Notional Principal Contracts; Swaps With Nonperiodic Payments, 26500-26501 [2015-11093]
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asabaliauskas on DSK5VPTVN1PROD with PROPOSALS
26500
Federal Register / Vol. 80, No. 89 / Friday, May 8, 2015 / Proposed Rules
with respect to systems of records
maintained by the Department,
including the parts of each system to be
exempted, the provisions of the Act
from which they are exempted, and the
justification for the exemption, are as
follows:
(1) Exempt under 5 U.S.C. 552a(k)(1).
The systems of records exempt
hereunder appear in paragraph (a) of
this section. The claims for exemption
of COMMERCE/DEPT–12, COMMERCE/
ITA–1, COMMERCE/NOAA–5, and
COMMERCE/DEPT–25 under this
paragraph are subject to the condition
that the general exemption claimed in
§ 4.33(b) is held to be invalid.
*
*
*
*
*
(2)(i) Exempt under 5 U.S.C.
552a(k)(2). The systems of records
exempt (some only conditionally), the
sections of the Act from which
exempted, and the reasons therefor are
as follows:
*
*
*
*
*
(C) Fisheries Law Enforcement Case
Files—COMMERCE/NOAA–5, but only
on condition that the general exemption
claimed in § 4.33(b)(2) is held to be
invalid;
*
*
*
*
*
(F) Access Control and Identity
Management System—COMMERCE/
DEPT–25, but only on condition that the
general exemption claimed in
§ 4.33(b)(4) is held to be invalid;
*
*
*
*
*
(4)(i) Exempt under 5 U.S.C.
552a(k)(5). The systems of records
exempt (some only conditionally), the
sections of the Act from which
exempted, and the reasons therefor are
as follows:
(A) Applications to U.S. Merchant
Marine Academy (USMMA)—
COMMERCE/MA–1;
(B) USMMA Midshipman Medical
Files—COMMERCE/MA–17;
(C) USMMA Midshipman Personnel
Files—COMMERCE/MA–18;
(D) USMMA Non-Appropriated Fund
Employees—COMMERCE/MA–19;
(E) Applicants for the NOAA Corps—
COMMERCE/NOAA–1;
(F) Commissioned Officer Official
Personnel Folders—COMMERCE/
NOAA–3;
(G) Conflict of Interest Records,
Appointed Officials—COMMERCE/
DEPT–3:
(H) Investigative and Inspection
Records—COMMERCE/DEPT–12, but
only on condition that the general
exemption claimed in § 4.33(b)(3) is
held to be invalid;
(I) Investigative Records— Persons
within the Investigative Jurisdiction of
the Department COMMERCE/DEPT–13;
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(J) Litigation, Claims, and
Administrative Proceeding Records—
COMMERCE/DEPT–14; and
(K) Access Control and Identity
Management System—COMMERCE/
DEPT–25, but only on condition that the
general exemption claimed in
§ 4.33(b)(4) is held to be invalid.
*
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*
[FR Doc. 2015–10451 Filed 5–7–15; 8:45 am]
BILLING CODE 3510–BX–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–102656–15; REG–107548–11]
RIN 1545–BM61; 1545–BK10
Notional Principal Contracts; Swaps
With Nonperiodic Payments
Internal Revenue Service (IRS),
Treasury.
ACTION: Withdrawal of notice of
proposed rulemaking; notice of
proposed rulemaking by cross-reference
to temporary regulations.
AGENCY:
In the Rules and Regulations
section of this issue of the Federal
Register, the IRS is issuing final and
temporary regulations that amend the
treatment of nonperiodic payments
made or received pursuant to certain
notional principal contracts. These
regulations provide that, subject to
certain exceptions, a notional principal
contract with a nonperiodic payment,
regardless of whether it is significant,
must be treated as two separate
transactions consisting of one or more
loans and an on-market, level payment
swap. The regulations provide an
exception from the definition of United
States property. These regulations affect
parties making and receiving payments
under notional principal contracts,
including United States shareholders of
controlled foreign corporations and taxexempt organizations. The text of the
temporary regulations also serves as the
text of these proposed regulations. This
document withdraws the notice of
proposed rulemaking (REG–107548–11;
RIN 1545–BK10) published in the
Federal Register on May 11, 2012 (77
FR 27669).
DATES: Comments and requests for a
public hearing must be received by
August 6, 2015.
