Railroad Track Maintenance Credit; Correction, 71039-71040 [E6-20799]
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Federal Register / Vol. 71, No. 236 / Friday, December 8, 2006 / Rules and Regulations
Authority: 21 U.S.C. 360b.
List of Subjects
2. In § 520.1660d, revise paragraph
(d)(2)(ii) to read as follows:
I
§ 520.1660d
26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Oxytetracycline powder.
*
*
*
*
*
(d) * * *
(2) * * *
(ii) Indications for use. For control of
American foulbrood caused by
Paenibacillus larvae and European
foulbrood caused by Streptococcus
pluton susceptible to oxytetracycline.
*
*
*
*
*
Dated: November 22, 2006.
Steven D. Vaughn,
Director, Office of New Animal Drug
Evaluation, Center for Veterinary Medicine.
[FR Doc. E6–20928 Filed 12–7–06; 8:45 am]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9286]
RIN 1545–BE91
Railroad Track Maintenance Credit;
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
SUMMARY: This document corrects
temporary regulations (TD 9286) that
were published in the Federal Register
on Friday, September 8, 2006 (71 FR
53009) providing rules for claiming the
railroad track maintenance credit under
section 45G of the Internal Revenue
Code for qualified railroad track
maintenance expenditures paid or
incurred by a Class II railroad or Class
III railroad and other eligible taxpayers
during the taxable year.
DATES: This correction is effective
September 8, 2006.
FOR FURTHER INFORMATION CONTACT:
Winston H. Douglas, (202) 622–3110
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
pwalker on PRODPC60 with RULES
The temporary regulations (TD 9286)
that is the subject of this document is
under section 45G of the Internal
Revenue Code.
Need for Correction
As published, the temporary
regulations (TD 9286) contain errors that
may prove to be misleading and are in
need of clarification.
16:20 Dec 07, 2006
Reporting and recordkeeping
requirements.
Correction of Publication
Accordingly, 26 CFR parts 1 and 602
are corrected by making the following
correcting amendments:
I
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
I
Authority: 26 U.S.C. 7805 * * *
BILLING CODE 4160–01–S
VerDate Aug<31>2005
26 CFR Part 602
Jkt 211001
I Par. 2. Section 1.45G–0T is amended
by removing the entry for § 1.45G–1T(e)
and (e)(2) and redesignating the entries
for § 1.45G–1T(e)(1) and § 1.45G–
1T(e)(1)(i), (ii) and (iii) as the entries for
(e), (e)(1), (e)(2) and (e)(3) respectively.
I Par. 3. Section 1.45G–1T is amended
by:
I 1. Removing paragraph (e)(2);
I 2. Redesignating paragraphs (e)(1)(i),
(e)(1)(ii), and (e)(1)(iii) as paragraphs
(e)(1), (e)(2), and (e)(3), respectively;
I 3. Revising paragraph (a), sixth
sentence, paragraph (b)(9), paragraph
(d)(6) Example 2.(ii), last sentence,
paragraph headings (e), (e)(1), (e)(2) and
(e)(3), paragraph (e)(2), second and fifth
sentences, paragraph (e)(3), first
sentence, Example 1.(i), third sentence,
Example 1.(iii), second sentence,
Example 2.(iii), fourth sentence, and
paragraph (g)(3). The revisions read as
follows:
§ 1.45G–1T Railroad track maintenance
credit (temporary).
(a) * * * Paragraph (e) of this section
contains rules for adjusting basis for the
amount of the RTMC claimed by an
eligible taxpayer. * * *
(b) * * *
(9) Except as provided in paragraph
(e)(2) of this section, railroad track is
property described in STB property
accounts 8 (ties), 9 (rails and other track
material), and 11 (ballast) in 49 CFR part
1201, subpart A.
*
*
*
*
*
(d) * * *
(6) * * *
Example 2. * * *
(ii) * * * Because O’s tentative
amount of RTMC does not exceed O’s
credit limitation amount for the taxable
year ending March 31, 2007, O may
claim a RMTC for the taxable year
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Fmt 4700
Sfmt 4700
71039
ending March 31, 2007, in the amount
of $75,000.
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*
*
*
*
(e) Adjustments to basis—* * *
(1) In general. * * *
(2) Basis adjustment made to railroad
track. * * * For purposes of section
45G(e)(3) and this paragraph (e)(2), the
adjusted basis of any railroad track with
respect to which the eligible taxpayer
claims the RTMC is limited to the
amount of QRTME, if any, that is
required to be capitalized into the
qualifying railroad structure or an
intangible asset. * * * If all or some of
the QRTME paid or incurred by an
eligible taxpayer during the taxable year
is capitalized under section 263(a) to
more than one asset, whether tangible or
intangible (for example, railroad track
and bridges), the reduction to the basis
of these assets under this paragraph
(e)(2) is allocated among each of the
assets subject to the reduction in
proportion to the unadjusted basis of
each asset at the time the QRTME is
paid or incurred during that taxable
year.
