Guidance Regarding Predecessors and Successors Under Section 355(e); Limitation on Gain Recognition; Guidance Under Section 355(f), 91888-91889 [2016-30156]
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91888
Federal Register / Vol. 81, No. 243 / Monday, December 19, 2016 / Proposed Rules
Integrity of the Primary and Secondary Load
Paths, of Airbus A340 ALS Part 3—CMR,
Revision 03, dated October 19, 2015; and do
all applicable corrective actions. Do all
applicable corrective actions before further
flight using a method approved by the
Manager, International Branch, ANM–116,
Transport Airplane Directorate, FAA; or the
EASA; or Airbus’s EASA DOA. Repeat Task
274000–B0002–1–C, Inspection of the Ballscrew Assembly for Integrity of the Primary
and Secondary Load Paths, thereafter at the
applicable intervals specified in Airbus A340
ALS Part 3—CMR, Revision 03, dated
October 19, 2015.
(q) Parts Installation Prohibitions
(1) For all airplanes except Group 2
airplanes as identified in figure 1 to
paragraphs (g), (h), and (p) of this AD: After
modification of the airplane as required by
paragraph (h), (i), or (j) of this AD, as
applicable, no person may install any THSA
having P/N 47172–300, P/N 47147–500, P/N
47175–200, or P/N 47175–300.
(2) For Group 2 airplanes, as identified in
figure 1 to paragraphs (g), (h), and (p) of this
AD: As of the effective date of this AD, no
person may install on any Group 2 airplane
any THSA having P/N 47172–300, P/N
47147–500, P/N 47175–200, or P/N 47175–
300.
sradovich on DSK3GMQ082PROD with PROPOSALS
(r) Credit for Previous Actions
This paragraph provides credit for actions
required by paragraph (g)(2) of this AD, if
those actions were performed before the
effective date of this AD using the applicable
service information specified in paragraphs
(r)(1) through (r)(4) of this AD.
(1) Task 274400–00002–1–E, Lubrication of
the THSA ball-nut, of Airbus A330 ALS Part
4—Ageing Systems Maintenance, Revision
03, dated September 9, 2011 (for Model A330
series airplanes).
(2) Task 274400–00002–1–E, Lubrication of
the THSA ball-nut, of Airbus A330 ALS Part
4—Ageing Systems Maintenance, Revision
04, dated August 27, 2013 (for Model A330
series airplanes).
(3) Task 274400–00002–1–E, Lubrication of
the THSA ball-nut, of Airbus A340 ALS Part
4—Ageing Systems Maintenance, Revision
02, dated October 12, 2011 (for Model A340–
200 and –300 series airplanes).
(4) Task 274400–00002–1–E, Lubrication of
the THSA ball-nut, of Airbus A340 ALS Part
4—Ageing Systems Maintenance, Revision
03, dated November 15, 2012 (for Model
A340–200 and –300 series airplanes).
(s) Other FAA AD Provisions
The following provisions also apply to this
AD:
(1) Alternative Methods of Compliance
(AMOCs): The Manager, International
Branch, ANM–116, Transport Airplane
Directorate, FAA, has the authority to
approve AMOCs for this AD, if requested
using the procedures found in 14 CFR 39.19.
In accordance with 14 CFR 39.19, send your
request to your principal inspector or local
Flight Standards District Office, as
appropriate. If sending information directly
to the International Branch, send it to ATTN:
Vladimir Ulyanov, Aerospace Engineer,
International Branch, ANM–116, Transport
VerDate Sep<11>2014
20:29 Dec 16, 2016
Jkt 241001
Airplane Directorate, FAA, 1601 Lind
Avenue SW., Renton, WA 98057–3356;
telephone 425–227–1138; fax 425–227–1149.
Information may be emailed to: 9-ANM-116ACO-AMOC-REQUESTS@faa.gov. Before
using any approved AMOC, notify your
appropriate principal inspector, or lacking a
principal inspector, the manager of the local
flight standards district office/certificate
holding district office. The AMOC approval
letter must specifically reference this AD.
(2) Contacting the Manufacturer: As of the
effective date of this AD, for any requirement
in this AD to obtain corrective actions from
a manufacturer, the action must be
accomplished using a method approved by
the Manager, International Branch, ANM–
116, Transport Airplane Directorate, FAA; or
EASA; or Airbus’s EASA DOA. If approved
by the DOA, the approval must include the
DOA-authorized signature.
