Certain Transfers of Property to Regulated Investment Companies [RICs] and Real Estate Investment Trusts [REITs]; Correction, 41800 [2016-15264]
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Federal Register / Vol. 81, No. 124 / Tuesday, June 28, 2016 / Rules and Regulations
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2. Notwithstanding any other
provision of law, no person is required
to respond to nor be subject to a penalty
for failure to comply with a collection
of information, subject to the
requirements of the Paperwork
Reduction Act of 1995 (44 U.S.C. 3501
et seq.) (PRA), unless that collection of
information displays a currently valid
Office of Management and Budget
(OMB) Control Number. This regulation
involves collections previously
approved by OMB under control
number 0694–0088, Simplified Network
Application Processing System, which
includes, among other things, license
applications and carries a burden
estimate of 43.8 minutes for a manual or
electronic submission. Total burden
hours associated with the PRA and
OMB control number 0694–0088 are not
expected to increase as a result of this
rule. You may send comments regarding
the collection of information associated
with this rule, including suggestions for
reducing the burden, to Jasmeet K.
Seehra, Office of Management and
Budget (OMB), by email to Jasmeet_K._
Seehra@omb.eop.gov, or by fax to (202)
395–7285.
3. This rule does not contain policies
with Federalism implications as that
term is defined in Executive Order
13132.
4. The provisions of the
Administrative Procedure Act (5 U.S.C.
553) requiring notice of proposed
rulemaking, the opportunity for public
comment, and a delay in effective date
are inapplicable because this regulation
involves a military or foreign affairs
function of the United States. (See 5
U.S.C. 553(a)(1)). If this rule were
delayed to allow for notice and
comment and a delay in effective date,
then the national security and foreign
policy objectives of this rule would be
harmed. Because a notice of proposed
rulemaking and an opportunity for
public comment are not required to be
given for this rule by 5 U.S.C. 553, or
by any other law, the analytical
requirements of the Regulatory
Flexibility Act, 5 U.S.C. 601 et seq., are
not applicable. Accordingly, no
regulatory flexibility analysis is required
and none has been prepared.
List of Subject in 15 CFR Part 744
Exports, Reporting and recordkeeping
requirements, Terrorism.
Accordingly, part 744 of the Export
Administration Regulations (15 CFR
parts 730 through 774) is amended as
follows:
VerDate Sep<11>2014
16:05 Jun 27, 2016
Jkt 238001
This correction is effective on
June 28, 2016 and applicable on June 8,
2016.
DATES:
PART 744—[AMENDED]
1. The authority citation for 15 CFR
part 744 continues to read as follows:
■
Authority: 50 U.S.C. 4601 et seq.; 50 U.S.C.
1701 et seq.; 22 U.S.C. 3201 et seq.; 42 U.S.C.
2139a; 22 U.S.C. 7201 et seq.; 22 U.S.C. 7210;
E.O. 12058, 43 FR 20947, 3 CFR, 1978 Comp.,
p. 179; E.O. 12851, 58 FR 33181, 3 CFR, 1993
Comp., p. 608; E.O. 12938, 59 FR 59099, 3
CFR, 1994 Comp., p. 950; E.O. 12947, 60 FR
5079, 3 CFR, 1995 Comp., p. 356; E.O. 13026,
61 FR 58767, 3 CFR, 1996 Comp., p. 228; E.O.
13099, 63 FR 45167, 3 CFR, 1998 Comp., p.
208; E.O. 13222, 66 FR 44025, 3 CFR, 2001
Comp., p. 783; E.O. 13224, 66 FR 49079, 3
CFR, 2001 Comp., p. 786; Notice of August
7, 2015, 80 FR 48233 (August 11, 2015);
Notice of September 18, 2015, 80 FR 57281
(September 22, 2015); Notice of November
12, 2015, 80 FR 70667 (November 13, 2015);
Notice of January 20, 2016, 81 FR 3937
(January 22, 2016).
Supplement No. 7 to Part 744—
[AMENDED]
2. In Supplement No. 7 to part 744,
remove ‘‘June 30, 2016’’ and add in its
place ‘‘August 30, 2016’’.
