Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471; Correction, 32185-32186 [2021-12550]
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32185
Rules and Regulations
Federal Register
Vol. 86, No. 115
Thursday, June 17, 2021
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 111
[Docket No.: FAA–2020–0246; Amdt. Nos.
11–65, 91–363, and 111–1A]
PART 111 [CORRECTED]
1. On page 31060, in the second
column, in amendment 5, the
instruction ‘‘Effective September 8,
2021, add part 111 to subchapter G to
read as follows:’’ is corrected to read
‘‘Effective August 9, 2021, add part 111
to subchapter G to read as follows:’’
Issued in Washington, DC, under the
authority of 49 U.S.C. 106(f), U.S.C.
106(f), 106(g) 44701(a), 44703, 44711,
46105, and 46301 on or about June 11,
2021.
■
Timothy R. Adams,
Acting Executive Director, Office of
Rulemaking, Federal Aviation
Administration.
[FR Doc. 2021–12749 Filed 6–16–21; 8:45 am]
RIN 2120–AK31
BILLING CODE 4910–13–P
Pilot Records Database; Correction
Background
The final regulations (TD 9942) that
are the subject of this correction are
issued under sections 263A, 448, 460,
and 471 of the Internal Revenue Code.
Need for Correction
As published on January 5, 2021 (86
FR 254), the final regulations (TD 9942)
contain errors that need to be corrected.
In addition, a correction to Example 1
in § 1.263A–4(a)(5)(iii) is being made to
conform to the statutory amendments
made to section 263A by section 13102
of Public Law 115–97 (131 Stat. 2054),
commonly referred to as the Tax Cuts
and Jobs Act.
Federal Aviation
Administration (FAA), U.S. Department
of Transportation (DOT).
ACTION: Final rule; correction.
DEPARTMENT OF THE TREASURY
List of Subjects in 26 CFR Part 1
Internal Revenue Service
Income taxes, Reporting and
recordkeeping requirements.
26 CFR Part 1
Correction of Publication
On June 10, 2021, the FAA
published a final rule regarding the use
of an electronic Pilot Records Database
(PRD) and implementing statutory
requirements to facilitate the sharing of
pilot records among air carriers and
other operators in an electronic data
system managed by the FAA. An error
in one of the amendatory instructions
resulted in an incorrect effective date.
This document corrects that effective
date.
[TD 9942]
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendments:
AGENCY:
SUMMARY:
This correction is effective
August 9, 2021.
DATES:
FOR FURTHER INFORMATION CONTACT:
lotter on DSK11XQN23PROD with RULES1
concerning all other regulations in this
document, Anna Gleysteen, (202) 317–
7007.
SUPPLEMENTARY INFORMATION:
Christopher Morris, 3500 S MacArthur
Blvd, ARB301, Oklahoma City,
Oklahoma 73179; telephone (405) 954–
4646; email christopher.morris@faa.gov.
SUPPLEMENTARY INFORMATION: The final
rule, published June 10, 2021, at 86 FR
31006, amends Title 14 of the Code of
Federal Regulations (14 CFR) by adding
new part 111, Pilot Records Database
(PRD). The amendment adding part 111
was intended to be effective on August
9, 2021, but was erroneously printed
with an effective date of September 8,
2021.
Therefore, in FR Doc. 2021–11424
appearing on page 31006 in the Federal
Register of Thursday, June 10, 2021, the
following corrections are made:
VerDate Sep<11>2014
17:19 Jun 16, 2021
Jkt 253001
RIN 1545–BP53
Small Business Taxpayer Exceptions
Under Sections 263A, 448, 460 and
471; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
This document contains
corrections to the final regulations
Treasury Decision 9942, that were
published in the Federal Register on
Tuesday, January 5, 2021. The final
regulations implemented legislative
changes that simplify the application of
certain tax accounting provisions for
eligible businesses with average annual
gross receipts that do not exceed
$25,000,000, adjusted for inflation.
DATES: These corrections are effective
on June 17, 2021. For dates of
applicability, see §§ 1.263A–1(a)(2)(i),
1.263A–1(m)(6), 1.263A–2(g)(4),
1.263A–3(f)(2), 1.263A–4(g)(2), 1.263A–
7(a)(4)(ii), 1.381(c)(5)–1(f), 1.446–1(c)(3),
1.448–2(h), 1.448–3(h), 1.460–1(h)(3),
1.460–3(d), 1.460–4(i), 1.460–6(k), and
1.471–1(c).