(t) Related Information
(1) Refer to Continuing Airworthiness
Information (MCAI) EASA Airworthiness
Directive 2014–0219, dated September 29,
2014, for related information. This MCAI
may be found in the AD docket on the
Internet at https://www.regulations.gov by
searching for and locating Docket No. FAA–
2016–9393.
(2) For service information identified in
this AD, contact Airbus SAS, Airworthiness
Office—EAL, 1 Rond Point Maurice Bellonte,
31707 Blagnac Cedex, France; telephone +33
5 61 93 36 96; fax +33 5 61 93 45 80; email
airworthiness.A330-A340@airbus.com;
Internet https://www.airbus.com.
(3) You may view this service information
at the FAA, Transport Airplane Directorate,
1601 Lind Avenue SW., Renton, WA. For
information on the availability of this
material at the FAA, call 425–227–1221.
Issued in Renton, Washington, on
November 10, 2016.
Michael Kaszycki,
Acting Manager, Transport Airplane
Directorate, Aircraft Certification Service.
[FR Doc. 2016–29683 Filed 12–16–16; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–140328–15]
RIN 1545–BN17
Guidance Regarding Predecessors and
Successors Under Section 355(e);
Limitation on Gain Recognition;
Guidance Under Section 355(f)
Internal Revenue Service (IRS),
Treasury.
ACTION: Withdrawal of notice of
proposed rulemaking, notice of
proposed rulemaking by cross-reference
to temporary regulations.
AGENCY:
PO 00000
Frm 00009
Fmt 4702
Sfmt 4702
In the Rules and Regulations
section of this issue of the Federal
Register, the IRS is issuing temporary
regulations that provide guidance
regarding the distribution by a
distributing corporation of stock or
securities of a controlled corporation
without the recognition of income, gain,
or loss. The temporary regulations
provide guidance in determining
whether a corporation is a predecessor
or successor of a distributing or
controlled corporation for purposes of
the exception under section 355(e) of
the Internal Revenue Code to the
nonrecognition treatment afforded
qualifying distributions, and they
provide certain limitations on the
recognition of gain in certain cases
involving a predecessor of a distributing
corporation. The temporary regulations
also provide rules regarding the extent
to which section 355(f) causes a
distributing corporation (and in certain
cases its shareholders) to recognize
income or gain on the distribution of
stock or securities of a controlled
corporation. Those temporary
regulations affect corporations that
distribute the stock or securities of
controlled corporations and their
shareholders or security holders of those
distributing corporations. The text of
those temporary regulations serves as
the text of these proposed regulations.
DATES: Comments and requests for a
public hearing must be received by
March 20, 2017.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR (REG–140328–15), Room
5203, Internal Revenue Service, P.O.
Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions
may be hand-delivered Monday through
Friday between the hours of 8 a.m. and
4 p.m. to CC:PA:LPD:PR (REG–140328–
15), Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue NW.,
Washington, DC 20224, or sent
electronically, via the Federal
eRulemaking Portal at https://
www.regulations.gov/ (REG–140328–
15).
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations,
Richard K. Passales at (202) 317–5024 or
Marie C. Milnes-Vasquez, (202) 317–
7700; concerning submission of
comments, and/or requests for public
hearing, Regina Johnson at (202) 317–
6901 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background and Explanation of
Provisions
On November 22, 2004, the Treasury
Department and the IRS published in
the Federal Register (69 FR 67873) a
E:\FR\FM\19DEP1.SGM
19DEP1
Federal Register / Vol. 81, No. 243 / Monday, December 19, 2016 / Proposed Rules
notice of proposed rulemaking (REG–
145535–02) containing proposed
regulations under section 355(e)(4)(D)
(the 2004 proposed regulations). Those
proposed regulations are withdrawn.
This notice of proposed rulemaking
cross-references to temporary
regulations contained in a Treasury
decision published in the Rules and
Regulations section of this issue of the
Federal Register which amend the
Income Tax Regulations (26 CFR part 1)
relating to section 355(e) by adopting
the 2004 proposed regulations with
certain significant modifications. The
Background and Explanation of
Provisions contained in the preamble of
the temporary regulations also serves as
part of this preamble.
