Transfers of Certain Property by U.S. Persons to Partnerships With Related Foreign Partners; Correction, 8725-8726 [2020-02654]

Download as PDF lotter on DSKBCFDHB2PROD with RULES Federal Register / Vol. 85, No. 32 / Tuesday, February 18, 2020 / Rules and Regulations entity, and shall provide the information required in paragraphs (d)(1)(i) and (ii) of this supplement and the certifications specified in paragraphs (d)(1)(iii) through (v) of this supplement. (i) Name of the entity; complete physical address, to include shipping, corporate, and end user addresses, if different (simply listing a post office box is insufficient); telephone number; email address; website (if available); and name and title of individual signing the certification statement; (ii) A complete list of the item(s), including the applicable Export Control Classification Number(s) or designation (if EAR99) for the item(s) under the EAR, and (for tangible shipments of commodities and software) the quantity or quantities of the item(s) that will be exported, reexported, or transferred under the authority of the temporary general license (this inclusive list may cover multiple exports, reexports, or transfers (in-country) under the temporary general license of the same item(s); see paragraph (d)(2) of this supplement); (iii) The end-use of the item(s) to be received as an export, reexport, or transfer (in-country) falls within the scope of a specified authorizing paragraph under paragraph (c) of this supplement (a general statement or declaration that the item falls within the scope of paragraph (c) or the scope of the temporary general license will not be sufficient, as the specific authorizing paragraph under paragraph (c) must be identified); (iv) The entity will comply with the recordkeeping requirements in part 762 of the EAR, including by providing copies of the certification statement and all other export, reexport, or transfer (incountry) records required to be retained in part 762 to any authorized agent, official, or employee of BIS, the U.S. Customs Service, or any other agency of the U.S. Government as required in § 762.7 of the EAR; and (v) The individual signing the certification statement, on behalf of the consignee identified in paragraph (a) of this supplement, has sufficient authority to legally bind the entity. (2) Certification statements may be used for multiple exports, reexports, and transfers (in-country). Exporters, reexporters, and transferors may rely on the certification statements obtained under paragraph (d)(1) of this supplement for multiple exports, reexports, and transfers (in-country) involving the same item(s) to the same consignee/end-user, provided the information included remains accurate for those additional exports, reexports, VerDate Sep<11>2014 16:30 Feb 14, 2020 Jkt 250001 8725 and transfers (in-country). If one certification statement is used for multiple exports, reexports, or transfers (in-country) made pursuant to the temporary general license, the exporter, reexporter, and transferor must maintain a log or other similar record that identifies each such export, reexport, and transfer (in-country) against that specific certification statement. The log or other similar record must be retained in accordance with part 762 of the EAR. partnerships with foreign partners related to the transferor. DATES: Effective date: These regulations are effective February 18, 2020 and applicable January 23, 2020. Applicability dates: For dates of applicability, see § 1.721(c)–6. FOR FURTHER INFORMATION CONTACT: Chadwick Rowland, (202) 317–6937 (not a toll-free number). SUPPLEMENTARY INFORMATION: PART 762—[AMENDED] Background 3. The authority citation for part 762 is revised to read as follows: The final regulations (TD 9891) that are the subject of this correction are issued under section 721 of the Internal Revenue Code. ■ Authority: 50 U.S.C. 4801–4852; 50 U.S.C. 4601 et seq.; 50 U.S.C. 1701 et seq.; E.O. 13222, 66 FR 44025, 3 CFR, 2001 Comp., p. 783. 4. Section 762.2 is amended by adding paragraph (b)(55) to read as follows: ■ § 762.2 Records to be retained. * * * * * (b) * * * (55) Supplement No. 7 to part 744, Temporary General License Certification Statements and logs or other records required, including any additional support documentation needed to substantiate the certification statement, under paragraph (d) of Supplement 7 to part 744 of this chapter. * * * * * Dated: February 12, 2020. Richard E. Ashooh, Assistant Secretary for Export Administration. [FR Doc. 2020–03144 Filed 2–13–20; 4:15 pm] BILLING CODE 3510–33–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9891] RIN 1545–BM95 Transfers of Certain Property by U.S. Persons to Partnerships With Related Foreign Partners; Correction Internal Revenue Service (IRS), Treasury. ACTION: Final regulations; correction. AGENCY: This document contains a correction to final regulations (T.D. 9891) that were published in the Federal Register on Thursday, January 23, 2020. Treasury Decision 9891 contains final regulations that provide guidance applicable to transfers of appreciated property by U.S. persons to SUMMARY: PO 00000 Frm 00009 Fmt 4700 Sfmt 4700 Need for Correction As published, the final regulations (TD 9891), contains errors that may prove to be misleading and are in need of clarification. Correction to Publication Accordingly, the final regulations (TD 9891), that are the subject of FR Doc. 2020–00383, in the issue of January 23, 2020 (85 FR 3833), are corrected as follows: ■ 1. On page 3834, in the third column, in the second and third sentence of the second full paragraph, ‘‘PRS1 wholly owns a domestic corporation (UST). In Year 1, UST forms a new partnership (PRS2); as part of the formation, UST contributes section 721(c) property (as defined in § 1.721(c)–1(b)(15)) in return for a 90 percent interest in PRS2’s capital and profits, and a U.S. individual (unrelated to UST) contributes cash in return for the remaining interest in PRS2’s capital and profits.’’ is corrected to read ‘‘PRS1 wholly owns a domestic corporation (UST) and holds 90 percent of the interests in a lower tier partnership’s (PRS2) capital and profits. In Year 1, UST and PRS2 form a new partnership (PRS3); as part of the formation, UST contributes section 721(c) property (as defined in § 1.721(c)–1(b)(15)) in return for a 90 percent interest in PRS3’s capital and profits, and a U.S. individual (unrelated to UST) contributes cash in return for the remaining interest in PRS3’s capital and profits’’. ■ 2. On page 3834, in the third column, the second line of the fourth partial paragraph, ‘‘PRS2’’ is corrected to read ‘‘PRS3’’. ■ 3. On page 3835, in the first column, the second line from the bottom of the first full paragraph, ‘‘consequence, PRS2’’ is corrected to read ‘‘consequence, PRS3’’. E:\FR\FM\18FER1.SGM 18FER1 8726 Federal Register / Vol. 85, No. 32 / Tuesday, February 18, 2020 / Rules and Regulations 4. On page 3835, in the third column, the third line from the bottom of the page, ‘‘filed before March 17’’ is corrected to read ‘‘filed before July 17.’’ ■ Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2020–02654 Filed 2–14–20; 8:45 am] BILLING CODE 4830–01–P Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ Authority: 26 U.S.C. 7805 * * * § 1.721(c)–6 [Amended] Internal Revenue Service [FR Doc. 2020–02653 Filed 2–14–20; 8:45 am] BILLING CODE 4830–01–P 26 CFR Part 1 [TD 9891] I. Executive Summary II. Background III. Summary and Explanation IV. Agency Determinations A. Economic Analysis and Regulatory Flexibility Analysis B. Legal Considerations C. Paperwork Reduction Act D. Federalism E. State Plans F. Unfunded Mandates Reform Act of 1995 V. Authority and Signature RIN 1545–BM95 DEPARTMENT OF LABOR I. Executive Summary Transfers of Certain Property by U.S. Persons to Partnerships With Related Foreign Partners; Correction Occupational Safety and Health Administration This rule corrects certain minor errors in 27 OSHA standards and regulations in 29 CFR parts 1904, 1910, 1915, 1918, and 1926. The corrections concern the following regulations and standards: (a) Recording and Reporting Injuries and Illnesses Regulations—including: Partial exemptions; annual summary of workrelated injuries and illnesses; and definitions; (b) Occupational Safety and Health Standards for General Industry— including: Applicability of standards to employments in territories; definition and requirements for nationally recognized testing laboratories; electrical generation, transmission, and distribution; lead; and cadmium; (c) Occupational Safety and Health Standards for Shipyard Employment— eye and face protection against welding radiation; (d) Safety and Health Regulations for Longshoring— recommended Specific Program Elements for first aid training; and (e) Safety and Health Regulations for Construction—including: General safety and health provisions concerning applicability to employments in territories; lead; hazardous waste operations and emergency response; electrical use of flexible cords and cables; scaffolds; fall protection-roof width determinations; helicoptershoists-elevators-and-conveyorspersonnel hoists; excavation-Appendix A; steel erection-joists tables; metal decking and shear connectors; fall hazard training; underground construction; electric power transmission and distribution definitions; asbestos; cadmium; and cranes and derricks—routine access to underground construction. The corrections revise typographical errors, including extraneous or omitted materials and inaccurate graphics, in the listed standards. Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: This document contains a correction to final regulations (T.D. 9891) that were published in the Federal Register on Thursday, January 23, 2020. Treasury Decision 9891 contains final regulations that provide guidance applicable to transfers of appreciated property by U.S. persons to partnerships with foreign partners related to the transferor. DATES: Effective date: These regulations are effective February 18, 2020 and applicable January 23, 2020. Applicability dates: For dates of applicability, see § 1.721(c)–6. FOR FURTHER INFORMATION CONTACT: Chadwick Rowland, (202) 317–6937 (not a toll-free number). SUPPLEMENTARY INFORMATION: SUMMARY: Background The final regulations (TD 9891) that are the subject of this correction are issued under section 721 of the Internal Revenue Code. Need for Correction As published, January 23, 2020 (85 FR 3833), the final regulations (TD 9891) contain an error that needs to be corrected. lotter on DSKBCFDHB2PROD with RULES SUPPLEMENTARY INFORMATION: Table of Contents Par. 2. Section 1.721(c)–6(g)(3)(ii) is amended by removing the date ‘‘March 17, 2020’’ and adding the date ‘‘July 17, 2020,’’ in its place. ■ Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). DEPARTMENT OF THE TREASURY Electronic copies of these documents are available at OSHA’s web page at http://www.osha.gov. 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 corrected amendment: VerDate Sep<11>2014 17:22 Feb 14, 2020 Jkt 250001 29 CFR Parts 1904, 1910, 1915, 1918, and 1926 [Docket No. OSHA–2015–0012] RIN 1218–AD12 OSHA Standards and Regulations; Corrections Occupational Safety and Health Administration (OSHA), Labor. ACTION: Final rule; correcting amendments. AGENCY: In this rule OSHA is correcting typographical errors, including extraneous or omitted materials and inaccurate graphics, in 27 OSHA standards and regulations. These revisions do not affect the substantive requirements or coverage of the standards, do not modify or revoke existing rights or obligations, and do not establish new rights or obligations. The purpose of these correcting amendments is to reduce regulatory burdens by correcting the inaccuracies in regulatory text and graphics. This rule revises standards in recordkeeping, construction, general industry, shipyard employment, and longshoring. DATES: Effective February 18, 2020. FOR FURTHER INFORMATION CONTACT: General information and press inquiries: Mr. Frank Meilinger, OSHA Office of Communications, telephone: (202) 693–1999; email: meilinger.francis2@dol.gov. Technical information: Mr. Garvin Branch, Directorate of Construction; telephone: (202) 693–2020; fax: (202) 693–1689; email: branch.garvin@ dol.gov. ADDRESSES: Copies of this Federal Register document and news releases: SUMMARY: PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 E:\FR\FM\18FER1.SGM 18FER1

