Requirements for Taxpayers Filing Form 5472, 32644-32645 [2014-13255]
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Federal Register / Vol. 79, No. 109 / Friday, June 6, 2014 / Rules and Regulations
account for the inflation as prescribed
by FCPIAA. The direct final rule also
revises 21 CFR 17.5(a) to provide
authority for the Chief Counsel to
delegate the responsibility for initiating
a CMP administrative action against a
tobacco retailer.
FDA also solicited comments
concerning the changes for a 75-day
period ending April 21, 2014, in a
proposed rule that published in the
Federal Register of February 3, 2014 (79
FR 6112). FDA stated that the effective
date of the direct final rule would be
June 18, 2014, 60 days after the end of
the comment period, unless any
significant adverse comment was
submitted to FDA during the comment
period. FDA did not receive any
significant adverse comments.
Authority: Therefore, under the Federal
Food, Drug, and Cosmetic Act and the Public
Health Service Act, and under authority
delegated to the Commissioner of Food and
Drugs, 21 CFR part 17 is amended.
Accordingly, the amendments issued thereby
are effective.
Dated: June 2, 2014.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2014–13165 Filed 6–5–14; 8:45 am]
BILLING CODE 4160–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9667]
RIN 1545–BK00
Requirements for Taxpayers Filing
Form 5472
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations and removal of
temporary regulations.
AGENCY:
This document contains final
regulations on Form 5472, ‘‘Information
Return of a 25% Foreign-Owned U.S.
Corporation or a Foreign Corporation
Engaged in a U.S. Trade or Business.’’
The final regulations affect certain 25percent foreign-owned domestic
corporations and certain foreign
corporations that are engaged in a trade
or business in the United States that are
required to file Form 5472.
Contemporaneously, new proposed
regulations are being issued that would
remove a current provision for timely
filing of Form 5472 separately from an
income tax return that is untimely filed.
As a result, the proposed regulations
would require Form 5472 to be filed in
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SUMMARY:
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13:35 Jun 05, 2014
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all cases only with the filer’s income tax
return for the taxable year by the due
date (including extensions) of that
return.
Effective Date: These regulations
are effective on June 6, 2014.
Applicability Date: For dates of
applicability, see §§ 1.6038A–1(n) and
1.6038A–2(h).
FOR FURTHER INFORMATION CONTACT:
Anand Desai, (202) 317–6939 (not a tollfree number).
SUPPLEMENTARY INFORMATION:
DATES:
Background
On June 10, 2011, the IRS and the
Treasury Department published
temporary regulations and a notice of
proposed rulemaking by cross-reference
to the temporary regulations in the
Federal Register (76 FR 33997, TD 9529,
2011–30 IRB 57; REG–101352–11, 76 FR
34019) (2011 regulations) under sections
6038A and 6038C of the Internal
Revenue Code (Code). The 2011
regulations amended final regulations
under § 1.6038A–2 to provide that
duplicate filing of Form 5472 generally
would no longer be required regardless
of whether the filer files a paper or an
electronic income tax return. As a
result, the regulations’ only remaining
provision for filing a Form 5472
separately from the filer’s income tax
return applies to cases in which the
filer’s income tax return is not timely
filed.
No comments were received on the
2011 regulations, and no public hearing
was requested or held. Accordingly, this
Treasury decision adopts the 2011
regulations without substantive change
as final regulations and removes the
corresponding temporary regulations.
However, contemporaneous with
these final regulations, the IRS and the
Treasury Department are proposing the
removal of § 1.6038A–2(e), which
provides for a filer to timely file a Form
5472 separately from the filer’s income
tax return if the income tax return is
untimely filed. As a result, the proposed
regulations would require that Form
5472 be filed in all cases only with the
filer’s income tax return for the taxable
year by the due date (including
extensions) of that return. For further
information, see the proposed
regulations set forth in the Proposed
Rules section in this issue of the Federal
Register.
Special Analyses
It has been determined that this final
regulation is not a significant regulatory
action as defined in Executive Order
12866, as supplemented by Executive
Order 13653. Therefore, a regulatory
PO 00000
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Fmt 4700
Sfmt 4700
assessment is not required. It has also
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 regulation
does 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 Code, the notice
of proposed rulemaking preceding this
regulation was submitted to the Chief
Counsel for Advocacy of the Small
Business Administration for comment
on its impact on small business.
