Meals and Entertainment Expenses Under Section 274; Correction, 82355 [2020-26860]
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Federal Register / Vol. 85, No. 244 / Friday, December 18, 2020 / Rules and Regulations
the event that a buyer deems the
delivered cannabis to be defective, the
buyer’s sole remedy for damages shall
be against the grower and not the
Administration.
Timothy J. Shea,
Acting Administrator.
[FR Doc. 2020–27999 Filed 12–17–20; 8:45 am]
BILLING CODE 4410–09–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9925]
RIN 1545–BP23
Meals and Entertainment Expenses
Under Section 274; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations; correction.
AGENCY:
This document contains
corrections to the final regulations
(Treasury Decision 9925) that published
in the Federal Register on October 9,
2020. The final regulations provide
guidance under section 274 of the
Internal Revenue Code (Code) regarding
certain recent amendments made to that
section. Specifically, the final
regulations address the elimination of
the deduction under section 274 for
expenditures related to entertainment,
amusement, or recreation activities, and
provide guidance to determine whether
an activity is of a type generally
considered to be entertainment.
DATES: These corrections are effective
on December 18, 2020 and applicable
for taxable years that begin on or after
October 9, 2020.
FOR FURTHER INFORMATION CONTACT:
Patrick Clinton of the Office of the
Associate Chief Counsel (Income Tax
and Accounting), (202) 317–7005 (not
toll-free numbers).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
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The final regulations (TD 9925) that
are the subject of this correction are
issued under section 274 of the Internal
Revenue Code.
Need for Correction
As published the final regulations (TD
9925) contain errors that need to be
corrected.
2020–21990, published on October 9,
2020 (85 FR 64026), are corrected as
follows:
1. On page 64031, third column, the
second line, the language ‘‘in
Sutherland Lumber’’ is corrected to read
‘‘in Sutherland Lumber-Southwest’’.
2. On page 64031, third column, the
ninth line of the second full paragraph,
the language ‘‘§ 1.274–10(a)(2)(ii)(C)(2)’’
is corrected to read ‘‘§ 1.274–
10(a)(2)(ii)(C)(2)’’.
3. On page 64032, second column, the
second line, the language ‘‘or gross
income is zero, whether zero is’’ is
corrected to read ‘‘or gross income is
zero (other than due to a reimbursement
by the recipient), whether zero is’’.
4. On page 64032, second column, the
thirteenth line from the top of the page,
the language ‘‘(e)(9) do not apply.’’ is
corrected to read ‘‘(e)(9) generally do not
apply.’’.
5. On page 64032, second column, the
thirteenth line from the top of the page,
the language ‘‘Similarly, the exceptions
in section 274(e)(2) and (e)(9) do not
apply if’’ is corrected to read ‘‘However,
the exceptions in section 274(e)(2) and
(e)(9) will apply if the recipient
reimburses the taxpayer for a portion of
the value of the food or beverages even
if the value exceeding the reimbursed
amount is properly excluded from the
recipient’s compensation and wages or
gross income. In this case, however, the
taxpayer must apply the dollar-fordollar rule as described in § 1.274–
12(c)(2)(i)(D). In cases in which’’.
6. On page 64032, second column, the
second and last sentence from the
bottom of the first partial paragraph,
remove the language ‘‘. In that case,
however,’’.
7. On page 64032, third column, the
third line of the second full paragraph,
the language ‘‘regulations confirm’’ is
corrected to read ‘‘regulations
confirmed’’.
8. On page 64032, third column, the
twelfth line of the second full
paragraph, the language ‘‘demonstrates’’
is corrected to read ‘‘demonstrated’’.
Crystal Pemberton,
Senior Federal Register Liaison, Publications
and Regulations Branch, Legal Processing
Division, Associate Chief Counsel, (Procedure
and Administration).
[FR Doc. 2020–26860 Filed 12–17–20; 8:45 am]
BILLING CODE 4830–01–P
Correction of Publication
Accordingly, the final regulations (TD
9925), that are the subject of FR Doc.
VerDate Sep<11>2014
20:56 Dec 17, 2020
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82355
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2020–0694]
Drawbridge Operation Regulation; Gulf
Intracoastal Waterway, Madeira Beach
FL
Coast Guard, DHS.
Notice of temporary deviation
from regulations; request for comments.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the Welch
Causeway (SR 699) Bridge, mile 122.8 at
Madeira Beach, Florida. A request was
made to place the drawbridge on a daily
operating schedule to alleviate vehicle
congestion due to on demand bridge
openings. This deviation will test a
change to the drawbridge operation
schedule to determine whether a
permanent change to the schedule is
needed. The Coast Guard is seeking
comments from the public regarding
these proposed changes.
