Net Investment Income Tax; Correction, 6781-6782 [2013-02039]

Download as PDF sroberts on DSK5SPTVN1PROD with Federal Register / Vol. 78, No. 21 / Thursday, January 31, 2013 / Proposed Rules agreement filed pursuant to § 1.367(a)– 8. * * * * * (c) * * * (1) through (4)(i) [Reserved]. For further guidance, see § 1.6038B–1T(c)(1) through (4)(i). (ii) Stock or securities. Describe any stock or securities that are transferred, including the adjusted tax basis and fair market value of the stock or securities, the class or type, amount, and characteristics of the stock or securities, and the name, address, place of incorporation, and general description of the corporation issuing the stock or securities. In addition, if any provision of § 1.367(a)–3 applies to except the transfer of the stock or securities from section 367(a)(1), provide information supporting the claimed application of such provision. However, see paragraph (b)(2) of this section for certain exceptions and special rules for reporting transfers of stock or securities under section 367(a). (5) [Reserved]. For further guidance, see § 1.6038B–1T(c)(5). * * * * * (e) * * * (4) Reporting rules for section 367(e)(2) distributions by domestic liquidating corporations—(i) General rule. Except as provided in paragraph (e)(4)(ii) of this section, if the distributing corporation makes a distribution of property in complete liquidation under section 332 to a foreign distributee corporation that meets the stock ownership requirements of section 332(b) with respect to the stock of the distributing corporation, then the distributing corporation shall complete a Form 926 and attach a signed copy of such form to its timely filed U.S. income tax return for the taxable years that include one or more liquidating distributions. The property description contained in Part III of the Form 926 shall contain a description, including the adjusted tax basis and fair market value, of all property distributed by the distributing corporation (regardless of whether the distribution of the property qualifies for nonrecognition treatment). The description shall also identify the items of property for which nonrecognition treatment is claimed under § 1.367(e)– 2(b)(2)(ii) or (iii), as applicable. (ii) Special rule. Except as provided in paragraph (e)(4)(iii) of this section, if the distributing corporation distributes items of property that will be used by the foreign distributee corporation in the conduct of a trade or business in the United States and the distributing corporation does not recognize gain or VerDate Mar<15>2010 17:21 Jan 30, 2013 Jkt 229001 loss on such distribution under § 1.367(e)–2(b)(2)(i) with respect to such property, then the distributing corporation may satisfy the requirements of this section by completing Part I and Part II of Form 926, noting in Part III that the information required by Form 926 is contained in a statement required by § 1.367(e)–2(b)(2)(i)(C)(2), and attaching a signed copy of Form 926 to its timely filed U.S. income tax return for the taxable years that include one or more distributions in liquidation. In addition, if the distributing corporation distributes stock of a domestic subsidiary corporation and does not recognize gain or loss on such distribution under § 1.367(e)–2(b)(2)(iii) with respect to such stock, then the distributing corporation may satisfy the requirements of this section by completing Part I and Part II of Form 926, noting in Part III that the information required by Form 926 is contained in a statement required by § 1.367(e)–2(b)(2)(iii)(D), and attaching a signed copy of Form 926 to its timely filed U.S. income tax return for the taxable years that include one or more distributions of domestic subsidiary stock. (iii) Properly filed statement. Paragraph (e)(4)(ii) will not apply if there is a failure to file an initial liquidation document as determined under § 1.367(e)–2(e)(3)(i), but for purposes of this section, determined without regard to § 1.367(e)–2(f). However, see paragraph (f)(3) of this section for certain relief that may be available. (f) * * * (2) * * * (iii) With respect to an initial gain recognition agreement filed under § 1.367(a)–8, a failure to comply as determined under § 1.367(a)–8(j)(8), but for purposes of this section, determined without regard to the application of § 1.367(a)–8(p). (iv) With