carrier is subject to this
reporting requirement and is to be
reported by the U.S. carrier. A flight that
carries the code of a U.S. carrier but is
operated by a foreign carrier is not
subject to this rule. Therefore, incidents
that occur on such a flight need not be
reported.
5. What should be reported as the
loss, injury, or death of an animal
during air transport?
Any incident, even if it was
determined that the carrier was not at
fault, resulting in the loss, injury or
death of any warm or cold blooded
animal that is being kept as a pet in a
family household in the United States
and that occurred during the time that
the animal was in the custody of the air
carrier must be reported.
6. If a carrier has not taken corrective
action in response to an incident
involving the loss, injury, or death of an
animal, how should a carrier address
this fact in its report to ACPD?
The carrier must state in its report
that no corrective action was taken. A
carrier may if it wishes explain the
reason that no corrective action was
taken.
7. If a carrier does not know the cause
of the loss, injury or death of an animal
or believes that there were a number of
causes, how should the carrier respond
to the requirement to provide a
narrative description of the cause of the
incident?
If the reason for the loss, injury or
death of an animal is not known, the
carrier can state that the cause is not
known. If there are a number of factors
that contributed to the loss, injury or
death of an animal, the carrier must list
all of the factors.
8. When must carriers begin
submitting reports to ACPD?
Carriers are not required to begin
submitting reports to ACPD until the
Department obtains an Office of
Management and Budget (OMB) control
number for the reporting. OMB
regulations implementing provisions of
the Paperwork Reduction Act of 1995
specify that no person is required to
respond to an information collection
unless it displays a valid OMB control
number. Once the Department receives
OMB approval of this information
collection request (ICR), it will
announce this approval in a Federal
Register notice with a specific
compliance date.
9. Where and how will ACPD publish
the reports?
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ACPD will process each report and
publish the information without any
identifiable personal information, in its
electronic version of the Air Travel
Consumer Report. This publication is
issued monthly, usually within the first
week of each month. There is usually a
40-day lag in processing data (e.g., a
report issued in early November will
contain data for September incidents).
The publication can be found on-line at
https://airconsumer.ost.dot.gov.
10. Must carriers file a report in
months when they do not experience a
reportable loss, injury, or death of an
animal?
No. Negative reports should not be
filed; carriers must file a report only for
a month in which they had a reportable
loss, injury, or death of an animal.
Accordingly,
1. We order all U.S. air carriers that
provide scheduled passenger air
transportation to submit a report on any
incidents involving the loss, injury, or
death of an animal during air transport
to the Aviation Consumer Protection
Division within 15 days of the end of
each month in the form and manner set
forth in this reporting directive;
2. This order shall be published in the
Federal Register; and
3. This order shall become effective
after an OMB control number for the
information collection requirements
contained in the rule on ‘‘Reports by
Carriers on Incidents Involving Animals
During Air Transport’’ is assigned and
announced in a separate document in
the Federal Register.
This action is taken under authority
assigned in 14 CFR 385.15(c) of the
Department’s regulations.
Rosalind A. Knapp,
Deputy General Counsel.
[FR Doc. 05–3638 Filed 2–24–05; 8:45 am]
BILLING CODE 4910–62–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9184]
RIN 1545–BC71
Real Estate Mortgage Investment
Conduits
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulation.
AGENCY:
SUMMARY: This document contains final
regulations relating to the application of
the unified partnership audit
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25FER1
Federal Register / Vol. 70, No. 37 / Friday, February 25, 2005 / Rules and Regulations
procedures to disputes regarding the
ownership of residual interests in a Real
Estate Mortgage Investment Conduit
(REMIC). These regulations will affect
taxpayers that invest in REMIC residual
interests.
DATES: These regulations apply after
December 31, 1986.
FOR FURTHER INFORMATION CONTACT:
Arturo Estrada, (202) 622–3900 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
This regulation amends 26 CFR Part 1
under section 860F of the Internal
Revenue Code (Code) relating to the
application of the unified partnership
audit procedures of subchapter C of
chapter 63 of the Code to REMICs and
the holders of residual interests. Section
860F(e) provides that a REMIC is treated
as a partnership (and holders of residual
interests in that REMIC shall be treated
as partners) for purposes of subtitle F of
the Code, which includes the unified
partnership audit procedures. The
taxable income of a holder of a REMIC
residual interest is determined under
the REMIC provisions of part IV of
subchapter M, which require the holder
to take into account its daily portion of
the REMIC’s taxable income or net loss
for each day during the taxable year on
which the holder holds its interest.
