Carryback of Consolidated Net Operating Losses; Correcting Amendment, 53162-53163 [2020-16985]
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Federal Register / Vol. 85, No. 168 / Friday, August 28, 2020 / Rules and Regulations
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therefor into the guidance document)
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under Executive Order (E.O.) 12866
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16:18 Aug 27, 2020
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before issuance; and must demonstrate
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requirements for regulations or rules,
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13609, E.O. 13771, and E.O. 13777.
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does not qualify as significant under
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is on the website, it is not considered to
be in effect.
Dated: August 24, 2020.
By Authority of the Board.
Stephanie Hillyard,
Secretary to the Board.
BILLING CODE 7905–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9900]
RIN 1545–BP84
Carryback of Consolidated Net
Operating Losses; Correcting
Amendment
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
This document contains
corrections to Treasury Decision 9900,
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Sfmt 4700
Background
The temporary regulations (TD 9900)
that are the subject of this correction are
issued under section 1502 of the Code.
Need for Correction
As published July 8, 2020 (85 FR
40892), the temporary regulations (TD
9900; FR Doc. 2020–14426) contained
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
[FR Doc. 2020–18861 Filed 8–27–20; 8:45 am]
SUMMARY:
which was published in the Federal
Register on Wednesday, July 8, 2020.
Treasury Decision 9900 contained
temporary regulations that permit
consolidated groups that acquire new
members that were members of another
consolidated group to elect in a year
subsequent to the year of acquisition to
waive all or part of the pre-acquisition
portion of an extended carryback period
under section 172 of the Internal
Revenue Code (Code) for certain losses
attributable to the acquired members if
there is a retroactive statutory extension
of the NOL carryback period under
section 172.
DATES: Effective date: These corrections
are effective on August 28, 2020.
Applicability date: For the date of
applicability, see § 1.1502–21T(h)(9).
FOR FURTHER INFORMATION CONTACT:
Jonathan R. Neuville, at (202) 317–5363
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.1502–21T is
amended by revising the second
sentence of paragraph (b)(3)(ii)(C)(1), the
first sentence of paragraph
(b)(3)(ii)(C)(5)(i), the first sentence of
paragraph (b)(3)(ii)(C)(5)(ii), the third
sentence of paragraph (b)(3)(ii)(D)(2)(ii),
and the second sentence of paragraph
(b)(3)(ii)(D)(4)(ii) to read as follows:
■
§ 1.1502–21T
(temporary).
Net operating losses
(b) * * *
(3) * * *
(ii) * * *
(C) * * *
(1) * * * (See paragraph
(b)(3)(ii)(C)(2) of this section for
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Federal Register / Vol. 85, No. 168 / Friday, August 28, 2020 / Rules and Regulations
definitions of terms used in this
paragraph (b)(3)(ii)(C) and paragraph
(b)(3)(ii)(D) of this section.)
*
*
*
*
*
(5) * * *
(i) * * * An amended statute splitwaiver election must be made in a
separate statement entitled ‘‘THIS IS AN
ELECTION UNDER SECTION 1.1502–
21T(b)(3)(ii)(C)(1) TO WAIVE THE PRE[insert first day of the first taxable year
for which the acquired member was a
member of the acquiring group]
CARRYBACK PERIOD FOR THE
CNOLS ATTRIBUTABLE TO THE
[insert taxable year of losses] TAXABLE
YEAR(S) OF [insert names and
employer identification numbers of
members]’’ (amended statute splitwaiver election statement).
*
*
*
*
*
(ii) * * * An extended split-waiver
election must be made in a separate
statement entitled ‘‘THIS IS AN
ELECTION UNDER SECTION 1.1502–
21T(b)(3)(iii)(C)(1) TO WAIVE THE
PRE-[insert first day of the first taxable
year for which the acquired member
was a member of the acquiring group]
EXTENDED CARRYBACK PERIOD FOR
THE CNOLS ATTRIBUTABLE TO THE
[insert taxable year of losses] TAXABLE
YEAR(S) OF [insert names and
employer identification numbers of
members]’’ (extended split-waiver
election statement).
