Qualified Business Income Deduction; Correction, 15953-15954 [2019-07651]

Download as PDF Federal Register / Vol. 84, No. 74 / Wednesday, April 17, 2019 / Rules and Regulations Tower (ATCT). The controlling agency for R–2101 is changed from ‘‘FAA, Atlanta ARTCC,’’ to ‘‘FAA, Birmingham ATCT.’’ This action is necessary in order to reflect the current ATC facility tasked with controlling agency responsibilities for the restricted area. This is an administrative change that does not affect the overall R–2101 restricted area boundaries, designated altitudes, time of designation, or activities conducted within the restricted areas; therefore, notice and public procedure under 5 U.S.C. 553(b) are unnecessary. amozie on DSK9F9SC42PROD with RULES Regulatory Notices and Analyses The FAA has determined that this action only involves an established body of technical regulations for which frequent and routine amendments are necessary to keep them operationally current. It, therefore: (1) Is not a ‘‘significant regulatory action’’ under Executive Order 12866; (2) is not a ‘‘significant rule’’ under DOT Regulatory Policies and Procedures (44 FR 11034; February 26, 1979); and (3) does not warrant preparation of a regulatory evaluation as the anticipated impact is so minimal. Since this is a routine matter that only affects air traffic procedures and air navigation, it is certified that this rule, when promulgated, does not have a significant economic impact on a substantial number of small entities under the criteria of the Regulatory Flexibility Act. Environmental Review The FAA has determined that this action of updating the controlling agency information for R–2101, Anniston Army Depot, AL, qualifies for categorical exclusion under the National Environmental Policy Act, and in accordance with FAA Order 1050.1F, Environmental Impacts: Policies and Procedures, paragraph 5–6.5.d, ‘‘Modification of the technical description of special use airspace (SUA) that does not alter the dimensions, altitudes, or times of designation of the airspace (such as changes in designation of the controlling or using agency, or correction of typographical errors).’’ This airspace action is an administrative change to the description of restricted area R–2101; Anniston Army Depot, AL, to update the controlling agency name. It does not alter the restricted area dimensions, designated altitudes, time of designation, or use of the airspace. Therefore, this airspace action is not expected to result in any significant environmental impacts. In accordance with FAA Order 1050.1F, paragraph 5– 2 regarding Extraordinary VerDate Sep<11>2014 16:23 Apr 16, 2019 Jkt 247001 15953 Circumstances, this action has been reviewed for factors and circumstances in which a normally categorically excluded action may have a significant environmental impact requiring further analysis, and it is determined that no extraordinary circumstances exist that warrant preparation of an environmental assessment. DATES: List of Subjects in 14 CFR Part 73 Background The final regulations (TD 9847) that are the subject of this correction are issued under sections 199A and 643 of the Internal Revenue Code. Airspace, Prohibited areas, Restricted areas. The Amendment In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR part 73, as follows: PART 73—SPECIAL USE AIRSPACE 1. The authority citation for part 73 continues to read as follows: ■ Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–1963 Comp., p. 389. § 73.21 Alabama ■ [Amended] 2. § 73.21 is amended as follows: R–2101 Anniston Army Depot, AL [Amended] By removing the current controlling agency and adding the following in its place: Controlling agency. FAA, Birmingham ATCT. Issued in Washington, DC, on April 8, 2019. Rodger A. Dean Jr., Manager, Airspace Policy Group. [FR Doc. 2019–07596 Filed 4–16–19; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9847] RIN 1545–BO71 Qualified Business Income Deduction; Correction Internal Revenue Service (IRS), Treasury. ACTION: Final regulations; correction. AGENCY: This document contains corrections to final regulations (TD 9847) that were published in the Federal Register on Friday, February 8, 2019. The final regulations are concerning the deduction for qualified business income under section 199A of the Internal Revenue Code. SUMMARY: PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 This correction is effective on April 17, 2019 and is applicable on or after February 8, 2019. FOR FURTHER INFORMATION CONTACT: Vishal R. Amin or Sonia K. Kothari at (202) 317–6850 or Robert D. Alinsky, Margaret Burow, or Wendy L. Kribell at (202) 317–5279. SUPPLEMENTARY INFORMATION: Need for Correction As published, the final regulations (TD 9847) contain errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the final regulations (TD 9847), that are the subject of FR Doc. 2019–01025, which published on February 8, 2019 (84 FR 2952), are corrected as follows: 1. On page 2954, second column, in the preamble, under the paragraph heading ‘‘2. Relevant Passthrough Entity’’, the thirteenth line, the language ‘‘trust funds as described in § 1.6032–T’’ is corrected to read ‘‘trust funds as described in § 1.6032–1T’’. 2. On page 2955, second column, in the preamble, under the paragraph heading ‘‘b. Rental Real Estate Activities as a Trade or Business’’, the fifth line from the bottom of the first full paragraph, the language ‘‘respect to any real estate rental of which’’ is corrected to read ‘‘respect to any rental real estate of which’’. 3. On page 2955, third column, in the preamble, the seventh line from the bottom of the first full paragraph, the language, ‘‘07, 2019–9 IRB,’’ is corrected to read ‘‘07, 2019–9 IRB 740,’’. 4. On page 2957, second column, in the preamble, the fourth line from the bottom of the last partial paragraph under the paragraph headings ‘‘C. Other Comments’’, the language ‘‘section 199A and 1.199A–1 through’’ is corrected to read ‘‘section 199A and §§ 1.199A–1 through’’. 5. On page 2963, second column, in the preamble, the twelfth line, under the paragraph heading ‘‘8. Interaction of Sections 857(l) and 199A, the language ‘‘section 199A’’ is corrected to read ‘‘section 199A)’’. 