Determining the Amount of Taxes Paid for Purposes of Section 901, 40792-40793 [E8-16331]
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Federal Register / Vol. 73, No. 137 / Wednesday, July 16, 2008 / Proposed Rules
DEPARTMENT OF THE TREASURY
Background and Explanation of
Provisions
Internal Revenue Service
Temporary regulations in the Rules
and Regulations section of this issue of
the Federal Register contain
amendments to the Income Tax
Regulations (26 CFR Part 1) which
provide rules relating to the
determination of the amount of taxes
paid for purposes of the foreign tax
credit. 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. The regulations
affect individuals and corporations
claiming foreign tax credits.
26 CFR Part 1
[REG–156779–06]
RIN 1545–BG27
Determining the Amount of Taxes Paid
for Purposes of Section 901
Internal Revenue Service (IRS),
Treasury.
AGENCY:
Notice of proposed rulemaking
by cross-reference to temporary
regulations and notice of public hearing
ACTION:
In the Rules and Regulations
section in this issue of the Federal
Register, the IRS is issuing temporary
regulations that provide guidance
relating to the determination of the
amount of taxes paid for purposes of the
foreign tax credit. The regulations affect
taxpayers that claim direct and indirect
foreign tax credits. The text of those
temporary regulations also serves as the
text of these proposed regulations. This
document also provides notice of a
public hearing on these proposed
regulations.
SUMMARY:
Written or electronic comments
must be received by October 14, 2008.
Outlines of topics to be discussed at the
public hearing scheduled for December
11, 2008, at 10 a.m. must be received by
November 20, 2008.
DATES:
Send submissions to
CC:PA:LPD:PR (REG–156779–06), room
5203, Internal Revenue Service, PO Box
7604, Ben Franklin Station, Washington,
DC 20044. Submissions may be hand
delivered Monday through Friday
between the hours of 8 a.m. and 4 p.m.
to CC:PA:LPD:PR (REG–156779–06),
Courier’s desk, Internal Revenue
Service, 1111 Constitution Avenue,
NW., Washington, DC 20224, or sent
electronically via the Federal
eRulemaking Portal at
www.regulations.gov (IRS REG–156779–
06). The public hearing will be held in
the Auditorium, Internal Revenue
Building, 1111 Constitution Avenue,
NW., Washington, DC.
ADDRESSES:
jlentini on PROD1PC65 with PROPOSALS
FOR FURTHER INFORMATION CONTACT:
Concerning the regulations, Michael I.
Gilman, (202) 622–3850; concerning
submissions of comments, the hearing,
and/or to be placed on the building
access list to attend the hearing, Regina
Johnson, (202) 622–7180 (not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
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17:14 Jul 15, 2008
Jkt 214001
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 businesses.
Comments and Public Hearing
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
written (a signed original and eight (8)
copies) or electronic comments that are
submitted timely to the IRS. In
particular, the IRS and Treasury
Department continue to study
arrangements in which the foreign
payments attributable to income of a
special purpose vehicle (SPV) do not
substantially exceed the foreign taxes
that would have been paid by a
controlled foreign corporation that owns
the SPV in the absence of the
arrangement. The IRS and Treasury
Department seek additional comments
on how to overcome the administrative
challenges of determining the amount of
foreign taxes that would have been paid
but for such arrangement. The IRS and
Treasury Department also request
comments on whether the regulations
should contain additional guidance on
the extent to which activities are
conducted by an entity’s employees or
on the treatment of employees of
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Fmt 4702
Sfmt 4702
affiliates that are seconded to, or
supervised by employees of, the tested
entity. Finally, the IRS and Treasury
Department request comments on the
clarity of the proposed regulations and
how they can be made easier to
understand. All comments will be
available for public inspection and
copying.
A public hearing has been scheduled
for December 11, 2008, at 10 a.m. in the
Auditorium, Internal Revenue Building,
1111 Constitution Avenue, NW.,
Washington, DC. Due to building
security procedures, visitors must enter
at the Constitution Avenue entrance. In
addition, all visitors must present photo
identification to enter the building.
