Qualified Films Under Section 199; Correction, 39770-39771 [E7-14080]

Download as PDF 39770 Federal Register / Vol. 72, No. 139 / Friday, July 20, 2007 / Proposed Rules (e)(1); (e)(4) (G), (H), (I); and (f). These exemptions are claimed to protect the materials required by executive order to be kept secret in the interest of national defense of foreign policy, to prevent subjects of investigation from frustrating the investigatory process, to insure the proper functioning and integrity of law enforcement activities, to prevent disclosure of investigative techniques, to maintain the ability to obtain candid and necessary information, to fulfill commitments made to sources to protect the confidentiality of information, to avoid endangering these sources, and to facilitate proper selection or continuance of the best applicants or persons for a given position or contract. Philip M. Heneghan, Chief Privacy Officer. [FR Doc. 07–3331 Filed 7–19–07; 8:45 am] Correction of Publication Accordingly, the notice of proposed rulemaking (REG–143601–06) that was the subject of FR Doc. 07–2631 is corrected as follows: 1. On page 29457, column 3, in the preamble, line 4 of footnote number 2, the language ‘‘XLVII (1995), p. 819. The RP–2000 Mortality Table’’ is corrected to read ‘‘XLVII (1995), p. 819. The RP– 2000 Mortality Tables’’. 2. On page 29460, column 3, in the preamble, second full paragraph of the column, line 7 from the bottom of the paragraph, the language ‘‘improvement factor is equal to (1—’’ is corrected to read ‘‘improvement factor is equal to (1–’’. § 1.430(h)(3)–2 [Corrected] Federal Register on Thursday, April 12, 2007 (72 FR 18417), announced that a public hearing was scheduled for July 31, 2007, at 10 a.m., in the IRS Auditorium, Internal Revenue Building, 1111 Constitution Avenue, NW., Washington, DC. The subject of the public hearing is under section 1367 of the Internal Revenue Code. The public comment period for these regulations expired on July 11, 2007. The notice of proposed rulemaking and notice of public hearing instructed those interested in testifying at the public hearing to submit a request to speak and an outline of the topics to be addressed. As of Tuesday, July 17, 2007, no one has requested to speak. Therefore, the public hearing scheduled for July 31, 2007, is cancelled. Internal Revenue Service 26 CFR Part 1 [REG–143601–06] BILLING CODE 4830–01–P BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY LaNita Van Dyke Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E7–14082 Filed 7–19–07; 8:45 am] LaNita Van Dyke, Branch Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E7–13494 Filed 7–19–07; 8:45 am] BILLING CODE 6116–01–P 3. On page 29471, § 1.430(h)(3)– 2(d)(4)(i)(E), column 3, last line of the paragraph, the language ‘‘§ 1.430(h)– 1(a)(3)).’’ is corrected to read ‘‘§ 1.430(h)(3)–1(a)(3)).’’ 26 CFR Part 1 RIN 1545–BG30 DEPARTMENT OF THE TREASURY Internal Revenue Service [REG–103842–07] DEPARTMENT OF THE TREASURY Mortality Tables for Determining Present Value; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking. AGENCY: Internal Revenue Service Qualified Films Under Section 199; Correction 26 CFR Part 1 SUMMARY: rwilkins on PROD1PC63 with PROPOSALS Background The notice of proposed rulemaking (REG–143601–06) that is the subject of these corrections is under sections 412, 430, and 431 of the Internal Revenue Code. Need for Correction As published, the notice of proposed rulemaking (REG–143601–06) contains errors that may prove to be misleading and are in need of clarification. VerDate Aug<31>2005 16:06 Jul 19, 2007 Jkt 211001 Section 1367 Regarding Open Account Debt; Correction Internal Revenue Service (IRS), Treasury. ACTION: Cancellation of notice of public hearing on proposed rulemaking. AGENCY: SUMMARY: This document cancels a public hearing on proposed regulations under section 1367 of the Internal Revenue Code relating to the treatment of open account debt between S corporations and their shareholders. DATES: The public hearing, originally scheduled for July 31, 2007, at 10 a.m., is cancelled. FOR FURTHER INFORMATION CONTACT: Richard A. Hurst of the Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration), at Richard.A.Hurst@irscounsel.treas.gov. A notice of public hearing that appeared in the SUPPLEMENTARY INFORMATION: PO 00000 Frm 00009 Fmt 4702 Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking. AGENCY: [REG–144859–04] RIN 1545–BD72 This document contains corrections to notice of proposed rulemaking that was published in the Federal Register on Tuesday, May 29, 2007 (72 FR 29456) providing mortality tables to be used in determining present value or making any computation for purposes of applying certain pension funding requirements. FOR FURTHER INFORMATION CONTACT: Bruce Perlin, Lauson C. Green, or Linda S.F. Marshall at (202) 622–6090. SUPPLEMENTARY INFORMATION: RIN 1545–BG33 Sfmt 4702 SUMMARY: This document contains corrections to a notice of proposed rulemaking that was published in the Federal Register on Thursday, June 7, 2007 (72 FR 31478). These regulations involve the deduction for income attributable to domestic production activities under section 199 and affect taxpayers who produce qualified films under section 199(c)(4)(A)(i)(II) and (c)(6) and taxpayers who are members of an expanded affiliated group under section 199(d)(4). FOR FURTHER INFORMATION CONTACT: Concerning § 1.199–3(k) of the proposed regulations, David McDonnell at (202) 622–3040; Concerning § 1.199–7 of the proposed regulations, Ken Cohen (202) 622–7790 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background The notice of proposed rulemaking (REG–103842–07) that is the subject of E:\FR\FM\20JYP1.SGM 20JYP1 Federal Register / Vol. 72, No. 139 / Friday, July 20, 2007 / Proposed Rules the correction is under section 199 of the Internal Revenue Code. ‘‘allocated $96 of the EAG’s section 199 deduction. For the’’. Need for Correction LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E7–14080 Filed 7–19–07; 8:45 am] As published, the notice of proposed rulemaking (REG–103842–07) contains errors that may prove to be misleading and are in need of clarification. BILLING CODE 4830–01–P Correction of Publication Accordingly, the publication of the notice of proposed rulemaking (REG– 103842–07), that is the subject of FR Doc. E7–10821, is corrected as follows: 1. On page 31480, column 2, in the preamble, under the paragraph heading ‘‘Expanded Affiliated Groups’’, second paragraph of the column, lines 25 through 28, the language ‘‘assume that X and Y each have $60 of taxable income and QPAI in 2007, Z has $170 of taxable income and QPAI in 2008, and that X, Y, and Z each have’’ is corrected to read ‘‘assume that X and Y each has $60 of taxable income and QPAI in 2007, Z has $170 of taxable income and QPAI in 2008, and that X, Y, and Z each has’’. DEPARTMENT OF THE TREASURY § 1.199–3 SUMMARY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to the discharge of liens under section 7425 and return of wrongfully levied upon property under section 6343 of the Internal Revenue Code (Code) of 1986. Those regulations clarify that such notices and claims should be sent to the IRS official and office specified in the relevant IRS publications. The regulations will affect parties seeking to provide the IRS with notice of a nonjudicial foreclosure sale and parties making administrative requests for return of wrongfully levied property. The text of those regulations also serves as the text of these proposed regulations. DATES: Written or electronic comments and requests for a public hearing must be received by October 18, 2007. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–148951–05), Room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be handdelivered to CC:PA:LPD:PR (REG– 148951–05), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC 20224. Alternatively, taxpayers may submit comments electronically to the IRS Internet site via the Federal eRulemaking Portal at www.regulations.gov (IRS REG–148951– 05). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, [Corrected] 2. On page 31482, column 1, § 1.199– 3(k)(7)(i), line 2 from the bottom of the paragraph, the language ‘‘Paragraph (g)(4)(ii)(A) of this section’’ is corrected to read ‘‘Paragraph (g)(3)(ii)(A) of this section’’. rwilkins on PROD1PC63 with PROPOSALS § 1.199–7 [Corrected] 3. On page 31482, column 3, § 1.199– 7(e) Example 10. paragraph (i), line 5 of the paragraph, the language ‘‘B each use the section 861 method for’’ is corrected to read ‘‘B each uses the section 861 method for’’. 4. On page 31482, column 3, § 1.199– 7(e) Example 10. paragraph (iii), line 8 of the paragraph, the language ‘‘B becomes a non-member of the consolidated’’ is corrected to read ‘‘B becomes a nonmember of the consolidated’’. 5. On page 31483, column 1, § 1.199– 7(g)(3) Example. paragraph (i), lines 9 through 11 of the paragraph, the language ‘‘year, neither X, Y, nor Z join in the filing of a consolidated Federal income tax return. Assume that X, Y, and Z each have W–2’’ is corrected to read ‘‘year, neither X, Y, nor Z joins in the filing of a consolidated Federal income tax return. Assume that X, Y, and Z each has W–2’’. 6. On page 31483, column 1, § 1.199– 7(g)(3) Example. paragraph (ii), line 5 from the bottom of the column, the language ‘‘allocated $96 of the deduction. For the’’ is corrected to read VerDate Aug<31>2005 16:06 Jul 19, 2007 Jkt 211001 Internal Revenue Service 26 CFR Part 301 [REG–148951–05] RIN 1545–BF54 Change to Office To Which Notices of Nonjudicial Sale and Requests for Return of Wrongfully Levied Property Must Be Sent Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. AGENCY: PO 00000 Frm 00010 Fmt 4702 Sfmt 4702 39771 Robin M. Ferguson, (202) 622–3610; concerning submissions of comments, the hearing, call Kelly Banks, (202) 622– 7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background Temporary regulations in the Rules and Regulations section of this issue of the Federal Register contain amendments to the Procedure and Administration Regulations (26 CFR part 301) relating to the giving of notice of nonjudicial sales under section 7425(b) of the Code and requests for return of wrongfully levied property under section 6343(b) of the Code. The text of those regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations and these proposed regulations. Proposed Effective Date These regulations are proposed to apply to any notice of sale filed or request for return of property made after the date that these regulations are published as final regulations in the Federal Register. Special Analyses It has been determined that this notice of proposed rulemaking 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 the 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 Public Hearing Before these proposed regulations are adopted as final regulations, consideration will be given to any electronic and written comments (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The IRS and Treasury Department specifically request comments on the clarity of the proposed rules and how they may be made easier to understand. All comments will be available for public inspection and copying. A public hearing will be scheduled if requested in writing by any E:\FR\FM\20JYP1.SGM 20JYP1

