Passive Activity Losses and Credits Limited; Hearing, 15003-15004 [2012-6068]

Download as PDF Federal Register / Vol. 77, No. 50 / Wednesday, March 14, 2012 / Proposed Rules of subsidy payments other than normal annual adjustments under the Section 8 program. (b) Exception to prohibition for certain interests. Nothing in this section prohibits the employee, or the employee’s spouse or minor child from directly or indirectly receiving, acquiring, or owning: (1) A financial interest in a publicly available or publicly traded investment fund that includes financial interests prohibited by paragraph (a)(2) of this section, so long as the employee neither exercises control nor has the ability to exercise control over the fund or the financial interests held in the fund; (2) Mortgage insurance provided pursuant to section 203 of the National Housing Act (12 U.S.C. 1709) on the employee’s principal residence and any one other single family residence. Employees must adhere to the procedures established by the Assistant Secretary for Housing—FHA Commissioner in order to obtain FHA insurance; (3) Department-owned single family property. Employees must adhere to the procedures established by the Assistant Secretary for Housing—FHA Commissioner in order to purchase a HUD-held property; (4) Employment compensation and benefit packages provided by the employer of an employee’s spouse that include financial interests prohibited by paragraph (a)(2) of this section; or (5) Government National Mortgage Association (GNMA) securities. (c) Reporting and divestiture. An employee must report, in writing, to the appropriate agency ethics official, any interest prohibited under paragraph (a) of this section acquired prior to the commencement of employment with the Department or without specific intent, as through gift, inheritance, or marriage, within 30 days from the date of the start of employment or acquisition of such interest. Such interest must be divested within 90 days from the date reported unless waived by the Designated Agency Ethics Official in accordance with § 7501.103. pstrozier on DSK7SPTVN1PROD with PROPOSALS § 7501.105 Outside activities. (a) Prohibited outside activities. Subject to the exceptions set forth in paragraph (b) of this section, HUD employees, except special Government employees, shall not engage in: (1) Employment with a business related to real estate or manufactured housing including, but not limited to, real estate brokerage, management and sales, architecture, engineering, mortgage lending, property insurance, appraisal services, title search services, VerDate Mar<15>2010 15:01 Mar 13, 2012 Jkt 226001 construction, construction financing, land planning, or real estate development; (2) The operation or management of investment properties to the extent that it rises to the level of a real estaterelated business. HUD will determine whether an employee is operating or managing investment properties to an extent that it rises to the level of a real estate business based on the totality of the circumstances, and will consider whether the employee maintains an office; advertises or otherwise solicits clients or business; hires staff or employees; uses business stationary or other similar materials; files the business as a corporation, limited liability company, partnership, or other type of business association with a state government; establishes a formal or informal association with an existing business; hires a management company; and the nature and number of its investment properties; (3) Employment with a person or entity who registered as a lobbyist or lobbyist organization pursuant to 2 U.S.C 1603(a) and engages in lobbying activity concerning the Department; (4) Employment as an officer or director with a Department-approved mortgagee, a lending institution, or an organization that services securities for the Department; or (5) Employment with the Federal Home Loan Bank System or any affiliate thereof. (b) Exceptions to employment prohibitions. The prohibitions set forth in paragraph (a) of this section do not apply to: (1) Serving as an officer or a member of the Board of Directors of: (i) A Federal Credit Union; (ii) A cooperative, condominium association, or homeowners association for a housing project that is not subject to regulation by the Department or, if so regulated, in which the employee personally resides; or (iii) An entity designated in writing by the Designated Agency Ethics Official. (2) Holding a real estate agent’s license; however, use of the license is limited as provided by paragraph (c) of this section. (c) Prior approval requirement. (1) Employees, except special Government employees, shall obtain the prior written approval of an Agency Ethics Official before accepting compensated or uncompensated employment: (i) As an officer, director, trustee, or general partner of, or in any other position of authority with a prohibited source, as defined at 5 CFR 2635.203(d); (ii) With a state or local government; PO 00000 Frm 00007 Fmt 4702 Sfmt 4702 15003 (iii) In the same professional field as that of the employee’s official position; or (iv) As a real estate agent in relation to purchasing or selling a single family property for use as the employee’s primary residence, or the primary residence of the employee’s immediate family member. (2) Approval shall be granted unless the conduct is inconsistent with 5 CFR part 2635 or this part. (d) Liaison representative. An employee designated to serve in an official capacity as the Department’s liaison representative to an outside organization is not engaged in an outside activity to which this section applies. Notwithstanding, an employee may be designated to serve as the Department’s liaison representative only as authorized by law, and as approved by the Department under applicable procedures. § 7501.106 Bureau instructions and designation of separate agency component. (a) Bureau instructions. With the concurrence of the Designated Agency Ethics Official, the Bureau Ethics Counselor is authorized, consistent with 5 CFR 2635.105(c), to designate Deputy Bureau Ethics Counselors, to make a determination, issue explanatory guidance, and establish procedures necessary to implement this part, subpart I of 5 CFR part 2634, and 5 CFR part 2635 for the Bureau. (b) Designation of separate agency component. Pursuant to 5 CFR 2635.203(a), the Office of the Inspector General is designated as a separate agency for purposes of the regulations contained in subpart B of 5 CFR part 2635, governing