Limitation on Deduction for Dividends Received From Certain Foreign Corporations and Amounts Eligible for Section 954 Look-Through Exception; Correcting Amendment, 72564 [2020-23632]
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72564
Federal Register / Vol. 85, No. 220 / Friday, November 13, 2020 / Rules and Regulations
Internal Revenue Service
26 CFR Part 1
[TD 9909]
RIN 1545–BP35
Limitation on Deduction for Dividends
Received From Certain Foreign
Corporations and Amounts Eligible for
Section 954 Look-Through Exception;
Correcting Amendment
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
This document contains
corrections to the final regulations
(Treasury Decision 9909) that were
published in the Federal Register on
Thursday, August 27, 2020. Treasury
Decision 9909 contained final
regulations under sections 245A and
954 of the Internal Revenue Code (the
‘‘Code’’) that limit the deduction for
certain dividends received by United
States persons from foreign corporations
under section 245A and the exception to
subpart F income under section
954(c)(6) for certain dividends received
by controlled foreign corporations.
DATES: These corrections are effective
on November 13, 2020.
FOR FURTHER INFORMATION CONTACT:
Arielle M. Borsos or Logan M.
Kincheloe at (202) 317–6937 (not a tollfree number).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
The final regulations (TD 9909) that
are the subject of this correction are
issued under sections 245A, 954(c)(6),
and 6038 of the Internal Revenue Code.
Need for Correction
As published on August 27, 2020 (85
FR 53068), the final regulations (TD
9909; FR Doc. 2020–18543) contain
errors that need to be corrected.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Correction of Publication
jbell on DSKJLSW7X2PROD with RULES
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:
■
Par. 2. Section 1.245A–5 is amended
by:
■ a. Adding a sentence after the first
sentence of paragraph (e)(3)(i)(A); and
■ b. Revising paragraphs (i)(8) and (9)
and the first sentence of paragraph
(j)(10)(ii).
The addition and revisions read as
follows:
OCCUPATIONAL SAFETY AND
HEALTH REVIEW COMMISSION
§ 1.245A–5 Limitation of section 245A
deduction and section 954(c)(6) exception.
SUMMARY:
■
DEPARTMENT OF THE TREASURY
*
*
*
*
*
(e) * * *
(3) * * *
(i) * * *
(A) * * * Because the determination
as to whether there would be an
extraordinary reduction amount or
tiered extraordinary reduction amount
greater than zero is made without regard
to this paragraph (e)(3)(i), this
determination is made without taking
into account any elections that may be
available, or other events that may
occur, solely by reason of an election
described in this paragraph (e)(3)(i),
such as the application of section
954(b)(4) to a short taxable year created
as a result of the election. * * *
*
*
*
*
*
(i) * * *
(8) Extraordinary disposition E&P.
The term extraordinary disposition E&P
has the meaning set forth in paragraph
(c)(3)(i)(C) of this section.
(9) Extraordinary disposition
ownership percentage. The term
extraordinary disposition ownership
percentage has the meaning set forth in
paragraph (c)(3)(i)(B) of this section.
*
*
*
*
*
(j) * * *
(10) * * *
(ii) * * * Because the loan from CFC1
to CFC2 and the subsequent distribution
of cash were carried out with a principal
purpose of avoiding the purposes of this
section, appropriate adjustments are
required to be made under the antiabuse rule in paragraph (h) of this
section. * * *
Crystal Pemberton,
Senior Federal Register Liaison, Publications
and Regulations Branch, Legal Processing
Division, Associate Chief Counsel (Procedure
and Administration).
[FR Doc. 2020–23632 Filed 11–12–20; 8:45 am]
BILLING CODE 4830–01–P
Authority: 26 U.S.C. 7805 * * *
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16:03 Nov 12, 2020
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29 CFR Part 2201
Regulations Implementing the
Freedom of Information Act
Occupational Safety and Health
Review Commission.
ACTION: Final rule.
AGENCY:
The Occupational Safety and
Health Review Commission (OSHRC) is
amending its regulations implementing
the Freedom of Information Act (FOIA).
The amendments to the FOIA
regulations concern minor issues that
have arisen since the regulations were
last revised in 2016.
DATES: Effective November 13, 2020.
FOR FURTHER INFORMATION CONTACT: Ron
Bailey, Attorney Advisor, Office of
General Counsel, by telephone at (202)
606–5410 or by email at rbailey@
oshrc.gov.
