Proposed Collection; Comment Request for Regulation Project, 39105-39106 [2016-14109]
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Federal Register / Vol. 81, No. 115 / Wednesday, June 15, 2016 / Notices
ehiers on DSK5VPTVN1PROD with NOTICES
you consider confidential or
inappropriate for public disclosure.
Additionally, please send a copy of
your comments by mail to: OCC Desk
Officer, 1557–0221, U.S. Office of
Management and Budget, 725 17th
Street NW., #10235, Washington, DC
20503, or by email to: oira_submission@
omb.eop.gov.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
(202) 649–5490 or, for persons who are
deaf or hard of hearing, TTY, (202) 649–
5597, Legislative and Regulatory
Activities Division, Office of the
Comptroller of the Currency, 400 7th
Street SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC
is publishing notice of the renewal of
the collection of information set forth in
this document.
Title: Lending Limits.
OMB Control No.: 1557–0221 (12 CFR
32.7) (Merging in 1557–0317 (12 CFR
32.7)).
Affected Public: Businesses or other
for-profit.
Type of Review: Extension of a
currently approved collection.
Abstract: 12 CFR 32.7(a) provides
that, in addition to the amount that a
national bank or savings association
may lend to one borrower under 12 CFR
32.3, an eligible national bank or
savings association may make
residential real estate loans, small
business loans, small farm loans or
extensions of credit thereof to one
borrower in the lesser of the following
two amounts: 10 percent of its capital
and surplus; or the percent of its capital
and surplus, in excess of 15 percent,
that a State bank or savings association
is permitted to lend under the State
lending limit that is available for
residential real estate loans or
unsecured loans in the state where the
main office of the national bank or
savings association is located.1
An eligible national bank or savings
association must submit an application
to, and receive approval from, its
supervisory office before using the
supplemental lending limits in § 32.7(a).
The supervisory office may approve a
completed application if it finds that
approval is consistent with safety and
soundness. Section 32.7(b) provides that
the application must include:
(1) Certification that the national bank
or savings association is an eligible
1 An eligible national bank or eligible savings
association is well capitalized as defined in the
prompt corrective action rules applicable to the
institution and has a composite rating of 1 or 2
under the Uniform Financial Institutions Rating
System in connection with its most recent
examination or subsequent review, with at least a
rating of 2 for asset quality and for management.
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national bank or eligible savings
association;
(2) Citations to relevant State laws or
regulations;
(3) A copy of a written resolution by
a majority of the national bank’s or
savings association’s board of directors
approving the use of the limits, and
confirming the terms and conditions for
use of this lending authority; and
(4) A description of how the board
will exercise its continuing
responsibility to oversee the use of this
lending authority.
12 CFR 32.9(b) provides national
banks and savings associations with
three alternative methods for calculating
the credit exposure of derivative
transactions other than credit
derivatives (the Internal Model Method,
the Conversion Factor Matrix Method,
and the Remaining Maturity Method)
and two alternative methods for
calculating such exposure for securities
financing transactions. The OCC
provided these models to reduce the
practical burden of such calculations,
particularly for small and mid-size
banks and savings associations.
Under 12 CFR 32.9(b)(1)(i)(C)(1), the
use of a model (other than the model
approved for purposes of the Advanced
Measurement Approach in the capital
rules) must be approved by the OCC
specifically for part 32 purposes and
must be approved in writing. If a
national bank or Federal savings
association proposes to use an internal
model that has been approved by the
OCC for purposes of the Advanced
Measurement Approach, the institution
must provide prior written notification
to the OCC prior to use of the model for
lending limits purposes. OCC approval
also is required before substantive
revisions are made to a model that is
used for lending limits purposes.
Estimated Number of Respondents:
295.
Estimated Annual Burden: 1,958
hours.
On April 4, 2016, the OCC published
a notice for 60 days of comment
concerning the collection, 81 FR 19288.
No comments were received. Comments
continue to be invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the information collection
burden;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the collection on respondents, including
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39105
through the use of automated collection
techniques or other forms of information
technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
Dated: June 10, 2016.