Section 860C(a)(1). The provisions of
subchapter K relating to the
determination of the taxable income of
a partnership and its partners do not
apply to REMICs or the holders of
REMIC residual interests. Section
860A(a).
Questions have arisen regarding
whether the identity of the holder of a
REMIC residual interest is treated as a
partnership item for purposes of the
unified partnership audit procedures.
Questions also have arisen regarding the
applicability of the unified partnership
audit procedures when a determination
is made under the REMIC regulations to
disregard certain transfers of REMIC
residual interests and continue to treat
the transferor as the holder of the
transferred REMIC residual interests.
See §§ 1.860E–1(c) and 1.860G–3.
The IRS and Treasury Department
have determined that the identity of a
holder of a REMIC residual interest is
more appropriately determined at the
residual interest holder level than at the
REMIC entity level.
Explanation of Provisions
The regulations provide that the
determination of the identity of a holder
of a REMIC residual interest is not a
partnership item for purposes of the
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Jkt 205001
unified partnership audit procedures as
applied to REMICs, whether or not such
determination involves the application
of a disregarded transfer rule. Unlike the
identity of a partner in a partnership
subject to subchapter K, the identity of
the holder of a REMIC residual interest
does not affect the calculation of the
REMIC’s taxable income or net loss.
Effective Date
These regulations apply after
December 31, 1986. See § 1.860A–
1(b)(1)(ii).
Special Analyses
It has been determined that this
Treasury decision is not a significant
regulatory action as defined in
Executive Order 12866. 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 these
regulations do not impose a collection
requirement on small entities, the
Regulatory Flexibility Act (5 U.S.C.
chapter 6) does not apply. Therefore, a
Regulatory Flexibility Analysis is not
required. Pursuant to section 7805(f) of
the Code, this Treasury decision has
been submitted to the Chief Counsel for
Advocacy of the Small Business
Administration for comment on its
impact on small businesses.
Drafting Information
The principal author of these
regulations is Arturo Estrada, Office of
the Associate Chief Counsel (Financial
Institutions and Products). However,
other personnel from the IRS and
Treasury Department participated in
their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Amendments to the Regulations
Accordingly, 26 CFR part 1 is amended
as follows:
I
9219
§ 1.860F–4 REMIC reporting requirements
and other administrative rules.
(a) * * * The identity of a holder of
a residual interest in a REMIC is not
treated as a partnership item with
respect to the REMIC for purposes of
subchapter C of chapter 63.
*
*
*
*
*
Mark E. Matthews,
Deputy Commissioner for Services and
Enforcement.
Approved: February 15, 2005.
Eric Solomon,
Acting Deputy Assistant Secretary of the
Treasury (Tax Policy).
[FR Doc. 05–3697 Filed 2–24–05; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9182]
RIN 1545–BD31
Reorganizations Under Section
368(a)(1)(E) and Section 368(a)(1)(F)
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulation.
AGENCY:
SUMMARY: This document contains final
regulations regarding reorganizations
under section 368(a)(1)(E) and section
368(a)(1)(F) of the Internal Revenue
Code. The regulations affect
corporations and their shareholders.
DATES: Effective Date: These regulations
are effective on February 25, 2005.
Applicability Date: These regulations
apply to transactions occurring on or
after February 25, 2005.
FOR FURTHER INFORMATION CONTACT:
Robert B. Gray, at (202) 622–7550 (not
a toll free number).
SUPPLEMENTARY INFORMATION:
Background and Explanation of
Provisions
On August 12, 2004, the IRS and
Treasury Department published a notice
of proposed rulemaking (REG–106889–
PART 1—INCOME TAXES
04) in the Federal Register (69 FR
I Paragraph 1. The authority citation for
49836) proposing regulations regarding
part 1 is amended by adding an entry in the requirements for a reorganization
numerical order to read, in part, as
under section 368(a)(1)(E) and section
follows:
368(a)(1)(F) of the Internal Revenue
Code (Code). Generally, a transaction
Authority: 26 U.S.C. 7805 * * *
must satisfy the continuity of interest
Section 860F–4 issued under 26 U.S.C.
and continuity of business enterprise
860G(e) and 26 U.S.C. 6230(k).* * *
requirements to qualify as a
reorganization under section 368(a). The
I Par. 2. In § 1.860F–4, paragraph (a) is
amended by adding a sentence at the end notice proposed amending § 1.368–1(b)
to provide that a continuity of interest
of the paragraph to read as follows:
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]]>Agencies
[Federal Register Volume 70, Number 37 (Friday, February 25, 2005)]
[Rules and Regulations]
[Pages 9218-9219]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-3697]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9184]
RIN 1545-BC71
Real Estate Mortgage Investment Conduits
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulation.
