Modification of Treasury Regulations Pursuant to Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 39341-39343 [2011-16857]

Download as PDF Federal Register / Vol. 76, No. 129 / Wednesday, July 6, 2011 / Proposed Rules Dated: June 30, 2011. Joseph T. Rannazzisi, Deputy Assistant Administrator. if’’ is corrected to read ‘‘nonprofit corporation) or partnership, if’’. LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2011–16847 Filed 7–5–11; 8:45 am] BILLING CODE 4410–09–P [FR Doc. 2011–16824 Filed 7–5–11; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service DEPARTMENT OF THE TREASURY 26 CFR Part 1 Internal Revenue Service [REG–114206–11] 26 CFR Part 1 [REG–118809–11] RIN 1545–BK21 RIN 1545–BK27 Encouraging New Markets Tax Credit Non-Real Estate Investments; Correction Modification of Treasury Regulations Pursuant to Section 939A of the DoddFrank Wall Street Reform and Consumer Protection Act Internal Revenue Service (IRS), Treasury. AGENCY: Correction to advance notice of proposed rulemaking. ACTION: This document contains a correction to advance notice of proposed rulemaking (REG–114206–11) that was published in the Federal Register on Tuesday, June 7, 2011 (76 FR 32880). This document invites comments from the public on how the new markets tax credit program may be amended to encourage non-real estate investments. SUMMARY: Julie Hanlon-Bolton, (202) 622–3040 (not a toll-free number). FOR FURTHER INFORMATION CONTACT: SUPPLEMENTARY INFORMATION: Background The correction notice that is the subject of this document is under section 45D of the Internal Revenue Code. Need for Correction As published, the advance notice of proposed rulemaking (REG–114206–11) contains an error that may prove to be misleading and is in need of clarification. jlentini on DSK4TPTVN1PROD with PROPOSALS Correction of Publication Accordingly, the publication of advance notice of proposed rulemaking (REG–114206–11), which was the subject of FR Doc. 2011–13981, is corrected as follows: On page 32881, column 2, in the preamble, under the paragraph heading ‘‘Background’’, second paragraph of the column, fourth line, the language ‘‘nonprofit corporation) or partnership VerDate Mar<15>2010 16:52 Jul 05, 2011 Jkt 223001 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 that remove any reference to, or requirement of reliance on, credit ratings in regulations under the Internal Revenue Code (Code) and provide substitute standards of creditworthiness where appropriate. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires each Federal agency to take such actions regarding its regulations. These regulations affect persons subject to various provisions of the Code. The text of the temporary regulations published in the Rules and Regulations section of the Federal Register also serves as the text of the proposed regulations. DATES: Written and electronic comments and requests for a public hearing must be received by August 30, 2011. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–118809–11), Room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be handdelivered to: CC:PA:LPD:PR Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG–118809–11), 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–118809– 11). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, SUMMARY: PO 00000 Frm 00027 Fmt 4702 Sfmt 4702 39341 Arturo Estrada, (202) 622–3900; concerning submissions of comments and requests for a public hearing, Oluwafunmilayo Taylor, (202) 622–7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background Section 939A(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203 (124 Stat. 1376 (2010)), (the ‘‘DoddFrank Act’’), requires each Federal agency to review its regulations that require the use of an assessment of credit-worthiness of a security or money market instrument, and to review any references or requirements in those regulations regarding credit ratings. Section 939A(b) directs each agency to modify any regulation identified in the review required under section 939A(a) by removing any reference to, or requirement of reliance on, credit ratings and substituting a standard of credit-worthiness that the agency deems appropriate. Numerous provisions under the Code are affected. Temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Income Tax Regulations (26 CFR part 1) under sections 150, 171, 197, 249, 475, 860G, and 1001 of the Code. The temporary regulations also amend the Manufacturers and Retailers Excise Tax Regulations (26 CFR part 48) under section 4101 of the Code. The text of the temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations and the proposed regulations. Special Analyses It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 12866, as supplemented by Executive Order 13563. Therefore, a regulatory assessment is not required. It 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 Code, this notice of proposed rulemaking has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business. E:\FR\FM\06JYP1.SGM 06JYP1 39342 Federal Register / Vol. 76, No. 129 / Wednesday, July 6, 2011 / Proposed Rules Comments and Requests for a Public Hearing 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 the Treasury Department specifically request comments on the clarity of the proposed regulations and how they may be made easier to understand. All comments will be available for public inspection and copying. A public hearing may 