*
*
*
*
*
(D) * * *
(2) * * *
(ii) * * * See paragraph
(b)(3)(ii)(C)(2)(v) of this section. * * *
*
*
*
*
*
(4) * * *
(ii) * * * See paragraph
(b)(3)(ii)(C)(2)(ix) of this section.
*
*
*
*
*
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. 2020–16985 Filed 8–27–20; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF LABOR
Office of the Secretary
29 CFR Part 89
RIN 1290–AA40
Promoting Regulatory Openness
Through Good Guidance (PRO Good
Guidance)
Office of the Secretary, U.S.
Department of Labor.
AGENCY:
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ACTION:
Final rule.
This rule establishes the U.S.
Department of Labor’s policy and
requirements for issuing, modifying,
withdrawing, and using guidance;
making guidance available to the public;
a notice-and-comment process for
significant guidance; and taking and
responding to petitions about guidance.
This rule will help the Department use
guidance lawfully and appropriately,
and it gives Americans fairer notice of
and improved access to guidance. The
Department expects this rule will have
meaningful benefits for employers,
workers, and the American public
overall.
DATES: Effective on September 28, 2020.
FOR FURTHER INFORMATION CONTACT: Erin
FitzGerald, Senior Policy Advisor, U.S.
Department of Labor, Room S–2312, 200
Constitution Avenue NW, Washington,
DC 20210; telephone: (202) 693–5076
(this is not a toll-free number). Copies
of this final rule may be obtained in
alternative formats (large print, Braille,
audio tape or disc), upon request, by
calling (202) 693–5959 (this is not a tollfree number). TTY/TDD callers may dial
toll-free 1–877–889–5627 to obtain
information or request materials in
alternative formats.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Preamble Table of Contents
I. Background and Overview
II. Discussion of the Department’s PRO Good
Guidance Rule: Promoting Regulatory
Openness Through Good Guidance
III. Final Rule
I. Background and Overview
On October 9, 2019, the President
issued Executive Order 13891 (E.O.),
titled ‘‘Promoting the Rule of Law
through Improved Agency Guidance
Documents,’’ addressing guidance
issued by federal agencies outside of the
context of formal rulemaking. Among
other things, the E.O. requires that
federal agencies generally treat guidance
as non-binding; establish processes for
issuing guidance; make all guidance
available to the public; take comment on
significant guidance; and receive and
respond to petitions for withdrawal or
modification of guidance. The E.O.
directs the Department to finalize
regulations related to these
requirements. This Promoting
Regulatory Openness through Good
Guidance Rule (the ‘‘rule on guidance’’
or ‘‘PRO Good Guidance Rule’’)
complies with that directive.
Though informed and prompted by
the E.O., the Department issues this rule
under its own, independent authority. It
does so expecting the rule will lead to
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53163
meaningful benefits for employers,
workers, and the American public.
Among other things, the rule clarifies
when and how agencies should speak
outside the context of notice-andcomment rulemaking. It ensures that all
guidance is accessible. And it enables
the public to comment on significant
guidance documents and submit
petitions concerning guidance.
Increased clarity, greater public access,
and input regarding agency policy will
result in more useful and effective
guidance. Just as important, better
delineating what is and is not legally
binding will give fairer notice to
regulated entities and will enhance the
Department’s efforts to take care that the
law is faithfully executed.
Chief among its considerations, this
rule is designed to take into account
how powerful agency statements are.
When agencies speak, Americans listen
carefully and often change their
behavior as a result. Ignorance of or
failure to abide by agency regulations
and the laws agencies enforce can have
immense ramifications. In light of the
stakes, the public often treats guidance
from agencies as binding, even if it
technically is not. Thus, it is vital that
agencies promulgate, maintain, and use
guidance carefully.
II. Discussion of the Department’s PRO
Good Guidance Rule: Promoting
Regulatory Openness through Good
Guidance
This rule has eight sections, each of
which is explained in more detail
below.