(3) Examples. The application of this
paragraph (e) is illustrated by the
following examples. * * *
Example 1. * * *
(i) * * * X uses the track
maintenance allowance method for
track structure expenditures (for further
guidance, see Rev. Proc. 2002–65 (2002–
2 CB 700) and § 601.601(d)(2)(ii)(b) of
this chapter). * * *
(iii) * * * In accordance with
paragraph (e)(2) of this section, X
reduces the capitalized amount of
$250,000 by the RTMC of $500,000
claimed by X for 2006, but not below
zero. * * *
Example 2. * * *
(iii) * * * In accordance with
paragraph (e)(2) of this section, Z
reduces the capitalized amount of $1
million by the RTMC of $500,000
claimed by Z for 2006. * * *
*
*
*
*
*
(g) * * *
(3) Special rules for 2005 returns. If a
taxpayer’s Federal income tax return for
a taxable year beginning after December
31, 2004, and ending before September
7, 2006, is filed before October 10, 2006,
and the taxpayer is not filing an
amended Federal income tax return for
that taxable year pursuant to paragraph
(g)(2) of this section before the
taxpayer’s next filed original Federal
income tax return, see paragraphs
(d)(4)(iv) and (f)(7) of this section for the
statements that must be attached to the
taxpayer’s next filed original Federal
income tax return.
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71040
Federal Register / Vol. 71, No. 236 / Friday, December 8, 2006 / Rules and Regulations
PART 602—OMB CONTROL NUMBERS
UNDER THE PAPERWORK
REDUCTION ACT
I Par. 4. The authority citation for part
602 continues to read as follows:
Authority: 26 U.S.C. 7805.
Par. 5. In § 602.101, paragraph (b) is
amended by revising the following entry
in to the table to read as follows:
I
§ 602.101
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OMB control numbers.
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*
(b) * * *
*
*
CFR part or section where
identified and described
*
*
*
1.45G–1T ..............................
*
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*
Current OMB
control No.
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1545–2031
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*
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. E6–20799 Filed 12–7–06; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1, 301 and 602
[TD 9300]
Guidance Necessary to Facilitate
Business Electronic Filing
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations and removal of
temporary regulations.
pwalker on PRODPC60 with RULES
AGENCY:
SUMMARY: This document contains final
regulations designed to eliminate
regulatory impediments to the
electronic filing of certain income tax
returns and other forms. These
regulations affect business taxpayers
who file income tax returns
electronically. This document also
makes conforming changes to certain
current regulations.
DATES: Effective Date: These regulations
are effective on December 8, 2006.
Applicability Date: These regulations
apply with respect to taxable years
beginning after December 31, 2002. The
applicability of §§ 1.170A–11T, 1.556–
2T, 1.565–1T, 1.936–7T, 1.1017–1T,
1.1368–1T, 1.1377–1T, 1.1502–
21T(b)(3)(i) and (b)(3)(ii)(B), 1.1502–
75T, 1.1503–2T, 1.6038B–1T(b)(1)(ii)
and 301.7701–3T will expire on
December 8, 2006.
VerDate Aug<31>2005
16:20 Dec 07, 2006
Jkt 211001
FOR FURTHER INFORMATION CONTACT:
Nathan Rosen, (202) 622–4910 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collection of information
contained in these regulations has been
reviewed and approved by the Office of
Management and Budget in accordance
with the Paperwork Reduction Act of
1995 (44 U.S.C. 3507(d)) under control
number 1545–1868. The collection of
information in these final regulations is
in § 1.170A–11(b)(2). The information
required in § 1.170A–11(b)(2)
concerning the date on which a
corporation’s board of directors
authorizes a certain type of charitable
contribution assists the IRS in
determining the deductibility of such
contributions. Responses to this
collection of information are mandatory.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid control number
assigned by the Office of Management
and Budget.
The estimated annual burden per
respondent is .25 hours.
Comments concerning the accuracy of
this burden estimate and suggestions for
reducing this burden should be sent to
the Internal Revenue Service, Attn: IRS
Reports, Clearance Officer,
SE:W:CAR:MP:T:T:SP, Washington, DC
20224, and to the Office of Management
and Budget, Attn: Desk Officer for the
Department of the Treasury, Office of
Information and Regulatory Affairs,
Washington, DC 20503.