ADDRESSES: Send submissions to
CC:PA:LPD:PR (REG–102656–15), Room
5203, Internal Revenue Service, P.O.
Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions
SUMMARY:
PO 00000
Frm 00032
Fmt 4702
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may be hand-delivered Monday through
Friday between the hours of 8 a.m. and
4 p.m. to CC:PA:LPD:PR (REG–102656–
15), Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue NW.,
Washington, DC 20224, or sent
electronically via the Federal
eRulemaking Portal at
www.regulations.gov (IRS REG–102656–
15).
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations
under section 446, Alexa T. Dubert or
Anna H. Kim at (202) 317–6895;
concerning the proposed regulations
under section 956, Kristine A. Crabtree
at (202) 317–6934; concerning
submissions of comments or to request
a public hearing, Oluwafunmilayo
Taylor, (202) 317–6901 (not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of
Provisions
On May 11, 2012, the Treasury
Department and the IRS published
temporary regulations under section 956
(TD 9589) in the Federal Register (77 FR
27612). On the same date, a notice of
proposed rulemaking (REG–107548–11)
by cross-reference to the temporary
regulations was published in the
Federal Register (77 FR 27669). This
document withdraws those proposed
regulations (REG–107548–11; RIN 1545–
BK10) and provides new proposed
regulations (REG–102656–15).
Final and temporary regulations in
the Rules and Regulations section of this
issue of the Federal Register amend the
Income Tax Regulations (26 CFR part 1).
The final and temporary regulations
amend the regulations under section
446 of the Internal Revenue Code (Code)
relating to the treatment of nonperiodic
payments made or received pursuant to
certain notional principal contracts for
U.S. federal income tax purposes. The
final and temporary regulations also
amend the regulations under section
956 of the Code regarding an exception
from the definition of United States
property. The text of the final and
temporary regulations also serves as the
text of these proposed regulations. The
preamble to the final and temporary
regulations explains those regulations
and 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
13653. Therefore, a regulatory
assessment is not required. It also has
E:\FR\FM\08MYP1.SGM
08MYP1
Federal Register / Vol. 80, No. 89 / Friday, May 8, 2015 / Proposed Rules
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 these
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 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 entities.
Comments and Requests for Public
Hearing
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
comments that are submitted timely to
the IRS as prescribed in this preamble
under the ADDRESSES heading. The
Treasury Department and the IRS
request comments on all aspects of the
proposed rules. All comments will be
available at www.regulations.gov or
upon request. A public hearing will 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 the hearing will be published
in the Federal Register.
Drafting Information
The principal authors of these
regulations are Alexa T. Dubert and
Anna H. Kim of the Office of Associate
Chief Counsel (Financial Institutions
and Products). However, other
personnel from the Treasury
Department and the IRS participated in
their development.
Par. 2. Section 1.446–3 is amended
by:
■ 1. Revising paragraph (g)(4).
■ 2. Revising paragraph (g)(6), Examples
2, 3 and 4.
■ 3. Revising paragraph (j)(2).
The revisions read as follows:
NATIONAL ARCHIVES AND RECORDS
ADMINISTRATION
§ 1.446–3
RIN 3095–AB80
■
Notional principal contracts.
*
*
*
*
*
(g) * * *
(4) [The text of the proposed
amendment to § 1.446–3(g)(4) is the
same as the text of § 1.446–3T(g)(4)
published elsewhere in this issue of the
Federal Register].
*
*
*
*
*
(6) * * *
Example 2. [The text of proposed
amendment to § 1.446–3(g)(6) Example 2 is
the same as the text of § 1.446–3T(g)(6)
Example 2 published elsewhere in this issue
of the Federal Register].
Example 3. [The text of proposed
amendment to § 1.446–3(g)(6) Example 3 is
the same as the text of § 1.446–3T(g)(6)
Example 3 published elsewhere in this issue
of the Federal Register].
Example 4. [The text of proposed
amendment to § 1.446–3(g)(6) Example 4 is
the same as the text of § 1.446–3T(g)(6)
Example 4 published elsewhere in this issue
of the Federal Register].
Income taxes, Reporting and
recordkeeping requirements.
*
*
*
*
(j) * * *
(2) [The text of the proposed
amendment to § 1.446–3(j)(2) is the
same as the text of § 1.446–3T(j)(2)
published elsewhere in this issue of the
Federal Register].
