Guidance on Passive Foreign Investment Companies and the Treatment of Qualified Improvement Property Under the Alternative Depreciation System for Purposes of Sections 250(b) and 951A(d); Correction, 12886-12887 [2021-04542]

Download as PDF 12886 Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Proposed Rules To access this document in eLibrary, type the docket number excluding the last three digits of this document in the docket number field. 53. User assistance is available for eLibrary and our website during normal business hours from the Commission’s Online Support at (202) 502–6652 (toll free at 1–866–208–3676) or email at ferconlinesupport@ferc.gov, or the Public Reference Room at (202) 502– 8371, TTY (202) 502–8659. Email the Public Reference Room at public.referenceroom@ferc.gov. List of Subjects in 18 CFR Part 284 Natural gas. By direction of the Commission. Issued: February 18, 2021. Kimberly D. Bose, Secretary. In consideration of the foregoing, we propose to amend part 284, chapter I, title 18, Code of Federal Regulations, as follows. [FR Doc. 2021–03797 Filed 3–4–21; 8:45 am] BILLING CODE 6717–01–P electronically via the Federal eRulemaking Portal at https:// www.regulations.gov (IRS REG–111950– 20). FOR FURTHER INFORMATION CONTACT: Concerning proposed regulations §§ 1.250(b)–1(b)(2) and 1.250(b)–2(e)(2), Lorraine Rodriguez, (202) 317–6726; concerning proposed regulations § 1.951A–3(e)(2), Jorge M. Oben and Larry R. Pounders, (202) 317–6934; concerning proposed regulations §§ 1.1297–0 through 1.1297–2, 1.1298–0 and 1.1298–4, Christina G. Daniels at (202) 317–6934; concerning proposed regulations §§ 1.1297–4 through 1.1297– 6 (the PFIC insurance exception), Josephine Firehock at (202) 317–4932; concerning submissions of comments and requests for a public hearing, Regina L. Johnson at (202) 317–5177 (not toll-free numbers) or by sending an email to publichearings@irs.gov (preferred). SUPPLEMENTARY INFORMATION: Background PART 284—CERTAIN SALES AND TRANSPORTATION OF NATURAL GAS UNDER THE NATURAL GAS POLICY ACT OF 1978 AND RELATED AUTHORITIES DEPARTMENT OF THE TREASURY 26 CFR Part 1 The proposed regulations that are the subject of this correction are under sections 1297 and 1298 of the Internal Revenue Code. 1. The authority citation for part 284 continues to read as follows: [REG–111950–20] Need for Correction RIN 1545–BP91 As published, the notice of proposed regulations REG–111950–20 contains errors that needs to be corrected. ■ Authority: 15 U.S.C. 717–717z, 3301– 3432; 42 U.S.C. 7101–7352; 43 U.S.C. 1331– 1356. 2. In § 284.12, revise paragraphs (a)(1) and (2) to read as follows: ■ § 284.12 Standards for pipeline business operations and communications. jbell on DSKJLSW7X2PROD with PROPOSALS (2) This incorporation by reference was approved by the Director of the Federal Register in accordance with 5 U.S.C. 552(a) and 1 CFR part 51. Copies of these standards may be obtained from the North American Energy Standards Board, 801 Travis Street, Suite 1675, Houston, TX 77002, Phone: (713) 356– 0060. NAESB’s website is at https:// www.naesb.org/. Copies may be inspected at the Federal Energy Regulatory Commission, Public Reference Room, 888 First Street NE, Washington, DC 20426, Phone: (202) 502–8371, https://www.ferc.gov/, or at the National Archives and Records Administration (NARA). For information on the availability of this material at NARA, email fedreg.legal@ nara.gov, or go to: https:// www.archives.gov/federal-register/cfr/ ibr-locations.html. (a) Incorporation by reference of NAESB standards. (1) An interstate pipeline that transports gas under subparts B or G of this part must comply with the business practices and electronic communications standards as promulgated by the North American Energy Standards Board, as incorporated by reference in paragraphs (a)(1)(i) through (vii) of this section. (i) Additional Standards (Version 3.2, August 15, 2020); (ii) Nominations Related Standards (Version 3.2, August 15, 2020); (iii) Flowing Gas Related Standards (Version 3.2, August 15, 2020); (iv) Invoicing Related Standards (Version 3.2, August 15, 2020); (v) Quadrant Electronic Delivery Mechanism Related Standards (Version 3.2, August 15, 2020); (vi) Capacity Release Related Standards (Version 3.2, August 15, 2020); and (vii) internet Electronic Transport Related Standards (Version 3.2, August 15, 2020). VerDate Sep<11>2014 19:49 Mar 04, 2021 Jkt 253001 Internal