Because of access restrictions, visitors
will not be admitted beyond the
immediate entrance more than 30
minutes before the hearing starts. For
information about having your name
placed on the building access list to
attend the hearing, see the FOR FURTHER
INFORMATION CONTACT section of this
preamble.
The rules of 26 CFR 601.601(a)(3)
apply to the hearing. Persons who wish
to present oral comments must submit
electronic or written comments by
October 14, 2008, and an outline of the
topics to be discussed and time to be
devoted to each topic (a signed original
and eight (8) copies) by November 20,
2008. A period of 10 minutes will be
allotted to each person for making
comments. An agenda showing the
scheduling of the speakers will be
prepared after the deadline for receiving
outlines has passed. Copies of the
agenda will be available free of charge
at the hearing.
Drafting Information
The principal author of these
regulations is Michael I. Gilman, Office
of Associate Chief Counsel
(International). However, other
personnel from the IRS and the Treasury
Department participated in their
development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
Authority: 26 U.S.C. 7805 * * *
E:\FR\FM\16JYP1.SGM
16JYP1
Federal Register / Vol. 73, No. 137 / Wednesday, July 16, 2008 / Proposed Rules
Par. 2. Section 1.901–1 is amended by
revising paragraphs (a) and (b) to read
as follows:
§ 1.901–1
Allowance of credit for taxes.
(a) and (b) [The text of proposed
§ 1.901–2(a) and (b) is the same as the
text of § 1.901–1T(a) and (b) published
elsewhere in this issue of the Federal
Register.]
*
*
*
*
*
Par 3. Section 1.901–2 is amended by
revising paragraphs (e)(5)(iii), (e)(5)(iv),
and (h)(2) to read as follows:
§ 1.901–2 Income, war profits, or excess
profits tax paid or accrued.
*
*
*
*
*
(e) * * *
(5) * * *
(iii) and (iv) [The text of proposed
§ 1.901–2(e)(5)(iii) and (iv) is the same
as the text of § 1.901–2T(e)(5)(iii) and
(iv) published elsewhere in this issue of
the Federal Register.]
*
*
*
*
*
(h) * * *
(2) [The text of proposed § 1.901–
2(h)(2) is the same as the text of § 1.901–
2T(h)(2) published elsewhere in this
issue of the Federal Register.]
Linda E. Stiff,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. E8–16331 Filed 7–15–08; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–101258–08]
RIN 1545–BH66
Guidance Under Sections 642 and 643
(Income Ordering Rules); Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correction to notice of proposed
rulemaking.
jlentini on PROD1PC65 with PROPOSALS
AGENCY:
SUMMARY: This document contains
corrections to a notice of proposed
rulemaking (REG–101258–08) that was
published in the Federal Register on
Wednesday, June 18, 2008 (73 FR
34670) providing guidance under
Internal Revenue Code section 642(c)
with regard to the Federal tax
consequences of an ordering provision
in a trust, a will, or a provision of local
law that attempts to determine the tax
character of the amounts paid to a
charitable beneficiary of the trust or
estate. The proposed regulations also
VerDate Aug<31>2005
17:14 Jul 15, 2008
Jkt 214001
make conforming amendments to the
regulations under section 643(a)(5). The
proposed regulations affect estates,
charitable lead trusts (CLTs) and other
trusts making payments or permanently
setting aside amounts for a charitable
purpose.
FOR FURTHER INFORMATION CONTACT:
Vishal Amin at (202) 622–3060 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The correction notice that is the
subject of this document is under
sections 642 and 643 of the Internal
Revenue Code.
Need for Correction
As published, the notice of proposed
rulemaking (REG–101258–08) 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–
101258–08), which was the subject of
FR Doc. E8–13611, is corrected as
follows:
1. On page 34671, column 1, in the
preamble, under the paragraph heading
‘‘Explanation of Provisions’’, first
paragraph, line 19, the language
‘‘proposed regulation will amend the’’ is
corrected to read ‘‘proposed regulations
will amend the’’.