■ Par. 3. Section 1.956–2 is amended by
revising paragraphs (b)(1)(xi) and (f) to
read as follows:
Withdrawal of Notice of Proposed
Rulemaking
§ 1.956–2
property.
Accordingly, under the authority of
26 U.S.C. 7805, the notice of proposed
rulemaking (REG–107548–11 and RIN
1545–BK10) that was published in the
Federal Register on May 11, 2012 (77
FR 27669) is withdrawn.
*
asabaliauskas on DSK5VPTVN1PROD with PROPOSALS
List of Subjects in 26 CFR Part 1
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be 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 * * *
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26501
*
Definition of United States
*
*
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(b)(1)(xi) [The text of this proposed
amendment is the same as the text of
§ 1.956–2T(b)(1)(xi) published
elsewhere in this issue of the Federal
Register].
*
*
*
*
*
(f) [The text of this proposed
amendment is the same as the text of
§ 1.956–2T(f) published elsewhere in
this issue of the Federal Register].
John M. Dalrymple,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 2015–11093 Filed 5–7–15; 8:45 am]
BILLING CODE 4830–01–P
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Information Security Oversight Office
32 CFR Part 2002
[FDMS No. NARA–15–0001; NARA–2015–
037]
Controlled Unclassified Information
Information Security Oversight
Office, NARA.
ACTION: Proposed rule.
AGENCY:
As the Federal Government’s
Executive Agent for Controlled
Unclassified Information (CUI), the
Information Security Oversight Office
(ISOO) of the National Archives and
Records Administration (NARA)
implements the Federal Governmentwide CUI Program. As part of that
responsibility, ISOO proposes this rule
to establish policy for agencies on
designating, safeguarding,
disseminating, marking, decontrolling,
and disposing of CUI, self-inspection
and oversight requirements, and other
facets of the Program.
DATES: Submit comments on or before
July 7, 2015.
ADDRESSES: You may submit comments,
identified by RIN 3095–AB80, by any of
the following methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email: Regulation_comments@
nara.gov. Include RIN 3095–AB80 in the
subject line of the message.
• Fax: 301–837–0319. Include RIN
3095–AB80 in the subject line of the fax
cover sheet.
• Mail (for paper, disk, or CD–ROM
submissions. Include RIN 3095–AB80
on the submission): Regulations
Comment Desk, Strategy Division (SP);
Suite 4100; National and Archives
Records Administration; 8601 Adelphi
Road; College Park, MD 20740–6001.
• Hand delivery or courier: Deliver
comments to front desk at the address
above.
Instructions: All submissions must
include NARA’s name and the
regulatory information number for this
rulemaking (RIN 3095–AB80). We may
publish any comments we receive
without changes, including any
personal information you include.
FOR FURTHER INFORMATION CONTACT:
Kimberly Keravuori, by email at
regulations_comments@nara.gov, or by
telephone at 301–837–3151. You may
also find more information about the
CUI Program, and some FAQs, on
SUMMARY:
E:\FR\FM\08MYP1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 89 (Friday, May 8, 2015)]
[Proposed Rules]
[Pages 26500-26501]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-11093]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-102656-15; REG-107548-11]
RIN 1545-BM61; 1545-BK10
Notional Principal Contracts; Swaps With Nonperiodic Payments
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Withdrawal of notice of proposed rulemaking; 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 final and temporary regulations
that amend the treatment of nonperiodic payments made or received
pursuant to certain notional principal contracts. These regulations
provide that, subject to certain exceptions, a notional principal
contract with a nonperiodic payment, regardless of whether it is
significant, must be treated as two separate transactions consisting of
one or more loans and an on-market, level payment swap. The regulations
provide an exception from the definition of United States property.
These regulations affect parties making and receiving payments under
notional principal contracts, including United States shareholders of
controlled foreign corporations and tax-exempt organizations. The text
of the temporary regulations also serves as the text of these proposed
regulations. This document withdraws the notice of proposed rulemaking
(REG-107548-11; RIN 1545-BK10) published in the Federal Register on May
11, 2012 (77 FR 27669).
DATES: Comments and requests for a public hearing must be received by
August 6, 2015.
ADDRESSES: Send submissions to CC:PA:LPD:PR (REG-102656-15), 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-
102656-15), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue NW., Washington, DC 20224, or sent electronically via the
Federal eRulemaking Portal at www.regulations.gov (IRS REG-102656-15).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations
under section 446, Alexa T. Dubert or Anna H. Kim at (202) 317-6895;
concerning the proposed regulations under section 956, Kristine A.
