Definition of Omission From Gross Income, 49354-49355 [E9-23423]

Download as PDF 49354 Federal Register / Vol. 74, No. 186 / Monday, September 28, 2009 / Proposed Rules cycles or more, AD 2005–20–30 requires accomplishing the inspections in accordance with Boeing Service Bulletin 747–53A2349, Revision 2, dated April 3, 2003; and AD 2006–05–02 requires accomplishing the inspections in accordance with Boeing Alert Service Bulletin 747–53A2500, dated December 21, 2004. DEPARTMENT OF THE TREASURY Exceptions to the Service Bulletin RIN 1545–BI44 (k) If any crack is found during any inspection required by this AD, and Boeing Alert Service Bulletin 747–53A2785, dated February 12, 2009, specifies to contact Boeing for appropriate action: Before further flight, repair the crack using a method approved in accordance with the procedures specified in paragraph (m) of this AD. (l) Where Boeing Alert Service Bulletin 747–53A2785, dated February 12, 2009, specifies a compliance time ‘‘after the date on this service bulletin,’’ this AD requires compliance within the specified compliance time after the effective date of this AD. Definition of Omission From Gross Income Alternative Methods of Compliance (AMOCs) CPrice-Sewell on DSKGBLS3C1PROD with PROPOSALS (m)(1) The Manager, Seattle (ACO), FAA, has the authority to approve AMOCs for this AD, if requested using the procedures found in 14 CFR 39.19. Send information to ATTN: Ivan Li, Aerospace Engineer, Airframe Branch, ANM–120S, FAA, Seattle Aircraft Certification Office, 1601 Lind Avenue, SW., Renton, Washington 98057–3356; telephone (425) 917–6437; fax (425) 917–6590. Or, email information to 9-ANM-Seattle-ACOAMOC-Requests@faa.gov. (2) To request a different method of compliance or a different compliance time for this AD, follow the procedures in 14 CFR 39.19. Before using any approved AMOC on any airplane to which the AMOC applies, notify your principal maintenance inspector (PMI) or principal avionics inspector (PAI), as appropriate, or lacking a principal inspector, your local Flight Standards District Office. The AMOC approval letter must specifically reference this AD. (3) An AMOC that provides an acceptable level of safety may be used for any repair required by this AD, if it is approved by an Authorized Representative for the Boeing Commercial Airplanes Delegation Option Authorization Organization who has been authorized by the Manager, Seattle ACO, to make those findings. For a repair method to be approved, the repair must meet the certification basis of the airplane, and the approval must specifically refer to this AD. Issued in Renton, Washington, on September 18, 2009. Ali Bahrami, Manager, Transport Airplane Directorate, Aircraft Certification Service. [FR Doc. E9–23294 Filed 9–25–09; 8:45 am] BILLING CODE 4910–13–P VerDate Nov<24>2008 14:31 Sep 25, 2009 Jkt 217001 Internal Revenue Service 26 CFR Part 301 [REG–108045–08] AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. SUMMARY: This document contains proposed regulations defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the six-year period for assessing tax. The regulations resolve a continuing issue as to whether an overstatement of basis in a sold asset results in an omission from gross income. The regulations will affect any taxpayer who overstates basis in a sold asset creating an omission from gross income exceeding twenty-five percent of the income stated in the return. The text of the temporary regulations published in the Rules and Regulations section of this issue of the Federal Register also serves as the text of these proposed regulations. This document also provides notice of a public hearing on these proposed and temporary regulations. DATES: Written or electronic comments and requests for a public hearing must be received by December 28, 2009. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–108045–08), room 5205, Internal Revenue Service, P.O. 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–108045– 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–108045– 08). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, William A. Heard, III at (202) 622–4570; concerning submissions of comments and requests for a public hearing, Richard.A.Hurst@irscounsel.treas.gov, (202) 622–7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: PO 00000 Frm 00013 Fmt 4702 Sfmt 4702 Background and Explanation of Provisions Temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Procedure and Administration Regulations (26 CFR part 301) relating to sections 6229(c)(2) and 6501(e). The text of those regulations also serves as the text of these proposed regulations. The preamble to the 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 these 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, these regulations have been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on their 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 (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The IRS and the Treasury Department request comments on the substance of the proposed regulations, as well as on the clarity of the proposed rules and how they can be made easier to understand. All public comments will be made available for public inspection and copying. A public hearing will be scheduled if requested in writing by any person that timely submits 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 William A. Heard III of the Office of the Associate Chief Counsel (Procedure and Administration). List of Subjects in 26 CFR Part 301 Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income taxes, Penalties, Reporting and recordkeeping requirements. E:\FR\FM\28SEP1.SGM 28SEP1 Federal Register / Vol. 74, No. 186 / Monday, September 28, 2009 / Proposed Rules Proposed Amendments to the Regulations published elsewhere in this issue of the Federal Register]. Accordingly, 26 CFR Part 301 is proposed to be amended as follows: Linda E. Stiff, Deputy Commissioner for Services and Enforcement. [FR Doc. E9–23423 Filed 9–24–09; 4:15 pm] PART 301—PROCEDURE AND ADMINISTRATION BILLING CODE 4830–01–P Paragraph 1. The authority citation for part 301 is amended by adding the entry in numerical order to read in part as follows: Coast Guard Authority: 26 U.S.C. 7805 * * * Section 301.6229(c)(2)–1 is also issued under 26 U.S.C. 6230(k). * * * 33 CFR Part 151 Par. 2. Section 301.6229(c)(2)–1 is added to read as follows: § 301.6229(c)(2)–1 income. 