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 hearing will be published in the Federal Register. Drafting Information These regulations were drafted by personnel in the Office of Associate Chief Counsel (Financial Institutions and Products), the Office of Associate Chief Counsel (Income Tax and Accounting), the Office of Associate Chief Counsel (International) and the Office of the Associate Chief Counsel (Passthroughs and Special Industries). However, other personnel from the IRS and the Treasury Department participated in their development. List of Subjects 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. * Proposed Amendments to the Regulations Accordingly, 26 CFR parts 1 and 48 are 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. Section 1.150–1 is amended as follows: 1. Paragraph (a)(4) is added. 2. In paragraph (b), the definition of Issuance costs, is revised. The addition and revision read as follows: 16:52 Jul 05, 2011 Jkt 223001 * § 1.197–2 Amortization of goodwill and certain other intangibles. * * * * * (b) * * * (7) [The text of the proposed amendments to § 1.197–2(b)(7) is the same as the text of § 1.197–2T(b)(7) published elsewhere in this issue of the Federal Register]. * * * * * Par. 5. Section 1.249–1 is amended by revising paragraphs (e)(2)(ii) and adding paragraph (f)(3) to read as follows: * * * * (e) * * * (2) * * * (ii) [The text of the proposed amendments to § 1.249–1(e)(2)(ii) is the same as the text of § 1.249–1T(e)(2)(ii) published elsewhere in this issue of the Federal Register]. * * * * * (f) Effective/applicability dates. * * * (3) [The text of the proposed amendments to § 1.249–1(f)(3) is the same as the text of § 1.249–1T(f)(3) published elsewhere in this issue of the Federal Register]. * * * * * Par. 6. Section 1.475(a)–4 is amended by revising paragraph (d)(4) Examples 1, 2, and 3 to read as follows: § 1.475(a)–4 * * * (d) * * * (4) * * * Valuation safe harbor. * * Example 1. [The text of the proposed amendments to § 1.475(a)–(4)(d)(4) Example PO 00000 Frm 00028 Fmt 4702 Sfmt 4702 1 is the same as the text of § 1.475(a)–4T(d)(4) Example 1 published elsewhere in this issue of the Federal Register]. Example 2. [The text of the proposed amendments to § 1.475(a)–4(d)(4) Example 2 is the same as the text of § 1.475(a)–4T(d)(4) Example 2 published elsewhere in this issue of the Federal Register]. Example 3. [The text of the proposed amendments to § 1.475(a)–4(d)(4) Example 3 is the same as the text of § 1.475(a)–4T(d)(4) Example 3 published elsewhere in this issue of the Federal Register]. * * * * * Par. 7. Section 1.860G–2 is amended by revising paragraphs (g)(3)(ii)(B), (C), and (D) to read as follows: § 1.860G–2 Par. 4. Section 1.197–2 is amended by revising paragraph (b)(7) to read as follows: * VerDate Mar<15>2010 * Example 2. [The text of the proposed amendments to § 1.171–1(f) Example 2 is the same as the text of § 1.171–1T(f) Example 2 published elsewhere in this issue of the Federal Register]. Definitions. * * * * (4) [The text of the proposed amendments to § 1.150–1(a)(4) is the Bond premium. * * (f) * * * * Excise taxes, Reporting and recordkeeping requirements. jlentini on DSK4TPTVN1PROD with PROPOSALS § 1.171–1 § 1.249–1 Limitation on deduction of bond premium on repurchase. 26 CFR Part 48 § 1.150–1 same as the text of § 1.150–1T(a)(4) published elsewhere in this issue of the Federal Register]. (b) * * * Issuance costs. [The text of the proposed amendments to § 1.150–1(b), Issuance costs, is the same as the text of § 1.150–1T(b), Issuance costs, published elsewhere in this issue of the Federal Register]. * * * * * Par. 3. Section 1.171–1 is amended by revising paragraph (f) Example 2 to read as follows: Other rules. * * * * * (g) * * * (3) * * * (ii) * * * (B) [The text of the proposed amendments to § 1.860G–2(g)(3)(ii)(B) is the same as the text of § 1.860G– 2T(g)(3)(ii)(B) published elsewhere in this issue of the Federal Register]. (C) [The text of the proposed amendments to § 1.860G–2(g)(3)(ii)(C) is the same as the text of § 1.860G– 2T(g)(3)(ii)(C) published elsewhere in this issue of the Federal Register]. (D) [The text of the proposed amendments to § 1.860G–2(g)(3)(ii)(D) is the same as the text of § 1.860G– 2T(g)(3)(ii)(D) published elsewhere in this issue of the Federal Register]. * * * * * Par. 8. Section 1.1001–3 is amended as follows: 1. Paragraph (d) Example 9 is revised. 2. Paragraph (e)(4)(iv)(B) is revised. 3. Paragraph (e)(5)(ii)(B)(2) is revised. 4. Paragraph (g) Examples 1, 5, and 8 are revised. The revisions read as follows: § 1.1001–3 Modifications of debt instruments. * * * (d) * * * * * Example 9. [The text of the proposed amendments to § 1.1001–3(d) Example 9 is the same as the text of § 1.1001–3T(d) Example 9 published elsewhere in this issue of the Federal Register]. * * * * * (e) * * * (4) * * * (iv) * * * (B) [The text of the proposed amendments to § 1.1001–3(e)(4)(iv)(B) is the same as the text of § 1.1001– 3T(e)(4)(iv)(B) published elsewhere in this issue of the Federal Register]. * * * * * (5) * * * (ii) * * * (B) * * * E:\FR\FM\06JYP1.SGM 06JYP1 Federal Register / Vol. 76, No. 129 / Wednesday, July 6, 2011 / Proposed Rules 39343 (2) [The text of the proposed amendments to § 1.1001–3(e)(5)(ii)(B)(2) is the same as the text of § 1.1001– 3T(e)(5)(ii)(B)(2) published elsewhere in this issue of the Federal Register]. * * * * * (g) * * * DEPARTMENT OF THE TREASURY DEPARTMENT