respect to an initial liquidation document filed under § 1.367(e)–2(b)(1), a failure to comply as determined under § 1.367(e)–2(e)(4)(i), but for purposes of this section, determined without regard to the application of § 1.367(e)–2(f). * * * * * (g) * * * (5) The second sentence of paragraph (b)(1)(i) and paragraphs (b)(2)(i)(B)(1), (b)(2)(iii), (b)(2)(iv), (c), (e)(4), (f)(2)(iii), and (f)(2)(iv) of this section will apply to documents required to be filed with a timely filed return on or after the date of publication of the Treasury decision adopting these rules as final regulations PO 00000 Frm 00033 Fmt 4702 Sfmt 4702 6781 in the Federal Register, as well as to any requests for relief for failures to file documents, or failures to comply, if such requests are submitted on or after the date of publication of the Treasury decision adopting these rules as final regulations in the Federal Register. Steven T. Miller, Deputy Commissioner for Services and Enforcement. [FR Doc. 2013–01749 Filed 1–30–13; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–130507–11] RIN 1545–BK44 Net Investment Income Tax; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking and notice of public hearing. AGENCY: This document contains corrections to a notice of proposed rulemaking and notice of public hearing (REG–130507–11) that was published in the Federal Register on Wednesday, December 5, 2012 (77 FR 72612). The proposed regulations provide guidance under section 1411 of the Internal Revenue Code. FOR FURTHER INFORMATION CONTACT: David H. Kirk, or Adrienne Mikolashek at (202) 622–3060 (not a toll free number). SUMMARY: SUPPLEMENTARY INFORMATION: Background The notice of proposed rulemaking and notice of public hearing (REG– 130507–11) that is the subject of these corrections is under Section 1411 of the Internal Revenue Code. Need for Correction As published, the notice of proposed rulemaking and notice of public hearing (REG–130507–11) contains errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the notice of proposed rulemaking and notice of public hearing (REG–130507–11), that was the subject of FR Doc. 2012–29238, is corrected as follows: ■ 1. On page 72612, in the preamble, column 1, under the caption FOR E:\FR\FM\31JAP1.SGM 31JAP1 6782 Federal Register / Vol. 78, No. 21 / Thursday, January 31, 2013 / Proposed Rules lines 2 and 3, the language ‘‘Michala Irons, (202) 622– 3050, or David H. Kirk, (202) 622–3060; concerning’’ is corrected to read ‘‘David H. Kirk, or Adrienne Mikolashek (202) 622–3060; concerning’’. ■ 2. On page 72621, in the preamble, column 2, line 3, the language ‘‘corporation, is engaged in trade or’’ is corrected to read ‘‘corporation, is engaged in a trade or’’. ■ 3. On page 72630, in the preamble, column 3, line 7, the language ‘‘the meaning section 316(a), or any gain’’ is corrected to read ‘‘the meaning of section 316(a), or any gain’’. ■ 4. On page 72631, in the preamble, column 3, line 13 from the bottom of the column, the language ‘‘adjusted gross, or the estate’s or trust’s’’ is corrected to read ‘‘adjusted gross income, or the estate’s or trust’s’’. is corrected to read ‘‘individual, estate, or trust pursuant to’’. ■ 11. On page 72651, column 1, under the same paragraph heading, § 1.1411– 10(h) Example 2 (ii)(A),line 2, the language ‘‘1411(c)(1)(A)(i) and § 1411(c)(1)(A)(i).’’ Is corrected to read ‘‘1411(c)(1)(A)(i) and § 1.1411– 4(a)(1)(i).’’. § 1.1411–4 33 CFR Part 165 FURTHER INFORMATION, [Corrected] 5. On page 72638, column 3, under the paragraph heading § 1.1411–4 Definition of net investment income., § 1.1411–4(c)(2), line 3, the language ‘‘described in § 1.1411–5(a)(2)),’’ is corrected to read ‘‘described in § 1.1411–5(a)(2),’’. ■ § 1.1411–7 [Corrected] sroberts on DSK5SPTVN1PROD with Jkt 229001 Coast Guard Coast Guard, DHS. ACTION: Advance notice of proposed rulemaking; solicitation for comments. TABLE OF ACRONYMS AGENCY: 9. On page 72649, column 1, under the paragraph heading § 1.1411–10 Controlled foreign corporations and passive foreign investment companies., § 1.1411–10(d)(1)(i), line 5, the language ’’ by an individual, estate or trust’’ is corrected to read ’’ by an individual, estate, or trust’’. ■ 10. On page 72649, column 2, under the same paragraph heading, § 1.1411– 10(d)(1)(i)(B), line 2, the language ‘‘individual, estate or trust pursuant to’’ 18:21 Jan 30, 2013 