Guidance Under Section 1502; Amendment of Matching Rule for Certain Gains on Member Stock; Correction, 18159-18160 [E8-6879]
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Federal Register / Vol. 73, No. 65 / Thursday, April 3, 2008 / Rules and Regulations
offset under 5 U.S.C. 5514 only. It does
not supersede the finding by Peace
Corps that a debt is owed and does not
affect the Government’s ability to
recoup the debt through alternative
collection methods under other
appropriate methods.
§ 309.17
Procedures for salary offset.
Unless otherwise provided by statute
or contract, the following procedures
apply to salary offset:
(a) Method. Salary offset will be made
by deduction at one or more officially
established pay intervals from the
current pay account of the employee
without his or her consent.
(b) Source. The source of salary offset
is current disposable pay.
(c) Types of collection. (1) Lump sum
payment. Ordinarily debts will be
collected by salary offset in one lump
sum if possible. However, if the amount
of the debt exceeds 15 percent of
disposable pay for an officially
established pay interval, the collection
by salary offset must be made in
installment deductions.
(2) Installment deductions. (i) The
size of installment deductions must bear
a reasonable relation to the size of the
debt and the employee’s ability to pay.
If possible, the size of the deduction
will be that necessary to liquidate the
debt in no more than 1 year. However,
the amount deducted for any period
must not exceed 15 percent of the
disposable pay from which the
deduction is made, except as provided
by other regulations or unless the
employee has agreed in writing to
greater amount.
(ii) Installment payments of less than
$25 per pay period will be accepted
only in the most unusual circumstances.
(iii) Installment deductions will be
made over a period of not greater than
the anticipated period of employment.
jlentini on PROD1PC65 with RULES
§ 309.18 Voluntary repayment agreements
as an alternative to salary offset.
(a) In response to a notice of intent,
an employee may propose a written
agreement to repay the debt as an
alternative to salary offset. Any
employee who wishes to repay a debt
without salary offset shall submit in
writing a proposed agreement to repay
the debt. The proposal shall admit the
existence of the debt and set forth a
proposed repayment schedule. Any
proposal under this paragraph must be
received by the official designated in
that notice within 20 calendar days after
receipt of the notice of intent.
(b) When the Peace Corps is the
creditor agency, in response to a timely
proposal by the debtor the agency will
notify the employee whether the
VerDate Aug<31>2005
17:54 Apr 02, 2008
Jkt 214001
employee’s proposed written agreement
for repayment is acceptable. It is within
the agency’s discretion to accept a
repayment agreement instead of
proceeding by offset.
(c) If the Peace Corps decides that the
proposed repayment agreement is
unacceptable, the employee will have
15 calendar days from the date he or she
received notice of the decision to file a
petition for a review.
(d) If the Peace Corps decides that the
proposed repayment agreement is
acceptable, the alternative arrangement
must be in writing and signed by both
the employee and a designated agency
official.
§ 309.19
Waiver.
(a) Under certain circumstances,
employees may have a statutory right to
request a waiver of indebtedness. When
an employee makes a request under a
statutory right, further collection will be
stayed pending an administrative
determination on the request.
(b) Waiver of indebtedness is an
equitable remedy and as such must be
based on an assessment of the facts
involved in the individual case under
consideration. The burden is on the
employee to demonstrate that the
applicable waiver standard has been
met.
§ 309.20
Compromise.
Peace Corps may attempt to effect
compromise in accordance with the
standards set forth in the FCCS (31 CFR
part 902).
§ 309.21
Suspension of collection.
Suspension of collection action shall
be made in accordance with the
standards set forth in the FCCS (31 CFR
903.1–903.2).
§ 309.22
Termination of collection.
Termination of collection action shall
be made in accordance with the
standards set forth in the FCCS (31 CFR
903.1 and 903.3–903.4).
§ 309.23
Discharge.
Once a debt has been closed out for
accounting purposes and collection has
been terminated, the debt is discharged.
Peace Corps will report discharged debt
as income to the debtor to the Internal
Revenue Service per 26 U.S.C. 6050P
and 26 CFR 1.6050P–1.
§ 309.24
Frm 00011
Fmt 4700
the belief that any claims or offset may
have survived the discharge of a debtor.
Dated: March 31, 2008.
Tyler S. Posey,
General Counsel.