Drafting Information
The principal author of these
regulations is Lynlee C. Baker, formerly
of the Office of Associate Chief Counsel
(Corporate). However, other personnel
from the Treasury Department and the
IRS participated in their development.
Special Analyses
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:
Certain IRS regulations, including this
one, are exempt from the requirements
of Executive Order 12866, as
supplemented and reaffirmed by
Executive Order 13653. Therefore, a
regulatory impact assessment is not
required. Pursuant to the Regulatory
Flexibility Act (5 U.S.C. chapter 6), it is
hereby certified that these proposed
regulations would not have a significant
economic impact on a substantial
number of small entities. This
certification is based on the fact that
these proposed regulations would
primarily affect large corporations with
a substantial number of shareholders, as
well as corporations that are members of
large corporate groups. Therefore, a
regulatory flexibility analysis is not
required. Pursuant to section 7805(f) of
the Code, this regulation has been
submitted to the Chief Counsel for
Advocacy of the Small Business
Administration for comment on its
impact on small business.
sradovich on DSK3GMQ082PROD with PROPOSALS
Comments and Requests for Public
Hearing
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
comments that are submitted timely to
the IRS as prescribed in this preamble
under the ADDRESSES heading. The
Treasury Department and the IRS
request comments on all aspects of the
proposed rules. All comments will be
available at www.regulations.gov or
upon request. A public hearing will be
scheduled if requested in writing by any
person that timely submits written
comments. If a public hearing is
scheduled, notice of the date, time, and
place for the hearing will be published
in the Federal Register.
VerDate Sep<11>2014
20:29 Dec 16, 2016
Jkt 241001
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Withdrawal of Notice of Proposed
Rulemaking
Accordingly, under the authority of
26 U.S.C. 7805, the notice of proposed
rulemaking (REG–145535–02) that was
published in the Federal Register on
Monday, November 22, 2004 (69 FR
67873) is withdrawn.
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 1.355–8 also issued under 26
U.S.C. 336(e) and 355(e)(5).
Par. 2. Section 1.355–0 is amended by
revising the introductory text and
adding an entry for § 1.355–8 to read as
follows:
■
§ 1.355–0
Outline of sections.
In order to facilitate the use of
§§ 1.355–1 through 1.355–8, this section
lists the major paragraphs in those
sections as follows:
*
*
*
*
*
§ 1.355–8 Definition of predecessor and
successor and limitations on gain
recognition under section 355(e) and
section 355(f).
(a) In general.
(1) Scope.
(2) Purpose.
(3) Overview.
(4) References.
(i) References to Distributing or Controlled.
(ii) References to a Plan or distribution.
(iii) Plan Period.
(b) Predecessor of Distributing.
(1) Definition.
(i) In general.
(ii) Pre-distribution requirements.
(A) Relevant Property.
(B) Reflection of basis.
(iii) Post-distribution requirement.
(2) Additional definitions and rules related
to paragraph (b)(1) of this section.
(i) References to Distributing and
Controlled.
(ii) Potential Predecessor.
(iii) Successors of Potential Predecessors.
PO 00000
Frm 00010
Fmt 4702
Sfmt 9990
91889
(iv) Relevant Property; Relevant Stock.
(A) In general.
(B) Property held by Distributing.
(C) Certain reorganizations.
(v) Stock of Distributing as Relevant
Property.
(A) In general.
(B) Certain reorganizations.
(vi) Substitute Asset.
(vii) Separated Property.
(viii) Underlying Property.
(ix) Scope of definition of Predecessor of
Distributing.
(x) Deemed exchanges.
(c) Additional definitions.
(1) Predecessor of Controlled.
(2) Successors.
(i) In general.
(ii) Determination of Successor status.
(3) Section 381 transaction.
(d) Special acquisition rules.
(1) Deemed acquisitions of stock in section
381 transactions.
(2) Deemed acquisitions of stock after
section 381 transactions.
(3) Separate counting for Distributing and
each Predecessor of Distributing.
(e) Special rules for gain recognition.
(1) In general.
(2) Planned 50-percent or greater
acquisitions of a Predecessor of Distributing.
(i) In general.
(ii) Operating rules.
(A) Separated Property other than
Controlled stock.