DEPARTMENT OF HOMELAND SECURITY Safety Zone—Chelsea River, Boston Inner Harbor, Boston, MA 6. On page 72646, column 1, under the paragraph heading § 1.1411–7 Exception for dispositions of interests in partnerships and S corporations., § 1.1411–7(b)(4), line 2, the language ’’ Because both properties are used in PRS’s in’’ is corrected to read ‘‘Because both properties are used in PRS’s’’. ■ 7. On Page 72646, column 1, under the same paragraph heading, § 1.1411– 7(b)(4) Example 7 (i), line 9, the language ‘‘a trade or business is described in § 1.1411–’’ is corrected to read ‘‘a trade or business described in § 1.1411–’’. ■ 8. On Page 72646, column 2, under the same paragraph heading, § 1.1411– 7(b)(4) Example 8 (i), line 2 from the bottom of the column, the language ‘‘following adjusted basis and fair market’’, is corrected to read ‘‘following adjusted bases and fair market’’. VerDate Mar<15>2010 BILLING CODE 4830–01–P RIN 1625–AA00 [Corrected] ■ [FR Doc. 2013–02039 Filed 1–30–13; 8:45 am] [Docket No. USCG–2012–1069] ■ § 1.1411–10 LaNita VanDyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). Transportation, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue SE., Washington, DC 20590– 0001. (4) Hand delivery: Same as mail address above, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The telephone number is 202–366–9329. To avoid duplication, please use only one of these four methods. See the ‘‘Public Participation and Request for Comments’’ portion of the SUPPLEMENTARY INFORMATION section below for instructions on submitting comments. FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed rule, call or email Mr. Mark Cutter, Coast Guard Sector Boston Waterways Management Division, telephone 617– 223–4000, email Mark.E.Cutter@uscg.mil. If you have questions on viewing or submitting material to the docket, call Renee V. Wright, Program Manager, Docket Operations, telephone 202–366–9826. SUPPLEMENTARY INFORMATION: The Coast Guard is soliciting public comment on the continued applicability of, or the need to amend an existing regulation; 33 CFR 165.120, Safety Zone: Chelsea River, Boston Inner Harbor, Boston, MA. This advance notice allows the Coast Guard to gather information from the public and waterway stakeholders that use the Chelsea River that may result in an amendment to, or the disestablishment of, the existing regulation. Any proposed amendments should reflect the recent changes to the Chelsea Street Bridge and the modification of the surrounding navigational channel. The comments and recommendations received from this advanced notice may lead to future rulemaking. DATES: Comments and related material must be received by the Coast Guard on or before May 31, 2013. Requests for additional public meetings must be received by the Coast Guard on or before March 18, 2013. ADDRESSES: You may submit comments identified by docket number USCG– 2012–1069 using any one of the following methods: (1) Federal eRulemaking Portal: http://www.regulations.gov. (2) Fax: 202–493–2251. (3) Mail: Docket Management Facility (M–30), U.S. Department of SUMMARY: PO 00000 Frm 00034 Fmt 4702 Sfmt 4702 COTP ................ DHS .................. FR ..................... NPRM ............... Captain of the Port Department of Homeland Security Federal Register Notice of Proposed Rulemaking A. Public Participation and Request for Comments We encourage you to participate in this rulemaking by submitting comments and related materials. All comments received will be posted without change to http:// www.regulations.gov and will include any personal information you have provided. 1. Submitting comments If you submit a comment, please include the docket number for this rulemaking (USCG–2012–1069), indicate the specific section of this document to which each comment applies, and provide a reason for each suggestion or recommendation. You may submit your comments and material online (via http:// www.regulations.gov) or by fax, mail, or hand delivery, but please use only one of these means. If you submit a comment online via www.regulations.gov, it will be considered received by the Coast Guard when you successfully transmit the comment. If you fax, hand deliver, or mail your comment, it will be considered as having been received by the Coast Guard when it is received at the Docket Management Facility. We E:\FR\FM\31JAP1.SGM 31JAP1

