Consistent Basis Reporting Between Estate and Person Acquiring Property From Decedent, 11431-11432 [2016-04716]
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Federal Register / Vol. 81, No. 43 / Friday, March 4, 2016 / Rules and Regulations
Dated: March 2, 2016.
Chuck Rosenberg,
Acting Administrator.
[FR Doc. 2016–05004 Filed 3–3–16; 8:45 am]
BILLING CODE 4410–09–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9757]
RIN 1545–BM98
Consistent Basis Reporting Between
Estate and Person Acquiring Property
From Decedent
Internal Revenue Service (IRS),
Treasury.
ACTION: Temporary regulations.
AGENCY:
This document contains
temporary regulations that provide
transition rules providing that executors
and other persons required to file or
furnish a statement under section
6035(a)(1) or (a)(2) before March 31,
2016, need not do so until March 31,
2016. These temporary regulations are
applicable to executors and other
persons who file after July 31, 2015,
returns required by section 6018(a) or
(b).
SUMMARY:
Effective date. These regulations
are effective on March 4, 2016.
Applicability dates: For date of
applicability, see § 1.6035–2T(b).
FOR FURTHER INFORMATION CONTACT:
Theresa Melchiorre (202) 317–6859 (not
a toll-free number).
DATES:
jstallworth on DSK7TPTVN1PROD with RULES
Background
On July 31, 2015, the President of the
United States signed into law H.R. 3236,
the Surface Transportation and
Veterans Health Care Choice
Improvement Act of 2015, Public Law
114–41, 129 Stat. 443 (Act). Section
2004 of the Act added new section 6035.
Section 6035 imposes reporting
requirements with regard to the value of
property included in a decedent’s gross
estate for federal estate tax purposes.
Section 6035(a)(1) provides that the
executor of any estate required to file a
return under section 6018(a) must
furnish, both to the Secretary and to the
person acquiring any interest in
property included in the decedent’s
gross estate for federal estate tax
purposes, a statement identifying the
value of each interest in such property
as reported on such return and such
other information with respect to such
interest as the Secretary may prescribe.
VerDate Sep<11>2014
13:44 Mar 03, 2016
Jkt 238001
Section 6035(a)(2) provides that each
other person required to file a return
under section 6018(b) must furnish,
both to the Secretary and to each person
who holds a legal or beneficial interest
in the property to which such return
relates, a statement identifying the same
information described in section
6035(a)(1).
Section 6035(a)(3)(A) provides that
each statement required to be furnished
under section 6035 (a)(1) or (2) is to be
furnished at such time as the Secretary
may prescribe, but in no case at a time
later than the earlier of (i) the date
which is 30 days after the date on which
the return under section 6018 was
required to be filed (including
extensions, if any) or (ii) the date which
is 30 days after the date such return is
filed.
On August 21, 2015, the Treasury
Department and the IRS issued Notice
2015–57, 2015–36 IRB 294. Notice
2015–57 delays until February 29, 2016,
the due date for any statements required
by section 6035 that are due before that
same date.
On February 11, 2016, the Treasury
Department and the IRS issued Notice
2016–19, 2016–09 IRB. That notice
provides that executors or other persons
required to file or furnish a statement
under section 6035(a)(1) or (a)(2) before
March 31, 2016, need not do so until
March 31, 2016.
Explanation of Provisions
These temporary regulations reiterate
that executors or other persons required
to file or furnish a statement under
section 6035(a)(1) or (a)(2) before March
31, 2016, need not do so until March 31,
2016. The text of these temporary
regulations also serves as the text of the
proposed regulations under § 1.6035–2
in the related notice of proposed
rulemaking (REG–127923–15) in the
Proposed Rules section of this issue of
the Federal Register. These temporary
regulations are issued within 18 months
of the date of the enactment of the
statutory provisions to which the
temporary regulations relate and, as
authorized by section 7805(b)(2), are
effective/applicable to executors and
other persons who file a return required
by section 6018(a) or (b) after July 31,
2015.
Statement of Availability of IRS
Documents
IRS Revenue Procedures, Revenue
Rulings notices, notices and other
guidance cited in this preamble are
published in the Internal Revenue
Bulletin (or Cumulative Bulletin) and
are available from the Superintendent of
Documents, U.S. Government Printing
PO 00000
Frm 00025
Fmt 4700
Sfmt 4700
11431
Office, Washington, DC 20402, or by
visiting the IRS Web site at https://
www.irs.gov.
Special Analyses
Certain IRS regulations, including this
one, are exempt from the requirements
of Executive Order 12866, as
supplemented and reaffirmed by
Executive Order 13563. Therefore, a
regulatory impact assessment is not
required. In addition, section 553(b) of
the Administrative Procedure Act (5
U.S.C. chapter 5) does not apply to these
regulations because they are excepted
from the notice and comment
requirements of section 553(b) and (c) of
the Administrative Procedure Act under
the interpretative rule and good cause
exceptions provided by section
553(b)(3)(A) and (B) of that Act. The Act
included an immediate effective date,
thus making the first required
statements due 30 days after enactment.