gifts from outside sources; and 5 CFR 2635.807, governing teaching, speaking, or writing. Dated: February 15, 2012. Don W. Fox, Principal Deputy Director, Office of Government Ethics. [FR Doc. 2012–6177 Filed 3–13–12; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–109369–10] RIN 1545–BJ33 Passive Activity Losses and Credits Limited; Hearing Internal Revenue Service (IRS), Treasury. AGENCY: E:\FR\FM\14MRP1.SGM 14MRP1 15004 Federal Register / Vol. 77, No. 50 / Wednesday, March 14, 2012 / Proposed Rules Notice of public hearing on proposed rulemaking. ACTION: This document provides notice of public hearing on proposed rulemaking regarding the definition of an ‘‘interest in a limited partnership as a limited partner’’ for purposes of determining whether a taxpayer materially participates in an activity under section 469 of the Internal Revenue Code. These proposed regulations affect individuals who are partners in partnerships. DATES: The public hearing is being held on Monday, April 30, 2012, at 10 a.m. The IRS must receive outlines of the topics to be discussed at the public hearing by April 9, 2012. ADDRESSES: The public hearing is being held in the IRS Auditorium, Internal Revenue Service Building, 1111 Constitution Avenue NW., Washington, DC 20224. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In addition, all visitors must present photo identification to enter the building. Mail outlines to CC:PA:LPD:PR (REG– 109369–10), Room 5205, Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be handdelivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG–109369–10), Couriers Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC or sent electronically via the Federal erulemaking Portal at www.regulations.gov (IRS–REG– 109369–10). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, Michala Irons, (202) 622–3050; concerning submissions of comments, the hearing and/or to be placed on the building access list to attend the hearing Funmi Taylor at (202) 622–7180 (not a toll-free number). SUPPLEMENTARY INFORMATION: The subject of the public hearing is the notice of proposed rulemaking (REG– 109369–10) that was published in the Federal Register on Monday, November 28, 2011 (76 FR 72875). The notice also announced that a hearing will be scheduled if requested by the public in writing by February 27, 2012. The rules of 26 CFR 601.601(a)(3) apply to the hearing. A period of 10 minutes is allotted to each person for presenting oral comments. After the deadline has passed, persons who have submitted written comments and wish to present oral comments at the hearing must submit an outline of the topics to be pstrozier on DSK7SPTVN1PROD with PROPOSALS SUMMARY: VerDate Mar<15>2010 15:01 Mar 13, 2012 Jkt 226001 discussed and the amount of time to be devoted to each topic (a signed original and four copies) by April 9, 2012. The IRS will prepare an agenda containing the schedule of speakers. Copies of the agenda will be made available free of charge, at the hearing. Because of access restrictions, the IRS will not admit visitors beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name placed on the building access list to attend the hearing, see the FOR FURTHER INFORMATION CONTACT section of this document. LaNita Van Dyke, Branch Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, Procedure and Administration. [FR Doc. 2012–6068 Filed 3–13–12; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 301 [REG–135491–10] RIN 1545–BK02 Updating of Employer Identification Numbers Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking. AGENCY: This document contains proposed regulations that provide rules requiring any person assigned an employer identification number (EIN) to provide updated information to the IRS in the manner and frequency prescribed by forms, instructions, or other appropriate guidance. These proposed regulations affect persons with EINs and will enhance the IRS’s ability to maintain accurate information as to persons assigned EINs. DATES: Written or electronic comments and request for a public hearing must be received by June 12, 2012. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–135491–10), 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–135491– 10), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224 or sent electronically via the Federal eRulemaking Portal at https:// SUMMARY: PO 00000 Frm 00008 Fmt 4702 Sfmt 4702 www.regulations.gov (IRS REG–135491– 10). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, Gregory T. Armstrong, (202) 622–4940; concerning submissions of comments and requests for a public hearing, Oluwafunmilayo (Funmi) Taylor of the Publications and Regulation Branch at (202) 622–7180 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Paperwork Reduction Act The collection of information contained in this notice of proposed rulemaking has been submitted to the Office of Management and Budget in accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)). Comments on the collection of information should be sent to the Office of Management and Budget, Attn: Desk Officer for the Department of the Treasury, Office of Information and Regulatory Affairs, Washington, DC 20503, with copies to the Internal Revenue Service, Attn: IRS Reports Clearance Officer, SE:W:CAR:MP:T:T:SP, Washington, DC 20224. Comments on the collection of information should be received by May 14, 2012. Comments are specifically requested concerning: Whether the proposed collection of information is necessary for the proper performance of the functions of the IRS, including whether the information will have practical utility; The accuracy of the estimated burden associated with the proposed collection of information; How the quality, utility, and clarity of the information to be collected may be enhanced; How the burden of complying with the proposed collection of information may be minimized, including through the application of automated collection techniques or other forms of information technology; and Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. The collection of information in this proposed regulation is in proposed § 301.6109–1(d)(2)(ii)(A). This information is necessary to allow the IRS to gather correct ownership information with respect to persons that have an EIN. The respondents are persons that have an EIN. Estimated total annual reporting burden: 403,177 hours. Estimated average annual burden per respondent: varies from 10 to 20 minutes with an estimated average of 15 minutes. E:\FR\FM\14MRP1.SGM 14MRP1