[FR Doc. E8–6917 Filed 4–2–08; 8:45 am]
BILLING CODE 6015–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9383]
RIN 1545–BH21
Guidance Under Section 1502;
Amendment of Matching Rule for
Certain Gains on Member Stock;
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Final and temporary
regulations; Correction.
AGENCY:
SUMMARY: This document contains a
correction to final and temporary
regulations (TD 9383) that were
published in the Federal Register on
Friday, March 7, 2008 (73 FR 12265).
Concerning the treatment of certain
intercompany gain with respect to
consolidated group member stock.
These amendments provide for the
redetermination of an intercompany
gain as excluded from gross income in
certain member stock transactions.
These regulations affect corporations
filing consolidated returns.
DATES: This correction is effective April
3, 2008.
FOR FURTHER INFORMATION CONTACT: John
F. Tarrant or Ross E. Poulsen, (202) 622–
7790 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations
that are the subject of this document are
under section 1502 of the Internal
Revenue Code.
Need for Correction
As published, final and temporary
regulations (TD 9383) contain an error
that may prove to be misleading and is
in need of clarification.
Correction of Publication
Bankruptcy.
Peace Corps generally terminates
collection activity on debts that have
been discharged in bankruptcy unless
otherwise provided for by bankruptcy
law. The CFO will seek legal advice by
the General Counsel’s office if there is
PO 00000
18159
Sfmt 4700
Accordingly, the publication of the
final and temporary regulations (TD
9383), which were the subject of FR
Doc. E8–4573, is corrected as follows:
On page 12266, column 1, in the
preamble, under the paragraph heading
E:\FR\FM\03APR1.SGM
03APR1
18160
Federal Register / Vol. 73, No. 65 / Thursday, April 3, 2008 / Rules and Regulations
‘‘Background’’, lines 3 through 5 from
the bottom of the column, the language
‘‘extent ‘‘the Commissioner determines
that treating S’s intercompany item as
excluded from gross income is
consistent with the purposes of
§ 1.1502–13 and other provisions of the’’
is corrected to read ‘‘extent ‘‘[t]he
Commissioner determines that treating
S’s intercompany item as excluded from
gross income is consistent with the
purposes of [§ 1.1502–13] and other
provisions of the’’.
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. E8–6879 Filed 4–2–08; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
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
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendment:
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 * * *
I Par. 2. Section 1.1502–13T is
amended by revising the introductory
text of paragraph (c)(6)(ii)(C)(1) to read
as follows:
Internal Revenue Service
§ 1.1502–13T
(temporary).
26 CFR Part 1
*
[TD 9383]
RIN 1545–BH21
Guidance Under Section 1502;
Amendment of Matching Rule for
Certain Gains on Member Stock;
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
This document contains a
correction to final and temporary
regulations (TD 9383) that were
published in the Federal Register on
Friday, March 7, 2008 (73 FR 12265).
Concerning the treatment of certain
intercompany gain with respect to
consolidated group member stock.
These amendments provide for the
redetermination of an intercompany
gain as excluded from gross income in
certain member stock transactions.
These regulations affect corporations
filing consolidated returns.
DATES: This correction is effective April
3, 2008.
FOR FURTHER INFORMATION CONTACT: John
F. Tarrant or Ross E. Poulsen, (202) 622–
7790 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
jlentini on PROD1PC65 with RULES
SUMMARY:
Background
The final and temporary regulations
that are the subject of this document are
under section 1502 of the Internal
Revenue Code.
Need for Correction
As published, final and temporary
regulations (TD 9383) contain an error
VerDate Aug<31>2005
17:54 Apr 02, 2008
Jkt 214001
Intercompany transactions
*
*
*
*
(c) * * *
(6) * * *
(ii) * * *
(C) * * *
(1) In general. Notwithstanding
paragraph (c)(6)(ii)(A)(1), intercompany
gain with respect to member stock is
redetermined to be excluded from gross
income to the extent that—
*
*
*
*
*
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. E8–6883 Filed 4–2–08; 8:45 am]
BILLING CODE 4830–01–P
NATIONAL ARCHIVES AND RECORDS
ADMINISTRATION
36 CFR Part 1253
RIN 3095–AB57
[Docket NARA–08–0001]
Locations and Hours; Changes in
NARA Research Room Hours
National Archives and Records
Administration (NARA).
ACTION: Final rule; confirmation of
interim rule.