It is necessary to provide more time to
provide the statements required by
section 6035(a) to allow the Treasury
Department and the IRS sufficient time
to issue both substantive and procedural
guidance on how to comply with the
section 6035(a) requirement and to
provide executors and other affected
persons the opportunity to review this
guidance before preparing the required
statements. These regulations reiterate
the relief in Notice 2016–19 and,
because of the immediate need to
provide relief, notice and public
comment pursuant to 5 U.S.C. 553(b)
and (c) is impracticable, unnecessary,
and contrary to the public interest. For
the applicability of the Regulatory
Flexibility Act (5 U.S.C. chapter 6),
please refer to the Special Analyses
section of the preamble to the crossreferenced notice of proposed
rulemaking published in the Proposed
Rules section in this issue of the Federal
Register. Pursuant to section 7805(f) of
the Internal Revenue Code (Code), these
regulations have been submitted to the
Chief Counsel for Advocacy of the Small
Business Administration for comment
on their impact on small business.
Drafting Information
The principal author of these
temporary regulations is Theresa
Melchiorre, Office of the Associate Chief
Counsel (Passthroughs and Special
Industries). 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.
E:\FR\FM\04MRR1.SGM
04MRR1
11432
Federal Register / Vol. 81, No. 43 / Friday, March 4, 2016 / Rules and Regulations
of the Chief Counsel, Department of the
Treasury, Bureau of Engraving and
Printing, by phone at (202) 874–2500.
SUPPLEMENTARY INFORMATION:
Temporary 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 is amended by adding an entry
in numerical order to read in part as
follows:
■
Authority: 26 U. S. C. 7805 * * *
*
*
*
*
*
Section 1.6035–2T also issued under 26
U.S.C. 6035.
*
*
*
*
*
Par. 2. Section 1.6035–2T is added to
read as follows:
■
§ 1.6035–2T
Transitional relief.
(a) Statements due before March 31,
2016. Executors and other persons
required to file or furnish a statement
under section 6035(a)(1) or (a)(2) before
March 31, 2016, need not do so until
March 31, 2016.
(b) Effective/applicability date. This
section is effective/applicable to
executors and other persons who file a
return required by section 6018(a) or (b)
after July 31, 2015.
John Dalrymple,
Deputy Commissioner for Services and
Enforcement,
Approved: January 22, 2016.
Mark J. Mazur,
Assistant Secretary of Treasury (Tax Policy).
[FR Doc. 2016–04716 Filed 3–2–16; 4:15 pm]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Bureau of Engraving and Printing
31 CFR Part 605
Conduct on Bureau of Engraving and
Printing Property
Bureau of Engraving and
Printing, Treasury.
ACTION: Final rule.
AGENCY:
The Department of the
Treasury, Bureau of Engraving and
Printing (BEP or Bureau) is amending its
regulations in order to remove certain
obsolete language, clarify the rules of
conduct on the property, and increase
the maximum penalty amount permitted
for violations to $5,000 in accordance
with the United States Code.
DATES: This regulation is effective April
4, 2016.
FOR FURTHER INFORMATION CONTACT:
Mark Hoggan, Attorney-Advisor, Office
jstallworth on DSK7TPTVN1PROD with RULES
SUMMARY:
VerDate Sep<11>2014
15:59 Mar 03, 2016
Jkt 238001
I. Background
The mission of the Bureau of
Engraving and Printing is to develop
and produce United States currency
notes, trusted worldwide. BEP prints
billions of dollars in currency—referred
to as Federal Reserve notes—each year
for delivery to the Federal Reserve
System. Due to the sensitive nature of
currency production operations, the
Bureau is generally closed to the public.
Limited areas of the Bureau, however,
are accessible for public tours during
certain authorized dates and times. Any
individual entering, exiting, or on the
Bureau’s property is subject to the rules
of conduct as prescribed within the
regulations, and violations may result in
criminal prosecution. The BEP has a
high degree of security due to producing
United States currency notes, and
individuals entering, exiting, and on the
property are placed on notice that they
are subject to search and inspection of
their person, personal items and
property while entering, exiting, and on
the property.
This final rule updates the Bureau’s
1994 (59 FR 41978) regulations that
concern conduct on BEP property. The
final rule removes certain obsolete
language, clarifies the rules of conduct
on the property, and increases the
maximum penalty amount permitted for
violations to $5,000 in accordance with
18 U.S.C. 3571. The final rule also omits
the term Special as used in the previous
regulations when referring to the BEP
Police. The term Special was
unnecessary and could lead to potential
confusion. This change has no effect on
the legal authority and jurisdiction of
the BEP Police. The rights and
responsibilities of the BEP Police
remain unchanged.
