Section 707 Regarding Disguised Sales, Generally; Correction, 80587 [2016-27515]

Download as PDF Federal Register / Vol. 81, No. 221 / Wednesday, November 16, 2016 / Rules and Regulations • Consider an exemption for PHAs administering very few vouchers in Small Area FMR areas. The final rule exempts HUD Metropolitan FMR Areas with less than 2,500 HCVs under lease from using Small Area FMRs. In addition to the above, the presentation of the information in HUD’s proposed revision to its PHA administrative fee formula would also soften any adverse impact by providing additional resources to small PHAs generally. 7. Conclusion The majority of lessors of residential real estate and a substantial fraction of PHAs are characterized as small. If there were disproportionate effects on small entities, then a more detailed regulatory flexibility analysis would be merited. However, after an in-depth discussion of the industry structure and impact of the rule, HUD cannot conclude that there is a significant and disproportionate impact on small entities. It is true that many lessors may receive income from voucher tenants but it is not likely that they will be adversely affected once market forces are accounted for. Small PHAs could face an additional administrative burden but HUD has offered solutions to significantly reduce any burden. [FR Doc. 2016–27114 Filed 11–15–16; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9787] RIN 1545–BK29 Section 707 Regarding Disguised Sales, Generally; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: This document contains corrections to final regulations (TD 9787) that were published in the Federal Register on Wednesday, October 5, 2016 (81 FR 69291). The final regulations are under sections 707 and 752 of the Internal Revenue Code. DATES: This correction is effective November 16, 2016 and is applicable on and after October 5, 2016. FOR FURTHER INFORMATION CONTACT: Deane M. Burke or Caroline E. Hay at (202) 317–5279 (not a toll-free number). SUPPLEMENTARY INFORMATION: mstockstill on DSK3G9T082PROD with RULES SUMMARY: Background The final regulations (TD 9787) that are the subject of this correction are under sections 707 and 752 of the Internal Revenue Code. VerDate Sep<11>2014 16:03 Nov 15, 2016 Jkt 241001 80587 Need for Correction DEPARTMENT OF THE INTERIOR As published, the final regulations (TD 9787) contain errors that may prove to be misleading and are in need of clarification. Bureau of Safety and Environmental Enforcement List of Subjects in 26 CFR Part 1 [Docket ID: BSEE–2016–0004; 17XE1700DX EEEE500000 EX1SF0000.DAQ000] Income taxes, Reporting and recordkeeping requirements. RIN 1014–AA32 30 CFR Part 250 Oil and Gas and Sulfur Operations in the Outer Continental Shelf— Decommissioning Costs for Pipelines Correction of Publication Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendments: ■ Bureau of Safety and Environmental Enforcement, Interior. ACTION: Final rule. AGENCY: PART 1—INCOME TAXES This rule amends Bureau of Safety and Environmental Enforcement (BSEE) regulations requiring lessees and owners of operating rights to submit summaries of actual decommissioning Authority: 26 U.S.C. 7805 * * * expenditures incurred for certain Section 1.707–5 also issued under 26 decommissioning activities related to oil U.S.C. 707(a)(2)(B). and gas and sulfur operations on the Outer Continental Shelf (OCS). The § 1.707–5 [Amended] amendment requires lessees, owners of ■ Par. 2. For each entry in § 1.707–5(f) operating rights, and right-of-way in the ‘‘Section’’ column, remove the (ROW) holders to submit summaries of language in the ‘‘Remove’’ column from actual expenditures incurred for wherever it appears in the Example and pipeline decommissioning activities. add in its place the language in the DATES: This final rule becomes effective ‘‘Add’’ column as set forth below: on December 16, 2016. FOR FURTHER INFORMATION CONTACT: Section Remove Add Betty Cox, Regulatory Analyst, Regulations and Standards Branch at Paragraph (f) Example regs@bsee.gov or by telephone at (703) 5(i) ............................. 2016 2017 787–1616. Paragraph (f) Example 10(i) ........................... 2016 2017 SUPPLEMENTARY INFORMATION: Paragraph (f) Example BSEE’s Functions and Authority Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ 10(ii) .......................... Paragraph (f) Example 11(i) ........................... Paragraph (f) Example 11(ii) .......................... Paragraph (f) Example 12(i) ........................... 2016 2017 2016 SUMMARY: 2017 BSEE promotes safety, protects the environment, and conserves natural resources through vigorous regulatory 2016 2017 oversight and enforcement regarding certain activities on the OCS. BSEE 2016 2017 derives its authority primarily from the Outer Continental Shelf Lands Act (OCSLA), 43 U.S.C. 1331–1356a. Martin V. Franks, Congress enacted OCSLA in 1953, Chief, Publications and Regulations Branch, codifying Federal control over the OCS Legal Processing Division, Associate Chief and authorizing the Secretary of the Counsel (Procedure and Administration). Interior (Secretary) to, among other [FR Doc. 2016–27515 Filed 11–15–16; 8:45 am] things, regulate oil and natural gas BILLING CODE 4830–01–P exploration, development, and production operations and to grant rights-of-way on the OCS. The Secretary has authorized BSEE to perform certain of these functions, including overseeing decommissioning. (See 30 CFR 250.101; 30 CFR part 250, subpart Q.) To carry out its responsibilities, BSEE regulates exploration, development, and production of oil and natural gas and pipeline operations to enhance safety and environmental protection in a way that reflects advancements in PO 00000 Frm 00025 Fmt 4700 Sfmt 4700 E:\FR\FM\16NOR1.SGM 16NOR1

Agencies

[Federal Register Volume 81, Number 221 (Wednesday, November 16, 2016)]
[Rules and Regulations]
[Page 80587]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27515]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9787]
RIN 1545-BK29


Section 707 Regarding Disguised Sales, Generally; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to final regulations (TD 
9787) that were published in the Federal Register on Wednesday, October 
5, 2016 (81 FR 69291). The final regulations are under sections 707 and 
752 of the Internal Revenue Code.

DATES: This correction is effective November 16, 2016 and is applicable 
on and after October 5, 2016.

FOR FURTHER INFORMATION CONTACT: Deane M. Burke or Caroline E. Hay at 
(202) 317-5279 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9787) that are the subject of this 
correction are under sections 707 and 752 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 9787) contain errors that 
may prove to be misleading and are in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR Part 1 is corrected by making the following 
correcting amendments:

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 * * *

    Section 1.707-5 also issued under 26 U.S.C. 707(a)(2)(B).


Sec.  1.707-5   [Amended]

0
Par. 2. For each entry in Sec.  1.707-5(f) in the ``Section'' column, 
remove the language in the ``Remove'' column from wherever it appears 
in the Example and add in its place the language in the ``Add'' column 
as set forth below:

------------------------------------------------------------------------
                       Section                          Remove     Add
------------------------------------------------------------------------
Paragraph (f) Example 5(i)..........................       2016     2017
Paragraph (f) Example 10(i).........................       2016     2017
Paragraph (f) Example 10(ii)........................       2016     2017
Paragraph (f) Example 11(i).........................       2016     2017
Paragraph (f) Example 11(ii)........................       2016     2017
Paragraph (f) Example 12(i).........................       2016     2017
------------------------------------------------------------------------


Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-27515 Filed 11-15-16; 8:45 am]
 BILLING CODE 4830-01-P