Investing in Qualified Opportunity Funds; Correcting Amendment, 42716 [2021-16663]
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Federal Register / Vol. 86, No. 148 / Thursday, August 5, 2021 / Rules and Regulations
property under the proposed regulations
or the final regulations except as
provided in section 1.1400Z2(d)–
1(d)(3)(vi)(D).’’.
Oluwafunmilayo P. Taylor,
Federal Register Liaison, Publications and
Regulations Branch, Legal Processing
Division, Associate Chief Counsel (Procedure
and Administration).
[FR Doc. 2021–16664 Filed 8–4–21; 8:45 am]
Correction of Publication
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:
■
Authority: 26 U.S.C. 7805 * * *
BILLING CODE 4830–01–P
Par. 2. Section 1.1400Z2(d)–1 is
amended by revising paragraphs (a)(3)
and (d)(3)(vi)(D) to read as follows:
■
DEPARTMENT OF THE TREASURY
Internal Revenue Service
§ 1.1400Z2(d)–1 Qualified opportunity
funds and qualified opportunity zone
businesses.
26 CFR Part 1
*
[TD 9889]
RIN 1545–BO4
Investing in Qualified Opportunity
Funds; Correcting Amendment
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
This document contains
corrections to Treasury Decision 9889,
which was published in the Federal
Register on Monday, January 13, 2020.
Treasury Decision 9889 contained final
regulations under the Internal Revenue
Code (Code) that govern the extent to
which taxpayers may elect the Federal
income tax benefits with respect to
certain equity interests in a qualified
opportunity fund (QOF).
DATES: These corrections are effective
on August 5, 2021 and applicable on or
after January 13, 2020.
FOR FURTHER INFORMATION CONTACT:
Concerning section 1400Z–2 and these
regulations generally, Harith J. Razaa,
(202) 317–7006, or Kyle C. Griffin, (202)
317–4718, of the Office of Associate
Chief Counsel (Income Tax and
Accounting). These numbers are not
toll-free numbers.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
The final regulations (TD 9889) that
are the subject of this correction are
under section 1400Z–2 of the Code.
khammond on DSKJM1Z7X2PROD with RULES
Need for Correction
As published on January 13, 2020 (85
FR 19082) the final regulations (TD
9889) contain errors that need to be
corrected.
List of Subjects in 26 CFR Part 1
Income Taxes, Reporting and
recordkeeping requirements.
VerDate Sep<11>2014
16:02 Aug 04, 2021
Jkt 253001
*
*
*
*
(a) * * *
(3) Self decertification of a QOF. If a
QOF chooses to decertify as a QOF, the
self-decertification must be effected in
such form and manner as may be
prescribed by the Commissioner in IRS
forms or instructions or in publications
or guidance published in the Internal
Revenue Bulletin (see §§ 601.601(d)(2)
and 601.602 of this chapter.)
*
*
*
*
*
(d) * * *
(3) * * *
(vi) * * *
(D) Safe harbor for working capital
and property on which working capital
is being expended—(1) Working capital
for start-up businesses. For start-up
businesses utilizing the working capital
safe harbor, if paragraph (d)(3)(v) of this
section treats property of an entity that
would otherwise be nonqualified
financial property as being a reasonable
amount of working capital because of
compliance with the three requirements
of paragraphs (d)(3)(v)(A) through (C) of
this section, the entity satisfies the
requirements of section 1400Z–
2(d)(3)(A)(i) only during the working
capital safe harbor period(s) for which
the requirements of paragraphs
(d)(3)(v)(A) through (C) of this section
are satisfied; however such property is
not qualified opportunity zone business
property for any purpose.
(2) Tangible property acquired with
covered working capital. For any
eligible entity, if tangible property
referred to in paragraph (d)(3)(v)(A) is
expected to satisfy the requirements of
section 1400Z–2(d)(2)(D)(i) as a result of
the planned expenditure of working
capital described in paragraph
(d)(3)(v)(A), and is purchased, leased, or
improved by the trade or business,
pursuant to the written plan for the
expenditure of the working capital, then
the tangible property is treated as
qualified opportunity zone business
PO 00000
Frm 00036
Fmt 4700
Sfmt 4700
property satisfying the requirements of
section 1400Z–2(d)(2)(D)(i), during that
and subsequent working capital periods
the property is subject to, for purposes
of the 70-percent tangible property
standard in section 1400Z–2(d)(3).
*
*
*
*
*
Oluwafunmilayo P. Taylor,
Federal Register Liaison, Publications and
Regulations Branch, Legal Processing
Division, Associate Chief Counsel (Procedure
and Administration).