2. On page 34671, column 2, in the
preamble, under the paragraph heading
‘‘Explanation of Provisions’’, first
paragraph of the column, line 3, the
language ‘‘unrelated business tax
income and tax-’’ is corrected to read
‘‘unrelated business taxable income and
tax-’’.
3. On page 34671, column 2, in the
preamble, under the paragraph heading
‘‘Explanation of Provisions’’, first
paragraph of the column, line 22, the
language ‘‘independent of the income
tax’’ is corrected to read ‘‘independent
of income tax’’.
§ 1.642(c)–3
[Corrected]
4. On page 34672, column 1,
§ 1.642(c)-3, paragraph 2., first entry of
the amendatory instructions, the
language ‘‘Revising the paragraph
heading of paragraph (b) and add a
heading to paragraph (b)(1).’’ is
corrected to read ‘‘Revising the
paragraph heading of paragraph (b) and
adding a heading to paragraph (b)(1).’’.
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. E8–16178 Filed 7–15–08; 8:45 am]
BILLING CODE 4830–01–P
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40793
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 54
[REG–120476–07]
RIN 1545–BG71
Employer Comparable Contributions to
Health Savings Accounts Under
Section 4980G, and Requirement of
Return for Filing of the Excise Tax
Under Section 4980B, 4980D, 4980E or
4980G
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking
and notice of public hearing.
AGENCY:
SUMMARY: This document contains
proposed regulations providing
guidance on employer comparable
contributions to Health Savings
Accounts (HSAs) under section 4980G
of the Internal Revenue Code (Code) as
amended by sections 302, 305 and 306
of the Tax Relief and Health Care Act of
2006 (the Act). The proposed
regulations also provide guidance
relating to the requirement of a return to
accompany payment of the excise tax
under section 4980B, 4980D, 4980E, or
4980G of the Code and the time for
filing that return. These proposed
regulations would affect employers that
contribute to employees’ HSAs and
Archer MSAs, employers or employee
organizations that sponsor a group
health plan, and certain third parties
such as insurance companies or HMOs
or third-party administrators who are
responsible for providing benefits under
the plan. This document also provides
notice of a public hearing on these
proposed regulations.
DATES: Written or electronic comments
must be received by October 14, 2008.
Outlines of topics to be discussed at the
public hearing scheduled for October
30, 2008, at 10 a.m., must be received
by October 13, 2008.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR (REG–120476–07),
Internal Revenue Service, room 5203,
POB 7604, Ben Franklin Station,
Washington, DC 20044. Submissions
may be hand-delivered Monday through
Friday between the hours of 8 a.m. and
4 p.m. to CC:PA:LPD:PR (REG–120476–
07), Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue,
NW., Washington, DC. Alternatively,
taxpayers may submit comments
electronically via the Federal
eRulemaking Portal at https://
www.regulations.gov (IRS REG–120476–
07). The public hearing will be held in
E:\FR\FM\16JYP1.SGM
16JYP1
]]>Agencies
[Federal Register Volume 73, Number 137 (Wednesday, July 16, 2008)]
[Proposed Rules]
[Pages 40792-40793]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16331]
[[Page 40792]]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-156779-06]
RIN 1545-BG27
Determining the Amount of Taxes Paid for Purposes of Section 901
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations and notice of public hearing
-----------------------------------------------------------------------
SUMMARY: In the Rules and Regulations section in this issue of the
Federal Register, the IRS is issuing temporary regulations that provide
guidance relating to the determination of the amount of taxes paid for
purposes of the foreign tax credit. The regulations affect taxpayers
that claim direct and indirect foreign tax credits. The text of those
temporary regulations also serves as the text of these proposed
regulations. This document also provides notice of a public hearing on
these proposed regulations.
DATES: Written or electronic comments must be received by October 14,
2008. Outlines of topics to be discussed at the public hearing
scheduled for December 11, 2008, at 10 a.m. must be received by
November 20, 2008.
ADDRESSES: Send submissions to CC:PA:LPD:PR (REG-156779-06), room 5203,
Internal Revenue Service, PO Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand delivered Monday through
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
156779-06), Courier's desk, Internal Revenue Service, 1111 Constitution
Avenue, NW., Washington, DC 20224, or sent electronically via the
Federal eRulemaking Portal at www.regulations.gov (IRS REG-156779-06).