■
FOR FURTHER INFORMATION CONTACT:
Austin M. Diamond-Jones at (202) 317–
5085 (not a toll free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations
(TD 9770) that are the subject of this
correction are under section 337(d) of
the Internal Revenue Code.
Need for Correction
As published, the final and temporary
regulations (TD 9770) contain 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
Dated: June 23, 2016.
Kevin J. Wolf,
Assistant Secretary for Export
Administration.
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendment:
[FR Doc. 2016–15228 Filed 6–27–16; 8:45 am]
PART 1—INCOME TAXES
BILLING CODE 3510–33–P
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
DEPARTMENT OF THE TREASURY
Authority: 26 U.S.C. 7805 * * *
Internal Revenue Service
Par. 2. Section 1.337(d)–7T is
amended by revising paragraph (f)(3)(iii)
to read as follows:
■
26 CFR Part 1
[TD 9770]
RIN 1545–BN39
Certain Transfers of Property to
Regulated Investment Companies
[RICs] and Real Estate Investment
Trusts [REITs]; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Final and temporary
regulations; correcting amendment.
AGENCY:
This document contains a
correction to final and temporary
regulations (TD 9770) that were
published in the Federal Register on
June 8, 2016 (81 FR 36793). The final
and temporary regulations effect the
repeal of the General Utilities doctrine
by the Tax Reform Act of 1986 and
prevent abuse of the Protecting
Americans from Tax Hikes Act of 2015.
The temporary regulations impose
corporate level tax on certain
transactions in which property of a C
corporation becomes the property of a
REIT.
SUMMARY:
PO 00000
Frm 00014
Fmt 4700
Sfmt 9990
§ 1.337(d)–7T Tax on property owned by a
C corporation that becomes property of a
RIC or REIT.
*
*
*
*
*
(f) * * *
(3) * * *
(iii) The related section 355
distribution occurred before December
7, 2015 or is described in a ruling
request referred to in section 311(c) of
Division Q of the Consolidated
Appropriations Act, 2016, Public Law
114–113, 129 Stat. 2422.
*
*
*
*
*
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. 2016–15264 Filed 6–27–16; 8:45 am]
BILLING CODE 4830–01–P
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[Federal Register Volume 81, Number 124 (Tuesday, June 28, 2016)]
[Rules and Regulations]
[Page 41800]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-15264]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9770]
RIN 1545-BN39
Certain Transfers of Property to Regulated Investment Companies
[RICs] and Real Estate Investment Trusts [REITs]; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final and temporary regulations; correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains a correction to final and temporary
regulations (TD 9770) that were published in the Federal Register on
June 8, 2016 (81 FR 36793). The final and temporary regulations effect
the repeal of the General Utilities doctrine by the Tax Reform Act of
1986 and prevent abuse of the Protecting Americans from Tax Hikes Act
of 2015. The temporary regulations impose corporate level tax on
certain transactions in which property of a C corporation becomes the
property of a REIT.
DATES: This correction is effective on June 28, 2016 and applicable on
June 8, 2016.
FOR FURTHER INFORMATION CONTACT: Austin M. Diamond-Jones at (202) 317-
5085 (not a toll free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations (TD 9770) that are the subject
of this correction are under section 337(d) of the Internal Revenue
Code.
Need for Correction
As published, the final and temporary regulations (TD 9770) contain
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 1.337(d)-7T is amended by revising paragraph
(f)(3)(iii) to read as follows:
Sec. 1.337(d)-7T Tax on property owned by a C corporation that
becomes property of a RIC or REIT.
* * * * *
(f) * * *
(3) * * *
(iii) The related section 355 distribution occurred before December
7, 2015 or is described in a ruling request referred to in section
311(c) of Division Q of the Consolidated Appropriations Act, 2016,
Public Law 114-113, 129 Stat. 2422.
* * * * *
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-15264 Filed 6-27-16; 8:45 am]
BILLING CODE 4830-01-P
