Farmer and Fisherman Income Averaging, 42538-42539 [E8-16664]

Download as PDF 42538 Proposed Rules Federal Register Vol. 73, No. 141 Tuesday, July 22, 2008 This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–161695–04] RIN 1545–BE23 Farmer and Fisherman Income Averaging Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. AGENCY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing final and temporary regulations under section 1301 of the Internal Revenue Code (Code) relating to the averaging of farm and fishing income in computing income tax liability. The regulations reflect changes to the law made by the American Jobs Creation Act of 2004. The regulations provide guidance to individuals engaged in a farming or fishing business who elect to reduce their tax liability by treating all or a portion of the current taxable year’s farm or fishing income as if one-third of it had been earned in each of the prior three taxable years. The text of those temporary 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 20, 2008. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–161695–04), Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. Taxpayers also may submit comments electronically via the Federal eRulemaking Portal at https:// www.regulations.gov (IRS REG–161695– 04). FOR FURTHER INFORMATION CONTACT: Concerning submission of comments or to request a hearing, Richard Hurst at Richard.A.Hurst@irscounsel.treas.gov; rfrederick on PROD1PC67 with PROPOSALS SUMMARY: VerDate Aug<31>2005 12:08 Jul 21, 2008 Jkt 214001 concerning the proposed regulations, Amy Pfalzgraf, (202) 622–4950 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background and Explanation of Provisions Final and temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Income Tax Regulations (26 CFR Part 1) relating to section 1301 of the Internal Revenue Code (Code). The final and temporary regulations provide rules for averaging taxable income from a farming or fishing business under section 1301. The text of those temporary regulations also serves as the text of these proposed regulations. The preamble to the final and temporary regulations explains the amendments. 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 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 a Public Hearing Before these proposed regulations are adopted as final regulations, consideration will be given to any written (either a signed paper original with eight (8) copies or electronic) comments that are submitted timely to the IRS. The IRS and Treasury Department request comments on the clarity of the proposed rules and how they can 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 person who timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place for the public hearing will be published in the Federal Register. PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 Drafting Information The principal author of these regulations is Amy Pfalzgraf of the Office of Associate Chief Counsel (Income Tax & Accounting). However, other personnel from the IRS and 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 * * * Par. 2. In § 1.1301–1, paragraphs (a), (b)(1), (b)(3), (c)(1), (d)(3)(ii), (d)(4), (e), (f)(2), and (f)(4) are revised to read as follows: § 1.1301–1 income. Averaging of farm and fishing (a) [The text of the proposed amendment to § 1.1301–1(a) is the same as the text of § 1.1301–1T(a) published elsewhere in this issue of the Federal Register]. (b) * * * (1) [The text of the proposed amendment to § 1.1301–1(b)(1) is the same as the text of § 1.1301–1T(b)(1) published elsewhere in this issue of the Federal Register]. * * * * * (3) [The text of the proposed amendment to § 1.1301–1(b)(3) is the same as the text of § 1.1301–1T(b)(3) published elsewhere in this issue of the Federal Register]. (c) * * * (1) [The text of the proposed amendment to § 1.1301–1(c)(1) is the same as the text of § 1.1301–1T(c)(1) published elsewhere in this issue of the Federal Register]. * * * * * (d) * * * (3) * * * (ii) [The text of the proposed amendment to § 1.1301–1(d)(3)(ii) is the same as the text of § 1.1301–1T(d)(3)(ii) published elsewhere in this issue of the Federal Register]. (4) [The text of the proposed amendment to § 1.1301–1(d)(4) is the E:\FR\FM\22JYP1.SGM 22JYP1 Federal Register / Vol. 73, No. 141 / Tuesday, July 22, 2008 / Proposed Rules same as the text of § 1.1301–1T(d)(4) published elsewhere in this issue of the Federal Register]. (e) [The text of the proposed amendment to § 1.1301–1(e) is the same as the text of § 1.1301–1T(e) published elsewhere in this issue of the Federal Register]. (f) * * * (2) [The text of the proposed amendment to § 1.1301–1(f)(2) is the same as the text of § 1.1301–1T(f)(2) published elsewhere in this issue of the Federal Register]. * * * * * (4) [The text of the proposed amendment to § 1.1301–1(f)(4) is the same as the text of § 1.1301–1T(f)(4) published elsewhere in this issue of the Federal Register]. Linda E. Stiff, Deputy Commissioner for Services and Enforcement. [FR Doc. E8–16664 Filed 7–21–08; 8:45 am] BILLING CODE 4830–01–P ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 300 [EPA–HQ–SFUND–1994–0001; FRL–8694–6] National Oil and Hazardous Substances Pollution Contingency Plan; National Priorities List Environmental Protection Agency (EPA). ACTION: Notice of Intent to Delete the Pfohl Brothers Landfill Superfund Site (Site) from the National Priorities List. rfrederick on PROD1PC67 with PROPOSALS AGENCY: SUMMARY: EPA, Region 2, is issuing a Notice of Intent to Delete the Site, located in Cheektowaga, New York, from the National Priorities List (NPL) and requests public comments on this proposed action. The NPL, promulgated pursuant to section 105 of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980, as amended, 42 U.S.C. 9605, is found at Appendix B