Revenue Service Guidance on Passive Foreign Investment Companies and the Treatment of Qualified Improvement Property Under the Alternative Depreciation System for Purposes of Sections 250(b) and 951A(d); Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to a notice of proposed rulemaking. AGENCY: This document contains a correction to a notice of proposed rulemaking (REG–111950–20) that was published in the Federal Register on January 15, 2021. The proposed regulations regarding the determination of whether a foreign corporation is treated as a passive foreign investment company (‘‘PFIC’’) for purposes of the Internal Revenue Code (‘‘Code’’). DATES: Written or electronic comments and requests for a public hearing are still being accepted and must be received by April 14, 2021. ADDRESSES: Send submissions to Internal Revenue Service, CC: PA: LPD: PR (REG–111950–20), Room 5205, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Alternatively, persons may submit comments SUMMARY: PO 00000 Frm 00050 Fmt 4702 Sfmt 4702 Correction of Publication Accordingly, the notice of proposed rulemaking (REG–111950–20) that was the subject of FR Doc. 2020–27003, published at 86 FR 4582 (January 15, 2021), is corrected to read as follows: 1. On page 4589, the first column, the twelfth line from the bottom of the last full paragraph, the language ‘‘corporation)’’ is corrected to read ‘‘corporation’’). 2. On page 4592, the second column, the tenth line from the top of the first partial paragraph, the language ‘‘interests’’ is corrected to read ‘‘interests,’’. § 1.1297–1 [Corrected] 3. On page 4603, the first column, in § 1.1297–1, the second line and fourth line from the bottom of paragraph (c)(2)(ii)(A), the language ‘‘(I)’’ is corrected to read‘‘(1); and ‘‘(II)’’ is corrected to read ‘‘(2)’’. ■ § 1.1297–4 [Corrected] 4. On page 4605, the third column, in § 1.1297–4, the second line from the bottom of paragraph (f)(6)(i), the language ‘‘statement’’ is corrected to read ‘‘statement,’’. ■ E:\FR\FM\05MRP1.SGM 05MRP1 Federal Register / Vol. 86, No. 42 / Friday, March 5, 2021 / Proposed Rules 5. On page 4605, the third column, in § 1.1297–4, the seventh line from the bottom of paragraph (f)(6)(ii), the language ‘‘IFRS’’ is corrected to read ‘‘IFRS,’’. ■ 6. On page 4605, the third column, in § 1.1297–4, the third line from the bottom of paragraph (f)(6)(iii), the language ‘‘IFRS’’ is corrected to read ‘‘IFRS,’’. ■ § 1.1297–5 [Corrected] 7. On page 4606, the third column, in § 1.1297–5, the third line from the bottom of paragraph (c)(2)(I)(E), the language ‘‘timeline’’ is corrected to read ‘‘timeline,’’. ■ 8. On page 4607, the third column, in § 1.1297–5, the fifth line from the top of paragraph (f)(3), the language ‘‘reserves’’ is corrected to read ‘‘reserves,’’. ■ 9. On page 4607, in the third column, in § 1.1297–5, the fourth line from the top of the first partial paragraph (f)(4), the language ‘‘management’’ is corrected to read ‘‘management,’’. ■ 10. On page 4607, the third column, in § 1.1297–5, the second line from the bottom of paragraph (f)(5), the language ‘‘annuity’’ is corrected to read ‘‘annuity,’’. ■ 11. On page 4607, the third column, in § 1.1297–5, the second line from the top of paragraph (f)(7), the language ‘‘marketing’’ is corrected to read ‘‘marketing,’’. ■ Crystal Pemberton, Senior Federal Register Liaison, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2021–04542 Filed 3–4–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF HOMELAND SECURITY CFR Code of Federal Regulations DHS Department of Homeland Security FR Federal Register NPRM Notice of proposed rulemaking § Section U.S.C. United States Code 33 CFR Part 165 [Docket Number USCG–2021–0083] II. Background, Purpose, and Legal Basis RIN 1625–AA00 Safety Zone; Fincantieri Blasting Project; Menominee River, Menominee, MI and Marinette, WI Coast Guard, DHS. Notice of proposed rulemaking. AGENCY: jbell on DSKJLSW7X2PROD with PROPOSALS The Coast Guard is proposing to establish a temporary safety zone for certain waters of the Menominee River in Marinette, WI within 1000 feet of a blasting area. This action is necessary to provide for the safety of life on these navigable waters during the daily blasting at the southern bank of the SUMMARY: VerDate Sep<11>2014 19:49 Mar 04, 2021 If you have questions about this proposed rulemaking, call or email Chief Petty Officer Jeromy Sherrill, Sector Lake Michigan Waterways Management