The public hearing will be held in the Auditorium, Internal Revenue
Building, 1111 Constitution Avenue, NW., Washington, DC.
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Michael I.
Gilman, (202) 622-3850; concerning submissions of comments, the
hearing, and/or to be placed on the building access list to attend the
hearing, Regina Johnson, (202) 622-7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of Provisions
Temporary regulations in the Rules and Regulations section of this
issue of the Federal Register contain amendments to the Income Tax
Regulations (26 CFR Part 1) which provide rules relating to the
determination of the amount of taxes paid for purposes of the foreign
tax credit. 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. The
regulations affect individuals and corporations claiming foreign tax
credits.
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
businesses.
Comments and Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written (a signed original and eight
(8) copies) or electronic comments that are submitted timely to the
IRS. In particular, the IRS and Treasury Department continue to study
arrangements in which the foreign payments attributable to income of a
special purpose vehicle (SPV) do not substantially exceed the foreign
taxes that would have been paid by a controlled foreign corporation
that owns the SPV in the absence of the arrangement. The IRS and
Treasury Department seek additional comments on how to overcome the
administrative challenges of determining the amount of foreign taxes
that would have been paid but for such arrangement. The IRS and
Treasury Department also request comments on whether the regulations
should contain additional guidance on the extent to which activities
are conducted by an entity's employees or on the treatment of employees
of affiliates that are seconded to, or supervised by employees of, the
tested entity. Finally, the IRS and Treasury Department request
comments on the clarity of the proposed regulations and how they can be
made easier to understand. All comments will be available for public
inspection and copying.
A public hearing has been scheduled for December 11, 2008, at 10
a.m. in the Auditorium, Internal Revenue Building, 1111 Constitution
Avenue, NW., Washington, DC. Due to building security procedures,
visitors must enter at the Constitution Avenue entrance. In addition,
all visitors must present photo identification to enter the building.
Because of access restrictions, visitors will not be admitted beyond
the immediate entrance more than 30 minutes before the hearing starts.
For information about having your name placed on the building access
list to attend the hearing, see the FOR FURTHER INFORMATION CONTACT
section of this preamble.
The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who
wish to present oral comments must submit electronic or written
comments by October 14, 2008, and an outline of the topics to be
discussed and time to be devoted to each topic (a signed original and
eight (8) copies) by November 20, 2008. A period of 10 minutes will be
allotted to each person for making comments. An agenda showing the
scheduling of the speakers will be prepared after the deadline for
receiving outlines has passed. Copies of the agenda will be available
free of charge at the hearing.
Drafting Information
The principal author of these regulations is Michael I. Gilman,
Office of Associate Chief Counsel (International). However, other
personnel from the IRS and the Treasury Department participated in
their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
[[Page 40793]]
Par. 2. Section 1.901-1 is amended by revising paragraphs (a) and
(b) to read as follows:
Sec. 1.901-1 Allowance of credit for taxes.
(a) and (b) [The text of proposed Sec. 1.901-2(a) and (b) is the
same as the text of Sec. 1.901-1T(a) and (b) published elsewhere in
this issue of the Federal Register.]
* * * * *
Par 3. Section 1.901-2 is amended by revising paragraphs
(e)(5)(iii), (e)(5)(iv), and (h)(2) to read as follows:
Sec. 1.901-2 Income, war profits, or excess profits tax paid or
accrued.
* * * * *
(e) * * *
(5) * * *
(iii) and (iv) [The text of proposed Sec. 1.901-2(e)(5)(iii) and
(iv) is the same as the text of Sec. 1.901-2T(e)(5)(iii) and (iv)
published elsewhere in this issue of the Federal Register.]
* * * * *
(h) * * *
(2) [The text of proposed Sec. 1.901-2(h)(2) is the same as the
text of Sec. 1.901-2T(h)(2) published elsewhere in this issue of the
Federal Register.]
Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
[FR Doc. E8-16331 Filed 7-15-08; 8:45 am]
BILLING CODE 4830-01-P
