Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirements; Disclosure Requirements With Respect to Prohibited Tax Shelter Transactions; Requirement of Return and Time for Filing; Correction, 46844-46845 [2010-19097]
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46844
§ 120.4
Federal Register / Vol. 75, No. 149 / Wednesday, August 4, 2010 / Rules and Regulations
Commodity jurisdiction.
DEPARTMENT OF THE TREASURY
(a) The commodity jurisdiction
procedure is used with the U.S.
Government if doubt exists as to
whether an article or service is covered
by the U.S. Munitions List. It may also
be used for consideration of a
redesignation of an article or service
currently covered by the U.S. Munitions
List. The Department must provide
notice to Congress at least 30 days
before any item is removed from the
U.S. Munitions List. Upon electronic
submission of a Commodity Jurisdiction
(CJ) Determination Form (Form DS–
4076), the Directorate of Defense Trade
Controls shall provide a determination
of whether a particular article or service
is covered by the U.S. Munitions List.
The determination, consistent with
§§ 120.2, 120.3, and 120.4, entails
consultation among the Departments of
State, Defense, Commerce, and other
U.S. Government agencies and industry
in appropriate cases.
*
*
*
*
*
(c) Requests shall identify the article
or service, and include a history of this
product’s design, development, and use.
Brochures, specifications, and any other
documentation related to the article or
service should be submitted as
electronic attachments per the
instructions for Form DS–4076.
*
*
*
*
*
3. Section 120.28 is amended by
adding paragraph (a)(8) to read as
follows:
■
List of Subjects
Internal Revenue Service
26 CFR Part 53
Excise taxes, Foundations,
Investments, Lobbying, Reporting and
recordkeeping requirements.
26 CFR Parts 53 and 54
[TD 9492]
26 CFR Part 54
Excise taxes, Pensions, Reporting and
recordkeeping requirements.
RIN 1545–BG18
Excise Taxes on Prohibited Tax Shelter
Transactions and Related Disclosure
Requirements; Disclosure
Requirements With Respect to
Prohibited Tax Shelter Transactions;
Requirement of Return and Time for
Filing; Correction
Internal Revenue Service (IRS),
Treasury.
AGENCY:
ACTION:
Correcting amendment.
This correction is effective on
August 4, 2010, and is applicable on
July 6, 2010.
*
FOR FURTHER INFORMATION CONTACT:
DATES:
[FR Doc. 2010–19136 Filed 8–3–10; 8:45 am]
SUPPLEMENTARY INFORMATION:
BILLING CODE 4710–25–P
jdjones on DSK8KYBLC1PROD with RULES
Dated: July 15, 2010.
Ellen O. Tauscher,
Under Secretary, Arms Control and
International Security, Department of State.
For
questions concerning these regulations,
contact Benjamin Akins at (202) 622–
1124 or Michael Blumenfeld at (202)
622–6070. For questions specifically
relating to qualified pension plans,
individual retirement accounts, and
similar tax-favored savings
arrangements, contact Cathy Pastor at
(202) 622–6090 (not toll-free numbers).
Background
As published, the final regulations
(TD 9492) contain errors that may prove
to be misleading and are in need of
clarification.
Jkt 220001
Paragraph 1. The authority citation
for part 53 continues to read in part as
follows:
■
PO 00000
Frm 00008
Par. 2. Section 53.4965–2 is amended
by revising paragraphs (c)(6)(i) and
(c)(6)(i)(C) to read as follows:
■
§ 53.4965–2
Covered tax-exempt entities.
*
*
*
*
*
(c) * * *
(6) * * *
(i) Individual retirement plans
defined in section 408(a) and (b),
including—
(A) * * *
(B) * * *
(C) Deemed individual retirement
accounts or annuities (IRAs) qualified
under a qualified plan (deemed IRAs)
under section 408(q); and
*
*
*
*
*
■ Par. 3. Section 53.4965–5 is amended
by revising the first sentence of
paragraph (c)(4) Example to read as
follows:
§ 53.4965–5
definitions.
*
Entity managers and related
*
*
(c) * * *
(4) * * *
*
*
Example. In a sale-in, lease-out (SILO)
transaction described in Notice 2005–13
(2005–1 CB 630), X, which is a non-plan
entity, has purported to sell property to Y, a
taxable entity and lease it back for a term of
years. * * *
*
*
*
*
Par. 4. Section 53.4965–8 is amended
by revising the first sentence of
paragraph (e) and the second sentence
of paragraph (f) Example 1. (iii) to read
as follows:
■
Need for Correction
12:40 Aug 03, 2010
PART 53—FOUNDATION AND SIMILAR
EXCISE TAXES
*
The final regulations (TD 9492) that
are the subject of this document are
under sections 4965, 6011 and 6071 of
the Internal Revenue Code.
