Bond Premium Carryforward, 687-688 [2012-31746]
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Federal Register / Vol. 78, No. 3 / Friday, January 4, 2013 / Proposed Rules
(c) Landowner notification. (1) No
siting, construction, or maintenance
activity within the right-of-way is
authorized unless the company makes a
good faith effort to notify in writing all
affected landowners, as defined in
paragraph (c)(2) of this section, at least
10 days prior to commencing any such
activity. A landowner may waive the 10day prior notice requirement in writing
as long as the notice has been provided.
The notification shall include at least:
(i) A brief description of the activity
and the effect the activity will have on
the landowner’s property;
(ii) The name and phone number of a
company representative who is
knowledgeable about the project; and
(iii) A description of the
Commission’s Dispute Resolution
Service Helpline as explained in
§ 1b.21(g) of this chapter and the
Dispute Resolution Service Helpline
number.
(2) All affected landowners includes
owners of property interests, as noted in
the most recent county/city tax records
as receiving the tax notice, whose
property:
(i) Is directly affected (i.e., crossed or
used) by the proposed activity,
including all facility sites (including
compressor stations, well sites, and all
above-ground facilities), rights-of-way,
access roads, pipe and contractor yards,
and temporary workspace; or
(ii) Abuts either side of an existing
right-of-way or facility site, or abuts the
edge of a proposed right-of-way or
facility site which runs along a property
line in the area that would be affected,
or contains a residence within 50 feet of
the proposed work area.
*
*
*
*
*
[FR Doc. 2012–31085 Filed 1–3–13; 8:45 am]
BILLING CODE 6717–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–140437–12]
RIN 1545–BL28
Bond Premium Carryforward
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking
by cross-reference to temporary
regulations.
mstockstill on DSK4VPTVN1PROD with
AGENCY:
In the Rules and Regulations
section of this issue of the Federal
SUMMARY:
VerDate Mar<15>2010
16:44 Jan 03, 2013
Jkt 229001
Register, the IRS is issuing temporary
regulations that provide guidance on the
tax treatment of a debt instrument with
a bond premium carryforward in the
holder’s final accrual period, including
a Treasury bill acquired at a premium.
The text of those regulations also serves
as the text of these proposed
regulations.
Written or electronic comments
must be received by April 4, 2013.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR (REG–140437–12), room
5203, 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–140437–
12), Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue NW.,
Washington, DC, or sent electronically
via the Federal eRulemaking Portal at
www.regulations.gov (IRS REG–140437–
12).
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations,
William E. Blanchard, (202) 622–3900;
concerning submissions of comments,
Oluwafunmilayo (Funmi) Taylor, (202)
622–7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
DATES:
Background and Explanation of
Provisions
Temporary regulations in the Rules
and Regulations section of this issue of
the Federal Register amend the Income
Tax Regulations (26 CFR part 1) relating
to section 171. The temporary
regulations provide guidance on the tax
treatment of a taxable debt instrument
with a bond premium carryforward in
the holder’s final accrual period,
including a Treasury bill acquired at a
premium. In general, the temporary
regulations provide that, upon the sale,
retirement, or other disposition of a
taxable bond, the holder treats the
amount of any bond premium
carryforward determined as of the end
of the accrual period under § 1.171–
2(a)(4)(i)(B) as a bond premium
deduction under section 171(a)(1) for
the holder’s taxable year in which the
sale, retirement, or other disposition
occurs. The text of the temporary
regulations also serves as the text of
these proposed regulations.
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
Frm 00016
Fmt 4702
13563. Therefore, a regulatory
assessment is not required. It also 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 the 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 Internal Revenue
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 businesses.
Comments
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
written (a signed original and eight (8)
copies) or electronic comments that are
submitted timely to the IRS as
prescribed in the preamble under the
‘‘Addresses’’ heading. The Treasury
Department and the IRS welcome
comments on the clarity of the proposed
rules and how they can be made easier
to understand. All comments will be
available at www.regulations.gov 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 a public hearing will
be published in the Federal Register.
Drafting Information
The principal author of these
regulations is William E. Blanchard,
Office of Associate Chief Counsel
(Financial Institutions and Products).
However, other personnel from the IRS
and the Treasury Department
participated in their development.
