Certain Transfers of Property to Regulated Investment Companies [RICs] and Real Estate Investment Trusts [REITs]; Correction, 41800 [2016-15264]

Download as PDF 41800 Federal Register / Vol. 81, No. 124 / Tuesday, June 28, 2016 / Rules and Regulations asabaliauskas on DSK3SPTVN1PROD with RULES 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 E:\FR\FM\28JNR1.SGM 28JNR1

Agencies

[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.

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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