Agencies

[Federal Register Volume 85, Number 32 (Tuesday, February 18, 2020)]
[Rules and Regulations]
[Pages 8725-8726]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02654]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9891]
RIN 1545-BM95


Transfers of Certain Property by U.S. Persons to Partnerships 
With Related Foreign Partners; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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SUMMARY: This document contains a correction to final regulations (T.D. 
9891) that were published in the Federal Register on Thursday, January 
23, 2020. Treasury Decision 9891 contains final regulations that 
provide guidance applicable to transfers of appreciated property by 
U.S. persons to partnerships with foreign partners related to the 
transferor.

DATES: 
    Effective date: These regulations are effective February 18, 2020 
and applicable January 23, 2020.
    Applicability dates: For dates of applicability, see Sec.  
1.721(c)-6.

FOR FURTHER INFORMATION CONTACT: Chadwick Rowland, (202) 317-6937 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9891) that are the subject of this 
correction are issued under section 721 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 9891), contains errors that 
may prove to be misleading and are in need of clarification.

Correction to Publication

    Accordingly, the final regulations (TD 9891), that are the subject 
of FR Doc. 2020-00383, in the issue of January 23, 2020 (85 FR 3833), 
are corrected as follows:

0
1. On page 3834, in the third column, in the second and third sentence 
of the second full paragraph, ``PRS1 wholly owns a domestic corporation 
(UST). In Year 1, UST forms a new partnership (PRS2); as part of the 
formation, UST contributes section 721(c) property (as defined in Sec.  
1.721(c)-1(b)(15)) in return for a 90 percent interest in PRS2's 
capital and profits, and a U.S. individual (unrelated to UST) 
contributes cash in return for the remaining interest in PRS2's capital 
and profits.'' is corrected to read ``PRS1 wholly owns a domestic 
corporation (UST) and holds 90 percent of the interests in a lower tier 
partnership's (PRS2) capital and profits. In Year 1, UST and PRS2 form 
a new partnership (PRS3); as part of the formation, UST contributes 
section 721(c) property (as defined in Sec.  1.721(c)-1(b)(15)) in 
return for a 90 percent interest in PRS3's capital and profits, and a 
U.S. individual (unrelated to UST) contributes cash in return for the 
remaining interest in PRS3's capital and profits''.
0
2. On page 3834, in the third column, the second line of the fourth 
partial paragraph, ``PRS2'' is corrected to read ``PRS3''.
0
3. On page 3835, in the first column, the second line from the bottom 
of the first full paragraph, ``consequence, PRS2'' is corrected to read 
``consequence, PRS3''.

[[Page 8726]]

0
4. On page 3835, in the third column, the third line from the bottom of 
the page, ``filed before March 17'' is corrected to read ``filed before 
July 17.''

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2020-02654 Filed 2-14-20; 8:45 am]
 BILLING CODE 4830-01-P