6. On page 2963, third column, in the preamble, the fifth sentence of the second full paragraph, under the paragraph heading ‘‘8, the language ‘‘A rental real estate enterprise that meets the safe harbor described in Notice E:\FR\FM\17APR1.SGM 17APR1 15954 Federal Register / Vol. 84, No. 74 / Wednesday, April 17, 2019 / Rules and Regulations amozie on DSK9F9SC42PROD with RULES 2017–07, released concurrently with these final regulations, may also treated as trades or businesses for purposes of section 199A.’’ is corrected to read ‘‘A rental real estate enterprise that meets the safe harbor described in Notice 2019–07, released concurrently with these final regulations, may be also be treated as a trade or business for purposes of section 199A.’’. 7. On page 2968, second column, in the preamble, under section ‘‘C. Aggregation by RPEs’’, the eleventh line from the bottom of the paragraph, the language ‘‘4(c)(1).’’ is corrected to read ‘‘4.’’. 8. On page 2969, third column, in the preamble, the eighth line from the bottom of the paragraph, the language ‘‘look to the definitions provided for in’’ is corrected to read ‘‘look to the definitions provided in’’. 9. On page 2969, third column, in the preamble, the fifteenth line, the language ‘‘engineering architecture, accounting,’’ is corrected to read ‘‘engineering, architecture, accounting,’’. 10. On page 2970, first column, in the preamble, the second line from the bottom of the last partial paragraph, the language ‘‘of the listed fields in section 199(d)(2)’’ is corrected to read ‘‘of the listed fields in section 199A(d)(2)’’. 11. On page 2976, third column, in the preamble, the second line under the paragraph heading ‘‘C. Services or Property Provided to an SSTB, the language ‘‘special rules for service or property’’ is corrected to read ‘‘special rules for services or property’’. 12. On page 2979, second column, in the preamble, the second line under the paragraph heading ‘‘3. ESBTs’’, the language ‘‘proposed regulation’s position on’’ is corrected to read ‘‘proposed regulation’s position on an’’. 13. On page 2988, first column, in the preamble, before the caption ‘‘Drafting Information’’ is amended by adding section III. to read as follows: III. Congressional Review Act The Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget has determined that this is a major rule for purposes of the Congressional Review Act (CRA) (5 U.S.C. 801 et seq.) Under section 801(3) of the CRA, a major rule takes effect 60 days after the rule is published in the Federal Register. Notwithstanding this requirement, section 808(2) of the CRA allows agencies to dispense with the requirements of 801 when the agency for good cause finds that such procedure would be impracticable, unnecessary, or contrary to the public interest and that VerDate Sep<11>2014 16:23 Apr 16, 2019 Jkt 247001 rule shall take effect at such time as the agency promulgating the rule determines. Pursuant to section 808(2) of the CRA, the Treasury Department and the IRS find, for good cause, that a 60-day delay in the effective date is unnecessary and contrary to the public interest. Section 199A was enacted on December 22, 2017, and applies to taxable years beginning after December 31, 2017, and before January 1, 2026. This means that the statute is currently effective and that taxpayers may claim the deduction when filing their U.S. federal income tax returns for taxable years ending in calendar year 2018. The Treasury Department and the IRS have determined that the rules in this Treasury decision are generally applicable to taxable years ending after February 8, 2019, the date this Treasury decision was published in the Federal Register. Sections 1.199A–1(f), 1.199A– 2(d), 1.199A–3(d), 1.199A–4(e), 1.199A– 5(e), 1.199A–6(e), and 1.643(f)–1(b) are applicable for taxable years ending after August 16, 2018, the date that the proposed regulations were published in the Federal Register. However, taxpayers may rely on the rules set forth in §§ 1.199A–1 through 1.199A–6, in their entirety, or on the proposed regulations under §§ 1.199A–1 through 1.199A–6 issued on August 16, 2018, in their entirety, for taxable years ending in calendar year 2018. These final regulations provide crucial guidance for taxpayers on how to apply the rules of section 199A, correctly calculate their deduction under section 199A, and to accurately file their U.S. federal income tax returns. Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2019–07651 Filed 4–16–19; 8:45 am] BILLING CODE 4830–01–P Internal Revenue Service 26 CFR Part 1 RIN 1545–BO71 Need for Correction As published, the final regulations (TD 9847) contain errors that need to be corrected. 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 amendments: PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ Authority: 26 U.S.C. 7805 * * * Par. 2. Section 1.199A–0 is amended by revising the entry for § 1.199A– 1(a)(16) and adding an entry for § 1.199A–2(b)(2)(iv) to read as follows: ■ § 1.199A–0 * § 1.199A–1 Table of contents. * * * Operational rules. (a) * * * (16) W–2 wages. * * * * * Qualified Business Income Deduction; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendments. AGENCY: This document contains corrections to final regulations (TD SUMMARY: Fmt 4700 The final regulations (TD 9847), published on February 8, 2019 (84 FR 2952), that are the subject of this correction are issued under section 199A of the Internal Revenue Code. * § 1.199A–2 Determination of W–2 Wages and unadjusted basis immediately after acquisition of qualified property. [TD 9847] Frm 00006 Background * DEPARTMENT OF THE TREASURY PO 00000 9847) that were published in the Federal Register on Friday, February 8, 2019. The final regulations are concerning the deduction for qualified business income under section 199A of the Internal Revenue Code. DATES: This correction is effective on April 17, 2019 and is applicable on or after February 8, 2019. FOR FURTHER INFORMATION CONTACT: Vishal R. Amin or Sonia K. Kothari at (202) 317–6850 or Robert D. Alinsky, Margaret Burow, or Wendy L. Kribell at (202) 317–5279. SUPPLEMENTARY INFORMATION: Sfmt 4700 * * * * (b) * * * (2) * * * (iv) Methods for calculating W–2 wages. * * * * * ■ Par. 3. Section 1.199A–1 is amended by revising the second sentence of paragraph (b)(10) and the seventh E:\FR\FM\17APR1.SGM 17APR1