Drafting Information
The principal author of these
regulations is Anand Desai, Office of
Associate Chief Counsel (International).
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.
Amendments to the Regulations
Accordingly, 26 CFR part 1 is
amended as follows:
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.6038A–1 is amended
by revising paragraph (n)(2) to read as
follows:
■
§ 1.6038A–1
definitions.
General requirements and
*
*
*
*
*
(n) * * *
(2) Section 1.6038A–2. Section
1.6038A–2 (relating to the requirement
to file Form 5472) generally applies for
taxable years beginning after July 10,
1989. However, § 1.6038A–2 as it
applies to reporting corporations whose
sole trade or business in the United
States is a banking, financing, or similar
business as defined in § 1.864–4(c)(5)(i)
applies for taxable years beginning after
December 10, 1990. Section 1.6038A–
2(d) and (e) apply for taxable years
ending on or after June 10, 2011. For
taxable years ending before June 10,
2011, see § 1.6038A–2(d) and (e) as
contained in 26 CFR part 1 revised as of
April 1, 2011.
*
*
*
*
*
§ 1.6038A–1T
[Removed]
Par. 3. Section 1.6038A–1T is
removed.
■
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06JNR1
Federal Register / Vol. 79, No. 109 / Friday, June 6, 2014 / Rules and Regulations
Par. 4. Section 1.6038A–2 is amended
by revising paragraphs (d) and (e) to
read as follows:
■
§ 1.6038A–2
Requirement of return.
*
*
*
*
*
(d) Time for filing returns. A Form
5472 required under this section must
be filed with the reporting corporation’s
income tax return for the taxable year by
the due date (including extensions) of
that return.
(e) Untimely filed return. If the
reporting corporation’s income tax
return is untimely filed, Form 5472
nonetheless must be timely filed. When
the reporting corporation’s income tax
return is ultimately filed, a copy of
Form 5472 must be attached.
*
*
*
*
*
§ 1.6038A–2T
[Removed]
Par. 5. Section 1.6038A–2T is
removed.
■
John Dalrymple,
Deputy Commissioner for Services and
Enforcement.
Approved: May 21, 2014.
Mark J. Mazur,
Assistant Secretary for the Treasury (Tax
Policy).
[FR Doc. 2014–13255 Filed 6–5–14; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE INTERIOR
Office of Surface Mining Reclamation
and Enforcement
30 CFR Part 934
[SATS No. ND–053–FOR; Docket ID No.
OSM–2012–0006; S1D1SSS08011000
SX066A00067F144S180110;
S2D2SSS08011000SX066A00033F14
XS501520]
North Dakota Regulatory Program
Office of Surface Mining
Reclamation and Enforcement, Interior.
ACTION: Final rule; approval of
amendment.
AGENCY:
We are issuing a final
decision on an amendment to the North
Dakota regulatory program (the ‘‘North
Dakota program’’) under the Surface
Mining Control and Reclamation Act of
1977 (‘‘SMCRA’’ or ‘‘the Act’’). Our
decision approves the amendment.
North Dakota proposed changes to the
North Dakota Administrative Code
(NDAC) to address letter of credit
provisions in the collateral bond rules
under Section 69–5.2–12–04. The
changes involve financial information
and various notices that banks issuing a
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13:35 Jun 05, 2014
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letter of credit must provide to the
North Dakota Public Service
Commission (hereinafter, the
‘‘Commission’’).
DATES:
Effective Date: June 6, 2014.
FOR FURTHER INFORMATION CONTACT:
Jeffrey Fleischman, Denver Field
Division, Chief, Telephone: (307) 261–
6550, Internet address: jfleischman@
OSMRE.gov.
SUPPLEMENTARY INFORMATION:
I. Background on the North Dakota Program
II. Submission of the Proposed Amendment
III. Office of Surface Mining Reclamation and
Enforcement’s (OSMRE’s) Findings
IV. Summary and Disposition of Comments
V. OSMRE’s Decision
VI. Procedural Determinations
I. Background on the North Dakota
Program
Section 503(a) of the Act permits a
State to assume primacy for the
regulation of surface coal mining and
reclamation operations on non-Federal
and non-Indian lands within its borders
by demonstrating that its State program
includes, among other things, ‘‘a State
law which provides for the regulation of
surface coal mining and reclamation
operations in accordance with the
requirements of this Act . . .; and rules
and regulations consistent with
regulations issued by the Secretary
pursuant to this Act.’’ See 30 U.S.C.