FOR FURTHER INFORMATION CONTACT:
Concerning §§ 1.460–1 through 1.460–6,
Innessa Glazman, (202) 317–7006;
SUMMARY:
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
■
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.263A–0 is amended
by adding the entries for § 1.263A–
1(m)(1) through (5) to read as follows:
■
§ 1.263A–0 Outline of regulations under
section 263A.
*
*
§ 1.263A–1
*
*
*
Uniform Capitalization of Costs
*
*
*
*
*
(m) * * *
(1) In general.
(2) Mixed service costs; selfconstructed tangible personal property
produced on a routine and repetitive
basis.
(3) Costs allocable to property sold;
indirect costs; licensing and franchise
costs.
(4) Materials and supplies.
(5) Definitions of section 471 costs
and additional section 263A costs.
*
*
*
*
*
E:\FR\FM\17JNR1.SGM
17JNR1
32186
Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Rules and Regulations
§ 1.263A–4
[Amended]
§ 1.460–6
Par. 3. Section 1.263A–4 is amended
by:
■ 1. Removing the language ‘‘(a)(4)’’
from the first sentence of paragraph
(a)(1) and adding ‘‘(a)(5)’’ in its place,
■ 2. Adding the language ‘‘(a)(3)’’ to the
first sentence of paragraph (a)(4), after
the language ‘‘(a)(2),’’,
■ 3. Removing the language ‘‘(a)(4)’’
from paragraph (a)(5)(iii) and adding
‘‘(a)(5)’’ in its place, and
■ 4. Removing the last sentence of
paragraph (a)(5)(iii) Example 1.
■ Par. 4. Section 1.263A–15 is amended
by adding paragraph (a)(5) to read as
follows:
§ 1.263A–15 Effective dates, transitional
rules, and anti-abuse rule.
DEPARTMENT OF THE TREASURY
(a) * * *
(5) The last sentence of each of
§ 1.263A–8(a)(1) and § 1.263A–9(e)(2)
apply to taxable years beginning on or
after January 5, 2021. However, for a
taxable year beginning after December
31, 2017, and before January 5, 2021, a
taxpayer may apply the last sentence of
each of § 1.263A–8(a)(1) and § 1.263A–
9(e)(2), provided that the taxpayer
follows all the applicable rules
contained in the regulations under
section 263A for such taxable year and
all subsequent taxable years.
*
*
*
*
*
Alcohol and Tobacco Tax and Trade
Bureau
■
§ 1.448–2
[Amended]
Par. 5. Section 1.448–2 is amended by
removing the language ‘‘(g)(3)’’ from the
sixth sentence of paragraph (g)(1) and
adding ‘‘(g)’’ in its place.
■ Par. 6. Section 1.460–0 is amended by
revising the entry for § 1.460–3(b)(3) and
adding entry (b)(3)(iii) to read as
follows:
■
§ 1.460–0 Outline of regulations under
section 460.
*
*
*
*
*
§ 1.460–3 Long-term construction
contracts.
*
*
*
*
*
(b) * * *
(3) Gross receipts test.
*
*
*
*
*
(iii) Method of accounting.
*
*
*
*
*
§ 1.460–3
lotter on DSK11XQN23PROD with RULES1
Look-back method.
*
Par. 7. Section 1.460–3 is amended by
removing the language ‘‘Example’’ from
the heading of paragraph (b)(3)((ii)(D)
and adding ‘‘Examples’’ in its place.
■ Par. 8. Section 1.460–6 is amended by
revising the second sentence of
paragraph (c)(3)(vi) to read as follows:
VerDate Sep<11>2014
17:19 Jun 16, 2021
Jkt 253001
Crystal Pemberton,
Senior Federal Register Liaison, Legal
Processing Division, Associate Chief Counsel,
(Procedure and Administration).
[FR Doc. 2021–12550 Filed 6–16–21; 8:45 am]
BILLING CODE 4830–01–P
27 CFR Part 9
[Docket No. TTB–2020–0004; T.D. TTB–167;
Ref: Notice No. 189]
RIN 1513–AC57
Establishment of the White Bluffs
Viticultural Area
Alcohol and Tobacco Tax and
Trade Bureau, Treasury.
ACTION: Final rule; Treasury decision.
AGENCY:
The Alcohol and Tobacco Tax
and Trade Bureau (TTB) establishes the
93,738-acre ‘‘White Bluffs’’ viticultural
area in Franklin County, Washington.