The notice of proposed rulemaking
was published on December 10, 2015,
and provided a 60-day comment period,
which ended on February 8, 2016. No
comments were received. Based on the
rationale set forth in the SUPPLEMENTARY
INFORMATION to the notice of proposed
rulemaking and in this final rule, the
BEP is adopting the proposed rule as a
final rule with the slight modifications
of adding the words ‘‘search or’’ before
the word ‘‘inspection’’ in paragraphs
(b)(6), (b)(7), and (b)(8) to ensure clarity
and consistency between related
provisions.
II. Regulatory Flexibility Act
In accordance with the Regulatory
Flexibility Act (5 U.S.C 601 et seq.), the
PO 00000
Frm 00026
Fmt 4700
Sfmt 4700
Bureau certifies that this final rule will
not have a significant economic impact
on a substantial number of small entities
because this final rule primarily affects
individuals accessing BEP property and
is not likely to affect any small
businesses.
III. Unfunded Mandates Reform Act of
1995
The Bureau certifies that no actions
were deemed necessary under the
Unfunded Mandates Reform Act of
1995. Furthermore, this final rule will
not result in the expenditure by State,
local, and tribal governments, in the
aggregate, or by the private sector, of
$100,000,000 or more in any one year,
and will not significantly or uniquely
affect small governments.
IV. Regulatory Planning and Review
(Executive Orders 12866 and 13563)
This final rule is not a significant
regulatory action as defined in
Executive Order 12866. Executive Order
13563 calls for public participation and
an open exchange of ideas in the
regulatory process and seeks regulations
that are accessible, consistent, written in
plain language, and easy to understand.
The Bureau has developed this final
rule in a manner consistent with these
principles.
List of Subjects in 31 CFR Part 605
Federal buildings and facilities.
For the reasons stated in the
preamble, the Bureau of Engraving and
Printing amends 31 CFR part 605 to read
as follows:
PART 605—REGULATIONS
GOVERNING CONDUCT IN BUREAU
OF ENGRAVING AND PRINTING
BUILDINGS AND ON THE GROUNDS
OF WASHINGTON, DC AND FORT
WORTH, TEXAS
1. The authority citation for part 605
continues to read as follows:
■
Authority: 5 U.S.C. 301; Delegation,
Administrator, General Services, dated
December 3, 1992; Treasury Delegation,
Assistant Secretary (Management), dated
February 4, 1993.
■
2. Revise § 605.1 to read as follows:
§ 605.1 Conduct on Bureau of Engraving
and Printing property.
(a) Applicability. These regulations
apply to the buildings and grounds of
the Bureau of Engraving and Printing
(BEP) located in Washington, DC, at
14th and C Streets SW., and in Fort
Worth, Texas, at 9000 Blue Mound
Road, and to all persons entering on
such property. Unless otherwise stated,
BEP buildings and grounds are referred
E:\FR\FM\04MRR1.SGM
04MRR1
]]>Agencies
[Federal Register Volume 81, Number 43 (Friday, March 4, 2016)]
[Rules and Regulations]
[Pages 11431-11432]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-04716]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9757]
RIN 1545-BM98
Consistent Basis Reporting Between Estate and Person Acquiring
Property From Decedent
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Temporary regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains temporary regulations that provide
transition rules providing that executors and other persons required to
file or furnish a statement under section 6035(a)(1) or (a)(2) before
March 31, 2016, need not do so until March 31, 2016. These temporary
regulations are applicable to executors and other persons who file
after July 31, 2015, returns required by section 6018(a) or (b).
DATES: Effective date. These regulations are effective on March 4,
2016.
Applicability dates: For date of applicability, see Sec. 1.6035-
2T(b).
FOR FURTHER INFORMATION CONTACT: Theresa Melchiorre (202) 317-6859 (not
a toll-free number).
Background
On July 31, 2015, the President of the United States signed into
law H.R. 3236, the Surface Transportation and Veterans Health Care
Choice Improvement Act of 2015, Public Law 114-41, 129 Stat. 443 (Act).
Section 2004 of the Act added new section 6035.
Section 6035 imposes reporting requirements with regard to the
value of property included in a decedent's gross estate for federal
estate tax purposes. Section 6035(a)(1) provides that the executor of
any estate required to file a return under section 6018(a) must
furnish, both to the Secretary and to the person acquiring any interest
in property included in the decedent's gross estate for federal estate
tax purposes, a statement identifying the value of each interest in
such property as reported on such return and such other information
with respect to such interest as the Secretary may prescribe.