List of Subjects in 26 CFR Part 1
Income Taxes, Reporting and
recordkeeping requirements.
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:
PART 1—INCOME TAXES
Special Analyses
PO 00000
687
Sfmt 4702
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
Authority: 26 U.S.C. 7805 * * *
E:\FR\FM\04JAP1.SGM
04JAP1
688
Federal Register / Vol. 78, No. 3 / Friday, January 4, 2013 / Proposed Rules
Par. 2. Section 1.171–2 is amended by
adding a new paragraph (a)(4)(i)(C) to
read as follows:
■
§ 1.171–2
Amortization of bond premium.
(i) * * *
(C) [The text of the proposed
amendment to § 1.171–2(a)(4)(i)(C) is
the same as the text for § 1.171–
(a) * * *
(4) * * *
2T(a)(4)(i)(C) published elsewhere in
this issue of the Federal Register].
*
*
*
*
*
Steven T. Miller,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 2012–31746 Filed 1–3–13; 8:45 am]
mstockstill on DSK4VPTVN1PROD with
BILLING CODE 4830–01–P
VerDate Mar<15>2010
16:44 Jan 03, 2013
Jkt 229001
PO 00000
Frm 00017
Fmt 4702
Sfmt 9990
E:\FR\FM\04JAP1.SGM
04JAP1
]]>Agencies
[Federal Register Volume 78, Number 3 (Friday, January 4, 2013)]
[Proposed Rules]
[Pages 687-688]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-31746]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-140437-12]
RIN 1545-BL28
Bond Premium Carryforward
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 temporary regulations that provide
guidance on the tax treatment of a debt instrument with a bond premium
carryforward in the holder's final accrual period, including a Treasury
bill acquired at a premium. The text of those regulations also serves
as the text of these proposed regulations.
DATES: Written or electronic comments must be received by April 4,
2013.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-140437-12), room
5203, 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-
140437-12), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue NW., Washington, DC, or sent electronically via the Federal
eRulemaking Portal at www.regulations.gov (IRS REG-140437-12).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
William E. Blanchard, (202) 622-3900; concerning submissions of
comments, Oluwafunmilayo (Funmi) Taylor, (202) 622-7180 (not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of Provisions
Temporary regulations in the Rules and Regulations section of this
issue of the Federal Register amend the Income Tax Regulations (26 CFR
part 1) relating to section 171. The temporary regulations provide
guidance on the tax treatment of a taxable debt instrument with a bond
premium carryforward in the holder's final accrual period, including a
Treasury bill acquired at a premium. In general, the temporary
regulations provide that, upon the sale, retirement, or other
disposition of a taxable bond, the holder treats the amount of any bond
premium carryforward determined as of the end of the accrual period
under Sec. 1.171-2(a)(4)(i)(B) as a bond premium deduction under
section 171(a)(1) for the holder's taxable year in which the sale,
retirement, or other disposition occurs. The text of the temporary
regulations also serves as the text of these 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 also 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 the 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 Internal Revenue 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
businesses.
Comments
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written (a signed original and eight
(8) copies) or electronic comments that are submitted timely to the IRS
as prescribed in the preamble under the ``Addresses'' heading. The
Treasury Department and the IRS welcome comments on the clarity of the
proposed rules and how they can be made easier to understand. All
comments will be available at www.regulations.gov 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 a public hearing
will be published in the Federal Register.
Drafting Information
The principal author of these regulations is William E. Blanchard,
Office of Associate Chief Counsel (Financial Institutions and
Products). However, other personnel from the IRS and the Treasury
Department participated in their development.
List of Subjects in 26 CFR Part 1
Income Taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
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 * * *
[[Page 688]]
0
Par. 2. Section 1.171-2 is amended by adding a new paragraph
(a)(4)(i)(C) to read as follows:
Sec. 1.171-2 Amortization of bond premium.
(a) * * *
(4) * * *
(i) * * *
(C) [The text of the proposed amendment to Sec. 1.171-
2(a)(4)(i)(C) is the same as the text for Sec. 1.171-2T(a)(4)(i)(C)
published elsewhere in this issue of the Federal Register].
* * * * *
Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2012-31746 Filed 1-3-13; 8:45 am]
BILLING CODE 4830-01-P
