Use of Differential Income Stream as an Application of the Income Method and as a Consideration in Assessing the Best Method; Correction, 62426 [2013-24537]
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62426
Federal Register / Vol. 78, No. 204 / Tuesday, October 22, 2013 / Rules and Regulations
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendment:
FOR FURTHER INFORMATION CONTACT:
Beth Tucker,
Deputy Commissioner for Operations
Support.
Approved: August 19, 2013.
Mark J. Mazur,
Assistant Secretary of the Treasury (Tax
Policy).
877–8339 and ask to be connected to
202–326–4024.)
SUPPLEMENTARY INFORMATION: PBGC’s
regulation on Benefits Payable in
Terminated Single-Employer Plans (29
CFR Part 4022) prescribes actuarial
assumptions—including interest
assumptions—for paying plan benefits
under terminating single-employer
plans covered by title IV of the
Employee Retirement Income Security
Act of 1974. The interest assumptions in
the regulation are also published on
PBGC’s Web site (https://www.pbgc.gov).
PBGC uses the interest assumptions in
Appendix B to Part 4022 to determine
whether a benefit is payable as a lump
sum and to determine the amount to
pay. Appendix C to Part 4022 contains
interest assumptions for private-sector
pension practitioners to refer to if they
wish to use lump-sum interest rates
determined using PBGC’s historical
methodology. Currently, the rates in
Appendices B and C of the benefit
payment regulation are the same.
The interest assumptions are intended
to reflect current conditions in the
financial and annuity markets.
Assumptions under the benefit
payments regulation are updated
monthly. This final rule updates the
benefit payments interest assumptions
for November 2013.1
The November 2013 interest
assumptions under the benefit payments
regulation will be 1.75 percent for the
period during which a benefit is in pay
status and 4.00 percent during any years
preceding the benefit’s placement in pay
status. In comparison with the interest
assumptions in effect for October 2013,
these interest assumptions are
unchanged.
PBGC has determined that notice and
public comment on this amendment are
impracticable and contrary to the public
interest. This finding is based on the
need to determine and issue new
interest assumptions promptly so that
the assumptions can reflect current
market conditions as accurately as
possible.
Because of the need to provide
immediate guidance for the payment of
benefits under plans with valuation
dates during November 2013, PBGC
finds that good cause exists for making
the assumptions set forth in this
amendment effective less than 30 days
after publication.
Catherine B. Klion (Klion.Catherine@
pbgc.gov), Assistant General Counsel for
Regulatory Affairs, Pension Benefit
Guaranty Corporation, 1200 K Street
NW., Washington, DC 20005, 202–326–
4024. (TTY/TDD users may call the
Federal relay service toll-free at 1–800–
stock occurring in taxable years prior to
November 4, 1992.
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR Part
4044) prescribes interest assumptions for valuing
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
ERISA section 4044. Those assumptions are
updated quarterly.
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
[FR Doc. 2013–24538 Filed 10–21–13; 8:45 am]
Authority: 26 U.S.C. 7805 * * *
BILLING CODE 4830–01–P
Par. 2. Section 1.482–7 is amended by
revising the last sentence of paragraph
(g)(4)(vi)(F)(2) to read as follows:
■
DEPARTMENT OF THE TREASURY
§ 1.482–7 Methods to determine taxable
income in connection with a cost sharing
arrangement.
Internal Revenue Service
26 CFR Part 1
*
[TD 9630]
RIN 1545–BK71
Use of Differential Income Stream as
an Application of the Income Method
and as a Consideration in Assessing
the Best Method; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
This document contains
corrections to final regulations and
removal of temporary regulations (TD
9630) that were published in the
Federal Register on Tuesday, August
27, 2013 (78 FR 52854). The final
regulations implement the use of the
differential income stream as a
consideration in assessing the best
method in connection with a cost
sharing arrangement and as a specified
application of the income method.
DATES: This correction is effective
October 22, 2013, and is applicable
beginning on or after December 19,
2011.
FOR FURTHER INFORMATION CONTACT:
Mumal R. Hemrajani, at (202) 622–3800
(not a toll free number).
SUPPLEMENTARY INFORMATION:
SUMMARY:
emcdonald on DSK67QTVN1PROD with RULES
Background
The final regulations and removal of
temporary regulations (TD 9630) that are
the subject of this correction are under
section 482 of the Internal Revenue
Code.
Need for Correction
As published, the final regulations
and removal of temporary regulations
(TD 9630) 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.
VerDate Mar<15>2010
16:26 Oct 21, 2013
Jkt 232001
*
*
*
*
(g) * * *
(4) * * *
(vi) * * *
(F) * * *
(2) * * * See Example 8 of paragraph
(g)(4)(viii) of this section.
*
*
*
*
*
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. 2013–24537 Filed 10–21–13; 8:45 am]
BILLING CODE 4830–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulation on Benefits Payable in
Terminated Single-Employer Plans to
prescribe interest assumptions under
the regulation for valuation dates in
November 2013. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
DATES:
PO 00000
Effective November 1, 2013.
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]]>Agencies
[Federal Register Volume 78, Number 204 (Tuesday, October 22, 2013)]
[Rules and Regulations]
[Page 62426]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-24537]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9630]
RIN 1545-BK71
Use of Differential Income Stream as an Application of the Income
Method and as a Consideration in Assessing the Best Method; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to final regulations and
removal of temporary regulations (TD 9630) that were published in the
Federal Register on Tuesday, August 27, 2013 (78 FR 52854). The final
regulations implement the use of the differential income stream as a
consideration in assessing the best method in connection with a cost
sharing arrangement and as a specified application of the income
method.
DATES: This correction is effective October 22, 2013, and is applicable
beginning on or after December 19, 2011.
FOR FURTHER INFORMATION CONTACT: Mumal R. Hemrajani, at (202) 622-3800
(not a toll free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations and removal of temporary regulations (TD
9630) that are the subject of this correction are under section 482 of
the Internal Revenue Code.
Need for Correction
As published, the final regulations and removal of temporary
regulations (TD 9630) 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 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 1.482-7 is amended by revising the last sentence of
paragraph (g)(4)(vi)(F)(2) to read as follows:
Sec. 1.482-7 Methods to determine taxable income in connection with a
cost sharing arrangement.
* * * * *
(g) * * *
(4) * * *
(vi) * * *
(F) * * *
(2) * * * See Example 8 of paragraph (g)(4)(viii) of this section.
* * * * *
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2013-24537 Filed 10-21-13; 8:45 am]
BILLING CODE 4830-01-P