DATES: This deviation is effective from
12:01 a.m. on January 1, 2021 through
11:59 p.m. on June 25, 2021.
Comments and relate material must
reach the Coast Guard on or before
February 25, 2021.
ADDRESSES: You may submit comments
identified by docket umber USCG–
2020–0694 using Federal eRulemaking
Portal at https://www.regulations.gov.
See the ‘‘Public Participation and
Request for Comments’’ portion of the
SUPPLEMENTARY INFORMATION section
below for instructions on submitting
comments.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this test
deviation, call or email LT Clark W.
Sanford, U.S. Coast Guard, Sector Saint
Petersburg Waterways Management
Division; telephone 727–824–7506,
email Clark.W.Sanford@uscg.mil.
SUPPLEMENTARY INFORMATION:
SUMMARY:
I. Background, Purpose and Legal Basis
The Welch Causeway (SR699) Bridge
across the Gulf Intracoastal Waterway,
mile 122.8, at Madeira Beach, Florida is
a double-leaf bascule bridge with a 25
foot vertical clearance at mean high
water in the closed position and an 89
foot horizontal clearance between
fenders. The normal operating schedule
for the bridge is found in 33 CFR
117.287(h). Navigation on the waterway
is commercial and recreational.
The City of Madeira Beach Florida has
requested the current operating
E:\FR\FM\18DER1.SGM
18DER1
]]>Agencies
[Federal Register Volume 85, Number 244 (Friday, December 18, 2020)]
[Rules and Regulations]
[Page 82355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26860]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9925]
RIN 1545-BP23
Meals and Entertainment Expenses Under Section 274; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations; correction.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to the final regulations
(Treasury Decision 9925) that published in the Federal Register on
October 9, 2020. The final regulations provide guidance under section
274 of the Internal Revenue Code (Code) regarding certain recent
amendments made to that section. Specifically, the final regulations
address the elimination of the deduction under section 274 for
expenditures related to entertainment, amusement, or recreation
activities, and provide guidance to determine whether an activity is of
a type generally considered to be entertainment.
DATES: These corrections are effective on December 18, 2020 and
applicable for taxable years that begin on or after October 9, 2020.
FOR FURTHER INFORMATION CONTACT: Patrick Clinton of the Office of the
Associate Chief Counsel (Income Tax and Accounting), (202) 317-7005
(not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9925) that are the subject of this
correction are issued under section 274 of the Internal Revenue Code.
Need for Correction
As published the final regulations (TD 9925) contain errors that
need to be corrected.
Correction of Publication
Accordingly, the final regulations (TD 9925), that are the subject
of FR Doc. 2020-21990, published on October 9, 2020 (85 FR 64026), are
corrected as follows:
1. On page 64031, third column, the second line, the language ``in
Sutherland Lumber'' is corrected to read ``in Sutherland Lumber-
Southwest''.
2. On page 64031, third column, the ninth line of the second full
paragraph, the language ``Sec. 1.274-10(a)(2)(ii)(C)(2)'' is corrected
to read ``Sec. 1.274-10(a)(2)(ii)(C)(2)''.
3. On page 64032, second column, the second line, the language ``or
gross income is zero, whether zero is'' is corrected to read ``or gross
income is zero (other than due to a reimbursement by the recipient),
whether zero is''.
4. On page 64032, second column, the thirteenth line from the top
of the page, the language ``(e)(9) do not apply.'' is corrected to read
``(e)(9) generally do not apply.''.
5. On page 64032, second column, the thirteenth line from the top
of the page, the language ``Similarly, the exceptions in section
274(e)(2) and (e)(9) do not apply if'' is corrected to read ``However,
the exceptions in section 274(e)(2) and (e)(9) will apply if the
recipient reimburses the taxpayer for a portion of the value of the
food or beverages even if the value exceeding the reimbursed amount is
properly excluded from the recipient's compensation and wages or gross
income. In this case, however, the taxpayer must apply the dollar-for-
dollar rule as described in Sec. 1.274-12(c)(2)(i)(D). In cases in
which''.
6. On page 64032, second column, the second and last sentence from
the bottom of the first partial paragraph, remove the language ``. In
that case, however,''.
7. On page 64032, third column, the third line of the second full
paragraph, the language ``regulations confirm'' is corrected to read
``regulations confirmed''.
8. On page 64032, third column, the twelfth line of the second full
paragraph, the language ``demonstrates'' is corrected to read
``demonstrated''.
Crystal Pemberton,
Senior Federal Register Liaison, Publications and Regulations Branch,
Legal Processing Division, Associate Chief Counsel, (Procedure and
Administration).
[FR Doc. 2020-26860 Filed 12-17-20; 8:45 am]
BILLING CODE 4830-01-P