Agencies

[Federal Register Volume 84, Number 74 (Wednesday, April 17, 2019)]
[Rules and Regulations]
[Pages 15953-15954]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-07651]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9847]
RIN 1545-BO71


Qualified Business Income Deduction; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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

SUMMARY: This document contains corrections to final regulations (TD 
9847) that were published in the Federal Register on Friday, February 
8, 2019. The final regulations are concerning the deduction for 
qualified business income under section 199A of the Internal Revenue 
Code.

DATES: This correction is effective on April 17, 2019 and is applicable 
on or after February 8, 2019.

FOR FURTHER INFORMATION CONTACT: Vishal R. Amin or Sonia K. Kothari at 
(202) 317-6850 or Robert D. Alinsky, Margaret Burow, or Wendy L. 
Kribell at (202) 317-5279.

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9847) that are the subject of this 
correction are issued under sections 199A and 643 of the Internal 
Revenue Code.

Need for Correction

    As published, the final regulations (TD 9847) contain errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the final regulations (TD 9847), that are the subject 
of FR Doc. 2019-01025, which published on February 8, 2019 (84 FR 
2952), are corrected as follows:
    1. On page 2954, second column, in the preamble, under the 
paragraph heading ``2. Relevant Passthrough Entity'', the thirteenth 
line, the language ``trust funds as described in Sec.  1.6032-T'' is 
corrected to read ``trust funds as described in Sec.  1.6032-1T''.
    2. On page 2955, second column, in the preamble, under the 
paragraph heading ``b. Rental Real Estate Activities as a Trade or 
Business'', the fifth line from the bottom of the first full paragraph, 
the language ``respect to any real estate rental of which'' is 
corrected to read ``respect to any rental real estate of which''.
    3. On page 2955, third column, in the preamble, the seventh line 
from the bottom of the first full paragraph, the language, ``07, 2019-9 
IRB,'' is corrected to read ``07, 2019-9 IRB 740,''.
    4. On page 2957, second column, in the preamble, the fourth line 
from the bottom of the last partial paragraph under the paragraph 
headings ``C. Other Comments'', the language ``section 199A and 1.199A-
1 through'' is corrected to read ``section 199A and Sec. Sec.  1.199A-1 
through''.
    5. On page 2963, second column, in the preamble, the twelfth line, 
under the paragraph heading ``8. Interaction of Sections 857(l) and 
199A, the language ``section 199A'' is corrected to read ``section 
199A)''.
    6. On page 2963, third column, in the preamble, the fifth sentence 
of the second full paragraph, under the paragraph heading ``8, the 
language ``A rental real estate enterprise that meets the safe harbor 
described in Notice