Section 6035(a)(2) provides that each other person required to file
a return under section 6018(b) must furnish, both to the Secretary and
to each person who holds a legal or beneficial interest in the property
to which such return relates, a statement identifying the same
information described in section 6035(a)(1).
Section 6035(a)(3)(A) provides that each statement required to be
furnished under section 6035 (a)(1) or (2) is to be furnished at such
time as the Secretary may prescribe, but in no case at a time later
than the earlier of (i) the date which is 30 days after the date on
which the return under section 6018 was required to be filed (including
extensions, if any) or (ii) the date which is 30 days after the date
such return is filed.
On August 21, 2015, the Treasury Department and the IRS issued
Notice 2015-57, 2015-36 IRB 294. Notice 2015-57 delays until February
29, 2016, the due date for any statements required by section 6035 that
are due before that same date.
On February 11, 2016, the Treasury Department and the IRS issued
Notice 2016-19, 2016-09 IRB. That notice provides that executors or
other persons required to file or furnish a statement under section
6035(a)(1) or (a)(2) before March 31, 2016, need not do so until March
31, 2016.
Explanation of Provisions
These temporary regulations reiterate that executors or other
persons required to file or furnish a statement under section
6035(a)(1) or (a)(2) before March 31, 2016, need not do so until March
31, 2016. The text of these temporary regulations also serves as the
text of the proposed regulations under Sec. 1.6035-2 in the related
notice of proposed rulemaking (REG-127923-15) in the Proposed Rules
section of this issue of the Federal Register. These temporary
regulations are issued within 18 months of the date of the enactment of
the statutory provisions to which the temporary regulations relate and,
as authorized by section 7805(b)(2), are effective/applicable to
executors and other persons who file a return required by section
6018(a) or (b) after July 31, 2015.
Statement of Availability of IRS Documents
IRS Revenue Procedures, Revenue Rulings notices, notices and other
guidance cited in this preamble are published in the Internal Revenue
Bulletin (or Cumulative Bulletin) and are available from the
Superintendent of Documents, U.S. Government Printing Office,
Washington, DC 20402, or by visiting the IRS Web site at https://www.irs.gov.
Special Analyses
Certain IRS regulations, including this one, are exempt from the
requirements of Executive Order 12866, as supplemented and reaffirmed
by Executive Order 13563. Therefore, a regulatory impact assessment is
not required. In addition, section 553(b) of the Administrative
Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations
because they are excepted from the notice and comment requirements of
section 553(b) and (c) of the Administrative Procedure Act under the
interpretative rule and good cause exceptions provided by section
553(b)(3)(A) and (B) of that Act. The Act included an immediate
effective date, thus making the first required statements due 30 days
after enactment. It is necessary to provide more time to provide the
statements required by section 6035(a) to allow the Treasury Department
and the IRS sufficient time to issue both substantive and procedural
guidance on how to comply with the section 6035(a) requirement and to
provide executors and other affected persons the opportunity to review
this guidance before preparing the required statements. These
regulations reiterate the relief in Notice 2016-19 and, because of the
immediate need to provide relief, notice and public comment pursuant to
5 U.S.C. 553(b) and (c) is impracticable, unnecessary, and contrary to
the public interest. For the applicability of the Regulatory
Flexibility Act (5 U.S.C. chapter 6), please refer to the Special
Analyses section of the preamble to the cross-referenced notice of
proposed rulemaking published in the Proposed Rules section in this
issue of the Federal Register. Pursuant to section 7805(f) of the
Internal Revenue Code (Code), these regulations have been submitted to
the Chief Counsel for Advocacy of the Small Business Administration for
comment on their impact on small business.
Drafting Information
The principal author of these temporary regulations is Theresa
Melchiorre, Office of the Associate Chief Counsel (Passthroughs and
Special Industries). 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.
[[Page 11432]]
Temporary 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 is amended by adding an
entry in numerical order to read in part as follows:
Authority: 26 U. S. C. 7805 * * *
* * * * *
Section 1.6035-2T also issued under 26 U.S.C. 6035.
* * * * *
0
Par. 2. Section 1.6035-2T is added to read as follows:
Sec. 1.6035-2T Transitional relief.
(a) Statements due before March 31, 2016. Executors and other
persons required to file or furnish a statement under section
6035(a)(1) or (a)(2) before March 31, 2016, need not do so until March
31, 2016.
(b) Effective/applicability date. This section is effective/
applicable to executors and other persons who file a return required by
section 6018(a) or (b) after July 31, 2015.
John Dalrymple,
Deputy Commissioner for Services and Enforcement,
Approved: January 22, 2016.
Mark J. Mazur,
Assistant Secretary of Treasury (Tax Policy).
[FR Doc. 2016-04716 Filed 3-2-16; 4:15 pm]
BILLING CODE 4830-01-P
