Corporate Reorganizations; Distributions Under Sections 368(a)(1)(D) and 354(b)(1)(B); Correction, 49300 [2011-20224]

Download as PDF 49300 Federal Register / Vol. 76, No. 154 / Wednesday, August 10, 2011 / Rules and Regulations commerce that is a swap in an agricultural commodity may be transacted on a swap execution facility, designated contract market, or otherwise in accordance with all provisions of the Act, including any Commission rule, regulation, or order thereunder, applicable to any other swap eligible to be transacted on a swap execution facility, designated contract market, or otherwise. Issued in Washington, DC, on August 4, 2011, by the Commission. David A. Stawick, Secretary of the Commission. Appendices to Agricultural Swaps— Commission Voting Summary and Statements of Commissioners Note: The following appendices will not appear in the Code of Federal Regulations Appendix 1—Commission Voting Summary On this matter, Chairman Gensler and Commissioners Dunn, Sommers, Chilton and O’Malia voted in the affirmative; no Commissioner voted in the negative. Appendix 2—Statement of Chairman Gary Gensler SUMMARY: This document describes a correction to final regulations (TD 9475) that were published on Friday, December 18, 2009 (74 FR 67053). The regulations provide guidance regarding the qualification of certain transactions as reorganizations described in section 368(a)(1)(D) where no stock and/or securities of the acquiring corporation is issued and distributed in the transaction. This document also contains final regulations under section 358 that provide guidance regarding the determination of the basis of stock or securities in a reorganization described in section 368(a)(1)(D) where no stock and/or securities of the acquiring corporation is issued and distributed in the transaction. This document also contains final regulations under section 1502 that govern reorganizations described in section 368(a)(1)(D) involving members of a consolidated group. DATES: This correction is effective on August 10, 2011 and is applicable on December 18, 2009. FOR FURTHER INFORMATION CONTACT: Bruce A. Decker, (202) 622–7790 (not a toll-free number). SUPPLEMENTARY INFORMATION: I support the final rulemaking to authorize agricultural swap transactions and subject them to the same rules applicable to all other swaps transactions. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) prohibits such transactions if the Commodity Futures Trading Commission (CFTC) does not specifically authorize them. The public comments the CFTC received overwhelmingly supported treating agricultural swaps the same as other swaps brought under regulation by the DoddFrank Act. Agricultural producers, processers, merchants and handlers will benefit from the ability to use agricultural swaps to hedge their risk and from the transparency of the Dodd-Frank Act. Background The final regulations (TD 9475) that are the subject of this document are under sections 358, 368 and 1502 of the Internal Revenue Code. [FR Doc. 2011–20337 Filed 8–9–11; 8:45 am] Correction of Publication BILLING CODE P Need for Correction As published, the final regulations (TD 9475) contain an error that may prove to be misleading and is in need of clarification. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. DEPARTMENT OF THE TREASURY Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment: Internal Revenue Service PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ 26 CFR Part 1 [TD 9475] Authority: 26 U.S.C. 7805. * * * mstockstill on DSK4VPTVN1PROD with RULES RIN 1545–BF83 Par. 2. Section 1.1502–13 is amended by adding paragraph (l)(6) to read as follows: ■ Corporate Reorganizations; Distributions Under Sections 368(a)(1)(D) and 354(b)(1)(B); Correction § 1.1502–13 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. VerDate Mar<15>2010 16:51 Aug 09, 2011 Jkt 223001 Intercompany transactions. * * * * * (l) * * * (6) Effective/applicability date. (i) In general. Paragraph (f)(7)(i) Example 4. PO 00000 Frm 00022 Fmt 4700 Sfmt 4700 applies to transactions occurring on or after December 18, 2009. (ii) [Reserved] * * * * * LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2011–20224 Filed 8–9–11; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 117 [Docket No. USCG–2011–0740] Drawbridge Operation Regulations; Pequonnock River, Bridgeport, CT, Maintenance Coast Guard, DHS. Notice of temporary deviation from regulations. AGENCY: ACTION: SUMMARY: The Commander, First Coast Guard District, has issued a temporary deviation from the regulation governing the operation of the Metro North (Peck) Bridge across the Pequonnock River, mile 0.3, at Bridgeport, Connecticut. The deviation allows the bridge to remain in the closed position to facilitate miter rail repair. DATES: This deviation is effective from August 22, 2011 through November 30, 2011. ADDRESSES: Documents mentioned in this preamble as being available in the docket are part of docket USCG–2011– 0740 and are available online at http://www.regulations.gov, inserting USCG–2011–0740 in the ‘‘Keyword’’ and then clicking ‘‘Search.’’ They are also available for inspection or copying at the 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, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: If you have questions on this rule, call or e-mail Ms. Judy Leung-Yee, Project Officer, First Coast Guard District, telephone (212) 668–7165, e-mail judy.k.leung-yee@uscg.mil. If you have questions on viewing the docket, call Renee V. Wright, Program Manager, Docket Operations, telephone 202–366– 9826. SUPPLEMENTARY INFORMATION: The Metro North (Peck) Bridge, across the E:\FR\FM\10AUR1.SGM 10AUR1

Agencies

[Federal Register Volume 76, Number 154 (Wednesday, August 10, 2011)]
[Rules and Regulations]
[Page 49300]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-20224]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9475]
RIN 1545-BF83


Corporate Reorganizations; Distributions Under Sections 
368(a)(1)(D) and 354(b)(1)(B); Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document describes a correction to final regulations (TD 
9475) that were published on Friday, December 18, 2009 (74 FR 67053). 
The regulations provide guidance regarding the qualification of certain 
transactions as reorganizations described in section 368(a)(1)(D) where 
no stock and/or securities of the acquiring corporation is issued and 
distributed in the transaction. This document also contains final 
regulations under section 358 that provide guidance regarding the 
determination of the basis of stock or securities in a reorganization 
described in section 368(a)(1)(D) where no stock and/or securities of 
the acquiring corporation is issued and distributed in the transaction. 
This document also contains final regulations under section 1502 that 
govern reorganizations described in section 368(a)(1)(D) involving 
members of a consolidated group.

DATES: This correction is effective on August 10, 2011 and is 
applicable on December 18, 2009.

FOR FURTHER INFORMATION CONTACT: Bruce A. Decker, (202) 622-7790 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9475) that are the subject of this 
document are under sections 358, 368 and 1502 of the Internal Revenue 
Code.

Need for Correction

    As published, the final regulations (TD 9475) contain an error that 
may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

    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 1.1502-13 is amended by adding paragraph (l)(6) to read 
as follows:


Sec.  1.1502-13  Intercompany transactions.

* * * * *
    (l) * * *
    (6) Effective/applicability date. (i) In general. Paragraph 
(f)(7)(i) Example 4. applies to transactions occurring on or after 
December 18, 2009.
    (ii) [Reserved]
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2011-20224 Filed 8-9-11; 8:45 am]
BILLING CODE 4830-01-P