Mary Hoyle Gottlieb,
Regulatory Specialist, Legislative and
Regulatory Activities Division.
[FR Doc. 2016–14162 Filed 6–14–16; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to take this
opportunity to comment on proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is
soliciting comments concerning
information collect requirements related
to the treatment of distributions to
foreign persons under sections 367(e)(1)
and 367(e)(2).
DATES: Written comments should be
received on or before August 15, 2016
to be assured of consideration.
ADDRESSES: Direct all written comments
to Tuawana Pinkston, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulation should be
directed to Allan Hopkins, at Internal
Revenue Service, Room 6129, 1111
Constitution Avenue NW., Washington,
DC 20224, or through the Internet, at
Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Treatment of Distributions to
Foreign Persons Under Sections
367(e)(1) and 367(e)(2).
OMB Number: 1545–1487.
Regulation Project Number: REG–
209827–96 and REG–111672–99.
Abstract: Section 367(e)(1) provides
that, to the extent provided in
regulations, a domestic corporation
SUMMARY:
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39106
Federal Register / Vol. 81, No. 115 / Wednesday, June 15, 2016 / Notices
ehiers on DSK5VPTVN1PROD with NOTICES
must recognize gain on a section 355
distribution of stock or securities to a
foreign person. Section 367(e)(2)
provides that section 337(a) and (b)(1)
does not apply to a section 332
distribution by a domestic corporation
to a foreign parent corporation that
owns 80 percent of the domestic
liquidating corporation (as described in
section 337(c)). Section 6038B(a)
requires a U.S. person who transfers
property to a foreign corporation in an
exchange described in sections 332 or
355, among other sections, to furnish to
the Secretary of the Treasury certain
information with respect to the transfer,
as provided in regulations.
The final regulations under section
367(e)(1) require gain recognition only
for distributions of the stock or
securities of foreign corporations to
foreign persons. The final regulations
under section 367(e)(2) generally require
gain recognition when a domestic
corporation liquidates into its foreign
parent corporation; the regulations
generally do not require gain
recognition when a foreign corporation
liquidates into its foreign parent
corporation.
This document (TD 9704) contains
final and temporary regulations relating
to the consequences to U.S. and foreign
persons for failing to satisfy reporting
obligations associated with certain
transfers of property to foreign
corporations in nonrecognition
exchanges. This document permits
transferors to remedy ‘‘not willful’’
failures to file, and ‘‘not willful’’ failures
to comply with the terms of, liquidation
documents required under section
367(e)(2). In addition, this document
modifies the reporting obligations under
section 6038B associated with transfers
that are subject to section 367(e)(2).
Further, this document provides similar
rules for certain transfers that are
subject to section 367(a). The
regulations are necessary to update the
rules that apply when a U.S. or foreign
person fails to file required documents
or statements or satisfy reporting
obligations. The regulations affect U.S.
and foreign persons that transfer
property to foreign corporations in
certain non-recognition exchanges.
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Current Actions: There is no change to
this existing regulation.
Type of Review: Reinstatement of a
previously approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
414.
Estimated Time per Respondent: 5
hours, 58 minutes.
Estimated Total Annual Burden
Hours: 2,471.
The following paragraph applies to all
of the collections of information covered
by this notice:
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Books or records relating to a collection
of information must be retained as long
as their contents may become material
in the administration of any internal
revenue law. Generally, tax returns and
tax return information are confidential,
as required by 26 U.S.C. 6103.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance, and purchase of services
to provide information.
DEPARTMENT OF VETERANS
AFFAIRS
Notice of Availability of a Draft
Environmental Impact Statement for
the Reconfiguration of VA Black Hills
Health Care System; Comment Period
Extension
AGENCY:
Department of Veterans Affairs.
Notice of availability; Comment
period extension.
ACTION:
The Department of Veterans
Affairs (VA) published, in the Federal
Register on October 30, 2015, the Notice
of Availability of a Draft Environmental
Impact Statement (EIS) for the
Reconfiguration of VA Black Hills
Health Care System (BHHCS) that
analyzes the potential impacts of six
alternatives for changes to VA’s
facilities in Hot Springs and Rapid City,
South Dakota. In order to successfully
complete historic property consultation
relating to this proposed action, VA is
extending the closing date for the
comment period for the Draft EIS from
May 5, 2016 to June 20, 2016.
