Noncompensatory Partnership Options; Correction, 35559 [2013-14018]

Download as PDF Federal Register / Vol. 78, No. 114 / Thursday, June 13, 2013 / Rules and Regulations (c) If any medical examination or test conducted under paragraph (a) of this section is not administered or reported in substantial compliance with the provisions of part 718 of this subchapter, or does not provide sufficient information to allow the district director to decide whether the miner is eligible for benefits, the district director must schedule the miner for further examination and testing. Where the deficiencies in the report are the result of a lack of effort on the part of the miner, the miner will be afforded one additional opportunity to produce a satisfactory result. In order to determine whether any medical examination or test was administered and reported in substantial compliance with the provisions of part 718 of this subchapter, the district director may have any component of such examination or test reviewed by a physician selected by the district director. * * * * * (e) The cost of any medical examination or test authorized under this section, including the cost of travel to and from the examination, must be paid by the fund. Reimbursement for overnight accommodations must not be authorized unless the district director determines that an adequate testing facility is unavailable within one day’s round trip travel by automobile from the miner’s residence. The fund must be reimbursed for such payments by an operator, if any, found liable for the payment of benefits to the claimant. If an operator fails to repay such expenses, with interest, upon request of the Office, the entire amount may be collected in an action brought under section 424 of the Act and § 725.603 of this part. Signed at Washington, DC, this 3rd day of June, 2013. Gary A. Steinberg, Acting Director, Office of Workers’ Compensation Programs. [FR Doc. 2013–13970 Filed 6–12–13; 8:45 am] BILLING CODE 4510–CR–P ACTION: Correcting Amendment. SUMMARY: This document contains corrections to final regulations (TD 9612) that were published in the Federal Register on Tuesday, February 5, 2013 (78 FR 7997) relating to the tax treatment of noncompensatory options and convertible instruments issued by a partnership. The final regulations generally provide that the exercise of a noncompensatory option does not cause the recognition of immediate income or loss by either the issuing partnership or the option holder. The final regulations also modify the regulations under section 704(b) regarding the maintenance of the partners’ capital accounts and the determination of the partners’ distributive shares of partnership items. The final regulations also contain a characterization rule providing that the holder of a noncompensatory option is treated as a partner under certain circumstances. DATES: This correction is effective on June 13, 2013 and is applicable on or after February 5, 2013. FOR FURTHER INFORMATION CONTACT: Benjamin Weaver, at (202) 622–3050 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations that are the subject of this document are under sections 171, 704, 721, 761, 1272, 1273, and 1275 of the Internal Revenue Code. Need for Correction As published, the final regulations (TD 9612) contains 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 amendments: PART 1—INCOME TAXES DEPARTMENT OF THE TREASURY Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ Internal Revenue Service Authority: 26 U.S.C. 7805 * * * 26 CFR Part 1 Par. 2. Section 1.704–1 is amended by revising the third sentence of paragraph (b)(5) Example 32(v) to read as follows: ■ tkelley on DSK3SPTVN1PROD with RULES4 [TD 9612] RIN 1545–BA53 § 1.704–1 Noncompensatory Partnership Options; Correction * Internal Revenue Service (IRS), Treasury. AGENCY: VerDate Mar<15>2010 16:42 Jun 12, 2013 Jkt 229001 Partner’s distributive share. * * (b) * * * (5) * * * * * Example 32. * * * PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 35559 (v) * * * Under paragraph (b)(4)(x)(c) of this section, LLC must allocate the book gross income of $3,000 equally among A, B, and C, but for tax purposes, however, LLC must allocate all of its gross income ($3,000) to C. * * * * * * * * Martin Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2013–14018 Filed 6–12–13; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF LABOR Occupational Safety and Health Administration 29 CFR Parts 1910 and 1926 [Docket No. OSHA–2013–0005] RIN 1218–AC77 Updating OSHA Standards Based on National Consensus Standards; Signage Occupational Safety and Health Administration (OSHA), Department of Labor. ACTION: Direct final rule; request for comments. AGENCY: SUMMARY: The Occupational Safety and Health Administration (‘‘OSHA’’ or ‘‘the Agency’’) is issuing this direct final rule to update its general industry and construction signage standards by adding references to the latest versions of the American National Standards Institute (‘‘ANSI’’) standards on specifications for accident prevention signs and tags, ANSI Z535.1– 2006(R2011), Z535.2–2011 and Z535.5– 2011. In this rulemaking, OSHA is retaining the existing references to the earlier ANSI standards, ANSI Z53.1– 1967, Z35.1–1968 and Z35.2–1968, in its signage standards, thereby providing employers an option to comply with the updated or earlier standards. OSHA also is incorporating by reference Part VI of the Manual of Uniform Traffic Control Devices (‘‘MUTCD’’), 1988 Edition, Revision 3, into the incorporation-byreference section of the construction standards having inadvertently omitted this edition of the MUTCD from this section during an earlier rulemaking, and amending citations in two provisions of the construction standards to show the correct incorporation-byreference section. In addition, OSHA is publishing a notice of proposed rulemaking in today’s Federal Register adding the same references. E:\FR\FM\13JNR1.SGM 13JNR1

Agencies

[Federal Register Volume 78, Number 114 (Thursday, June 13, 2013)]
[Rules and Regulations]
[Page 35559]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-14018]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9612]
RIN 1545-BA53


Noncompensatory Partnership Options; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting Amendment.

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SUMMARY: This document contains corrections to final regulations (TD 
9612) that were published in the Federal Register on Tuesday, February 
5, 2013 (78 FR 7997) relating to the tax treatment of noncompensatory 
options and convertible instruments issued by a partnership. The final 
regulations generally provide that the exercise of a noncompensatory 
option does not cause the recognition of immediate income or loss by 
either the issuing partnership or the option holder. The final 
regulations also modify the regulations under section 704(b) regarding 
the maintenance of the partners' capital accounts and the determination 
of the partners' distributive shares of partnership items. The final 
regulations also contain a characterization rule providing that the 
holder of a noncompensatory option is treated as a partner under 
certain circumstances.

DATES: This correction is effective on June 13, 2013 and is applicable 
on or after February 5, 2013.

FOR FURTHER INFORMATION CONTACT: Benjamin Weaver, at (202) 622-3050 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this document are 
under sections 171, 704, 721, 761, 1272, 1273, and 1275 of the Internal 
Revenue Code.

Need for Correction

    As published, the final regulations (TD 9612) contains 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 amendments:

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 1.704-1 is amended by revising the third sentence of 
paragraph (b)(5) Example 32(v) to read as follows:


Sec.  1.704-1  Partner's distributive share.

* * * * *
    (b) * * *
    (5) * * *
    Example 32. * * *
    (v) * * * Under paragraph (b)(4)(x)(c) of this section, LLC must 
allocate the book gross income of $3,000 equally among A, B, and C, 
but for tax purposes, however, LLC must allocate all of its gross 
income ($3,000) to C. * * *
* * * * *

Martin Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2013-14018 Filed 6-12-13; 8:45 am]
BILLING CODE 4830-01-P