Crabtree at (202) 317-6934; concerning submissions of comments or to
request a public hearing, Oluwafunmilayo Taylor, (202) 317-6901 (not
toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of Provisions
On May 11, 2012, the Treasury Department and the IRS published
temporary regulations under section 956 (TD 9589) in the Federal
Register (77 FR 27612). On the same date, a notice of proposed
rulemaking (REG-107548-11) by cross-reference to the temporary
regulations was published in the Federal Register (77 FR 27669). This
document withdraws those proposed regulations (REG-107548-11; RIN 1545-
BK10) and provides new proposed regulations (REG-102656-15).
Final and temporary regulations in the Rules and Regulations
section of this issue of the Federal Register amend the Income Tax
Regulations (26 CFR part 1). The final and temporary regulations amend
the regulations under section 446 of the Internal Revenue Code (Code)
relating to the treatment of nonperiodic payments made or received
pursuant to certain notional principal contracts for U.S. federal
income tax purposes. The final and temporary regulations also amend the
regulations under section 956 of the Code regarding an exception from
the definition of United States property. The text of the final and
temporary regulations also serves as the text of these proposed
regulations. The preamble to the final and temporary regulations
explains those regulations and 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 13653. Therefore, a
regulatory assessment is not required. It also has
[[Page 26501]]
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
these 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 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
entities.
Comments and Requests for Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any comments that are submitted timely
to the IRS as prescribed in this preamble under the Addresses heading.
The Treasury Department and the IRS request comments on all aspects of
the proposed rules. All comments will be available at
www.regulations.gov or upon request. A public hearing will 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 the hearing will be published in the Federal Register.
Drafting Information
The principal authors of these regulations are Alexa T. Dubert and
Anna H. Kim of the Office of Associate Chief Counsel (Financial
Institutions and Products). However, other personnel from the Treasury
Department and the IRS participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Withdrawal of Notice of Proposed Rulemaking
Accordingly, under the authority of 26 U.S.C. 7805, the notice of
proposed rulemaking (REG-107548-11 and RIN 1545-BK10) that was
published in the Federal Register on May 11, 2012 (77 FR 27669) is
withdrawn.
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 * * *
0
Par. 2. Section 1.446-3 is amended by:
0
1. Revising paragraph (g)(4).
0
2. Revising paragraph (g)(6), Examples 2, 3 and 4.
0
3. Revising paragraph (j)(2).
The revisions read as follows:
Sec. 1.446-3 Notional principal contracts.
* * * * *
(g) * * *
(4) [The text of the proposed amendment to Sec. 1.446-3(g)(4) is
the same as the text of Sec. 1.446-3T(g)(4) published elsewhere in
this issue of the Federal Register].
* * * * *
(6) * * *
Example 2. [The text of proposed amendment to Sec. 1.446-
3(g)(6) Example 2 is the same as the text of Sec. 1.446-3T(g)(6)
Example 2 published elsewhere in this issue of the Federal
Register].
Example 3. [The text of proposed amendment to Sec. 1.446-
3(g)(6) Example 3 is the same as the text of Sec. 1.446-3T(g)(6)
Example 3 published elsewhere in this issue of the Federal
Register].
Example 4. [The text of proposed amendment to Sec. 1.446-
3(g)(6) Example 4 is the same as the text of Sec. 1.446-3T(g)(6)
Example 4 published elsewhere in this issue of the Federal
Register].
* * * * *
(j) * * *
(2) [The text of the proposed amendment to Sec. 1.446-3(j)(2) is
the same as the text of Sec. 1.446-3T(j)(2) published elsewhere in
this issue of the Federal Register].
0
Par. 3. Section 1.956-2 is amended by revising paragraphs (b)(1)(xi)
and (f) to read as follows:
Sec. 1.956-2 Definition of United States property.
* * * * *
(b)(1)(xi) [The text of this proposed amendment is the same as the
text of Sec. 1.956-2T(b)(1)(xi) published elsewhere in this issue of
the Federal Register].
* * * * *
(f) [The text of this proposed amendment is the same as the text of
Sec. 1.956-2T(f) published elsewhere in this issue of the Federal
Register].
John M. Dalrymple,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2015-11093 Filed 5-7-15; 8:45 am]
BILLING CODE 4830-01-P
