Section 108(e)(8) Application to Partnerships; Hearing Cancellation, 6841-6842 [E9-2830]
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Federal Register / Vol. 74, No. 27 / Wednesday, February 11, 2009 / Proposed Rules
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–147636–
08), Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue,
NW., Washington, DC, or sent
electronically via the Federal
eRulemaking Portal at https://
www.regulations.gov (IRS REG–147636–
08).
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations,
Sean W. Mullaney, (202) 622–3860;
concerning submissions of comments or
requests for a public hearing,
Richard.A.Hurst@irscounsel.treas.gov;
at (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 amend the Income
Tax Regulations (26 CFR part 1) relating
to sections 304 and 1248 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.
dwashington3 on PROD1PC60 with PROPOSALS
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.
These regulations are necessary to
ensure that the appropriate amount of
income (dividend income, capital gain
or both) is recognized currently in the
transactions described in the
explanation of provisions section in this
preamble. Accordingly, good cause is
found for dispensing with notice and
public comment pursuant to 5 U.S.C.
553(b) and (c) and with a delayed
effective date pursuant to 5 U.S.C.
553(d). For applicability of the
Regulatory Flexibility Act, see the crossreferenced notice of proposed
rulemaking published elsewhere in this
Federal Register. Pursuant to section
7805(f) of the Code, these regulations
have 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
Comments are also requested
regarding whether IRS and Treasury
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Department should exercise the
regulatory authority under section
304(b)(6) to permit an increase to the
basis of the transferred stock in a section
304(a)(1) transaction to the extent the
distribution in redemption of the shares
deemed issued by the acquiring
corporation is treated as a dividend
from the earnings and profits of the
issuing corporation.
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
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 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 that 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
proposed regulations is Sean W.
Mullaney of the Office of Associate
Chief Counsel (International). However,
other personnel from the IRS and the
Treasury Department participated in
their development.
6841
§ 1.367(b)–4 Acquisition of foreign
corporate stock or assets by a foreign
corporation in certain nonrecognition
transactions.
*
*
*
*
*
(e) [The text of proposed § 1.367(b)–
4(e) is the same as the text of § 1.367(b)–
4T(e) published elsewhere in this issue
of the Federal Register].
(f) [The text of proposed § 1.367(b)–
4(f) is the same as the text of § 1.367(b)–
4T(f) published elsewhere in this issue
of the Federal Register].
(g) [The text of proposed § 1.367(b)–
4(g) is the same as the text of § 1.367(b)–
4T(g) published elsewhere in this issue
of the Federal Register].
Par. 4. Section 1.1248–1 is amended
by revising paragraphs (b) and (g) to
read as follows:
§ 1.1248–1 Treatment of gain from certain
sales or exchanges of stock in certain
foreign corporations.
*
*
*
*
*
(b) [The text of proposed § 1.1248–
1(b) is the same as the text of § 1.1248–
1T(b) published elsewhere in this issue
of the Federal Register].
*
*
*
*
*
(g) [The text of proposed § 1.1248–1(g)
is the same as the text of § 1.1248–1T(g)
published elsewhere in this issue of the
Federal Register].
Linda M. Kroening,
Acting Deputy Commissioner for Services and
Enforcement.
[FR Doc. E9–2836 Filed 2–10–09; 8:45 am]
List of Subjects in 26 CFR Part 1
BILLING CODE 4830–01–P
Income taxes, Reporting and
recordkeeping requirements.
DEPARTMENT OF THE TREASURY
Proposed Amendments to the
Regulations
Internal Revenue Service
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:
26 CFR Part 1
PART 1—INCOME TAXES
RIN 1545–BF27
Paragraph 1. The authority citation
for part 1 is amended by adding an entry
to read as follows:
Section 108(e)(8) Application to
Partnerships; Hearing Cancellation
Authority: 26 U.S.C. 7805 * * *
Section 1.367(a)–9 also issued under 26
U.S.C. 367(a) and (b). * * *
Par. 2. Section 1.367(a)–9 is added to
read as follows:
§ 1.367(a)–9 Treatment of deemed section
351 exchanges pursuant to section
304(a)(1).
[The text of proposed § 1.367(a)–9 is
the same as the text of § 1.367(a)–9T
published elsewhere in this issue of the
Federal Register].