The White Bluffs viticultural area is
located entirely within the existing
Columbia Valley viticultural area. TTB
designates viticultural areas to allow
vintners to better describe the origin of
their wines and to allow consumers to
better identify wines they may
purchase.
DATES: This final rule is effective July
19, 2021.
FOR FURTHER INFORMATION CONTACT:
Karen A. Thornton, Regulations and
Rulings Division, Alcohol and Tobacco
Tax and Trade Bureau, 1310 G Street
NW, Box 12, Washington, DC 20005;
phone 202–453–1039, ext. 175.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background on Viticultural Areas
[Amended]
■
*
*
*
*
(c) * * *
(3) * * *
(vi) * * * Thus, the taxes, if any,
imposed under sections 55 and 59A
(relating to alternative and base erosion
minimum tax, respectively) must be
taken into account.* * *
*
*
*
*
*
TTB Authority
Section 105(e) of the Federal Alcohol
Administration Act (FAA Act), 27
U.S.C. 205(e), authorizes the Secretary
of the Treasury to prescribe regulations
for the labeling of wine, distilled spirits,
and malt beverages. The FAA Act
provides that these regulations should,
among other things, prohibit consumer
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
deception and the use of misleading
statements on labels and ensure that
labels provide the consumer with
adequate information as to the identity
and quality of the product. The Alcohol
and Tobacco Tax and Trade Bureau
(TTB) administers the FAA Act
pursuant to section 1111(d) of the
Homeland Security Act of 2002,
codified at 6 U.S.C. 531(d). The
Secretary has delegated the functions
and duties in the administration and
enforcement of these provisions to the
TTB Administrator through Treasury
Order 120–01, dated December 10, 2013
(superseding Treasury Order 120–01,
dated January 24, 2003).
Part 4 of the TTB regulations (27 CFR
part 4) authorizes TTB to establish
definitive viticultural areas and regulate
the use of their names as appellations of
origin on wine labels and in wine
advertisements. Part 9 of the TTB
regulations (27 CFR part 9) sets forth
standards for the preparation and
submission to TTB of petitions for the
establishment or modification of
American viticultural areas (AVAs) and
lists the approved AVAs.
Definition
Section 4.25(e)(1)(i) of the TTB
regulations (27 CFR 4.25(e)(1)(i)) defines
a viticultural area for American wine as
a delimited grape-growing region having
distinguishing features, as described in
part 9 of the regulations, and a name
and a delineated boundary, as
established in part 9 of the regulations.
These designations allow vintners and
consumers to attribute a given quality,
reputation, or other characteristic of a
wine made from grapes grown in an area
to the wine’s geographic origin. The
establishment of AVAs allows vintners
to describe more accurately the origin of
their wines to consumers and helps
consumers to identify wines they may
purchase. Establishment of an AVA is
neither an approval nor an endorsement
by TTB of the wine produced in that
area.
Requirements
Section 4.25(e)(2) of the TTB
regulations (27 CFR 4.25(e)(2)) outlines
the procedure for proposing an AVA
and provides that any interested party
may petition TTB to establish a grapegrowing region as an AVA. Section 9.12
of the TTB regulations (27 CFR 9.12)
prescribes standards for petitions for the
establishment or modification of AVAs.
Petitions to establish an AVA must
include the following:
• Evidence that the area within the
proposed AVA boundary is nationally
or locally known by the AVA name
specified in the petition;
E:\FR\FM\17JNR1.SGM
17JNR1
]]>Agencies
[Federal Register Volume 86, Number 115 (Thursday, June 17, 2021)]
[Rules and Regulations]
[Pages 32185-32186]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-12550]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9942]
RIN 1545-BP53
Small Business Taxpayer Exceptions Under Sections 263A, 448, 460
and 471; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to the final regulations
Treasury Decision 9942, that were published in the Federal Register on
Tuesday, January 5, 2021. The final regulations implemented legislative
changes that simplify the application of certain tax accounting
provisions for eligible businesses with average annual gross receipts
that do not exceed $25,000,000, adjusted for inflation.
DATES: These corrections are effective on June 17, 2021. For dates of
applicability, see Sec. Sec. 1.263A-1(a)(2)(i), 1.263A-1(m)(6),
1.263A-2(g)(4), 1.263A-3(f)(2), 1.263A-4(g)(2), 1.263A-7(a)(4)(ii),
1.381(c)(5)-1(f), 1.446-1(c)(3), 1.448-2(h), 1.448-3(h), 1.460-1(h)(3),
1.460-3(d), 1.460-4(i), 1.460-6(k), and 1.471-1(c).