Division, U.S. Coast Guard; telephone 414–747–7148, email Jeromy.N.Sherrill@uscg.mil. SUPPLEMENTARY INFORMATION: FOR FURTHER INFORMATION CONTACT: I. Table of Abbreviations Coast Guard ACTION: Menominee River near the Fincantieri Marinette Marine facility. This proposed rulemaking would restrict usage by persons and vessels within the safety zone. At no time during the effective period may vessels or person pass between the construction barges and southern bank of Menominee River. Also during the entire effective period, vessels are prohibit from transiting the safety zone at speeds that would create a wake. Additionally, during blasting operations, lasting approximately 15 minutes each evening, no person or vessel may enter the safety zone. These restrictions would apply to all vessels during the effective period unless authorized by the Captain of the Port Lake Michigan or a designated representative. We invite your comments on this proposed rulemaking. DATES: Comments and related material must be received by the Coast Guard on or before March 22, 2021. ADDRESSES: You may submit comments identified by docket number USCG– 2021–0083 using the Federal eRulemaking Portal at https:// www.regulations.gov. See the ‘‘Public Participation and Request for Comments’’ portion of the SUPPLEMENTARY INFORMATION section for further instructions on submitting comments. Jkt 253001 On February 26, 2021, Roen Salvage Company notified the Coast Guard that it will be conducting daily blasting operations beginning April 1, 2021 to November 30, 2021, for an approximate 15 minute period occurring between 3:30 to 5:30 p.m. in conjunction with a construction project. The blasting will take place on the southern bank of the Menominee River near the Fincantieri Marinette Marine facility. The Captain of the Port Sector Lake Michigan (COTP) has determined that potential hazards associated with the blasting would be a PO 00000 Frm 00051 Fmt 4702 Sfmt 4702 12887 safety concern for anyone within a 1000 foot radius of the blasting site. The purpose of this rulemaking is to ensure the safety of vessels and the navigable waters within a 1000-foot radius of the blasting site before, during, and after the scheduled event. The Coast Guard is proposing this rulemaking under authority in 46 U.S.C. 70034 (previously 33 U.S.C. 1231).] The Coast Guard is issuing this temporary rule with an abridged notice and opportunity to comment pursuant to authority under section 4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This provision authorizes an agency to issue a rule without prior notice and opportunity to comment when the agency for good cause finds that those procedures are ‘‘impracticable, unnecessary, or contrary to the public interest.’’ Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good cause exists for not undertaking a thirty-day comment period with respect to this rule because the Coast Guard received details of these operations with insufficient time remaining to undergo a full thirty-day comment period. While it is impracticable to undergo a full thirtyday comment period and still protect the public from the hazards associated with these operations, the Coast Guard invites comments for the next fifteen days. Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause exists for making this rule effective less than 30 days after publication in the Federal Register. Delaying the effective date of this rule would be impracticable for the same reason stated above—immediate action is needed to respond to the potential safety hazards associated with the daily blasting. III. Discussion of Proposed Rule The COTP is proposing to establish a safety zone lasting from April 1, 2021 to November 30, 2021 for an approximate 15 minute period occurring daily between 3:30 to 5:30 p.m. The safety zone would cover all navigable waters within 1000 foot radius of the blasting site which will be on the southern bank of the Menominee River at the Fincantieri Ship Yard in Marinette, WI. The duration of the zone is intended to ensure the safety of vessels and these navigable waters before, during, and after the daily blasting event. No vessel or person would be permitted to enter the safety zone during blasting operations. During non-blasting times, no vessels would be permitted to transit the area at speeds that would create a wake. Additionally, no vessels would be permitted to transit between the E:\FR\FM\05MRP1.SGM 05MRP1