Par. 3. Section 1.367(b)–4 is amended
by revising paragraphs (e), (f) and (g) to
read as follows:
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[REG–164370–05]
AGENCY: Internal Revenue Service (IRS),
Treasury.
ACTION: Cancellation of notice of public
hearing on proposed rulemaking.
SUMMARY: This document cancels a
public hearing on proposed rulemaking
relating to the application of section
108(e)(8) of the Internal Revenue Code
to partnerships and their partners.
DATES: The public hearing, originally
scheduled for February 19, 2009, at 10
a.m., is cancelled.
FOR FURTHER INFORMATION CONTACT:
Richard A. Hurst of the Publications and
Regulations Branch, Legal Processing
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6842
Federal Register / Vol. 74, No. 27 / Wednesday, February 11, 2009 / Proposed Rules
Division, Associate Chief Counsel
(Procedure and Administration), at
Richard.A.Hurst@irscounsel.treas.gov.
A notice
of public hearing that appeared in the
Federal Register on Friday, October 31,
2008 (73 FR 64903), announced that a
public hearing was scheduled for
February 19, 2009, at 10 a.m., in the
auditorium, Internal Revenue Building,
1111 Constitution Avenue, NW.,
Washington, DC. The subject of the
public hearing is under sections 108 and
721 of the Internal Revenue Code.
The public comment period for these
regulations expired on January 29, 2009.
Outlines of topics to be discussed at the
hearing were due on January 27, 2009.
The notice of proposed rulemaking and
notice of public hearing instructed those
interested in testifying at the public
hearing to submit an outline of the
topics to be addressed. As of Tuesday,
February 3, 2009, no one has requested
to speak. Therefore, the public hearing
scheduled for February 19, 2009, is
cancelled.
SUPPLEMENTARY INFORMATION:
Guy Traynor,
Acting Chief, Publications and Regulations
Branch, Legal Processing Division, Associate
Chief Counsel, (Procedure and
Administration).
[FR Doc. E9–2830 Filed 2–10–09; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. USCG–2008–1016]
RIN 1625–AA87
Security Zone; Naval Base Point Loma;
San Diego Bay, San Diego, CA
Coast Guard, DHS.
Notice of proposed rulemaking.
AGENCY:
dwashington3 on PROD1PC60 with PROPOSALS
ACTION:
SUMMARY: The Coast Guard proposes the
expansion of a naval security zone. This
action would expand an existing
security zone, which in doing so would
encompass a nearby security zone in its
entirety. The subsumed security zone
would be removed. This action also
proposes the installation of water
barriers within the expanded security
zone. These water borne barriers will
provide a line of demarcation and a
defensive measure as a safeguard from
destruction, loss, or injury from
sabotage or other subversive acts,
accidents, or other causes of a similar
nature. No persons or vessel may enter
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13:29 Feb 10, 2009
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or remain in the security zone without
the permission of the Captain of the
Port, the Commander of Naval Base
Point Loma, the Commander of Naval
Region Southwest, or a designated
representative of those individuals.
DATES: Comments and related material
must either be submitted to our online
docket via https://www.regulations.gov
on or before March 13, 2009 or reach the
Docket Management Facility by that
date.
ADDRESSES: You may submit comments
identified by docket number USCG–
2008–1016 using any one of the
following methods:
(1) Federal eRulemaking Portal:
https://www.regulations.gov
(2) Fax: 202–493–2251.
(3) Mail: Docket Management Facility
(M–30), U.S. Department of
Transportation, West Building Ground
Floor, Room W12–140, 1200 New Jersey
Avenue, SE., Washington, DC 20590–
0001.
(4) Hand delivery: Same as mail
address above, between 9 a.m. and 5
p.m., Monday through Friday, except
Federal holidays. The telephone number
is 202–366–9329.
To avoid duplication, please use only
one of these methods. For instructions
on submitting comments, see the
‘‘Public Participation and Request for
Comments’’ portion of the
SUPPLEMENTARY INFORMATION section
below.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this proposed
rule, call Lieutenant Commander Mike
Dolan, USCG, Waterways Management,
U.S. Coast Guard Sector San Diego at
619–278–7261. If you have questions on
viewing or submitting material to the
docket, call Renee V. Wright, Program
Manager, Docket Operations, telephone
202–366–9826.