1253(a)(1) and (7). On the basis of these
criteria, the Secretary of the Interior
conditionally approved the North
Dakota program on December 15, 1980.
You can find background information
on the North Dakota program, including
the Secretary’s findings, the disposition
of comments, and conditions of
approval in the December 15, 1980,
Federal Register (45 FR 82214). You can
also find later actions concerning North
Dakota’s program and program
amendments at 30 CFR 934.15, 934.16,
and 934.30.
II. Submission of the Proposed
Amendment
By letter dated February 2, 2012,
North Dakota sent us an amendment to
its program (SATS number: ND–053–
FOR, Administrative Record Document
ID. OSM–2012–0006–0002) under
SMCRA (30 U.S.C. 1201 et seq.). North
Dakota submitted the amendment to
include changes made at its own
initiative.
North Dakota proposed to change the
letter of credit provisions in its
collateral bond rule at NDAC 69–5.2–
12–04 which addresses the financial
information that banks issuing a letter of
credit must provide to the Commission.
Specifically, North Dakota proposed to
PO 00000
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Fmt 4700
Sfmt 4700
32645
revise its rules by adding an option that
allows banks to provide a certified copy
of financial reports that are required by
a Federal banking agency rather than
submit a balance sheet that is certified
by a certified public accountant (CPA).
North Dakota also proposed a change
that affects the provision requiring
banks to give the Commission notice of
actions alleging insolvency or
bankruptcy. North Dakota is proposing
these changes both in order to avoid
conflict with Federal and State banking
regulations and to assist banks that may
have difficulty submitting CPA certified
balance sheets.
We announced receipt of the
proposed amendment in the April 25,
2012, Federal Register (Vol. 77, No. 80
FR page number 24661). In the same
document, we opened the public
comment period and provided an
opportunity for a public hearing or
meeting on the amendment’s adequacy
(Administrative Record Docket ID
OSM–2012–0006).
We did not hold a public hearing or
meeting because no one requested one.
The public comment period ended on
May 25, 2012. We did not receive any
comments.
III. OSMRE’s Findings
30 CFR 732.17(h)(10) requires that
State program amendments meet the
criteria for approval of State programs
set forth in 30 CFR 732.15, including
that the State’s laws and regulations are
in accordance with the provisions of the
Act and consistent with the
requirements of 30 CFR Part 700. In 30
CFR 730.5, OSMRE defines ‘‘consistent
with’’ and ‘‘in accordance with’’ to
mean (a) with regard to SMCRA, the
State laws and regulations are no less
stringent than, meet the minimum
requirements of, and include all
applicable provisions of the Act and (b)
with regard to the Federal regulations,
the State laws and regulations are no
less effective than the Federal
regulations in meeting the requirements
of SMCRA.
Following are the findings we made
concerning the amendment under
SMCRA and the Federal regulations at
30 CFR 732.15 and 732.17. We are
approving the amendment as described
below.
A. Revisions to North Dakota’s Rules
That Are the Same as or Similar to the
Corresponding Provisions of the Federal
Regulations
North Dakota proposed changes to
existing language in subsections (d) and
(f) of NDAC Section 69–05.2–12–04. The
proposed changes include additional
conditions that banks must meet in
E:\FR\FM\06JNR1.SGM
06JNR1
]]>Agencies
[Federal Register Volume 79, Number 109 (Friday, June 6, 2014)]
[Rules and Regulations]
[Pages 32644-32645]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-13255]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9667]
RIN 1545-BK00
Requirements for Taxpayers Filing Form 5472
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations and removal of temporary regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains final regulations on Form 5472,
``Information Return of a 25% Foreign-Owned U.S. Corporation or a
Foreign Corporation Engaged in a U.S. Trade or Business.'' The final
regulations affect certain 25-percent foreign-owned domestic
corporations and certain foreign corporations that are engaged in a
trade or business in the United States that are required to file Form
5472. Contemporaneously, new proposed regulations are being issued that
would remove a current provision for timely filing of Form 5472
separately from an income tax return that is untimely filed. As a
result, the proposed regulations would require Form 5472 to be filed in
all cases only with the filer's income tax return for the taxable year
by the due date (including extensions) of that return.