SUPPLEMENTARY INFORMATION:
I. Revisions to Part 2201
OSHRC’s regulations implementing
FOIA, 29 CFR part 2201, were last
revised on December 27, 2016, 81 FR
95035. OSHRC is making several minor
revisions to these regulations.
In 29 CFR 2201.5, OSHRC is revising
the reference to its Privacy Act
regulation—from § 2400.6 to § 2400.4—
based on the re-designation of section
numbers in 29 CFR part 2400, 85 FR
65221.
In 29 CFR 2201.6(a)(1), the regulation
presently states that the 20-day period
for granting or denying a FOIA request
can be tolled under two different
circumstances: ‘‘(1) The agency may toll
the 20-day period once while awaiting
information that it has reasonably
requested from the requester under this
section . . . ; or (2) The agency may toll
the 20-day period as many times as are
necessary to clarify any issue regarding
fee assessment.’’ OSHRC is revising the
word ‘‘or’’ to ‘‘and,’’ because guidance
from the Department of Justice’s Office
of Information Policy (OIP) indicates
that tolling under one circumstance
does not preclude the agency from
subsequently tolling based on the other
circumstance. This guidance, from
November 18, 2008, is available at
https://www.justice.gov/oip/oipguidance.
In 29 CFR 2201.8(e), the third
sentence of that paragraph states: ‘‘In
cases in which a requester has been
notified that actual or estimated fees
amount to more than $25, the request
shall not be considered received and
further work shall not be done on it
E:\FR\FM\13NOR1.SGM
13NOR1
]]>Agencies
[Federal Register Volume 85, Number 220 (Friday, November 13, 2020)]
[Rules and Regulations]
[Page 72564]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-23632]
[[Page 72564]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9909]
RIN 1545-BP35
Limitation on Deduction for Dividends Received From Certain
Foreign Corporations and Amounts Eligible for Section 954 Look-Through
Exception; Correcting Amendment
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to the final regulations
(Treasury Decision 9909) that were published in the Federal Register on
Thursday, August 27, 2020. Treasury Decision 9909 contained final
regulations under sections 245A and 954 of the Internal Revenue Code
(the ``Code'') that limit the deduction for certain dividends received
by United States persons from foreign corporations under section 245A
and the exception to subpart F income under section 954(c)(6) for
certain dividends received by controlled foreign corporations.
DATES: These corrections are effective on November 13, 2020.
FOR FURTHER INFORMATION CONTACT: Arielle M. Borsos or Logan M.
Kincheloe at (202) 317-6937 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9909) that are the subject of this
correction are issued under sections 245A, 954(c)(6), and 6038 of the
Internal Revenue Code.
Need for Correction
As published on August 27, 2020 (85 FR 53068), the final
regulations (TD 9909; FR Doc. 2020-18543) 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
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 1.245A-5 is amended by:
0
a. Adding a sentence after the first sentence of paragraph
(e)(3)(i)(A); and
0
b. Revising paragraphs (i)(8) and (9) and the first sentence of
paragraph (j)(10)(ii).
The addition and revisions read as follows:
Sec. 1.245A-5 Limitation of section 245A deduction and section
954(c)(6) exception.
* * * * *
(e) * * *
(3) * * *
(i) * * *
(A) * * * Because the determination as to whether there would be an
extraordinary reduction amount or tiered extraordinary reduction amount
greater than zero is made without regard to this paragraph (e)(3)(i),
this determination is made without taking into account any elections
that may be available, or other events that may occur, solely by reason
of an election described in this paragraph (e)(3)(i), such as the
application of section 954(b)(4) to a short taxable year created as a
result of the election. * * *
* * * * *
(i) * * *
(8) Extraordinary disposition E&P. The term extraordinary
disposition E&P has the meaning set forth in paragraph (c)(3)(i)(C) of
this section.
(9) Extraordinary disposition ownership percentage. The term
extraordinary disposition ownership percentage has the meaning set
forth in paragraph (c)(3)(i)(B) of this section.
* * * * *
(j) * * *
(10) * * *
(ii) * * * Because the loan from CFC1 to CFC2 and the subsequent
distribution of cash were carried out with a principal purpose of
avoiding the purposes of this section, appropriate adjustments are
required to be made under the anti-abuse rule in paragraph (h) of this
section. * * *
Crystal Pemberton,
Senior Federal Register Liaison, Publications and Regulations Branch,
Legal Processing Division, Associate Chief Counsel (Procedure and
Administration).
[FR Doc. 2020-23632 Filed 11-12-20; 8:45 am]
BILLING CODE 4830-01-P