OF EDUCATION Internal Revenue Service 34 CFR Subtitles A and B 26 CFR Part 1 [Docket ID ED–2011–OGC–0004] [REG–101826–11] Reducing Regulatory Burden; Retrospective Review Under E.O. 13563 Example 1. [The text of the proposed amendments to § 1.1001–3(g) Example 1 is the same as the text of § 1.1001–3T(g) Example 1 published elsewhere in this issue of the Federal Register]. New Markets Tax Credit Non-Real Estate Investments; Correction * * * * * Example 5. [The text of the proposed amendments to § 1.1001–3(g) Example 5 is the same as the text of § 1.1001–3T(g) Example 5 published elsewhere in this issue of the Federal Register]. * * * * * Example 8. [The text of the proposed amendments to § 1.1001–3(g) Example 8 is the same as the text of § 1.1001–3T(g) Example 8 published elsewhere in this issue of the Federal Register]. PART 48—MANUFACTURERS AND RETAILERS EXCISE TAXES Par. 9. The authority citation for part 48 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * Par. 10. Section 48.4101–1 paragraphs (f)(4)(ii)(B) and (l)(5) are revised to read as follows: § 48.4101–1 Taxable fuel; registration. * * * * (f) * * * (4) * * * (ii) * * * (B) [The text of the proposed amendments to § 48.4101–1(f)(4)(ii)(B) is the same as the text of § 48.4101– 1T(f)(4)(ii)(B) published elsewhere in this issue of the Federal Register]. * * * * * (l) * * * (5) [The text of the proposed amendments to § 48.4101–1(l)(5) is the same as the text of § 48.4101–1T(l)(5) published elsewhere in this issue of the Federal Register]. jlentini on DSK4TPTVN1PROD with PROPOSALS * Steven T. Miller, Deputy Commissioner for Services and Enforcement. [FR Doc. 2011–16857 Filed 7–1–11; 11:15 am] RIN 1545–BK04 Internal Revenue Service (IRS), Treasury. ACTION: Correction to a notice of proposed rulemaking. AGENCY: This document contains corrections to a notice of proposed rulemaking (REG–101826–11) that was published in the Federal Register on Tuesday, June 7, 2011 (76 FR 32882) modifying the new markets tax credit program to facilitate and encourage investments in non-real estate businesses in low-income communities. FOR FURTHER INFORMATION CONTACT: Julie Hanlon-Bolton, (202) 622–3040 (not a toll-free number). SUPPLEMENTARY INFORMATION: SUMMARY: Background The correction notice that is the subject of this document is under section 45D of the Internal Revenue Code. Need for Correction As published, a notice of proposed rulemaking (REG–101826–11) contains errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication of the notice of proposed rulemaking (REG– 101826–11), which was the subject of FR Doc. 2011–13978, is corrected as follows: 1. On page 32883, column 2, in the preamble, under the paragraph heading ‘‘General Overview’’, second paragraph of the column, fourth line, the language ‘‘nonprofit corporation) or partnership if’’ is corrected to read ‘‘nonprofit corporation) or partnership, if’’. 2. On page 32883, column 3, in the preamble, under the paragraph heading ‘‘Explanation of Provisions’’, first paragraph of the column, second line, the language ‘‘amortizing loans) reinvest those’’ is corrected to read ‘‘amortizing loans) reinvest those’’. LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). BILLING CODE 4830–01–P [FR Doc. 2011–16825 Filed 7–5–11; 8:45 am] BILLING CODE 4830–01–P VerDate Mar<15>2010 16:52 Jul 05, 2011 Jkt 223001 PO 00000 Frm 00029 Fmt 4702 Sfmt 4702 Department of Education. Request for information. AGENCY: ACTION: The U.S. Department of Education (the Department) requests comments on its preliminary plan for the retrospective analysis of its existing regulations as part of its implementation of Executive Order 13563 ‘‘Improving Regulation and Regulatory Review.’’ The purpose of this preliminary plan is to make the Department’s regulatory program more effective and less burdensome in achieving the Department’s regulatory objectives. The plan, once final, will establish the Department’s policy for conducting thorough and meaningful retrospective reviews and analyses of its regulations on an ongoing basis. The Department requests public comment on this preliminary plan to help the Department review its significant existing regulations in order to determine whether any of these regulations should be modified, streamlined, expanded, or repealed. In addition, pursuant to the ‘‘President’s Memorandum on Administrative Flexibility, Lower Costs, and Better Results for State, Local, and Tribal Governments,’’ we request comments (including, when applicable, from students, their parents, and consumer and taxpayer representatives) on possible administrative flexibility that the Department may be able to provide to State, local, and tribal governments. SUMMARY: We must receive your comments on or before July 25, 2011. ADDRESSES: Submit your comments through the Federal eRulemaking Portal or via postal mail, commercial delivery, or hand delivery. We will not accept comments by fax or by e-mail. Please submit your comments only one time, in order to ensure that we do not receive duplicate copies. In addition, please include the Docket ID—Docket ID ED– 2011–OGC–0004—at the top of your comments. • Federal eRulemaking Portal: Go to www.regulations.gov to submit your comments. Information on using Regulations.gov, including instructions for finding a notice, submitting a comment, finding a comment, and signing up for e-mail alerts, is available DATES: E:\FR\FM\06JYP1.SGM 06JYP1