DATES: Effective Date: These regulations are effective on June 6, 2014.
Applicability Date: For dates of applicability, see Sec. Sec.
1.6038A-1(n) and 1.6038A-2(h).
FOR FURTHER INFORMATION CONTACT: Anand Desai, (202) 317-6939 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
On June 10, 2011, the IRS and the Treasury Department published
temporary regulations and a notice of proposed rulemaking by cross-
reference to the temporary regulations in the Federal Register (76 FR
33997, TD 9529, 2011-30 IRB 57; REG-101352-11, 76 FR 34019) (2011
regulations) under sections 6038A and 6038C of the Internal Revenue
Code (Code). The 2011 regulations amended final regulations under Sec.
1.6038A-2 to provide that duplicate filing of Form 5472 generally would
no longer be required regardless of whether the filer files a paper or
an electronic income tax return. As a result, the regulations' only
remaining provision for filing a Form 5472 separately from the filer's
income tax return applies to cases in which the filer's income tax
return is not timely filed.
No comments were received on the 2011 regulations, and no public
hearing was requested or held. Accordingly, this Treasury decision
adopts the 2011 regulations without substantive change as final
regulations and removes the corresponding temporary regulations.
However, contemporaneous with these final regulations, the IRS and
the Treasury Department are proposing the removal of Sec. 1.6038A-
2(e), which provides for a filer to timely file a Form 5472 separately
from the filer's income tax return if the income tax return is untimely
filed. As a result, the proposed regulations would require that Form
5472 be filed in all cases only with the filer's income tax return for
the taxable year by the due date (including extensions) of that return.
For further information, see the proposed regulations set forth in the
Proposed Rules section in this issue of the Federal Register.
Special Analyses
It has been determined that this final regulation is not a
significant regulatory action as defined in Executive Order 12866, as
supplemented by Executive Order 13653. Therefore, a regulatory
assessment is not required. It has also 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 regulation does 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 Code, the notice of proposed rulemaking
preceding this regulation was submitted to the Chief Counsel for
Advocacy of the Small Business Administration for comment on its impact
on small business.
Drafting Information
The principal author of these regulations is Anand Desai, Office of
Associate Chief Counsel (International). 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.
Amendments to the Regulations
Accordingly, 26 CFR part 1 is 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 * * *
0
Par. 2. Section 1.6038A-1 is amended by revising paragraph (n)(2) to
read as follows:
Sec. 1.6038A-1 General requirements and definitions.
* * * * *
(n) * * *
(2) Section 1.6038A-2. Section 1.6038A-2 (relating to the
requirement to file Form 5472) generally applies for taxable years
beginning after July 10, 1989. However, Sec. 1.6038A-2 as it applies
to reporting corporations whose sole trade or business in the United
States is a banking, financing, or similar business as defined in Sec.
1.864-4(c)(5)(i) applies for taxable years beginning after December 10,
1990. Section 1.6038A-2(d) and (e) apply for taxable years ending on or
after June 10, 2011. For taxable years ending before June 10, 2011, see
Sec. 1.6038A-2(d) and (e) as contained in 26 CFR part 1 revised as of
April 1, 2011.
* * * * *
Sec. 1.6038A-1T [Removed]
0
Par. 3. Section 1.6038A-1T is removed.
[[Page 32645]]
0
Par. 4. Section 1.6038A-2 is amended by revising paragraphs (d) and (e)
to read as follows:
Sec. 1.6038A-2 Requirement of return.
* * * * *
(d) Time for filing returns. A Form 5472 required under this
section must be filed with the reporting corporation's income tax
return for the taxable year by the due date (including extensions) of
that return.
(e) Untimely filed return. If the reporting corporation's income
tax return is untimely filed, Form 5472 nonetheless must be timely
filed. When the reporting corporation's income tax return is ultimately
filed, a copy of Form 5472 must be attached.
* * * * *
Sec. 1.6038A-2T [Removed]
0
Par. 5. Section 1.6038A-2T is removed.
John Dalrymple,
Deputy Commissioner for Services and Enforcement.
Approved: May 21, 2014.
Mark J. Mazur,
Assistant Secretary for the Treasury (Tax Policy).
[FR Doc. 2014-13255 Filed 6-5-14; 8:45 am]
BILLING CODE 4830-01-P