SUMMARY:
All comments must be submitted
by June 20, 2016.
DATES:
Submit written comments
on the VA BHHCS Reconfiguration Draft
EIS online through
www.blackhillseis.com, by email to
vablackhillsfuture@va.gov, or by regular
mail to Staff Assistant to the Director,
VA Black Hills Health Care System, 113
Comanche Road, Fort Meade, SD 57741.
Please refer to ‘‘BHHCS Reconfiguration
Draft EIS’’ in any correspondence.
ADDRESSES:
Staff
Assistant to the Director, VA Black Hills
Health Care System, at the address
above or by email to vablackhillsfuture@
va.gov.
FOR FURTHER INFORMATION CONTACT:
Approved: June 7, 2016.
Allan Hopkins,
Tax Analyst.
Dated: June 9, 2016.
Janet J. Coleman,
Regulation Policy and Management
Specialist, Office of the Secretary, Department
of Veterans Affairs.
[FR Doc. 2016–14109 Filed 6–14–16; 8:45 am]
[FR Doc. 2016–14049 Filed 6–14–16; 8:45 am]
BILLING CODE 4830–01–P
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[Federal Register Volume 81, Number 115 (Wednesday, June 15, 2016)]
[Notices]
[Pages 39105-39106]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14109]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
information collect requirements related to the treatment of
distributions to foreign persons under sections 367(e)(1) and
367(e)(2).
DATES: Written comments should be received on or before August 15, 2016
to be assured of consideration.
ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Allan Hopkins, at
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the Internet, at
Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Treatment of Distributions to Foreign Persons Under Sections
367(e)(1) and 367(e)(2).
OMB Number: 1545-1487.
Regulation Project Number: REG-209827-96 and REG-111672-99.
Abstract: Section 367(e)(1) provides that, to the extent provided
in regulations, a domestic corporation
[[Page 39106]]
must recognize gain on a section 355 distribution of stock or
securities to a foreign person. Section 367(e)(2) provides that section
337(a) and (b)(1) does not apply to a section 332 distribution by a
domestic corporation to a foreign parent corporation that owns 80
percent of the domestic liquidating corporation (as described in
section 337(c)). Section 6038B(a) requires a U.S. person who transfers
property to a foreign corporation in an exchange described in sections
332 or 355, among other sections, to furnish to the Secretary of the
Treasury certain information with respect to the transfer, as provided
in regulations.
The final regulations under section 367(e)(1) require gain
recognition only for distributions of the stock or securities of
foreign corporations to foreign persons. The final regulations under
section 367(e)(2) generally require gain recognition when a domestic
corporation liquidates into its foreign parent corporation; the
regulations generally do not require gain recognition when a foreign
corporation liquidates into its foreign parent corporation.
This document (TD 9704) contains final and temporary regulations
relating to the consequences to U.S. and foreign persons for failing to
satisfy reporting obligations associated with certain transfers of
property to foreign corporations in nonrecognition exchanges. This
document permits transferors to remedy ``not willful'' failures to
file, and ``not willful'' failures to comply with the terms of,
liquidation documents required under section 367(e)(2). In addition,
this document modifies the reporting obligations under section 6038B
associated with transfers that are subject to section 367(e)(2).
Further, this document provides similar rules for certain transfers
that are subject to section 367(a). The regulations are necessary to
update the rules that apply when a U.S. or foreign person fails to file
required documents or statements or satisfy reporting obligations. The
regulations affect U.S. and foreign persons that transfer property to
foreign corporations in certain non-recognition exchanges.
Current Actions: There is no change to this existing regulation.
Type of Review: Reinstatement of a previously approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 414.
Estimated Time per Respondent: 5 hours, 58 minutes.
Estimated Total Annual Burden Hours: 2,471.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: June 7, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-14109 Filed 6-14-16; 8:45 am]
BILLING CODE 4830-01-P
