Source of Income From Qualified Fails Charges; Correction, 81457 [2010-32536]

Download as PDF Federal Register / Vol. 75, No. 248 / Tuesday, December 28, 2010 / Rules and Regulations are age 55 or over is expressed under the terms of the plan as a life annuity payable at normal retirement age (or current age, if later) as described in paragraph (b)(1)(i)(A) of this section and the plan provides that the accumulated benefit of participants who are younger than age 55 is expressed as the current balance of a hypothetical account as described in paragraph (b)(1)(i)(B) of this section, then the safe harbor described in section 411(b)(5)(A) and paragraph (b)(1)(i) of this section does not apply to individuals who are or could be participants who are age 55 or over. (iv) * * * Example 4. * * * (iii) * * * If, instead of the facts in paragraph (i) of this Example 4, the plan had been amended to provide only participants who have not yet attained age 55 by January 1, 2012, with a benefit that is the greater of the benefit under the average annual compensation formula and a benefit that is based on the balance of a hypothetical account, then the safe harbor would not be satisfied with respect to individuals who have attained age 55 by January 1, 2012. * * * * * * (c) * * * (5) * * * * * Example 2. * * * (iv) * * * The plan provides that, as of a participant’s annuity starting date, the plan will determine whether the benefit attributable to the opening hypothetical account balance payable in the particular optional form of benefit selected is equal to or greater than the benefit accrued under the plan through the date of conversion and payable in the same generalized optional form of benefit with the same annuity starting date. * * * Example 3. * * * (i) * * * Under the terms of Plan E, the benefit attributable to A’s opening hypothetical account balance is increased so that A’s straight life annuity commencing on January 1, 2015, is $1,000 per month. * * * srobinson on DSKHWCL6B1PROD with RULES * * * * * (d) * * * (1) * * * (iii) Market rate of return for single rates. Except as otherwise provided in this paragraph (d)(1), an interest crediting rate is not in excess of a market rate of return only if the plan terms provide that the interest credit for each plan year is determined using one of the following specified interest crediting rates: * * * * * (f) * * * (2) * * * (iii) * * * For the periods after the statutory effective date set forth in paragraph (f)(1) of this section and before the regulatory effective date set forth in paragraph (f)(2)(i) of this VerDate Mar<15>2010 18:14 Dec 27, 2010 Jkt 223001 section, the safe harbor and other relief of section 411(b)(5) apply and the market rate of return and other requirements of section 411(b)(5) must be satisfied. * * * Guy R. Traynor Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, Procedure and Administration. 81457 Correction of Publication Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment: ■ 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 * * * [FR Doc. 2010–32539 Filed 12–27–10; 8:45 am] Par. 2. Section 1.863–10T is amended by revising the paragraph (f) to read as follows: ■ BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service § 1.863–10T Source of income from a qualified fails charge (temporary). * * * * * (f) Expiration date. This section expires on December 6, 2013. 26 CFR Part 1 [TD 9508] RIN 1545–BJ85 Source of Income From Qualified Fails Charges; Correction Guy R. Traynor, Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, Procedure and Administration. [FR Doc. 2010–32536 Filed 12–27–10; 8:45 am] Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. BILLING CODE 4830–01–P This document contains a correction to temporary regulations (TD 9508) thatwere published in the Federal Register on Wednesday, December 8, 2010 (75 FR 76262)providing guidance about the treatment of fails charges for purposes of sections 871 and 881, which generally require gross-basis taxation of foreign persons not otherwise subject to U.S. net-basis taxation and the withholding of such tax under sections 1441 and 1442. DATES: This correction is effective on December 28, 2010, and is applicable beginning December 8, 2010. FOR FURTHER INFORMATION CONTACT: Sheila Ramaswamy or Anthony J. Marra at (202) 622–3870 (not a toll-free number). [Docket No. USPC–2010–04] AGENCY: SUMMARY: SUPPLEMENTARY INFORMATION: Background The temporary regulations (TD 9508) that are the subject of this document are under section 863 of the Internal Revenue Code. Need for Correction As published, the temporary regulations (TD 9508) contain an error that may prove to be misleading and is in need of clarification. List of Subject in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. PO 00000 Frm 00087 Fmt 4700 Sfmt 4700 DEPARTMENT OF JUSTICE 28 CFR Part 2 Paroling, Recommitting, and Supervising Federal Prisoners: Prisoners Serving Sentences Under the United States and District of Columbia Codes United States Parole Commission, Justice. ACTION: Final rules. AGENCY: The U.S. Parole Commission is revising its rule on original jurisdiction cases. The revision adds as a criterion for original jurisdiction designation a case in which the offender caused the death of a law enforcement officer while the officer was performing his duty. In the rule on the quorum of Commissioners needed for agency action, the Commission is adding provisions that describe the consequence of a vote in which the Commission members are equally divided in their decisions. DATES: Effective date: January 31, 2011. FOR FURTHER INFORMATION CONTACT: Rockne Chickinell, Office of General Counsel, U. S. Parole Commission, 5550 Friendship Blvd., Chevy Chase, Maryland 20815, telephone (301) 492– 5959. Questions about this publication are welcome, but inquiries concerning individual cases cannot be answered over the telephone. SUMMARY: E:\FR\FM\28DER1.SGM 28DER1

Agencies

[Federal Register Volume 75, Number 248 (Tuesday, December 28, 2010)]
[Rules and Regulations]
[Page 81457]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-32536]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9508]
RIN 1545-BJ85


Source of Income From Qualified Fails Charges; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to temporary regulations 
(TD 9508) thatwere published in the Federal Register on Wednesday, 
December 8, 2010 (75 FR 76262)providing guidance about the treatment of 
fails charges for purposes of sections 871 and 881, which generally 
require gross-basis taxation of foreign persons not otherwise subject 
to U.S. net-basis taxation and the withholding of such tax under 
sections 1441 and 1442.

DATES: This correction is effective on December 28, 2010, and is 
applicable beginning December 8, 2010.

FOR FURTHER INFORMATION CONTACT: Sheila Ramaswamy or Anthony J. Marra 
at (202) 622-3870 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulations (TD 9508) that are the subject of this 
document are under section 863 of the Internal Revenue Code.

Need for Correction

    As published, the temporary regulations (TD 9508) contain an error 
that may prove to be misleading and is in need of clarification.

List of Subject in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


0
Par. 2. Section 1.863-10T is amended by revising the paragraph (f) to 
read as follows:


Sec.  1.863-10T  Source of income from a qualified fails charge 
(temporary).

* * * * *
    (f) Expiration date. This section expires on December 6, 2013.

Guy R. Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, Procedure and Administration.
[FR Doc. 2010-32536 Filed 12-27-10; 8:45 am]
BILLING CODE 4830-01-P