VerDate Mar<15>2010
Accordingly, 26 CFR parts 53 and 54
are corrected by making the following
correcting amendments:
■
Authority: 26 U.S.C. 7805 * * *
This document contains
correcting amendments to IRS
regulations providing guidance under
4965 of the Internal Revenue Code,
relating to entity-level and managerlevel excise taxes with respect to
prohibited tax shelter transactions to
which tax-exempt entities are parties;
sections 6033(a)(2) and 6011(g), relating
to certain disclosure obligations with
respect to such transactions; and
sections 6011 and 6071, relating to the
requirement of a return and time for
filing with respect to section 4965 taxes.
These errors were made when the
agency published final regulations (TD
9492) in the Federal Register on
Tuesday, July 6, 2010 (75 FR 38700).
SUMMARY:
§ 120.28 Listing of forms referred to in this
subchapter.
*
*
*
*
(a) * * *
(8) Commodity Jurisdiction (CJ)
Determination Form (Form DS–4076).
*
*
*
*
*
Correction of Publication
Fmt 4700
Sfmt 4700
§ 53.4965–8 Definition of net income and
proceeds and standard for allocating net
income or proceeds to various periods.
*
*
*
*
*
(e) Allocation to pre-and post-listing
periods. If a transaction other than a
E:\FR\FM\04AUR1.SGM
04AUR1
Federal Register / Vol. 75, No. 149 / Wednesday, August 4, 2010 / Rules and Regulations
prohibited reportable transaction (as
defined in section 4965(e)(1)(C) and
§ 53.4965–3(a)(2)) to which the taxexempt entity is a party is subsequently
identified in published guidance as a
listed transaction during a taxable year
of the entity (the listing year) in which
it has net income or proceeds
attributable to the transaction, the net
income or proceeds are allocated
between the pre- and post-listing
periods. The IRS will treat the period
beginning on the first day of the listing
year and ending on the day immediately
preceding the date of the listing, and the
period beginning on the date of the
listing and ending on the last day of the
listing year as short taxable years. * * *
(f) * * * Example 1. * * *
(iii) * * * The $14M fee received in
1999, which constitutes proceeds of the
transaction, is likewise allocated to that
tax year. * * *
*
*
*
*
*
Par. 5. Section 53.6071–1 is amended
by revising paragraph (g)(3) to read as
follows:
■
§ 53.6071–1
Time for filing returns.
*
*
*
*
*
(g) * * *
(3) Transition rule. A Form 4720, for
a section 4965 tax that was due on or
before October 4, 2007, will be deemed
to have been filed on the due date if it
was filed by October 4, 2007, and if all
section 4965 taxes required to be
reported on that Form 4720 were paid
by October 4, 2007.
*
*
*
*
*
PART 54—PENSION EXCISE TAXES
Par. 6. The authority citation for part
54 continues to read in part as follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 7. Section 54.6011–1 is amended
by revising paragraph (c)(2) to read as
follows:
■
§ 54.6011–1 General requirement of return,
statement or list.
jdjones on DSK8KYBLC1PROD with RULES
*
*
*
*
*
(c) * * *
(2) Transition rule. A Form 5330,
‘‘Return of Excise Taxes Related to
Employee Benefit Plans,’’ for an excise
tax under section 4965 that was due on
or before October 4, 2007, will be
deemed to have been filed on the due
date if it was filed by October 4, 2007,
and if the section 4965 tax that was
VerDate Mar<15>2010
12:40 Aug 03, 2010
Jkt 220001
required to be reported on that Form
5330 was paid by October 4, 2007.
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. 2010–19097 Filed 8–3–10; 8:45 am]
BILLING CODE 4830–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[EPA–R09–OAR–2010–0503; FRL–9183–6]
Revisions to the California State
Implementation Plan, South Coast Air
Quality Management District
Environmental Protection
Agency (EPA).
ACTION: Direct final rule.
AGENCY:
EPA is taking direct final
action to approve revisions to the South
Coast Air Quality Management District
(SCAQMD) portion of the California
State Implementation Plan (SIP). These
revisions concern oxides of nitrogen
(NOX) emissions from natural gas-fired,
fan-type central furnaces and other
miscellaneous NOX sources. We are
approving local rules that regulate these
emission sources under the Clean Air
Act as amended in 1990 (CAA or the
Act).