Books and records relating to a
collection of information must be
retained as long as their contents may
become material in the administration
of any internal revenue law. Generally,
tax returns and tax return information
are confidential, as required by 26
U.S.C. 6103.
Background
This document contains amendments
to 26 CFR part 1 and 26 CFR part 301
designed to eliminate regulatory
impediments to the electronic
submission of tax returns and other
forms filed by corporations,
partnerships, other business entities,
and their owners.
In 1998, Congress enacted the Internal
Revenue Service Restructuring and
Reform Act of 1998 (RRA 1998), Pub. L.
No. 105–206 (112 Stat. 685) (1998). RRA
1998 states a Congressional policy to
promote the paperless filing of Federal
tax returns. Section 2001(a) of RRA 1998
set a goal for the IRS to have at least 80
PO 00000
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Fmt 4700
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percent of all Federal tax and
information returns filed electronically
by 2007. Section 2001(b) of RRA 1998
requires the IRS to establish a 10-year
strategic plan to eliminate barriers to
electronic filing.
Finalization of December 2003
Regulations Facilitating Electronic
Filing
On December 19, 2003, the IRS and
Treasury published in the Federal
Register (TD 9100, 2004–1 C.B. 297 [68
FR 70701]) temporary and final
regulations modifying the regulations
under sections 170, 556, 565, 936, 1017,
1368, 1377, 1502, 1503, 6038B and 7701
of the Internal Revenue Code. In the
same issue of the Federal Register, the
IRS and Treasury published a notice of
proposed rulemaking (REG–116664–01,
2004–1 C.B. 319 [68 FR 70747])
proposing to amend regulations under
the code sections noted in the previous
sentence. The temporary, final, and
proposed regulations published on
December 19, 2003, are collectively
referred to as the December 2003
Regulations.
The December 2003 Regulations
generally affect taxpayers who must file
any of the following forms: Form 926,
‘‘Return by a U.S. Transferor of Property
to a Foreign Corporation’’; Form 972,
‘‘Consent of Shareholder To Include
Specific Amount in Gross Income’’;
Form 973, ‘‘Corporation Claim for
Deduction for Consent Dividends’’;
Form 982, ‘‘Reduction of Tax Attributes
Due to Discharge of Indebtedness (and
Section 1082 Basis Adjustment)’’; Form
1120, ‘‘U.S. Corporation Income Tax
Return’’; Form 1120S, ‘‘U.S. Income Tax
Return for an S Corporation’’; Form
1122, ‘‘Authorization and Consent of
Subsidiary Corporation To Be Included
in a Consolidated Income Tax Return’’;
Form 5471, ‘‘Information Return of U.S.
Persons With Respect To Certain
Foreign Corporations’’; Form 5712–A,
‘‘Election and Verification of the Cost
Sharing or Profit Split Method Under
Section 936(h)(5)’’; and Form 8832,
‘‘Entity Classification Election.’’
Prior to the changes adopted by the
December 2003 Regulations, certain
regulations under the code sections
cited above impeded electronic filing of
returns. Some of these regulations, for
example, impeded electronic filing by
requiring taxpayers to include thirdparty signatures on their tax returns or
by requiring taxpayers to attach
documents or statements generated by a
third party. Other regulations required a
taxpayer to sign an IRS form and file it
as an attachment to the taxpayer’s
income tax return. To address certain
situations in which regulations required
E:\FR\FM\08DER1.SGM
08DER1
]]>Agencies
[Federal Register Volume 71, Number 236 (Friday, December 8, 2006)]
[Rules and Regulations]
[Pages 71039-71040]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20799]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 9286]
RIN 1545-BE91
Railroad Track Maintenance Credit; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document corrects temporary regulations (TD 9286) that
were published in the Federal Register on Friday, September 8, 2006 (71
FR 53009) providing rules for claiming the railroad track maintenance
credit under section 45G of the Internal Revenue Code for qualified
railroad track maintenance expenditures paid or incurred by a Class II
railroad or Class III railroad and other eligible taxpayers during the
taxable year.
DATES: This correction is effective September 8, 2006.
FOR FURTHER INFORMATION CONTACT: Winston H. Douglas, (202) 622-3110
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations (TD 9286) that is the subject of this
document is under section 45G of the Internal Revenue Code.
Need for Correction
As published, the temporary regulations (TD 9286) contain errors
that may prove to be misleading and are in need of clarification.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
26 CFR Part 602
Reporting and recordkeeping requirements.
Correction of Publication
0
Accordingly, 26 CFR parts 1 and 602 are corrected by making the
following correcting amendments:
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 * * *
0
Par. 2. Section 1.45G-0T is amended by removing the entry for Sec.