[[Page 15954]]

2017-07, released concurrently with these final regulations, may also 
treated as trades or businesses for purposes of section 199A.'' is 
corrected to read ``A rental real estate enterprise that meets the safe 
harbor described in Notice 2019-07, released concurrently with these 
final regulations, may be also be treated as a trade or business for 
purposes of section 199A.''.
    7. On page 2968, second column, in the preamble, under section ``C. 
Aggregation by RPEs'', the eleventh line from the bottom of the 
paragraph, the language ``4(c)(1).'' is corrected to read ``4.''.
    8. On page 2969, third column, in the preamble, the eighth line 
from the bottom of the paragraph, the language ``look to the 
definitions provided for in'' is corrected to read ``look to the 
definitions provided in''.
    9. On page 2969, third column, in the preamble, the fifteenth line, 
the language ``engineering architecture, accounting,'' is corrected to 
read ``engineering, architecture, accounting,''.
    10. On page 2970, first column, in the preamble, the second line 
from the bottom of the last partial paragraph, the language ``of the 
listed fields in section 199(d)(2)'' is corrected to read ``of the 
listed fields in section 199A(d)(2)''.
    11. On page 2976, third column, in the preamble, the second line 
under the paragraph heading ``C. Services or Property Provided to an 
SSTB, the language ``special rules for service or property'' is 
corrected to read ``special rules for services or property''.
    12. On page 2979, second column, in the preamble, the second line 
under the paragraph heading ``3. ESBTs'', the language ``proposed 
regulation's position on'' is corrected to read ``proposed regulation's 
position on an''.
    13. On page 2988, first column, in the preamble, before the caption 
``Drafting Information'' is amended by adding section III. to read as 
follows:

III. Congressional Review Act

    The Administrator of the Office of Information and Regulatory 
Affairs of the Office of Management and Budget has determined that this 
is a major rule for purposes of the Congressional Review Act (CRA) (5 
U.S.C. 801 et seq.) Under section 801(3) of the CRA, a major rule takes 
effect 60 days after the rule is published in the Federal Register. 
Notwithstanding this requirement, section 808(2) of the CRA allows 
agencies to dispense with the requirements of 801 when the agency for 
good cause finds that such procedure would be impracticable, 
unnecessary, or contrary to the public interest and that rule shall 
take effect at such time as the agency promulgating the rule 
determines.
    Pursuant to section 808(2) of the CRA, the Treasury Department and 
the IRS find, for good cause, that a 60-day delay in the effective date 
is unnecessary and contrary to the public interest. Section 199A was 
enacted on December 22, 2017, and applies to taxable years beginning 
after December 31, 2017, and before January 1, 2026. This means that 
the statute is currently effective and that taxpayers may claim the 
deduction when filing their U.S. federal income tax returns for taxable 
years ending in calendar year 2018. The Treasury Department and the IRS 
have determined that the rules in this Treasury decision are generally 
applicable to taxable years ending after February 8, 2019, the date 
this Treasury decision was published in the Federal Register. Sections 
1.199A-1(f), 1.199A-2(d), 1.199A-3(d), 1.199A-4(e), 1.199A-5(e), 
1.199A-6(e), and 1.643(f)-1(b) are applicable for taxable years ending 
after August 16, 2018, the date that the proposed regulations were 
published in the Federal Register. However, taxpayers may rely on the 
rules set forth in Sec. Sec.  [thinsp]1.199A-1 through 1.199A-6, in 
their entirety, or on the proposed regulations under Sec. Sec.  
[thinsp]1.199A-1 through 1.199A-6 issued on August 16, 2018, in their 
entirety, for taxable years ending in calendar year 2018. These final 
regulations provide crucial guidance for taxpayers on how to apply the 
rules of section 199A, correctly calculate their deduction under 
section 199A, and to accurately file their U.S. federal income tax 
returns.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2019-07651 Filed 4-16-19; 8:45 am]
 BILLING CODE 4830-01-P