Corporate Reorganizations; Additional Guidance on Distributions Under Sections 368(a)(1)(D) and 354(b)(1)(B); Correction, 14678 [E7-5603]
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Federal Register / Vol. 72, No. 60 / Thursday, March 29, 2007 / Rules and Regulations
notwithstanding the provisions of any
administrative procedures that preclude
a taxpayer from requesting the advance
consent of the Commissioner to change
a method of accounting that is required
to be made pursuant to a published
automatic change procedure, for its first
taxable year ending on or after August
2, 2005, a taxpayer may request the
advance consent of the Commissioner to
change its method of accounting to
comply with paragraph (b)(2)(i)(D) of
this section, provided the taxpayer
follows the administrative procedures,
as modified by paragraphs (e)(2) through
(5) of this section, for obtaining the
advance consent of the Commissioner
(for further guidance, for example, see
Rev. Proc. 97–27 (1997–1 CB 680), as
modified and amplified by Rev. Proc.
2002–19 (2002–1 CB 696), as amplified
and clarified by Rev. Proc. 2002–54
(2002–2 CB 432), and
§ 601.601(d)(2)(ii)(b) of this chapter).
For the taxpayer’s second and
subsequent taxable years ending on or
after August 2, 2005, requests to secure
the consent of the Commissioner must
be made under the administrative
procedures, as modified by paragraphs
(e)(3) and (4) of this section, for
obtaining the Commissioner’s advance
consent to a change in accounting
method.
(2) Scope limitations. Any limitations
on obtaining the automatic consent or
advance consent of the Commissioner
do not apply to a taxpayer seeking to
change its method of accounting to
comply with paragraph (b)(2)(i)(D) of
this section for its first taxable year
ending on or after August 2, 2005.
(3) Audit protection. A taxpayer that
changes its method of accounting in
accordance with this paragraph (e) to
comply with paragraph (b)(2)(i)(D) of
this section does not receive audit
protection if its method of accounting
for additional section 263A costs is an
issue under consideration at the time
the application is filed with the national
office.
(4) Section 481(a) adjustment. A
change in method of accounting to
conform to paragraph (b)(2)(i)(D) of this
section requires a section 481(a)
adjustment. The section 481(a)
adjustment period is two taxable years
for a net positive adjustment for an
accounting method change that is made
to conform to paragraph (b)(2)(i)(D) of
this section.
(5) Time for requesting change.
Notwithstanding the provisions of
§ 1.446–1(e)(3)(i) and any contrary
administrative procedure, a taxpayer
may submit a request for advance
consent to change its method of
accounting to comply with paragraph
VerDate Aug<31>2005
14:22 Mar 28, 2007
Jkt 211001
(b)(2)(i)D) of this section for its first
taxable year ending on or after August
2, 2005, on or before the date that is 30
days after the end of the taxable year for
which the change is requested.
(f) Effective date. Paragraphs
(b)(2)(i)(D), (e), and (f) of this section
apply for taxable years ending on or
after August 2, 2005.
§ 1.263A–2T
I
[Removed]
Par. 5. Section 1.263A–2T is removed.
Kevin M. Brown,
Deputy Commissioner for Services and
Enforcement.
Approved: March 20, 2007.
Eric Solomon,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. E7–5732 Filed 3–28–07; 8:45 am]
prove to be misleading and is in need
of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
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 * * *
Par. 2. Section 1.368–2T is amended
by revising paragraph (l)(2)(iv) to read as
follows:
I
BILLING CODE 4830–01–P
§ 1.368–2T
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9313]
RIN 1545–BG29
Corporate Reorganizations; Additional
Guidance on Distributions Under
Sections 368(a)(1)(D) and 354(b)(1)(B);
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
SUMMARY: This document contains
correction to temporary regulations (TD
9313) that were published in the
Federal Register on Thursday, March 1,
2007 (72 FR 9262) providing guidance
regarding the qualification of certain
transactions as reorganizations
described in section 368(a)(1)(D) where
no stock and/or securities of the
acquiring corporation are issued and
distributed in the transaction.
DATES: This amendment is effective
March 29, 2007.
FOR FURTHER INFORMATION CONTACT:
Bruce A. Decker at (202) 622–7550 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations that are the
subjects of this correction are under
section 368 of the Internal Revenue
Code.
Need for Correction
As published, temporary regulations
(TD 9313) contain an error that may
PO 00000
Frm 00030
Fmt 4700
Sfmt 4700
Definition of terms (temporary).
*
*
*
*
*
(l) * * *
(2) * * *
(iv) Exception. This paragraph (l)(2) of
this section does not apply to a
transaction otherwise described in
§ 1.358–6(b)(2) or section 368(a)(1)(G) by
reason of section 368(a)(2)(D).
*
*
*
*
*
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. E7–5603 Filed 3–28–07; 8:45 am]
BILLING CODE 4830–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[EPA–R05–OAR–2006–0774; FRL–8284–5]
Approval and Promulgation of Air
Quality Implementation Plans; Indiana
Environmental Protection
Agency (EPA).
ACTION: Direct final rule.
AGENCY:
SUMMARY: The EPA is approving
revisions to Indiana’s State
Implementation Plan (SIP) submitted on
August 25, 2006, revising its existing
emission reporting rule to be consistent
with the emission statement program
requirements for stationary sources in
the Clean Air Act (CAA). The rationale
for approval and other information are
provided in this rulemaking action.
DATES: This direct final rule will be
effective May 29, 2007, unless EPA
receives adverse comments by April 30,
2007. If adverse comments are received,
EPA will publish a timely withdrawal of
E:\FR\FM\29MRR1.SGM
29MRR1
]]>Agencies
[Federal Register Volume 72, Number 60 (Thursday, March 29, 2007)]
[Rules and Regulations]
[Page 14678]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5603]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9313]
RIN 1545-BG29
Corporate Reorganizations; Additional Guidance on Distributions
Under Sections 368(a)(1)(D) and 354(b)(1)(B); Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains correction to temporary regulations (TD
9313) that were published in the Federal Register on Thursday, March 1,
2007 (72 FR 9262) providing guidance regarding the qualification of
certain transactions as reorganizations described in section
368(a)(1)(D) where no stock and/or securities of the acquiring
corporation are issued and distributed in the transaction.
DATES: This amendment is effective March 29, 2007.
FOR FURTHER INFORMATION CONTACT: Bruce A. Decker at (202) 622-7550 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations that are the subjects of this correction
are under section 368 of the Internal Revenue Code.
Need for Correction
As published, temporary regulations (TD 9313) contain an error that
may prove to be misleading and is in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
0
Accordingly, 26 CFR part 1 is corrected by making the following
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 1.368-2T is amended by revising paragraph (l)(2)(iv) to
read as follows:
Sec. 1.368-2T Definition of terms (temporary).
* * * * *
(l) * * *
(2) * * *
(iv) Exception. This paragraph (l)(2) of this section does not
apply to a transaction otherwise described in Sec. 1.358-6(b)(2) or
section 368(a)(1)(G) by reason of section 368(a)(2)(D).
* * * * *
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E7-5603 Filed 3-28-07; 8:45 am]
BILLING CODE 4830-01-P