46 CFR Part 162 Substantial omission of [USCG–2001–10486] RIN 1625–AA32 [The text of § 301.6229(c)(2)–1 is the same as the text of § 301.6229(c)(2)–1T published elsewhere in this issue of the Federal Register]. Par. 3. Section 301.6501(e)–1 is added to read as follows: § 301.6501(e)–1 DEPARTMENT OF HOMELAND SECURITY Standards for Living Organisms in Ships’ Ballast Water Discharged in U.S. Waters Coast Guard, DHS. Notice of public meetings. AGENCY: ACTION: SUMMARY: This notice provides the times and locations of the first four of six public meetings which will be held by the Coast Guard (USCG) regarding the Omission from return. [The text of § 301.6501(e)–1 is the same as the text of § 301.6501(e)–1T Date CPrice-Sewell on DSKGBLS3C1PROD with PROPOSALS 09/28/2009 09/30/2009 10/02/2009 10/08/2009 10/27/2009 10/29/2009 Notice of Proposed Rulemaking (NPRM) entitled ‘‘Standards for Living Organisms in Ships’ Ballast Water Discharged in U.S. Waters’’ that published in the Federal Register on Friday, August 28, 2009. DATES: Public meetings will be held in the Seattle, WA (September 28, 2009), New Orleans, LA (September 30, 2009), Chicago, IL (October 2, 2009), Washington, DC (October 8, 2009), Oakland, CA (October 27, 2009), and New York, NY (October 29, 2009) areas to provide opportunities for oral comments. The comment period for the NPRM closes on November 27, 2009. All comments and related material submitted after a meeting must either be submitted to our online docket via https://www.regulations.gov on or before November 27, 2009 or reach the Docket Management Facility by that date. ADDRESSES: The dates and locations of the first four public meetings are provided in the following table. All meetings will be held from 9 a.m. until 4 p.m. local time unless otherwise noted. The meetings may conclude before the allotted time if all matters of discussion have been addressed. Location ................... ................... ................... ................... ................... ................... Phone Hotel 1000 Seattle, 1000 First Avenue, Seattle, WA 98104 ............................................................ Hotel Monteleone, 214 Rue Royal, New Orleans, LA 70130 .......................................................... Hilton Garden Inn Chicago Downtown/Magnificent Mile, 10 E. Grand Avenue, Chicago, IL 60611 U.S. Environmental Protection Agency, 1201 Constitution Ave., NW., Washington, DC 20460 ..... TBD, Oakland, CA ............................................................................................................................ TBD, New York, NY .......................................................................................................................... You may submit written comments identified by docket number USCG– 2001–10486 before or after the meeting 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 four methods. Our online docket for this rulemaking is available on the Internet at https:// www.regulations.gov under docket number USCG–2001–10486. FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed rulemaking, call or e-mail Mr. John Morris, Project Manager, Environmental Standards Division, U.S. Coast Guard Headquarters, telephone 202–372–1433, e-mail: John.C.Morris@uscg.mil. If you have questions on viewing or submitting material to the docket, call Ms. Renee V. Wright, Program Manager, Docket Operations, telephone 202–366–9826. SUPPLEMENTARY INFORMATION: The Coast Guard published a Notice of Proposed Rulemaking (NPRM) in the Federal Register on Friday, August 28, 2009 (74 FR 44632), entitled ‘‘Standards for Living Organisms in Ships’ Ballast Water Discharged in U.S. Waters.’’ In it, we stated our intention to hold public meetings, and to publish a notice with Location 09/28/2009 ................... Hotel 1000 Seattle, 1000 First Avenue, Seattle, WA 98104 ............................................................ 14:31 Sep 25, 2009 Jkt 217001 PO 00000 Frm 00014 Fmt 4702 Sfmt 4702 206–957–1000. 866–338–4684. 312–595–0000. 202–564–9545. TBD. TBD. additional details regarding those public meetings as soon as the information was available. 74 FR 44632. On Monday, September 14, 2009, we published a Notice of Public Meeting to inform the public of the date for each public meeting, as well as the city in which those meetings will be held. 74 FR 46964. That notice also stated that additional notice(s) would be published in the Federal Register as specific locations and details for these meetings were finalized. On Tuesday, September 22, 2009, we published a Notice of Public Meeting with the specific locations and details for the first two of the six public meetings. 74 FR 48190. This notice provides those details for the second two public meetings and restates the information for the first two public meetings. Those details are as follows: Date VerDate Nov<24>2008 49355 Phone E:\FR\FM\28SEP1.SGM 28SEP1 206–957–1000.