(B) Controlled stock that is Separated
Property.
(C) Anti-duplication rule.
(3) Planned 50-percent Acquisition of
Distributing in a section 381 transaction.
(4) Overall gain recognition.
(5) Section 336(e) election.
(f) Predecessor or Successor as a member
of the affiliated group.
(g) Inapplicability of section 355(f) to
certain intra-group distributions.
(1) In general.
(2) Alternative application of section
355(f).
(h) Examples.
(i) Effective/applicability date.
(1) In general.
(2) Transition rule.
(i) In general.
(ii) Definition of distribution.
(3) Exception.
Par. 3. Section 1.355–8 is revised to
read as follows:
■
§ 1.355–8 Definition of predecessor and
successor and limitations on gain
recognition under section 355(e) and
section 355(f).
[The text of the proposed
amendments to § 1.355–8(a) through (i)
is the same as the text of § 1.355–8T
published elsewhere in this issue of the
Federal Register.]
John Dalrymple,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 2016–30156 Filed 12–16–16; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\19DEP1.SGM
19DEP1
Agencies
[Federal Register Volume 81, Number 243 (Monday, December 19, 2016)]
[Proposed Rules]
[Pages 91888-91889]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-30156]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-140328-15]
RIN 1545-BN17
Guidance Regarding Predecessors and Successors Under Section
355(e); Limitation on Gain Recognition; Guidance Under Section 355(f)
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Withdrawal of notice of proposed rulemaking, notice of proposed
rulemaking by cross-reference to temporary regulations.
-----------------------------------------------------------------------
SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations that provide
guidance regarding the distribution by a distributing corporation of
stock or securities of a controlled corporation without the recognition
of income, gain, or loss. The temporary regulations provide guidance in
determining whether a corporation is a predecessor or successor of a
distributing or controlled corporation for purposes of the exception
under section 355(e) of the Internal Revenue Code to the nonrecognition
treatment afforded qualifying distributions, and they provide certain
limitations on the recognition of gain in certain cases involving a
predecessor of a distributing corporation. The temporary regulations
also provide rules regarding the extent to which section 355(f) causes
a distributing corporation (and in certain cases its shareholders) to
recognize income or gain on the distribution of stock or securities of
a controlled corporation. Those temporary regulations affect
corporations that distribute the stock or securities of controlled
corporations and their shareholders or security holders of those
distributing corporations. The text of those temporary regulations
serves as the text of these proposed regulations.
DATES: Comments and requests for a public hearing must be received by
March 20, 2017.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-140328-15), Room
5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand-delivered Monday through
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
140328-15), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue NW., Washington, DC 20224, or sent electronically, via the
Federal eRulemaking Portal at https://www.regulations.gov/ (REG-140328-
15).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
Richard K. Passales at (202) 317-5024 or Marie C. Milnes-Vasquez, (202)
317-7700; concerning submission of comments, and/or requests for public
hearing, Regina Johnson at (202) 317-6901 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of Provisions
On November 22, 2004, the Treasury Department and the IRS published
in the Federal Register (69 FR 67873) a
[[Page 91889]]
notice of proposed rulemaking (REG-145535-02) containing proposed
regulations under section 355(e)(4)(D) (the 2004 proposed regulations).
Those proposed regulations are withdrawn. This notice of proposed
rulemaking cross-references to temporary regulations contained in a
Treasury decision published in the Rules and Regulations section of
this issue of the Federal Register which amend the Income Tax
Regulations (26 CFR part 1) relating to section 355(e) by adopting the
2004 proposed regulations with certain significant modifications. The
Background and Explanation of Provisions contained in the preamble of
the temporary regulations also serves as part of this preamble.
Special Analyses
Certain IRS regulations, including this one, are exempt from the
requirements of Executive Order 12866, as supplemented and reaffirmed
by Executive Order 13653. Therefore, a regulatory impact assessment is
not required. Pursuant to the Regulatory Flexibility Act (5 U.S.C.
chapter 6), it is hereby certified that these proposed regulations
would not have a significant economic impact on a substantial number of
small entities. This certification is based on the fact that these
proposed regulations would primarily affect large corporations with a
substantial number of shareholders, as well as corporations that are
members of large corporate groups. Therefore, a regulatory flexibility
analysis is not required. Pursuant to section 7805(f) of the Code, this
regulation has been submitted to the Chief Counsel for Advocacy of the
Small Business Administration for comment on its impact on small
business.