Agencies

[Federal Register Volume 77, Number 50 (Wednesday, March 14, 2012)]
[Proposed Rules]
[Pages 15003-15004]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-6068]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-109369-10]
RIN 1545-BJ33


Passive Activity Losses and Credits Limited; Hearing

AGENCY: Internal Revenue Service (IRS), Treasury.

[[Page 15004]]


ACTION: Notice of public hearing on proposed rulemaking.

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

SUMMARY: This document provides notice of public hearing on proposed 
rulemaking regarding the definition of an ``interest in a limited 
partnership as a limited partner'' for purposes of determining whether 
a taxpayer materially participates in an activity under section 469 of 
the Internal Revenue Code. These proposed regulations affect 
individuals who are partners in partnerships.

DATES: The public hearing is being held on Monday, April 30, 2012, at 
10 a.m. The IRS must receive outlines of the topics to be discussed at 
the public hearing by April 9, 2012.

ADDRESSES: The public hearing is being held in the IRS Auditorium, 
Internal Revenue Service Building, 1111 Constitution Avenue NW., 
Washington, DC 20224. Due to building security procedures, visitors 
must enter at the Constitution Avenue entrance. In addition, all 
visitors must present photo identification to enter the building.
    Mail outlines to CC:PA:LPD:PR (REG-109369-10), Room 5205, Internal 
Revenue Service, POB 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-109369-10), Couriers 
Desk, Internal Revenue Service, 1111 Constitution Avenue NW., 
Washington, DC or sent electronically via the Federal erulemaking 
Portal at www.regulations.gov (IRS-REG-109369-10).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Michala Irons, (202) 622-3050; concerning submissions of comments, the 
hearing and/or to be placed on the building access list to attend the 
hearing Funmi Taylor at (202) 622-7180 (not a toll-free number).

SUPPLEMENTARY INFORMATION: The subject of the public hearing is the 
notice of proposed rulemaking (REG-109369-10) that was published in the 
Federal Register on Monday, November 28, 2011 (76 FR 72875). The notice 
also announced that a hearing will be scheduled if requested by the 
public in writing by February 27, 2012.
    The rules of 26 CFR 601.601(a)(3) apply to the hearing.
    A period of 10 minutes is allotted to each person for presenting 
oral comments. After the deadline has passed, persons who have 
submitted written comments and wish to present oral comments at the 
hearing must submit an outline of the topics to be discussed and the 
amount of time to be devoted to each topic (a signed original and four 
copies) by April 9, 2012.
    The IRS will prepare an agenda containing the schedule of speakers. 
Copies of the agenda will be made available free of charge, at the 
hearing. Because of access restrictions, the IRS will not admit 
visitors beyond the immediate entrance area more than 30 minutes before 
the hearing starts. For information about having your name placed on 
the building access list to attend the hearing, see the FOR FURTHER 
INFORMATION CONTACT section of this document.

LaNita Van Dyke,
Branch Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, Procedure and Administration.
[FR Doc. 2012-6068 Filed 3-13-12; 8:45 am]
BILLING CODE 4830-01-P
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