• Section 89.1 outlines the rule’s
scope and purpose
• Section 89.2 defines key terms
• Section 89.3 provides general
requirements for issuing and using
guidance
• Section 89.4 establishes a review
and approval process for guidance
and identifies features guidance must
generally have
• Section 89.5 requires guidance to be
made publicly accessible
• Section 89.6 sets up special
processes for significant guidance
• Section 89.7 enables the public to
petition agencies to withdraw or
modify guidance
• Section 89.8 makes clear that this
rule is one of agency procedure and
does not create enforceable rights
Section 89.1 Scope of This Part
In § 89.1, the Department explains the
scope and purpose of this rule.
Paragraph (a) begins by accounting for
how guidance documents—in their
proper place—are valuable tools of
government. The American people are
E:\FR\FM\28AUR1.SGM
28AUR1
]]>Agencies
[Federal Register Volume 85, Number 168 (Friday, August 28, 2020)]
[Rules and Regulations]
[Pages 53162-53163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16985]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9900]
RIN 1545-BP84
Carryback of Consolidated Net Operating Losses; Correcting
Amendment
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to Treasury Decision 9900,
which was published in the Federal Register on Wednesday, July 8, 2020.
Treasury Decision 9900 contained temporary regulations that permit
consolidated groups that acquire new members that were members of
another consolidated group to elect in a year subsequent to the year of
acquisition to waive all or part of the pre-acquisition portion of an
extended carryback period under section 172 of the Internal Revenue
Code (Code) for certain losses attributable to the acquired members if
there is a retroactive statutory extension of the NOL carryback period
under section 172.
DATES: Effective date: These corrections are effective on August 28,
2020.
Applicability date: For the date of applicability, see Sec.
1.1502-21T(h)(9).
FOR FURTHER INFORMATION CONTACT: Jonathan R. Neuville, at (202) 317-
5363 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations (TD 9900) that are the subject of this
correction are issued under section 1502 of the Code.
Need for Correction
As published July 8, 2020 (85 FR 40892), the temporary regulations
(TD 9900; FR Doc. 2020-14426) contained 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
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 1.1502-21T is amended by revising the second sentence
of paragraph (b)(3)(ii)(C)(1), the first sentence of paragraph
(b)(3)(ii)(C)(5)(i), the first sentence of paragraph
(b)(3)(ii)(C)(5)(ii), the third sentence of paragraph
(b)(3)(ii)(D)(2)(ii), and the second sentence of paragraph
(b)(3)(ii)(D)(4)(ii) to read as follows:
Sec. 1.1502-21T Net operating losses (temporary).
(b) * * *
(3) * * *
(ii) * * *
(C) * * *
(1) * * * (See paragraph (b)(3)(ii)(C)(2) of this section for
[[Page 53163]]
definitions of terms used in this paragraph (b)(3)(ii)(C) and paragraph
(b)(3)(ii)(D) of this section.)
* * * * *
(5) * * *
(i) * * * An amended statute split-waiver election must be made in
a separate statement entitled ``THIS IS AN ELECTION UNDER SECTION
1.1502-21T(b)(3)(ii)(C)(1) TO WAIVE THE PRE-[insert first day of the
first taxable year for which the acquired member was a member of the
acquiring group] CARRYBACK PERIOD FOR THE CNOLS ATTRIBUTABLE TO THE
[insert taxable year of losses] TAXABLE YEAR(S) OF [insert names and
employer identification numbers of members]'' (amended statute split-
waiver election statement).
* * * * *
(ii) * * * An extended split-waiver election must be made in a
separate statement entitled ``THIS IS AN ELECTION UNDER SECTION 1.1502-
21T(b)(3)(iii)(C)(1) TO WAIVE THE PRE-[insert first day of the first
taxable year for which the acquired member was a member of the
acquiring group] EXTENDED CARRYBACK PERIOD FOR THE CNOLS ATTRIBUTABLE
TO THE [insert taxable year of losses] TAXABLE YEAR(S) OF [insert names
and employer identification numbers of members]'' (extended split-
waiver election statement).
* * * * *
(D) * * *
(2) * * *
(ii) * * * See paragraph (b)(3)(ii)(C)(2)(v) of this section. * * *
* * * * *
(4) * * *
(ii) * * * See paragraph (b)(3)(ii)(C)(2)(ix) of this section.
* * * * *
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2020-16985 Filed 8-27-20; 8:45 am]
BILLING CODE 4830-01-P
