Information Reporting for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules; Correction, 68042 [2019-26867]

Download as PDF 68042 Federal Register / Vol. 84, No. 240 / Friday, December 13, 2019 / Rules and Regulations 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. § 71.1 [Amended] 2. The incorporation by reference in 14 CFR 71.1 of FAA Order 7400.11D, Airspace Designations and Reporting Points, dated August 8, 2019, effective September 15, 2019, is amended as follows: ■ Paragraph 6005 Class E Airspace Areas Extending Upward From 700 Feet or More Above the Surface of the Earth. * * * * * AEA PA E5 Grove City, PA [Amended] Grove City Airport, PA (Lat. 41°08′46″ N, long. 80°10′04″ W) Grove City Medical Center Heliport, PA (Lat. 41°10′17″ N, long. 80°05′06″ W) That airspace extending upward from 700 feet above the surface within a 6.5-mile radius of Grove City Airport, and within a 6mile radius of the Point In Space serving Grove City Medical Center Heliport. Issued in College Park, Georgia, on December 5, 2019. Ryan Almasy, Manager, Operations Support Group, Eastern Service Center, Air Traffic Organization. [FR Doc. 2019–26854 Filed 12–12–19; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF THE TREASURY Internal Revenue Service This correction is effective on December 13, 2019 and is applicable on or after October 31, 2019. FOR FURTHER INFORMATION CONTACT: Kathryn M. Sneade, (202) 317–6995 (not a toll-free number). SUPPLEMENTARY INFORMATION: ■ Background Internal Revenue Service DATES: The final regulations (TD 9879) that are the subject of this correction are issued under sections 101 and 6050Y of the Internal Revenue Code. [TD 9879] Internal Revenue Service (IRS), Treasury. ACTION: Final regulations; correction. AGENCY: This document contains corrections to final regulations (TD 9879) that were published in the Federal Register on Thursday, October 31, 2019. The final regulations provide guidance on new information reporting obligations under section 6050Y related to reportable policy sales of life insurance contracts and payments of reportable death benefits and provide guidance on the amount of death benefits excluded from gross income under section 101 following a reportable policy sale. jbell on DSKJLSW7X2PROD with RULES SUMMARY: VerDate Sep<11>2014 15:53 Dec 12, 2019 Jkt 250001 DEPARTMENT OF THE TREASURY 26 CFR Part 1 [TD 9879] As published, the final regulations (TD 9879) contain errors that may prove to be misleading and are in need of clarification. Information Reporting for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules; Correcting Amendment Correction of Publication Accordingly, the final regulations (TD 9879), that are the subject of FR Doc. 2019–23559, published on October 31, 2019 (84 FR 58460), are corrected as follows: 1. On page 58461, in the third column, fourth line from the bottom of the page, under the caption ‘‘Comments and Changes Relating to § 1.101–1(b) of the Proposed Regulations’’, the language ‘‘apply in the’’ is corrected to read ‘‘applies in the’’. 2. On page 58476, in the first column, fifth line, the language ‘‘SB and the gift recipient, who’’ is corrected to read ‘‘SB, and the gift recipient, who’’. ■ Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendments. AGENCY: DEPARTMENT OF THE TREASURY This document contains corrections to Treasury Decision 9879, which was published in the Federal Register on Thursday, October 31, 2019. Treasury Decision 9879 contained final regulations providing guidance on new information reporting obligations under section 6050Y related to reportable policy sales of life insurance contracts and payments of reportable death benefits and guidance on the amount of death benefits excluded from gross income under section 101 following a reportable policy sale. DATES: Effective date. This correction is effective on December 13, 2019 and is applicable on October 31, 2019. FOR FURTHER INFORMATION CONTACT: Kathryn M. Sneade (202) 317–6995 (not a toll-free number). SUPPLEMENTARY INFORMATION: Internal Revenue Service Background BILLING CODE 4830–01–P Information Reporting for Certain Life Insurance Contract Transactions and Modifications to the Transfer for Valuable Consideration Rules; Correction BILLING CODE 1301–00–D RIN 1545–BO94 [FR Doc. 2019–26867 Filed 12–12–19; 8:45 am] RIN 1545–BO49 [FR Doc. C1–2019–26274 Filed 12–11–19; 4:15 pm] Need for Correction Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). 26 CFR Part 1 Par. 2. Section 1.512(a)–5 is added to read as follows: SUMMARY: [TD 9886] The final regulations (TD 9879) that are the subject of this correction are under sections 101 and 6050Y of the Internal Revenue Code. RIN 1545–BJ92 Need for Correction 26 CFR Part 1 Calculation of UBTI for Certain Exempt Organizations Correction In rule document 2019–26274 beginning on page 67370 in the issue of Tuesday, December 10, 2019, make the following correction: § 1.512(a)–5 PO 00000 Frm 00024 Fmt 4700 Sfmt 4700 List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Correction of Publication [Corrected] On page 67373, in the second column, the second amendatory instruction should read as set forth below: ■ As published October 31, 2019 (84 FR 58460), the final regulations (TD 9879; FR Doc. 2019–23559) contained errors that may prove misleading and therefore need to be corrected. Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: E:\FR\FM\13DER1.SGM 13DER1

Agencies

[Federal Register Volume 84, Number 240 (Friday, December 13, 2019)]
[Rules and Regulations]
[Page 68042]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26867]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9879]
RIN 1545-BO49


Information Reporting for Certain Life Insurance Contract 
Transactions and Modifications to the Transfer for Valuable 
Consideration Rules; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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SUMMARY: This document contains corrections to final regulations (TD 
9879) that were published in the Federal Register on Thursday, October 
31, 2019. The final regulations provide guidance on new information 
reporting obligations under section 6050Y related to reportable policy 
sales of life insurance contracts and payments of reportable death 
benefits and provide guidance on the amount of death benefits excluded 
from gross income under section 101 following a reportable policy sale.

DATES: This correction is effective on December 13, 2019 and is 
applicable on or after October 31, 2019.

FOR FURTHER INFORMATION CONTACT: Kathryn M. Sneade, (202) 317-6995 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9879) that are the subject of this 
correction are issued under sections 101 and 6050Y of the Internal 
Revenue Code.

Need for Correction

    As published, the final regulations (TD 9879) contain errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

0
Accordingly, the final regulations (TD 9879), that are the subject of 
FR Doc. 2019-23559, published on October 31, 2019 (84 FR 58460), are 
corrected as follows:
    1. On page 58461, in the third column, fourth line from the bottom 
of the page, under the caption ``Comments and Changes Relating to Sec.  
1.101-1(b) of the Proposed Regulations'', the language ``apply in the'' 
is corrected to read ``applies in the''.
    2. On page 58476, in the first column, fifth line, the language 
``SB and the gift recipient, who'' is corrected to read ``SB, and the 
gift recipient, who''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2019-26867 Filed 12-12-19; 8:45 am]
 BILLING CODE 4830-01-P