Agencies

[Federal Register Volume 74, Number 186 (Monday, September 28, 2009)]
[Proposed Rules]
[Pages 49354-49355]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-23423]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 301

[REG-108045-08]
RIN 1545-BI44


Definition of Omission From Gross Income

AGENCY: Internal Revenue Service (IRS), Treasury.

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

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

SUMMARY: This document contains proposed regulations defining an 
omission from gross income for purposes of the six-year minimum period 
for assessment of tax attributable to partnership items and the six-
year period for assessing tax. The regulations resolve a continuing 
issue as to whether an overstatement of basis in a sold asset results 
in an omission from gross income. The regulations will affect any 
taxpayer who overstates basis in a sold asset creating an omission from 
gross income exceeding twenty-five percent of the income stated in the 
return. The text of the temporary regulations published in the Rules 
and Regulations section of this issue of the Federal Register also 
serves as the text of these proposed regulations. This document also 
provides notice of a public hearing on these proposed and temporary 
regulations.

DATES: Written or electronic comments and requests for a public hearing 
must be received by December 28, 2009.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-108045-08), room 
5205, Internal Revenue Service, P.O. 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-
108045-08), 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-108045-08).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
William A. Heard, III at (202) 622-4570; concerning submissions of 
comments and requests for a public hearing, 
Richard.A.Hurst@irscounsel.treas.gov, (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 Procedure and Administration 
Regulations (26 CFR part 301) relating to sections 6229(c)(2) and 
6501(e). The text of those regulations also serves as the text of these 
proposed regulations. The preamble to the 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 
these 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, these 
regulations have been submitted to the Chief Counsel for Advocacy of 
the Small Business Administration for comment on their 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 (a signed original and eight 
(8) copies) or electronic comments that are submitted timely to the 
IRS. The IRS and the Treasury Department request comments on the 
substance of the proposed regulations, as well as on the clarity of the 
proposed rules and how they can be made easier to understand. All 
public comments will be made available for public inspection and 
copying. A public hearing will be scheduled if requested in writing by 
any person that timely submits 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 William A. Heard III 
of the Office of the Associate Chief Counsel (Procedure and 
Administration).

List of Subjects in 26 CFR Part 301

    Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income 
taxes, Penalties, Reporting and recordkeeping requirements.

[[Page 49355]]

Proposed Amendments to the Regulations

    Accordingly, 26 CFR Part 301 is proposed to be amended as follows:

PART 301--PROCEDURE AND ADMINISTRATION

    Paragraph 1. The authority citation for part 301 is amended by 
adding the entry in numerical order to read in part as follows:

    Authority:  26 U.S.C. 7805 * * *
    Section 301.6229(c)(2)-1 is also issued under 26 U.S.C. 6230(k). 
* * *
    Par. 2. Section 301.6229(c)(2)-1 is added to read as follows:


Sec.  301.6229(c)(2)-1  Substantial omission of income.

    [The text of Sec.  301.6229(c)(2)-1 is the same as the text of 
Sec.  301.6229(c)(2)-1T published elsewhere in this issue of the 
Federal Register].
    Par. 3. Section 301.6501(e)-1 is added to read as follows:


Sec.  301.6501(e)-1  Omission from return.

    [The text of Sec.  301.6501(e)-1 is the same as the text of Sec.  
301.6501(e)-1T published elsewhere in this issue of the Federal 
Register].

Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
[FR Doc. E9-23423 Filed 9-24-09; 4:15 pm]
BILLING CODE 4830-01-P
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