DATES: This rule is effective on October
4, 2010 without further notice, unless
EPA receives adverse comments by
September 3, 2010. If we receive such
comments, we will publish a timely
withdrawal in the Federal Register to
notify the public that this direct final
rule will not take effect.
ADDRESSES: Submit comments,
identified by docket number EPA–R09–
OAR–2010–0503, by one of the
following methods:
1. Federal eRulemaking Portal: https://
www.regulations.gov. Follow the on-line
instructions.
2. E-mail: steckel.andrew@epa.gov.
3. Mail or deliver: Andrew Steckel
(Air-4), U.S. Environmental Protection
Agency Region IX, 75 Hawthorne Street,
San Francisco, CA 94105–3901.
Instructions: All comments will be
included in the public docket without
change and may be made available
online at https://www.regulations.gov,
including any personal information
provided, unless the comment includes
Confidential Business Information (CBI)
or other information whose disclosure is
SUMMARY:
PO 00000
Frm 00009
Fmt 4700
Sfmt 4700
46845
restricted by statute. Information that
you consider CBI or otherwise protected
should be clearly identified as such and
should not be submitted through https://
www.regulations.gov or e-mail. https://
www.regulations.gov is an ‘‘anonymous
access’’ system, and EPA will not know
your identity or contact information
unless you provide it in the body of
your comment. If you send e-mail
directly to EPA, your e-mail address
will be automatically captured and
included as part of the public comment.
If EPA cannot read your comment due
to technical difficulties and cannot
contact you for clarification, EPA may
not be able to consider your comment.
Electronic files should avoid the use of
special characters, any form of
encryption, and be free of any defects or
viruses.
Docket: The index to the docket for
this action is available electronically at
https://www.regulations.gov and in hard
copy at EPA Region IX, 75 Hawthorne
Street, San Francisco, California. While
all documents in the docket are listed in
the index, some information may be
publicly available only at the hard copy
location (e.g., copyrighted material), and
some may not be publicly available in
either location (e.g., CBI). To inspect the
hard copy materials, please schedule an
appointment during normal business
hours with the contact listed in the FOR
FURTHER INFORMATION CONTACT section.
FOR FURTHER INFORMATION CONTACT:
Idalia Perez, EPA Region IX, (415) 972–
3248, perez.idalia@epa.gov.
SUPPLEMENTARY INFORMATION:
Throughout this document, ‘‘we,’’ ‘‘us,’’
and ‘‘our’’ refer to EPA.
Table of Contents
I. The State’s Submittal
A. What rules did the State submit?
B. Are there other versions of these rules?
C. What is the purpose of the submitted
rules?
II. EPA’s Evaluation and Action
A. How is EPA evaluating the rules?
B. Do the rules meet the evaluation
criteria?
C. EPA Recommendations to Further
Improve the Rules
D. Public Comment and Final Action
III. Statutory and Executive Order Reviews
I. The State’s Submittal
A. What rules did the State submit?
Table 1 lists the rules we are
approving with the dates that they were
adopted by the local air agency and
submitted by the California Air
Resources Board.
E:\FR\FM\04AUR1.SGM
04AUR1
]]>Agencies
[Federal Register Volume 75, Number 149 (Wednesday, August 4, 2010)]
[Rules and Regulations]
[Pages 46844-46845]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-19097]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 53 and 54
[TD 9492]
RIN 1545-BG18
Excise Taxes on Prohibited Tax Shelter Transactions and Related
Disclosure Requirements; Disclosure Requirements With Respect to
Prohibited Tax Shelter Transactions; Requirement of Return and Time for
Filing; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains correcting amendments to IRS
regulations providing guidance under 4965 of the Internal Revenue Code,
relating to entity-level and manager-level excise taxes with respect to
prohibited tax shelter transactions to which tax-exempt entities are
parties; sections 6033(a)(2) and 6011(g), relating to certain
disclosure obligations with respect to such transactions; and sections
6011 and 6071, relating to the requirement of a return and time for
filing with respect to section 4965 taxes. These errors were made when
the agency published final regulations (TD 9492) in the Federal
Register on Tuesday, July 6, 2010 (75 FR 38700).
DATES: This correction is effective on August 4, 2010, and is
applicable on July 6, 2010.