of 40 CFR Part 300, which is the National Oil and Hazardous Substances Pollution Contingency Plan (NCP) which EPA promulgated pursuant to section 105 of CERCLA. EPA and the State of New York, through the New York State Department of Environmental Conservation, have determined that the responsible parties have completed all appropriate remedial actions and that no further actions, other than operation and maintenance and five-year reviews, are required. VerDate Aug<31>2005 12:08 Jul 21, 2008 Jkt 214001 Comments must be received by August 21, 2008. ADDRESSES: Submit your comments, identified by Docket ID no. EPA–HQ– SFUND–1994–0001, by one of the following methods: Web site: https://www.regulations.gov. Follow the on-line instructions for submitting comments. E-mail: tames.pam@epa.gov. Fax: To the attention of Pamela Tames at 212–637–3966. Mail: To the attention of Pamela Tames, P.E., Remedial Project Manager, Emergency and Remedial Response Division, U.S. Environmental Protection Agency, Region 2, 290 Broadway, 20th Floor, New York, NY 10007–1866. Hand Delivery: Superfund Records Center, 290 Broadway, 18th Floor, New York, NY 10007–1866 (telephone: 212– 637–4308). Such deliveries are only accepted during the Docket’s normal hours of operation (Monday to Friday from 9 a.m. to 5 p.m.). Special arrangements should be made for deliveries of boxed information. Instructions: Direct your comments to Docket ID no. EPA–HQ–SFUND–1994– 0001. EPA’s policy is that all comments received will be included in the Docket without change and may be made available online at https:// www.regulations.gov, including any personal information provided, unless the comment includes information claimed to be Confidential Business Information (CBI) or other information whose disclosure is restricted by statute. Do not submit information that you consider CBI or otherwise protected through https://www.regulations.gov or via e-mail. The https:// www.regulations.gov Web site is an ‘‘anonymous access’’ system, which means EPA will not know your identity or contact information unless you provide it in the body of your comments. If you send comments to EPA via e-mail, your e-mail address will be included as part of the comment that is placed in the Docket and made available on the website. If you submit electronic comments, EPA recommends that you include your name and other contact information in the body of your comments and with any disks or CD– ROMs that you submit. If EPA cannot read your comments due to technical difficulties and cannot contact you for clarification, EPA may not be able to consider your comments. Electronic files should avoid the use of special characters and any form of encryption and should be free of any defects or viruses. Docket: All documents in the Docket are listed in the https:// DATES: PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 42539 www.regulations.gov index. Although listed in the index, some information is not publicly available, e.g., CBI or other information whose disclosure is restricted by statute. Certain other material, such as copyrighted material, will be publicly available only in hard copy. Publicly available Docket materials can be viewed electronically at https://www.regulations.gov or obtained in hard copy at: U.S. Environmental Protection Agency, Region 2, Superfund Records Center, 290 Broadway, 18th Floor, New York, NY 10007–1866, Phone: 212–637– 4308, Hours: Monday to Friday from 9 a.m. to 5 p.m., and New York State Department of Environmental Conservation, Region 9, 270 Michigan Avenue, Buffalo, New York 14203–2999; Phone: 716– 851–7200. FOR FURTHER INFORMATION CONTACT: Pamela Tames, P.E., Remedial Project Manager, by mail at Emergency and Remedial Response Division, U.S. Environmental Protection Agency, Region 2, 290 Broadway, 20th floor, New York, NY 10007–1866; telephone at 212–637–4255; fax at 212–637–3966; or e-mail at Tames.Pam@epa.gov. SUPPLEMENTARY INFORMATION: In the ‘‘Rules and Regulations’’ section of today’s Federal Register, we are publishing a direct final Notice of Deletion of the Site without prior Notice of Intent to Delete because we view this as a noncontroversial revision and anticipate no adverse comment. We have explained our reasons for this deletion in the preamble to the direct final Notice of Deletion. If we receive no adverse comment(s) on this Notice of Intent to Delete or the direct final Notice of Deletion, we will not take further action on this Notice of Intent to Delete. If we receive adverse comment(s), we will withdraw the direct final Notice of Deletion and it will not take effect. We will, as appropriate, address all public comments in a subsequent final Deletion Notice based on this Notice of Intent to Delete. We will not institute a second comment period on this Notice of Intent to Delete. Any parties interested in commenting must do so at this time. For additional information, see the direct final Notice of Deletion which is located in the ‘‘Rules’’ section of this Federal Register. List of Subjects in 40 CFR Part 300 Environmental protection, Air pollution control, Chemicals, Hazardous substances, Hazardous waste, Intergovernmental relations, Penalties, Reporting and recordkeeping E:\FR\FM\22JYP1.SGM 22JYP1

Agencies

[Federal Register Volume 73, Number 141 (Tuesday, July 22, 2008)]
[Proposed Rules]
[Pages 42538-42539]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-16664]


========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

========================================================================


Federal Register / Vol. 73, No. 141 / Tuesday, July 22, 2008 / 
Proposed Rules

[[Page 42538]]



DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-161695-04]
RIN 1545-BE23


Farmer and Fisherman Income Averaging

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulations.

