Treatment of Certain Transfers of Property to Foreign Corporations; Correction, 52848 [2017-24687]
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52848
Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Rules and Regulations
standards and practices to determine if
it should take action in the future.
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
By direction of the Commission.
Donald S. Clark,
Secretary.
Authority: 26 U.S.C. 7805 * * *
[FR Doc. 2017–24728 Filed 11–14–17; 8:45 am]
Par. 2. Section 1.367(a)–1 is amended
by adding paragraph (e) to read as
follows:
■
BILLING CODE 6750–01–P
§ 1.367(a)–1 Transfers to foreign
corporations subject to section 367(a): In
general.
DEPARTMENT OF THE TREASURY
Internal Revenue Service
*
26 CFR Part 1
[TD 9803]
RIN 1545–BL87
Treatment of Certain Transfers of
Property to Foreign Corporations;
Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
This document contains
corrections to final regulations (TD
9803) that were published in the
Federal Register on Friday, December
16, 2016. The final regulations are
related to certain transfers of property
by United States persons to foreign
corporations.
SUMMARY:
This correction is effective on
November 15, 2017 and is applicable on
or after December 16, 2016.
FOR FURTHER INFORMATION CONTACT:
Lynlee Baker at (202) 317–6937 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
DATES:
Background
The final regulations (TD 9803) that
are the subject of this correction are
issued under section 367 of the Internal
Revenue Code.
Need for Correction
sradovich on DSK3GMQ082PROD with RULES
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:
15:48 Nov 14, 2017
*
*
*
*
(e) Close of taxable year in certain
section 368(a)(1)(F) reorganizations. If a
domestic corporation is the transferor
corporation in a reorganization
described in section 368(a)(1)(F) after
March 30, 1987, in which the acquiring
corporation is a foreign corporation,
then the taxable year of the transferor
corporation shall end with the close of
the date of the transfer and the taxable
year of the acquiring corporation shall
end with the close of the date on which
the transferor’s taxable year would have
ended but for the occurrence of the
transfer. With regard to the
consequences of the closing of the
taxable year, see section 381 and the
regulations thereunder.
*
*
*
*
*
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. 2017–24687 Filed 11–14–17; 8:45 am]
BILLING CODE 4830–01–P
PENSION BENEFIT GUARANTY
CORPORATION
29 CFR Part 4022
Benefits Payable in Terminated SingleEmployer Plans; Interest Assumptions
for Paying Benefits
Pension Benefit Guaranty
Corporation.
ACTION: Final rule.
AGENCY:
As published, the final regulations
published in the Federal Register on
Friday, December 16, 2016 (81 FR
91012) (TD 9803) contain an error that
needs to be corrected. Specifically,
paragraph (e) was inadvertently omitted
from the final regulations.
VerDate Sep<11>2014
FOR FURTHER INFORMATION CONTACT:
PART 1—INCOME TAXES
Jkt 244001
This final rule amends the
Pension Benefit Guaranty Corporation’s
regulation on Benefits Payable in
Terminated Single-Employer Plans to
prescribe interest assumptions under
the regulation for valuation dates in
December 2017. The interest
assumptions are used for paying
benefits under terminating singleemployer plans covered by the pension
insurance system administered by
PBGC.
SUMMARY:
DATES:
PO 00000
Effective December 1, 2017.
Frm 00026
Fmt 4700
Sfmt 4700
Daniel S. Liebman (liebman.daniel@
pbgc.gov), Acting Assistant General
Counsel for Regulatory Affairs, Pension
Benefit Guaranty Corporation, 1200 K
Street NW., Washington, DC 20005,
202–326–4400 ext. 6510. (TTY/TDD
users may call the Federal relay service
toll-free at 1–800–877–8339 and ask to
be connected to 202–326–4400, ext.
6510.)
PBGC’s
regulation on Benefits Payable in
Terminated Single-Employer Plans (29
CFR part 4022) prescribes actuarial
assumptions—including interest
assumptions—for paying plan benefits
under terminated single-employer plans
covered by title IV of the Employee
Retirement Income Security Act of 1974.
The interest assumptions in the
regulation are also published on PBGC’s
Web site (https://www.pbgc.gov).
PBGC uses the interest assumptions in
appendix B to part 4022 to determine
whether a benefit is payable as a lump
sum and to determine the amount to
pay. Appendix C to part 4022 contains
interest assumptions for private-sector
pension practitioners to refer to if they
wish to use lump-sum interest rates
determined using PBGC’s historical
methodology. Currently, the rates in
appendices B and C of the benefit
payment regulation are the same.
The interest assumptions are intended
to reflect current conditions in the
financial and annuity markets.
Assumptions under the benefit
payments regulation are updated
monthly. This final rule updates the
benefit payments interest assumptions
for December 2017.1
The December 2017 interest
assumptions under the benefit payments
regulation will be 0.75 percent for the
period during which a benefit is in pay
status and 4.00 percent during any years
preceding the benefit’s placement in pay
status. In comparison with the interest
assumptions in effect for November
2017, these assumptions are unchanged.
PBGC has determined that notice and
public comment on this amendment are
impracticable and contrary to the public
interest. This finding is based on the
need to determine and issue new
interest assumptions promptly so that
the assumptions can reflect current
market conditions as accurately as
possible.
SUPPLEMENTARY INFORMATION:
1 Appendix B to PBGC’s regulation on Allocation
of Assets in Single-Employer Plans (29 CFR part
4044) prescribes interest assumptions for valuing
benefits under terminating covered single-employer
plans for purposes of allocation of assets under
ERISA section 4044. Those assumptions are
updated quarterly.
E:\FR\FM\15NOR1.SGM
15NOR1
]]>Agencies
[Federal Register Volume 82, Number 219 (Wednesday, November 15, 2017)]
[Rules and Regulations]
[Page 52848]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24687]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9803]
RIN 1545-BL87
Treatment of Certain Transfers of Property to Foreign
Corporations; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to final regulations (TD
9803) that were published in the Federal Register on Friday, December
16, 2016. The final regulations are related to certain transfers of
property by United States persons to foreign corporations.
DATES: This correction is effective on November 15, 2017 and is
applicable on or after December 16, 2016.
FOR FURTHER INFORMATION CONTACT: Lynlee Baker at (202) 317-6937 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9803) that are the subject of this
correction are issued under section 367 of the Internal Revenue Code.
Need for Correction
As published, the final regulations published in the Federal
Register on Friday, December 16, 2016 (81 FR 91012) (TD 9803) contain
an error that needs to be corrected. Specifically, paragraph (e) was
inadvertently omitted from the final regulations.
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 1.367(a)-1 is amended by adding paragraph (e) to read
as follows:
Sec. 1.367(a)-1 Transfers to foreign corporations subject to section
367(a): In general.
* * * * *
(e) Close of taxable year in certain section 368(a)(1)(F)
reorganizations. If a domestic corporation is the transferor
corporation in a reorganization described in section 368(a)(1)(F) after
March 30, 1987, in which the acquiring corporation is a foreign
corporation, then the taxable year of the transferor corporation shall
end with the close of the date of the transfer and the taxable year of
the acquiring corporation shall end with the close of the date on which
the transferor's taxable year would have ended but for the occurrence
of the transfer. With regard to the consequences of the closing of the
taxable year, see section 381 and the regulations thereunder.
* * * * *
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2017-24687 Filed 11-14-17; 8:45 am]
BILLING CODE 4830-01-P