Comments and Requests for Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any comments that are submitted timely
to the IRS as prescribed in this preamble under the ADDRESSES heading.
The Treasury Department and the IRS request comments on all aspects of
the proposed rules. All comments will be available at
www.regulations.gov or upon request. A public hearing will be scheduled
if requested in writing by any person that timely submits written
comments. If a public hearing is scheduled, notice of the date, time,
and place for the hearing will be published in the Federal Register.
Drafting Information
The principal author of these regulations is Lynlee C. Baker,
formerly of the Office of Associate Chief Counsel (Corporate). However,
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.
Withdrawal of Notice of Proposed Rulemaking
Accordingly, under the authority of 26 U.S.C. 7805, the notice of
proposed rulemaking (REG-145535-02) that was published in the Federal
Register on Monday, November 22, 2004 (69 FR 67873) is withdrawn.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be 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 1.355-8 also issued under 26 U.S.C. 336(e) and
355(e)(5).
0
Par. 2. Section 1.355-0 is amended by revising the introductory text
and adding an entry for Sec. 1.355-8 to read as follows:
Sec. 1.355-0 Outline of sections.
In order to facilitate the use of Sec. Sec. 1.355-1 through 1.355-
8, this section lists the major paragraphs in those sections as
follows:
* * * * *
Sec. 1.355-8 Definition of predecessor and successor and
limitations on gain recognition under section 355(e) and section
355(f).
(a) In general.
(1) Scope.
(2) Purpose.
(3) Overview.
(4) References.
(i) References to Distributing or Controlled.
(ii) References to a Plan or distribution.
(iii) Plan Period.
(b) Predecessor of Distributing.
(1) Definition.
(i) In general.
(ii) Pre-distribution requirements.
(A) Relevant Property.
(B) Reflection of basis.
(iii) Post-distribution requirement.
(2) Additional definitions and rules related to paragraph (b)(1)
of this section.
(i) References to Distributing and Controlled.
(ii) Potential Predecessor.
(iii) Successors of Potential Predecessors.
(iv) Relevant Property; Relevant Stock.
(A) In general.
(B) Property held by Distributing.
(C) Certain reorganizations.
(v) Stock of Distributing as Relevant Property.
(A) In general.
(B) Certain reorganizations.
(vi) Substitute Asset.
(vii) Separated Property.
(viii) Underlying Property.
(ix) Scope of definition of Predecessor of Distributing.
(x) Deemed exchanges.
(c) Additional definitions.
(1) Predecessor of Controlled.
(2) Successors.
(i) In general.
(ii) Determination of Successor status.
(3) Section 381 transaction.
(d) Special acquisition rules.
(1) Deemed acquisitions of stock in section 381 transactions.
(2) Deemed acquisitions of stock after section 381 transactions.
(3) Separate counting for Distributing and each Predecessor of
Distributing.
(e) Special rules for gain recognition.
(1) In general.
(2) Planned 50-percent or greater acquisitions of a Predecessor
of Distributing.
(i) In general.
(ii) Operating rules.
(A) Separated Property other than Controlled stock.
(B) Controlled stock that is Separated Property.
(C) Anti-duplication rule.
(3) Planned 50-percent Acquisition of Distributing in a section
381 transaction.
(4) Overall gain recognition.
(5) Section 336(e) election.
(f) Predecessor or Successor as a member of the affiliated
group.
(g) Inapplicability of section 355(f) to certain intra-group
distributions.
(1) In general.
(2) Alternative application of section 355(f).
(h) Examples.
(i) Effective/applicability date.
(1) In general.
(2) Transition rule.
(i) In general.
(ii) Definition of distribution.
(3) Exception.
0
Par. 3. Section 1.355-8 is revised to read as follows:
Sec. 1.355-8 Definition of predecessor and successor and limitations
on gain recognition under section 355(e) and section 355(f).
[The text of the proposed amendments to Sec. 1.355-8(a) through
(i) is the same as the text of Sec. 1.355-8T published elsewhere in
this issue of the Federal Register.]
John Dalrymple,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2016-30156 Filed 12-16-16; 8:45 am]
BILLING CODE 4830-01-P