Agencies

[Federal Register Volume 86, Number 42 (Friday, March 5, 2021)]
[Proposed Rules]
[Pages 12886-12887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-04542]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-111950-20]
RIN 1545-BP91


Guidance on Passive Foreign Investment Companies and the 
Treatment of Qualified Improvement Property Under the Alternative 
Depreciation System for Purposes of Sections 250(b) and 951A(d); 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to a notice of proposed rulemaking.

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SUMMARY: This document contains a correction to a notice of proposed 
rulemaking (REG-111950-20) that was published in the Federal Register 
on January 15, 2021. The proposed regulations regarding the 
determination of whether a foreign corporation is treated as a passive 
foreign investment company (``PFIC'') for purposes of the Internal 
Revenue Code (``Code'').

DATES: Written or electronic comments and requests for a public hearing 
are still being accepted and must be received by April 14, 2021.

ADDRESSES: Send submissions to Internal Revenue Service, CC: PA: LPD: 
PR (REG-111950-20), Room 5205, P.O. Box 7604, Ben Franklin Station, 
Washington, DC 20044. Alternatively, persons may submit comments 
electronically via the Federal eRulemaking Portal at https://www.regulations.gov (IRS REG-111950-20).

FOR FURTHER INFORMATION CONTACT: Concerning proposed regulations 
Sec. Sec.  1.250(b)-1(b)(2) and 1.250(b)-2(e)(2), Lorraine Rodriguez, 
(202) 317-6726; concerning proposed regulations Sec.  1.951A-3(e)(2), 
Jorge M. Oben and Larry R. Pounders, (202) 317-6934; concerning 
proposed regulations Sec. Sec.  1.1297-0 through 1.1297-2, 1.1298-0 and 
1.1298-4, Christina G. Daniels at (202) 317-6934; concerning proposed 
regulations Sec. Sec.  1.1297-4 through 1.1297-6 (the PFIC insurance 
exception), Josephine Firehock at (202) 317-4932; concerning 
submissions of comments and requests for a public hearing, Regina L. 
Johnson at (202) 317-5177 (not toll-free numbers) or by sending an 
email to [email protected] (preferred).

SUPPLEMENTARY INFORMATION:

Background

    The proposed regulations that are the subject of this correction 
are under sections 1297 and 1298 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed regulations REG-111950-20 
contains errors that needs to be corrected.

Correction of Publication

    Accordingly, the notice of proposed rulemaking (REG-111950-20) that 
was the subject of FR Doc. 2020-27003, published at 86 FR 4582 (January 
15, 2021), is corrected to read as follows:
    1. On page 4589, the first column, the twelfth line from the bottom 
of the last full paragraph, the language ``corporation)'' is corrected 
to read ``corporation'').
    2. On page 4592, the second column, the tenth line from the top of 
the first partial paragraph, the language ``interests'' is corrected to 
read ``interests,''.


Sec.  1.1297-1  [Corrected]

0
3. On page 4603, the first column, in Sec.  1.1297-1, the second line 
and fourth line from the bottom of paragraph (c)(2)(ii)(A), the 
language ``(I)'' is corrected to read``(1); and ``(II)'' is corrected 
to read ``(2)''.


Sec.  1.1297-4   [Corrected]

0
4. On page 4605, the third column, in Sec.  1.1297-4, the second line 
from the bottom of paragraph (f)(6)(i), the language ``statement'' is 
corrected to read ``statement,''.

[[Page 12887]]

0
5. On page 4605, the third column, in Sec.  1.1297-4, the seventh line 
from the bottom of paragraph (f)(6)(ii), the language ``IFRS'' is 
corrected to read ``IFRS,''.
0
6. On page 4605, the third column, in Sec.  1.1297-4, the third line 
from the bottom of paragraph (f)(6)(iii), the language ``IFRS'' is 
corrected to read ``IFRS,''.


Sec.  1.1297-5   [Corrected]

0
7. On page 4606, the third column, in Sec.  1.1297-5, the third line 
from the bottom of paragraph (c)(2)(I)(E), the language ``timeline'' is 
corrected to read ``timeline,''.
0
8. On page 4607, the third column, in Sec.  1.1297-5, the fifth line 
from the top of paragraph (f)(3), the language ``reserves'' is 
corrected to read ``reserves,''.
0
9. On page 4607, in the third column, in Sec.  1.1297-5, the fourth 
line from the top of the first partial paragraph (f)(4), the language 
``management'' is corrected to read ``management,''.
0
10. On page 4607, the third column, in Sec.  1.1297-5, the second line 
from the bottom of paragraph (f)(5), the language ``annuity'' is 
corrected to read ``annuity,''.
0
11. On page 4607, the third column, in Sec.  1.1297-5, the second line 
from the top of paragraph (f)(7), the language ``marketing'' is 
corrected to read ``marketing,''.

Crystal Pemberton,
Senior Federal Register Liaison, Legal Processing Division, Associate 
Chief Counsel, (Procedure and Administration).
[FR Doc. 2021-04542 Filed 3-4-21; 8:45 am]
BILLING CODE 4830-01-P
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