SUPPLEMENTARY INFORMATION:
Public Participation and Request for
Comments
We encourage you to participate in
this rulemaking by submitting
comments and related materials. All
comments received will be posted,
without change, to https://
www.regulations.gov and will include
any personal information you have
provided.
Submitting Comments
If you submit a comment, please
include the docket number for this
rulemaking (USCG–2008–1016),
indicate the specific section of this
document to which each comment
applies, and provide a reason for each
suggestion or recommendation. You
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may submit your comments and
material online, or by fax, mail, or hand
delivery, but please use only one of
these means. We recommend that you
include your name and a mailing
address, an e-mail address, or a phone
number in the body of your document
so that we can contact you if we have
questions regarding your submission.
To submit your comment online, go to
https://www.regulations.gov, select the
Advanced Docket Search option on the
right side of the screen, insert ‘‘USCG–
2008–1016’’ in the Docket ID box, press
Enter, and then click on the balloon
shape in the Actions column. If you
submit your comments by mail or hand
delivery, submit them in an unbound
format, no larger than 81⁄2 by 11 inches,
suitable for copying and electronic
filing. If you submit them by mail and
would like to know that they reached
the Facility, please enclose a stamped,
self-addressed postcard or envelope. We
will consider all comments and material
received during the comment period
and may change the rule based on your
comments.
Viewing Comments and Documents
To view comments, as well as
documents mentioned in this preamble
as being available in the docket, go to
https://www.regulations.gov, select the
Advanced Docket Search option on the
right side of the screen, insert USCG–
2008–1016 in the Docket ID box, press
Enter, and then click on the item in the
Docket ID column. You may also visit
either the Docket Management Facility
in Room W12–140 on the ground floor
of the Department of Transportation
West Building, 1200 New Jersey Avenue
SE., Washington, DC, 20590, between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays; or the
U.S. Coast Guard Sector San Diego, 2710
N. Harbor Drive, San Diego, CA 92101
between 8 a.m. and 3 p.m., Monday
through Friday, except Federal holidays.
We have an agreement with the
Department of Transportation to use the
Docket Management Facility.
Privacy Act
Anyone can search the electronic
form of comments received into any of
our dockets by the name of the
individual submitting the comment (or
signing the comment, if submitted on
behalf of an association, business, labor
union, etc.). You may review a Privacy
Act notice regarding our public dockets
in the January 17, 2008 issue of the
Federal Register (73 FR 3316).
Public Meeting
We do not now plan to hold a public
meeting. But you may submit a request
E:\FR\FM\11FEP1.SGM
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]]>Agencies
[Federal Register Volume 74, Number 27 (Wednesday, February 11, 2009)]
[Proposed Rules]
[Pages 6841-6842]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-2830]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-164370-05]
RIN 1545-BF27
Section 108(e)(8) Application to Partnerships; Hearing
Cancellation
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Cancellation of notice of public hearing on proposed
rulemaking.
-----------------------------------------------------------------------
SUMMARY: This document cancels a public hearing on proposed rulemaking
relating to the application of section 108(e)(8) of the Internal
Revenue Code to partnerships and their partners.
DATES: The public hearing, originally scheduled for February 19, 2009,
at 10 a.m., is cancelled.
FOR FURTHER INFORMATION CONTACT: Richard A. Hurst of the Publications
and Regulations Branch, Legal Processing
[[Page 6842]]
Division, Associate Chief Counsel (Procedure and Administration), at
Richard.A.Hurst@irscounsel.treas.gov.
SUPPLEMENTARY INFORMATION: A notice of public hearing that appeared in
the Federal Register on Friday, October 31, 2008 (73 FR 64903),
announced that a public hearing was scheduled for February 19, 2009, at
10 a.m., in the auditorium, Internal Revenue Building, 1111
Constitution Avenue, NW., Washington, DC. The subject of the public
hearing is under sections 108 and 721 of the Internal Revenue Code.
The public comment period for these regulations expired on January
29, 2009. Outlines of topics to be discussed at the hearing were due on
January 27, 2009. The notice of proposed rulemaking and notice of
public hearing instructed those interested in testifying at the public
hearing to submit an outline of the topics to be addressed. As of
Tuesday, February 3, 2009, no one has requested to speak. Therefore,
the public hearing scheduled for February 19, 2009, is cancelled.
Guy Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing
Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E9-2830 Filed 2-10-09; 8:45 am]
BILLING CODE 4830-01-P