Agencies

[Federal Register Volume 76, Number 129 (Wednesday, July 6, 2011)]
[Proposed Rules]
[Pages 39341-39343]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-16857]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-118809-11]
RIN 1545-BK27


Modification of Treasury Regulations Pursuant to Section 939A of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act

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 
that remove any reference to, or requirement of reliance on, credit 
ratings in regulations under the Internal Revenue Code (Code) and 
provide substitute standards of credit-worthiness where appropriate. 
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires 
each Federal agency to take such actions regarding its regulations. 
These regulations affect persons subject to various provisions of the 
Code. The text of the temporary regulations published in the Rules and 
Regulations section of the Federal Register also serves as the text of 
the proposed regulations.

DATES: Written and electronic comments and requests for a public 
hearing must be received by August 30, 2011.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-118809-11), Room 
5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand-delivered to: 
CC:PA:LPD:PR Monday through Friday between the hours of 8 a.m. and 4 
p.m. to: CC:PA:LPD:PR (REG-118809-11), 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-118809-11).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Arturo Estrada, (202) 622-3900; concerning submissions of comments and 
requests for a public hearing, Oluwafunmilayo Taylor, (202) 622-7180 
(not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    Section 939A(a) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 111-203 (124 Stat. 1376 (2010)), (the 
``Dodd-Frank Act''), requires each Federal agency to review its 
regulations that require the use of an assessment of credit-worthiness 
of a security or money market instrument, and to review any references 
or requirements in those regulations regarding credit ratings. Section 
939A(b) directs each agency to modify any regulation identified in the 
review required under section 939A(a) by removing any reference to, or 
requirement of reliance on, credit ratings and substituting a standard 
of credit-worthiness that the agency deems appropriate. Numerous 
provisions under the Code are affected.
    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend the Income Tax Regulations (26 CFR 
part 1) under sections 150, 171, 197, 249, 475, 860G, and 1001 of the 
Code. The temporary regulations also amend the Manufacturers and 
Retailers Excise Tax Regulations (26 CFR part 48) under section 4101 of 
the Code. The text of the temporary regulations also serves as the text 
of these proposed regulations. The preamble to the temporary 
regulations explains the temporary regulations and the proposed 
regulations.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866, as supplemented by Executive Order 13563. Therefore, a 
regulatory assessment is not required. It 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 Code, this notice of proposed 
rulemaking has been submitted to the Chief Counsel for Advocacy of the 
Small Business Administration for comment on its impact on small 
business.