[FR Doc. 2021–16663 Filed 8–4–21; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket Number USCG–2021–0574]
RIN 1625–AA00
Safety Zone; Flagship League Mariners
Ball Fireworks; Presque Isle Bay; Erie,
PA
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
The Coast Guard is
establishing a temporary safety zone for
navigable waters in Presque Isle bay in
Erie, PA. The safety zone is needed to
protect personnel, vessels, and the
marine environment from potential
hazards created by a fireworks display.
Entry of vessels or persons into this
zone is prohibited unless specifically
authorized by the Captain of the Port
Buffalo or a designated representative.
DATES: This rule is effective August 20,
2021, from 8:50 p.m. through 10 p.m.
ADDRESSES: To view documents
mentioned in this preamble as being
available in the docket, go to https://
www.regulations.gov, type USCG–2021–
0574 in the search box and click
‘‘Search.’’ Next, in the Document Type
column, select ‘‘Supporting & Related
Material.’’
SUMMARY:
If
you have questions on this rule, call or
email MST2 Anthony Urbana, U.S.
Coast Guard Sector Buffalo via
telephone 716–843–9342 or email D09SMB-SECBuffalo-WWM@uscg.mil.
SUPPLEMENTARY INFORMATION:
FOR FURTHER INFORMATION CONTACT:
I. Table of Abbreviations
CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
§ Section
E:\FR\FM\05AUR1.SGM
05AUR1
]]>Agencies
[Federal Register Volume 86, Number 148 (Thursday, August 5, 2021)]
[Rules and Regulations]
[Page 42716]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16663]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9889]
RIN 1545-BO4
Investing in Qualified Opportunity Funds; Correcting Amendment
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to Treasury Decision 9889,
which was published in the Federal Register on Monday, January 13,
2020. Treasury Decision 9889 contained final regulations under the
Internal Revenue Code (Code) that govern the extent to which taxpayers
may elect the Federal income tax benefits with respect to certain
equity interests in a qualified opportunity fund (QOF).
DATES: These corrections are effective on August 5, 2021 and applicable
on or after January 13, 2020.
FOR FURTHER INFORMATION CONTACT: Concerning section 1400Z-2 and these
regulations generally, Harith J. Razaa, (202) 317-7006, or Kyle C.
Griffin, (202) 317-4718, of the Office of Associate Chief Counsel
(Income Tax and Accounting). These numbers are not toll-free numbers.
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9889) that are the subject of this
correction are under section 1400Z-2 of the Code.
Need for Correction
As published on January 13, 2020 (85 FR 19082) the final
regulations (TD 9889) 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 1.1400Z2(d)-1 is amended by revising paragraphs (a)(3)
and (d)(3)(vi)(D) to read as follows:
Sec. 1.1400Z2(d)-1 Qualified opportunity funds and qualified
opportunity zone businesses.
* * * * *
(a) * * *
(3) Self decertification of a QOF. If a QOF chooses to decertify as
a QOF, the self-decertification must be effected in such form and
manner as may be prescribed by the Commissioner in IRS forms or
instructions or in publications or guidance published in the Internal
Revenue Bulletin (see Sec. Sec. 601.601(d)(2) and 601.602 of this
chapter.)
* * * * *
(d) * * *
(3) * * *
(vi) * * *
(D) Safe harbor for working capital and property on which working
capital is being expended--(1) Working capital for start-up businesses.
For start-up businesses utilizing the working capital safe harbor, if
paragraph (d)(3)(v) of this section treats property of an entity that
would otherwise be nonqualified financial property as being a
reasonable amount of working capital because of compliance with the
three requirements of paragraphs (d)(3)(v)(A) through (C) of this
section, the entity satisfies the requirements of section 1400Z-
2(d)(3)(A)(i) only during the working capital safe harbor period(s) for
which the requirements of paragraphs (d)(3)(v)(A) through (C) of this
section are satisfied; however such property is not qualified
opportunity zone business property for any purpose.
(2) Tangible property acquired with covered working capital. For
any eligible entity, if tangible property referred to in paragraph
(d)(3)(v)(A) is expected to satisfy the requirements of section 1400Z-
2(d)(2)(D)(i) as a result of the planned expenditure of working capital
described in paragraph (d)(3)(v)(A), and is purchased, leased, or
improved by the trade or business, pursuant to the written plan for the
expenditure of the working capital, then the tangible property is
treated as qualified opportunity zone business property satisfying the
requirements of section 1400Z-2(d)(2)(D)(i), during that and subsequent
working capital periods the property is subject to, for purposes of the
70-percent tangible property standard in section 1400Z-2(d)(3).
* * * * *
Oluwafunmilayo P. Taylor,
Federal Register Liaison, Publications and Regulations Branch, Legal
Processing Division, Associate Chief Counsel (Procedure and
Administration).
[FR Doc. 2021-16663 Filed 8-4-21; 8:45 am]
BILLING CODE 4830-01-P