1.45G-1T(e) and (e)(2) and redesignating the entries for Sec. 1.45G-
1T(e)(1) and Sec. 1.45G-1T(e)(1)(i), (ii) and (iii) as the entries for
(e), (e)(1), (e)(2) and (e)(3) respectively.
0
Par. 3. Section 1.45G-1T is amended by:
0
1. Removing paragraph (e)(2);
0
2. Redesignating paragraphs (e)(1)(i), (e)(1)(ii), and (e)(1)(iii) as
paragraphs (e)(1), (e)(2), and (e)(3), respectively;
0
3. Revising paragraph (a), sixth sentence, paragraph (b)(9), paragraph
(d)(6) Example 2.(ii), last sentence, paragraph headings (e), (e)(1),
(e)(2) and (e)(3), paragraph (e)(2), second and fifth sentences,
paragraph (e)(3), first sentence, Example 1.(i), third sentence,
Example 1.(iii), second sentence, Example 2.(iii), fourth sentence, and
paragraph (g)(3). The revisions read as follows:
Sec. 1.45G-1T Railroad track maintenance credit (temporary).
(a) * * * Paragraph (e) of this section contains rules for
adjusting basis for the amount of the RTMC claimed by an eligible
taxpayer. * * *
(b) * * *
(9) Except as provided in paragraph (e)(2) of this section,
railroad track is property described in STB property accounts 8 (ties),
9 (rails and other track material), and 11 (ballast) in 49 CFR part
1201, subpart A.
* * * * *
(d) * * *
(6) * * *
Example 2. * * *
(ii) * * * Because O's tentative amount of RTMC does not exceed O's
credit limitation amount for the taxable year ending March 31, 2007, O
may claim a RMTC for the taxable year ending March 31, 2007, in the
amount of $75,000.
* * * * *
(e) Adjustments to basis--* * *
(1) In general. * * *
(2) Basis adjustment made to railroad track. * * * For purposes of
section 45G(e)(3) and this paragraph (e)(2), the adjusted basis of any
railroad track with respect to which the eligible taxpayer claims the
RTMC is limited to the amount of QRTME, if any, that is required to be
capitalized into the qualifying railroad structure or an intangible
asset. * * * If all or some of the QRTME paid or incurred by an
eligible taxpayer during the taxable year is capitalized under section
263(a) to more than one asset, whether tangible or intangible (for
example, railroad track and bridges), the reduction to the basis of
these assets under this paragraph (e)(2) is allocated among each of the
assets subject to the reduction in proportion to the unadjusted basis
of each asset at the time the QRTME is paid or incurred during that
taxable year.
(3) Examples. The application of this paragraph (e) is illustrated
by the following examples. * * *
Example 1. * * *
(i) * * * X uses the track maintenance allowance method for track
structure expenditures (for further guidance, see Rev. Proc. 2002-65
(2002-2 CB 700) and Sec. 601.601(d)(2)(ii)(b) of this chapter). * * *
(iii) * * * In accordance with paragraph (e)(2) of this section, X
reduces the capitalized amount of $250,000 by the RTMC of $500,000
claimed by X for 2006, but not below zero. * * *
Example 2. * * *
(iii) * * * In accordance with paragraph (e)(2) of this section, Z
reduces the capitalized amount of $1 million by the RTMC of $500,000
claimed by Z for 2006. * * *
* * * * *
(g) * * *
(3) Special rules for 2005 returns. If a taxpayer's Federal income
tax return for a taxable year beginning after December 31, 2004, and
ending before September 7, 2006, is filed before October 10, 2006, and
the taxpayer is not filing an amended Federal income tax return for
that taxable year pursuant to paragraph (g)(2) of this section before
the taxpayer's next filed original Federal income tax return, see
paragraphs (d)(4)(iv) and (f)(7) of this section for the statements
that must be attached to the taxpayer's next filed original Federal
income tax return.
[[Page 71040]]
PART 602--OMB CONTROL NUMBERS UNDER THE PAPERWORK REDUCTION ACT
0
Par. 4. The authority citation for part 602 continues to read as
follows:
Authority: 26 U.S.C. 7805.
0
Par. 5. In Sec. 602.101, paragraph (b) is amended by revising the
following entry in to the table to read as follows:
Sec. 602.101 OMB control numbers.
* * * * *
(b) * * *
------------------------------------------------------------------------
Current OMB
CFR part or section where identified and described control No.
------------------------------------------------------------------------
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1.45G-1T................................................ 1545-2031
* * * * *
------------------------------------------------------------------------
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E6-20799 Filed 12-7-06; 8:45 am]
BILLING CODE 4830-01-P