[[Page 39342]]

Comments and Requests for a Public Hearing

    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 the Treasury Department specifically request 
comments on the clarity of the proposed regulations and how they may be 
made easier to understand. All comments will be available for public 
inspection and copying. A public hearing may 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 hearing will be published in the Federal Register.

Drafting Information

    These regulations were drafted by personnel in the Office of 
Associate Chief Counsel (Financial Institutions and Products), the 
Office of Associate Chief Counsel (Income Tax and Accounting), the 
Office of Associate Chief Counsel (International) and the Office of the 
Associate Chief Counsel (Passthroughs and Special Industries). However, 
other personnel from the IRS and the Treasury Department participated 
in their development.

List of Subjects

26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

26 CFR Part 48

    Excise taxes, Reporting and recordkeeping requirements.

Proposed Amendments to the Regulations

    Accordingly, 26 CFR parts 1 and 48 are 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. Section 1.150-1 is amended as follows:
    1. Paragraph (a)(4) is added.
    2. In paragraph (b), the definition of Issuance costs, is revised.
    The addition and revision read as follows:


Sec.  1.150-1  Definitions.

* * * * *
    (4) [The text of the proposed amendments to Sec.  1.150-1(a)(4) is 
the same as the text of Sec.  1.150-1T(a)(4) published elsewhere in 
this issue of the Federal Register].
    (b) * * *
    Issuance costs. [The text of the proposed amendments to Sec.  
1.150-1(b), Issuance costs, is the same as the text of Sec.  1.150-
1T(b), Issuance costs, published elsewhere in this issue of the Federal 
Register].
* * * * *
    Par. 3. Section 1.171-1 is amended by revising paragraph (f) 
Example 2 to read as follows:


Sec.  1.171-1  Bond premium.

* * * * *
    (f) * * *

    Example 2. [The text of the proposed amendments to Sec.  1.171-
1(f) Example 2 is the same as the text of Sec.  1.171-1T(f) Example 
2 published elsewhere in this issue of the Federal Register].

    Par. 4. Section 1.197-2 is amended by revising paragraph (b)(7) to 
read as follows:


Sec.  1.197-2  Amortization of goodwill and certain other intangibles.

* * * * *
    (b) * * *
    (7) [The text of the proposed amendments to Sec.  1.197-2(b)(7) is 
the same as the text of Sec.  1.197-2T(b)(7) published elsewhere in 
this issue of the Federal Register].
* * * * *
    Par. 5. Section 1.249-1 is amended by revising paragraphs 
(e)(2)(ii) and adding paragraph (f)(3) to read as follows:


Sec.  1.249-1  Limitation on deduction of bond premium on repurchase.

* * * * *
    (e) * * *
    (2) * * *
    (ii) [The text of the proposed amendments to Sec.  1.249-
1(e)(2)(ii) is the same as the text of Sec.  1.249-1T(e)(2)(ii) 
published elsewhere in this issue of the Federal Register].
* * * * *
    (f) Effective/applicability dates. * * *
    (3) [The text of the proposed amendments to Sec.  1.249-1(f)(3) is 
the same as the text of Sec.  1.249-1T(f)(3) published elsewhere in 
this issue of the Federal Register].
* * * * *
    Par. 6. Section 1.475(a)-4 is amended by revising paragraph (d)(4) 
Examples 1, 2, and 3 to read as follows:


Sec.  1.475(a)-4  Valuation safe harbor.