-----------------------------------------------------------------------
SUMMARY: This document contains final regulations relating to the
application of the unified partnership audit
[[Page 9219]]
procedures to disputes regarding the ownership of residual interests in
a Real Estate Mortgage Investment Conduit (REMIC). These regulations
will affect taxpayers that invest in REMIC residual interests.
DATES: These regulations apply after December 31, 1986.
FOR FURTHER INFORMATION CONTACT: Arturo Estrada, (202) 622-3900 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
This regulation amends 26 CFR Part 1 under section 860F of the
Internal Revenue Code (Code) relating to the application of the unified
partnership audit procedures of subchapter C of chapter 63 of the Code
to REMICs and the holders of residual interests. Section 860F(e)
provides that a REMIC is treated as a partnership (and holders of
residual interests in that REMIC shall be treated as partners) for
purposes of subtitle F of the Code, which includes the unified
partnership audit procedures. The taxable income of a holder of a REMIC
residual interest is determined under the REMIC provisions of part IV
of subchapter M, which require the holder to take into account its
daily portion of the REMIC's taxable income or net loss for each day
during the taxable year on which the holder holds its interest. Section
860C(a)(1). The provisions of subchapter K relating to the
determination of the taxable income of a partnership and its partners
do not apply to REMICs or the holders of REMIC residual interests.
Section 860A(a).
Questions have arisen regarding whether the identity of the holder
of a REMIC residual interest is treated as a partnership item for
purposes of the unified partnership audit procedures. Questions also
have arisen regarding the applicability of the unified partnership
audit procedures when a determination is made under the REMIC
regulations to disregard certain transfers of REMIC residual interests
and continue to treat the transferor as the holder of the transferred
REMIC residual interests. See Sec. Sec. 1.860E-1(c) and 1.860G-3.
The IRS and Treasury Department have determined that the identity
of a holder of a REMIC residual interest is more appropriately
determined at the residual interest holder level than at the REMIC
entity level.
Explanation of Provisions
The regulations provide that the determination of the identity of a
holder of a REMIC residual interest is not a partnership item for
purposes of the unified partnership audit procedures as applied to
REMICs, whether or not such determination involves the application of a
disregarded transfer rule. Unlike the identity of a partner in a
partnership subject to subchapter K, the identity of the holder of a
REMIC residual interest does not affect the calculation of the REMIC's
taxable income or net loss.
Effective Date
These regulations apply after December 31, 1986. See Sec. 1.860A-
1(b)(1)(ii).
Special Analyses
It has been determined that this Treasury decision is not a
significant regulatory action as defined in Executive Order 12866.
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
these regulations do not impose a collection requirement on small
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not
apply. Therefore, a Regulatory Flexibility Analysis is not required.
Pursuant to section 7805(f) of the Code, this Treasury decision has
been submitted to the Chief Counsel for Advocacy of the Small Business
Administration for comment on its impact on small businesses.
Drafting Information
The principal author of these regulations is Arturo Estrada, Office
of the Associate Chief Counsel (Financial Institutions and Products).
However, other personnel from the IRS and Treasury Department
participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Amendments to the Regulations
0
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 adding an
entry in numerical order to read, in part, as follows:
Authority: 26 U.S.C. 7805 * * *
Section 860F-4 issued under 26 U.S.C. 860G(e) and 26 U.S.C.
6230(k).* * *
0
Par. 2. In Sec. 1.860F-4, paragraph (a) is amended by adding a
sentence at the end of the paragraph to read as follows:
Sec. 1.860F-4 REMIC reporting requirements and other administrative
rules.
(a) * * * The identity of a holder of a residual interest in a
REMIC is not treated as a partnership item with respect to the REMIC
for purposes of subchapter C of chapter 63.
* * * * *
Mark E. Matthews,
Deputy Commissioner for Services and Enforcement.
Approved: February 15, 2005.
Eric Solomon,
Acting Deputy Assistant Secretary of the Treasury (Tax Policy).
[FR Doc. 05-3697 Filed 2-24-05; 8:45 am]
BILLING CODE 4830-01-P