Agencies

[Federal Register Volume 72, Number 139 (Friday, July 20, 2007)]
[Proposed Rules]
[Pages 39770-39771]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-14080]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-103842-07]
RIN 1545-BG33


Qualified Films Under Section 199; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to a notice of proposed 
rulemaking that was published in the Federal Register on Thursday, June 
7, 2007 (72 FR 31478). These regulations involve the deduction for 
income attributable to domestic production activities under section 199 
and affect taxpayers who produce qualified films under section 
199(c)(4)(A)(i)(II) and (c)(6) and taxpayers who are members of an 
expanded affiliated group under section 199(d)(4).

FOR FURTHER INFORMATION CONTACT: Concerning Sec.  1.199-3(k) of the 
proposed regulations, David McDonnell at (202) 622-3040; Concerning 
Sec.  1.199-7 of the proposed regulations, Ken Cohen (202) 622-7790 
(not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking (REG-103842-07) that is the 
subject of

[[Page 39771]]

the correction is under section 199 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-103842-07) 
contains errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-103842-07), that is the subject of FR Doc. E7-10821, is corrected 
as follows:
    1. On page 31480, column 2, in the preamble, under the paragraph 
heading ``Expanded Affiliated Groups'', second paragraph of the column, 
lines 25 through 28, the language ``assume that X and Y each have $60 
of taxable income and QPAI in 2007, Z has $170 of taxable income and 
QPAI in 2008, and that X, Y, and Z each have'' is corrected to read 
``assume that X and Y each has $60 of taxable income and QPAI in 2007, 
Z has $170 of taxable income and QPAI in 2008, and that X, Y, and Z 
each has''.


Sec.  1.199-3  [Corrected]

    2. On page 31482, column 1, Sec.  1.199-3(k)(7)(i), line 2 from the 
bottom of the paragraph, the language ``Paragraph (g)(4)(ii)(A) of this 
section'' is corrected to read ``Paragraph (g)(3)(ii)(A) of this 
section''.


Sec.  1.199-7  [Corrected]

    3. On page 31482, column 3, Sec.  1.199-7(e) Example 10. paragraph 
(i), line 5 of the paragraph, the language ``B each use the section 861 
method for'' is corrected to read ``B each uses the section 861 method 
for''.
    4. On page 31482, column 3, Sec.  1.199-7(e) Example 10. paragraph 
(iii), line 8 of the paragraph, the language ``B becomes a non-member 
of the consolidated'' is corrected to read ``B becomes a nonmember of 
the consolidated''.
    5. On page 31483, column 1, Sec.  1.199-7(g)(3) Example. paragraph 
(i), lines 9 through 11 of the paragraph, the language ``year, neither 
X, Y, nor Z join in the filing of a consolidated Federal income tax 
return. Assume that X, Y, and Z each have W-2'' is corrected to read 
``year, neither X, Y, nor Z joins in the filing of a consolidated 
Federal income tax return. Assume that X, Y, and Z each has W-2''.
    6. On page 31483, column 1, Sec.  1.199-7(g)(3) Example. paragraph 
(ii), line 5 from the bottom of the column, the language ``allocated 
$96 of the deduction. For the'' is corrected to read ``allocated $96 of 
the EAG's section 199 deduction. For the''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-14080 Filed 7-19-07; 8:45 am]
BILLING CODE 4830-01-P
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