* * * * *
    (d) * * *
    (4) * * *

    Example 1. [The text of the proposed amendments to Sec.  
1.475(a)-(4)(d)(4) Example 1 is the same as the text of Sec.  
1.475(a)-4T(d)(4) Example 1 published elsewhere in this issue of the 
Federal Register].
    Example 2.  [The text of the proposed amendments to Sec.  
1.475(a)-4(d)(4) Example 2 is the same as the text of Sec.  
1.475(a)-4T(d)(4) Example 2 published elsewhere in this issue of the 
Federal Register].
    Example 3.  [The text of the proposed amendments to Sec.  
1.475(a)-4(d)(4) Example 3 is the same as the text of Sec.  
1.475(a)-4T(d)(4) Example 3 published elsewhere in this issue of the 
Federal Register].
* * * * *
    Par. 7. Section 1.860G-2 is amended by revising paragraphs 
(g)(3)(ii)(B), (C), and (D) to read as follows:


Sec.  1.860G-2  Other rules.

* * * * *
    (g) * * *
    (3) * * *
    (ii) * * *
    (B) [The text of the proposed amendments to Sec.  1.860G-
2(g)(3)(ii)(B) is the same as the text of Sec.  1.860G-2T(g)(3)(ii)(B) 
published elsewhere in this issue of the Federal Register].
    (C) [The text of the proposed amendments to Sec.  1.860G-
2(g)(3)(ii)(C) is the same as the text of Sec.  1.860G-2T(g)(3)(ii)(C) 
published elsewhere in this issue of the Federal Register].
    (D) [The text of the proposed amendments to Sec.  1.860G-
2(g)(3)(ii)(D) is the same as the text of Sec.  1.860G-2T(g)(3)(ii)(D) 
published elsewhere in this issue of the Federal Register].
* * * * *
    Par. 8. Section 1.1001-3 is amended as follows:
    1. Paragraph (d) Example 9 is revised.
    2. Paragraph (e)(4)(iv)(B) is revised.
    3. Paragraph (e)(5)(ii)(B)(2) is revised.
    4. Paragraph (g) Examples 1, 5, and 8 are revised.
    The revisions read as follows:


Sec.  1.1001-3  Modifications of debt instruments.

* * * * *
    (d) * * *

    Example 9. [The text of the proposed amendments to Sec.  1.1001-
3(d) Example 9 is the same as the text of Sec.  1.1001-3T(d) Example 
9 published elsewhere in this issue of the Federal Register].
* * * * *
    (e) * * *
    (4) * * *
    (iv) * * *
    (B) [The text of the proposed amendments to Sec.  1.1001-
3(e)(4)(iv)(B) is the same as the text of Sec.  1.1001-3T(e)(4)(iv)(B) 
published elsewhere in this issue of the Federal Register].
* * * * *
    (5) * * *
    (ii) * * *
    (B) * * *

[[Page 39343]]

    (2) [The text of the proposed amendments to Sec.  1.1001-
3(e)(5)(ii)(B)(2) is the same as the text of Sec.  1.1001-
3T(e)(5)(ii)(B)(2) published elsewhere in this issue of the Federal 
Register].
* * * * *
    (g) * * *

    Example 1. [The text of the proposed amendments to Sec.  1.1001-
3(g) Example 1 is the same as the text of Sec.  1.1001-3T(g) Example 
1 published elsewhere in this issue of the Federal Register].
* * * * *
    Example 5.  [The text of the proposed amendments to Sec.  
1.1001-3(g) Example 5 is the same as the text of Sec.  1.1001-3T(g) 
Example 5 published elsewhere in this issue of the Federal 
Register].
* * * * *
    Example 8.  [The text of the proposed amendments to Sec.  
1.1001-3(g) Example 8 is the same as the text of Sec.  1.1001-3T(g) 
Example 8 published elsewhere in this issue of the Federal 
Register].

PART 48--MANUFACTURERS AND RETAILERS EXCISE TAXES

    Par. 9. The authority citation for part 48 continues to read in 
part as follows:

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

    Par. 10. Section 48.4101-1 paragraphs (f)(4)(ii)(B) and (l)(5) are 
revised to read as follows:


Sec.  48.4101-1  Taxable fuel; registration.

* * * * *
    (f) * * *
    (4) * * *
    (ii) * * *
    (B) [The text of the proposed amendments to Sec.  48.4101-
1(f)(4)(ii)(B) is the same as the text of Sec.  48.4101-1T(f)(4)(ii)(B) 
published elsewhere in this issue of the Federal Register].
* * * * *
    (l) * * *
    (5) [The text of the proposed amendments to Sec.  48.4101-1(l)(5) 
is the same as the text of Sec.  48.4101-1T(l)(5) published elsewhere 
in this issue of the Federal Register].

Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2011-16857 Filed 7-1-11; 11:15 am]
BILLING CODE 4830-01-P