FOR FURTHER INFORMATION CONTACT: Concerning Sec. Sec. 1.460-1 through
1.460-6, Innessa Glazman, (202) 317-7006; concerning all other
regulations in this document, Anna Gleysteen, (202) 317-7007.
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9942) that are the subject of this
correction are issued under sections 263A, 448, 460, and 471 of the
Internal Revenue Code.
Need for Correction
As published on January 5, 2021 (86 FR 254), the final regulations
(TD 9942) contain errors that need to be corrected. In addition, a
correction to Example 1 in Sec. 1.263A-4(a)(5)(iii) is being made to
conform to the statutory amendments made to section 263A by section
13102 of Public Law 115-97 (131 Stat. 2054), commonly referred to as
the Tax Cuts and Jobs Act.
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 1.263A-0 is amended by adding the entries for Sec.
1.263A-1(m)(1) through (5) to read as follows:
Sec. 1.263A-0 Outline of regulations under section 263A.
* * * * *
Sec. 1.263A-1 Uniform Capitalization of Costs
* * * * *
(m) * * *
(1) In general.
(2) Mixed service costs; self-constructed tangible personal
property produced on a routine and repetitive basis.
(3) Costs allocable to property sold; indirect costs; licensing and
franchise costs.
(4) Materials and supplies.
(5) Definitions of section 471 costs and additional section 263A
costs.
* * * * *
[[Page 32186]]
Sec. 1.263A-4 [Amended]
0
Par. 3. Section 1.263A-4 is amended by:
0
1. Removing the language ``(a)(4)'' from the first sentence of
paragraph (a)(1) and adding ``(a)(5)'' in its place,
0
2. Adding the language ``(a)(3)'' to the first sentence of paragraph
(a)(4), after the language ``(a)(2),'',
0
3. Removing the language ``(a)(4)'' from paragraph (a)(5)(iii) and
adding ``(a)(5)'' in its place, and
0
4. Removing the last sentence of paragraph (a)(5)(iii) Example 1.
0
Par. 4. Section 1.263A-15 is amended by adding paragraph (a)(5) to read
as follows:
Sec. 1.263A-15 Effective dates, transitional rules, and anti-abuse
rule.
(a) * * *
(5) The last sentence of each of Sec. 1.263A-8(a)(1) and Sec.
1.263A-9(e)(2) apply to taxable years beginning on or after January 5,
2021. However, for a taxable year beginning after December 31, 2017,
and before January 5, 2021, a taxpayer may apply the last sentence of
each of Sec. 1.263A-8(a)(1) and Sec. 1.263A-9(e)(2), provided that
the taxpayer follows all the applicable rules contained in the
regulations under section 263A for such taxable year and all subsequent
taxable years.
* * * * *
Sec. 1.448-2 [Amended]
0
Par. 5. Section 1.448-2 is amended by removing the language ``(g)(3)''
from the sixth sentence of paragraph (g)(1) and adding ``(g)'' in its
place.
0
Par. 6. Section 1.460-0 is amended by revising the entry for Sec.
1.460-3(b)(3) and adding entry (b)(3)(iii) to read as follows:
Sec. 1.460-0 Outline of regulations under section 460.
* * * * *
Sec. 1.460-3 Long-term construction contracts.
* * * * *
(b) * * *
(3) Gross receipts test.
* * * * *
(iii) Method of accounting.
* * * * *
Sec. 1.460-3 [Amended]
0
Par. 7. Section 1.460-3 is amended by removing the language ``Example''
from the heading of paragraph (b)(3)((ii)(D) and adding ``Examples'' in
its place.
0
Par. 8. Section 1.460-6 is amended by revising the second sentence of
paragraph (c)(3)(vi) to read as follows:
Sec. 1.460-6 Look-back method.
* * * * *
(c) * * *
(3) * * *
(vi) * * * Thus, the taxes, if any, imposed under sections 55 and
59A (relating to alternative and base erosion minimum tax,
respectively) must be taken into account.* * *
* * * * *
Crystal Pemberton,
Senior Federal Register Liaison, Legal Processing Division, Associate
Chief Counsel, (Procedure and Administration).
[FR Doc. 2021-12550 Filed 6-16-21; 8:45 am]
BILLING CODE 4830-01-P