AGENCY:
SUMMARY: NARA is revising its
regulations to increase the number of
hours its archival research rooms are
open in the Washington, DC, area. In
response to an interim final rule
published on February 1, 2008, we
received 53 comments, which are
discussed in the SUPPLEMENTARY
PO 00000
Frm 00012
Fmt 4700
Sfmt 4700
INFORMATION section of this preamble.
This final rule document confirms
without change to the rule the effective
date of the regulation.
Effective Date: The interim rule
amending published on February 1,
2008 (73 FR 6030), is adopted as a final
rule, effective April 14, 2008.
DATES:
FOR FURTHER INFORMATION CONTACT:
Nancy Allard at 301–837–1477 or
Jennifer Davis Heaps at 301–837–1801
or via fax number 301–837–0319.
NARA
published an interim final rule on
February 1, 2008 (73 FR 6030) to restore
extended evening and Saturday research
room hours in its Washington, DC, area
archival research rooms, effective April
14, 2008. The research rooms will be
open from 9 a.m. to 5 p.m. on Monday,
Tuesday, and Saturday. On Wednesday,
Thursday, and Friday they will be open
from 9 a.m. to 9 p.m.
We received 53 comments on the
interim final rule from individuals and
representatives of organizations, all
supportive of the increased hours.
While one comment expressed
disappointment with the choice of
evenings because the extended hours
overlap with the Library of Congress, a
number of comments specifically
endorsed having three consecutive
evenings and Saturday to maximize the
cost-effectiveness of research room use
by out-of-town researchers.
Seven comments requested that
NARA provide additional ‘‘record pull
times’’ for retrieving records from the
stacks for use in the research rooms on
Saturdays and, in one case, weekdays.
As we noted in the interim final rule, we
are restoring the late afternoon time for
pulling records from the stacks on the
three weekdays that we are open in the
evening, but we have never had
Saturday ‘‘pull’’ service. We recognize
that this would be a useful service to
researchers who only use the research
rooms on Saturdays, but we are unable
to adopt the suggestion. The FY 2008
appropriation that is permitting us to
restore extended hours does not cover
adding staff to provide this additional
new service. As a result, the finding aids
room is open but there is no archival
consultation. It is these archival
professionals who would be needed to
ensure successful records pulls. Every
records request slip submitted is
checked for accurate pull information
by an archivist or specialist. We also do
not have the pull and refile manager or
pull and refile technicians available on
Saturdays.
SUPPLEMENTARY INFORMATION:
E:\FR\FM\03APR1.SGM
03APR1
]]>Agencies
[Federal Register Volume 73, Number 65 (Thursday, April 3, 2008)]
[Rules and Regulations]
[Pages 18159-18160]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-6879]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9383]
RIN 1545-BH21
Guidance Under Section 1502; Amendment of Matching Rule for
Certain Gains on Member Stock; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final and temporary regulations; Correction.
-----------------------------------------------------------------------
SUMMARY: This document contains a correction to final and temporary
regulations (TD 9383) that were published in the Federal Register on
Friday, March 7, 2008 (73 FR 12265).
Concerning the treatment of certain intercompany gain with respect
to consolidated group member stock. These amendments provide for the
redetermination of an intercompany gain as excluded from gross income
in certain member stock transactions. These regulations affect
corporations filing consolidated returns.
DATES: This correction is effective April 3, 2008.
FOR FURTHER INFORMATION CONTACT: John F. Tarrant or Ross E. Poulsen,
(202) 622-7790 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations that are the subject of this
document are under section 1502 of the Internal Revenue Code.
Need for Correction
As published, final and temporary regulations (TD 9383) contain an
error that may prove to be misleading and is in need of clarification.
Correction of Publication
Accordingly, the publication of the final and temporary regulations
(TD 9383), which were the subject of FR Doc. E8-4573, is corrected as
follows:
On page 12266, column 1, in the preamble, under the paragraph
heading
[[Page 18160]]
``Background'', lines 3 through 5 from the bottom of the column, the
language ``extent ``the Commissioner determines that treating S's
intercompany item as excluded from gross income is consistent with the
purposes of Sec. 1.1502-13 and other provisions of the'' is corrected
to read ``extent ``[t]he Commissioner determines that treating S's
intercompany item as excluded from gross income is consistent with the
purposes of [Sec. 1.1502-13] and other provisions of the''.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E8-6879 Filed 4-2-08; 8:45 am]
BILLING CODE 4830-01-P