Agencies

[Federal Register Volume 78, Number 21 (Thursday, January 31, 2013)]
[Proposed Rules]
[Pages 6781-6782]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-02039]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-130507-11]
RIN 1545-BK44


Net Investment Income Tax; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking and notice of 
public hearing.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking and notice of public hearing (REG-130507-11) that was 
published in the Federal Register on Wednesday, December 5, 2012 (77 FR 
72612). The proposed regulations provide guidance under section 1411 of 
the Internal Revenue Code.

FOR FURTHER INFORMATION CONTACT: David H. Kirk, or Adrienne Mikolashek 
at (202) 622-3060 (not a toll free number).

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking and notice of public hearing 
(REG-130507-11) that is the subject of these corrections is under 
Section 1411 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing (REG-130507-11) contains errors that may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the notice of proposed rulemaking and notice of public 
hearing (REG-130507-11), that was the subject of FR Doc. 2012-29238, is 
corrected as follows:

0
1. On page 72612, in the preamble, column 1, under the caption FOR

[[Page 6782]]

FURTHER INFORMATION, lines 2 and 3, the language ``Michala Irons, (202) 
622-3050, or David H. Kirk, (202) 622-3060; concerning'' is corrected 
to read ``David H. Kirk, or Adrienne Mikolashek (202) 622-3060; 
concerning''.
0
2. On page 72621, in the preamble, column 2, line 3, the language 
``corporation, is engaged in trade or'' is corrected to read 
``corporation, is engaged in a trade or''.
0
3. On page 72630, in the preamble, column 3, line 7, the language ``the 
meaning section 316(a), or any gain'' is corrected to read ``the 
meaning of section 316(a), or any gain''.
0
4. On page 72631, in the preamble, column 3, line 13 from the bottom of 
the column, the language ``adjusted gross, or the estate's or trust's'' 
is corrected to read ``adjusted gross income, or the estate's or 
trust's''.


Sec.  1.1411-4  [Corrected]

0
5. On page 72638, column 3, under the paragraph heading Sec.  1.1411-4 
Definition of net investment income., Sec.  1.1411-4(c)(2), line 3, the 
language ``described in Sec.  1.1411-5(a)(2)),'' is corrected to read 
``described in Sec.  1.1411-5(a)(2),''.


Sec.  1.1411-7  [Corrected]

0
6. On page 72646, column 1, under the paragraph heading Sec.  1.1411-7 
Exception for dispositions of interests in partnerships and S 
corporations., Sec.  1.1411-7(b)(4), line 2, the language '' Because 
both properties are used in PRS's in'' is corrected to read ``Because 
both properties are used in PRS's''.
0
7. On Page 72646, column 1, under the same paragraph heading, Sec.  
1.1411-7(b)(4) Example 7 (i), line 9, the language ``a trade or 
business is described in Sec.  1.1411-'' is corrected to read ``a trade 
or business described in Sec.  1.1411-''.
0
8. On Page 72646, column 2, under the same paragraph heading, Sec.  
1.1411-7(b)(4) Example 8 (i), line 2 from the bottom of the column, the 
language ``following adjusted basis and fair market'', is corrected to 
read ``following adjusted bases and fair market''.


Sec.  1.1411-10  [Corrected]

0
9. On page 72649, column 1, under the paragraph heading Sec.  1.1411-10 
Controlled foreign corporations and passive foreign investment 
companies., Sec.  1.1411-10(d)(1)(i), line 5, the language '' by an 
individual, estate or trust'' is corrected to read '' by an individual, 
estate, or trust''.
0
10. On page 72649, column 2, under the same paragraph heading, Sec.  
1.1411-10(d)(1)(i)(B), line 2, the language ``individual, estate or 
trust pursuant to'' is corrected to read ``individual, estate, or trust 
pursuant to''.
0
11. On page 72651, column 1, under the same paragraph heading, Sec.  
1.1411-10(h) Example 2 (ii)(A),line 2, the language ``1411(c)(1)(A)(i) 
and Sec.  1411(c)(1)(A)(i).'' Is corrected to read ``1411(c)(1)(A)(i) 
and Sec.  1.1411-4(a)(1)(i).''.

LaNita VanDyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2013-02039 Filed 1-30-13; 8:45 am]
BILLING CODE 4830-01-P