Definition of Political Subdivision, 48779 [2017-22777]
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48779
Proposed Rules
Federal Register
Vol. 82, No. 202
Friday, October 20, 2017
This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–129067–15]
RIN 1545–BM99
Definition of Political Subdivision
Internal Revenue Service (IRS),
Treasury.
ACTION: Withdrawal of notice of
proposed rulemaking.
AGENCY:
This document withdraws a
notice of proposed rulemaking regarding
the definition of a political subdivision
for purposes of tax-exempt bonds.
DATES: As of October 20, 2017, the
notice of proposed rulemaking (REG–
129067–15) that was published in the
Federal Register on February 23, 2016,
(81 FR 8870) is withdrawn.
FOR FURTHER INFORMATION CONTACT:
Spence Hanemann at (202) 317–6980
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
SUMMARY:
nlaroche on DSK9F9SC42PROD with PROPOSALS
Background
On February 23, 2016, the Department
of the Treasury (the Treasury
Department) and the IRS published in
the Federal Register a notice of
proposed rulemaking (81 FR 8870) that
defines political subdivision for
purposes of tax-exempt bonds under
section 103 of the Internal Revenue
Code (the Proposed Regulations). The
Treasury Department and the IRS
received public comments and, on June
6, 2016, held a public hearing on the
Proposed Regulations. In response to the
Proposed Regulations, commenters
stated that long-settled law establishes
the meaning of political subdivision and
that no further guidance is necessary.
Commenters also stated that the
Proposed Regulations would call into
doubt the status of numerous existing
issuers and users of tax-exempt bonds
and that reorganizing these entities to
qualify as political subdivisions under
VerDate Sep<11>2014
15:00 Oct 19, 2017
Jkt 244001
the Proposed Regulations would be
burdensome.
Executive Order 13789, issued on
April 21, 2017, instructs the Secretary of
the Treasury (the Secretary) to review
all significant tax regulations issued on
or after January 1, 2016, and to take
concrete action to alleviate the burdens
of regulations that (i) impose an undue
financial burden on U.S. taxpayers; (ii)
add undue complexity to the Federal tax
laws; or (iii) exceed the statutory
authority of the IRS. E.O. 13789 further
instructs the Secretary to submit to the
President within 60 days an interim
report that identifies regulations that
meet these criteria. Notice 2017–38
(2017–30 I.R.B. 147 (July 24, 2017))
included the Proposed Regulations in a
list of eight regulations identified by the
Secretary in the interim report as
meeting at least one of the first two
criteria specified in E.O. 13789.
E.O. 13789 further instructs the
Secretary to submit to the President by
September 18, 2017, a final report that
recommends specific actions to mitigate
the burden imposed by regulations
identified in the interim report. On
October 16, 2017, the Secretary
published this final report in the
Federal Register (82 FR 48013),
recommending a complete withdrawal
of the Proposed Regulations to mitigate
their potential burden. To implement
the Secretary’s recommendation, the
Treasury Department and the IRS are
withdrawing the Proposed Regulations.
Drafting Information
The principal authors of this
withdrawal notice are Spence
Hanemann and Timothy Jones, Office of
the Associate Chief Counsel (Financial
Institutions and Products), IRS.
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–129067–15) that was
published in the Federal Register on
PO 00000
Frm 00001
Fmt 4702
Sfmt 4702
February 23, 2016, (81 FR 8870) is
withdrawn.
Kirsten Wielobob,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 2017–22777 Filed 10–19–17; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 25
[REG–163113–02]
RIN 1545–BB71
Estate, Gift, and Generation-Skipping
Transfer Taxes; Restrictions on
Liquidation of an Interest
Internal Revenue Service (IRS),
Treasury.
ACTION: Withdrawal of notice of
proposed rulemaking.
AGENCY:
This document withdraws
proposed regulations concerning the
estate, gift and generation-skipping
transfer (GST) tax treatment of lapses of
liquidation rights in family-controlled
entities, as well as the valuation of
interests in family-controlled
corporations and partnerships for estate,
gift, and GST tax purposes. Specifically,
the proposed regulations would have
treated certain lapses of liquidation
rights as transfers occurring at death.