FOR FURTHER INFORMATION CONTACT: For questions concerning these
regulations, contact Benjamin Akins at (202) 622-1124 or Michael
Blumenfeld at (202) 622-6070. For questions specifically relating to
qualified pension plans, individual retirement accounts, and similar
tax-favored savings arrangements, contact Cathy Pastor at (202) 622-
6090 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9492) that are the subject of this
document are under sections 4965, 6011 and 6071 of the Internal Revenue
Code.
Need for Correction
As published, the final regulations (TD 9492) contain errors that
may prove to be misleading and are in need of clarification.
List of Subjects
26 CFR Part 53
Excise taxes, Foundations, Investments, Lobbying, Reporting and
recordkeeping requirements.
26 CFR Part 54
Excise taxes, Pensions, Reporting and recordkeeping requirements.
Correction of Publication
0
Accordingly, 26 CFR parts 53 and 54 are corrected by making the
following correcting amendments:
PART 53--FOUNDATION AND SIMILAR EXCISE TAXES
0
Paragraph 1. The authority citation for part 53 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
0
Par. 2. Section 53.4965-2 is amended by revising paragraphs (c)(6)(i)
and (c)(6)(i)(C) to read as follows:
Sec. 53.4965-2 Covered tax-exempt entities.
* * * * *
(c) * * *
(6) * * *
(i) Individual retirement plans defined in section 408(a) and (b),
including--
(A) * * *
(B) * * *
(C) Deemed individual retirement accounts or annuities (IRAs)
qualified under a qualified plan (deemed IRAs) under section 408(q);
and
* * * * *
0
Par. 3. Section 53.4965-5 is amended by revising the first sentence of
paragraph (c)(4) Example to read as follows:
Sec. 53.4965-5 Entity managers and related definitions.
* * * * *
(c) * * *
(4) * * *
Example. In a sale-in, lease-out (SILO) transaction described
in Notice 2005-13 (2005-1 CB 630), X, which is a non-plan entity,
has purported to sell property to Y, a taxable entity and lease it
back for a term of years. * * *
* * * * *
0
Par. 4. Section 53.4965-8 is amended by revising the first sentence of
paragraph (e) and the second sentence of paragraph (f) Example 1. (iii)
to read as follows:
Sec. 53.4965-8 Definition of net income and proceeds and standard for
allocating net income or proceeds to various periods.
* * * * *
(e) Allocation to pre-and post-listing periods. If a transaction
other than a
[[Page 46845]]
prohibited reportable transaction (as defined in section 4965(e)(1)(C)
and Sec. 53.4965-3(a)(2)) to which the tax-exempt entity is a party is
subsequently identified in published guidance as a listed transaction
during a taxable year of the entity (the listing year) in which it has
net income or proceeds attributable to the transaction, the net income
or proceeds are allocated between the pre- and post-listing periods.
The IRS will treat the period beginning on the first day of the listing
year and ending on the day immediately preceding the date of the
listing, and the period beginning on the date of the listing and ending
on the last day of the listing year as short taxable years. * * *
(f) * * * Example 1. * * *
(iii) * * * The $14M fee received in 1999, which constitutes
proceeds of the transaction, is likewise allocated to that tax year. *
* *
* * * * *
0
Par. 5. Section 53.6071-1 is amended by revising paragraph (g)(3) to
read as follows:
Sec. 53.6071-1 Time for filing returns.
* * * * *
(g) * * *
(3) Transition rule. A Form 4720, for a section 4965 tax that was
due on or before October 4, 2007, will be deemed to have been filed on
the due date if it was filed by October 4, 2007, and if all section
4965 taxes required to be reported on that Form 4720 were paid by
October 4, 2007.
* * * * *
PART 54--PENSION EXCISE TAXES
0
Par. 6. The authority citation for part 54 continues to read in part as
follows:
Authority: 26 U.S.C. 7805 * * *
0
Par. 7. Section 54.6011-1 is amended by revising paragraph (c)(2) to
read as follows:
Sec. 54.6011-1 General requirement of return, statement or list.
* * * * *
(c) * * *
(2) Transition rule. A Form 5330, ``Return of Excise Taxes Related
to Employee Benefit Plans,'' for an excise tax under section 4965 that
was due on or before October 4, 2007, will be deemed to have been filed
on the due date if it was filed by October 4, 2007, and if the section
4965 tax that was required to be reported on that Form 5330 was paid by
October 4, 2007.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2010-19097 Filed 8-3-10; 8:45 am]
BILLING CODE 4830-01-P