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

SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing final and temporary regulations 
under section 1301 of the Internal Revenue Code (Code) relating to the 
averaging of farm and fishing income in computing income tax liability. 
The regulations reflect changes to the law made by the American Jobs 
Creation Act of 2004. The regulations provide guidance to individuals 
engaged in a farming or fishing business who elect to reduce their tax 
liability by treating all or a portion of the current taxable year's 
farm or fishing income as if one-third of it had been earned in each of 
the prior three taxable years. The text of those temporary 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 20, 2008.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-161695-04), Internal 
Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. 
Taxpayers also may submit comments electronically via the Federal 
eRulemaking Portal at https://www.regulations.gov (IRS REG-161695-04).

FOR FURTHER INFORMATION CONTACT: Concerning submission of comments or 
to request a hearing, Richard Hurst at 
Richard.A.Hurst@irscounsel.treas.gov; concerning the proposed 
regulations, Amy Pfalzgraf, (202) 622-4950 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background and Explanation of Provisions

    Final and temporary regulations in the Rules and Regulations 
section of this issue of the Federal Register amend the Income Tax 
Regulations (26 CFR Part 1) relating to section 1301 of the Internal 
Revenue Code (Code). The final and temporary regulations provide rules 
for averaging taxable income from a farming or fishing business under 
section 1301. The text of those temporary regulations also serves as 
the text of these proposed regulations. The preamble to the final and 
temporary regulations explains the amendments.

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 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 a Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written (either a signed paper 
original with eight (8) copies or electronic) comments that are 
submitted timely to the IRS. The IRS and Treasury Department request 
comments on the clarity of the proposed rules and how they can 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 person who timely submits written comments. If a 
public hearing is scheduled, notice of the date, time, and place for 
the public hearing will be published in the Federal Register.

Drafting Information

    The principal author of these regulations is Amy Pfalzgraf of the 
Office of Associate Chief Counsel (Income Tax & Accounting). However, 
other personnel from the IRS and 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 * * *

    Par. 2. In Sec.  1.1301-1, paragraphs (a), (b)(1), (b)(3), (c)(1), 
(d)(3)(ii), (d)(4), (e), (f)(2), and (f)(4) are revised to read as 
follows:


Sec.  1.1301-1  Averaging of farm and fishing income.

    (a) [The text of the proposed amendment to Sec.  1.1301-1(a) is the 
same as the text of Sec.  1.1301-1T(a) published elsewhere in this 
issue of the Federal Register].
    (b) * * * (1) [The text of the proposed amendment to Sec.  1.1301-
1(b)(1) is the same as the text of Sec.  1.1301-1T(b)(1) published 
elsewhere in this issue of the Federal Register].
* * * * *
    (3) [The text of the proposed amendment to Sec.  1.1301-1(b)(3) is 
the same as the text of Sec.  1.1301-1T(b)(3) published elsewhere in 
this issue of the Federal Register].
    (c) * * * (1) [The text of the proposed amendment to Sec.  1.1301-
1(c)(1) is the same as the text of Sec.  1.1301-1T(c)(1) published 
elsewhere in this issue of the Federal Register].
* * * * *
    (d) * * *
    (3) * * *
    (ii) [The text of the proposed amendment to Sec.  1.1301-
1(d)(3)(ii) is the same as the text of Sec.  1.1301-1T(d)(3)(ii) 
published elsewhere in this issue of the Federal Register].
    (4) [The text of the proposed amendment to Sec.  1.1301-1(d)(4) is 
the

[[Page 42539]]

same as the text of Sec.  1.1301-1T(d)(4) published elsewhere in this 
issue of the Federal Register].
    (e) [The text of the proposed amendment to Sec.  1.1301-1(e) is the 
same as the text of Sec.  1.1301-1T(e) published elsewhere in this 
issue of the Federal Register].
    (f) * * *
    (2) [The text of the proposed amendment to Sec.  1.1301-1(f)(2) is 
the same as the text of Sec.  1.1301-1T(f)(2) published elsewhere in 
this issue of the Federal Register].
* * * * *
    (4) [The text of the proposed amendment to Sec.  1.1301-1(f)(4) is 
the same as the text of Sec.  1.1301-1T(f)(4) published elsewhere in 
this issue of the Federal Register].

Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
[FR Doc. E8-16664 Filed 7-21-08; 8:45 am]
BILLING CODE 4830-01-P
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