The proposed regulations also
addressed the treatment of restrictions
on liquidation and withdrawal in
determining the value of transferred
interests in family-controlled entities.
This withdrawal affects certain
transferors of interests in corporations
and partnerships.
DATES: The notice of proposed
rulemaking published August 4, 2016
(81 FR 51413) is withdrawn as of
October 20, 2017.
FOR FURTHER INFORMATION CONTACT: John
D. MacEachen, (202) 317–6859 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
Section 2704 of the Internal Revenue
Code provides special rules for purposes
of subtitle B (relating to estate, gift, and
GST taxes). Under section 2704(a), a
lapse of certain voting or liquidation
E:\FR\FM\20OCP1.SGM
20OCP1
]]>Agencies
[Federal Register Volume 82, Number 202 (Friday, October 20, 2017)]
[Proposed Rules]
[Page 48779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22777]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 82, No. 202 / Friday, October 20, 2017 /
Proposed Rules
[[Page 48779]]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-129067-15]
RIN 1545-BM99
Definition of Political Subdivision
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Withdrawal of notice of proposed rulemaking.
-----------------------------------------------------------------------
SUMMARY: This document withdraws a notice of proposed rulemaking
regarding the definition of a political subdivision for purposes of
tax-exempt bonds.
DATES: As of October 20, 2017, the notice of proposed rulemaking (REG-
129067-15) that was published in the Federal Register on February 23,
2016, (81 FR 8870) is withdrawn.
FOR FURTHER INFORMATION CONTACT: Spence Hanemann at (202) 317-6980 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
On February 23, 2016, the Department of the Treasury (the Treasury
Department) and the IRS published in the Federal Register a notice of
proposed rulemaking (81 FR 8870) that defines political subdivision for
purposes of tax-exempt bonds under section 103 of the Internal Revenue
Code (the Proposed Regulations). The Treasury Department and the IRS
received public comments and, on June 6, 2016, held a public hearing on
the Proposed Regulations. In response to the Proposed Regulations,
commenters stated that long-settled law establishes the meaning of
political subdivision and that no further guidance is necessary.
Commenters also stated that the Proposed Regulations would call into
doubt the status of numerous existing issuers and users of tax-exempt
bonds and that reorganizing these entities to qualify as political
subdivisions under the Proposed Regulations would be burdensome.
Executive Order 13789, issued on April 21, 2017, instructs the
Secretary of the Treasury (the Secretary) to review all significant tax
regulations issued on or after January 1, 2016, and to take concrete
action to alleviate the burdens of regulations that (i) impose an undue
financial burden on U.S. taxpayers; (ii) add undue complexity to the
Federal tax laws; or (iii) exceed the statutory authority of the IRS.
E.O. 13789 further instructs the Secretary to submit to the President
within 60 days an interim report that identifies regulations that meet
these criteria. Notice 2017-38 (2017-30 I.R.B. 147 (July 24, 2017))
included the Proposed Regulations in a list of eight regulations
identified by the Secretary in the interim report as meeting at least
one of the first two criteria specified in E.O. 13789.
E.O. 13789 further instructs the Secretary to submit to the
President by September 18, 2017, a final report that recommends
specific actions to mitigate the burden imposed by regulations
identified in the interim report. On October 16, 2017, the Secretary
published this final report in the Federal Register (82 FR 48013),
recommending a complete withdrawal of the Proposed Regulations to
mitigate their potential burden. To implement the Secretary's
recommendation, the Treasury Department and the IRS are withdrawing the
Proposed Regulations.
Drafting Information
The principal authors of this withdrawal notice are Spence Hanemann
and Timothy Jones, Office of the Associate Chief Counsel (Financial
Institutions and Products), IRS.
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-129067-15) that was published in the Federal
Register on February 23, 2016, (81 FR 8870) is withdrawn.
Kirsten Wielobob,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2017-22777 Filed 10-19-17; 8:45 am]
BILLING CODE 4830-01-P
