Department of the Treasury August 23, 2007 – Federal Register Recent Federal Regulation Documents

The Department of the Treasury (Department), with the concurrence of the Office of Government Ethics (OGE), is amending the Supplemental Standards of Ethical Conduct for Employees of the Department of the Treasury (Treasury Supplemental Ethics Regulations). The final rule revises the circumstances under which covered Office of Thrift Supervision (OTS) employees may obtain credit cards and loans secured by a principal residence from OTS-regulated savings associations or their subsidiaries. This amendment also modifies rules on disqualifications.

This document contains a correction to final regulations (TD 9346) that were published in the Federal Register on Friday, July 27, 2007 (72 FR 41222) relating to the tax on the entry of taxable fuel into the United States.

This document contains a correction to notice of proposed rulemaking that was published in the Federal Register on Thursday, August 2, 2007 providing guidance regarding the generation-skipping transfer (GST) tax consequences of the severance of trusts in a manner that is effective under state law, but that does not meet the requirements of a qualified severance. These proposed regulations also provide guidance regarding the GST tax consequences of a qualified severance of a trust with an inclusion ratio between zero and one into more than two resulting trusts and provide special funding rules applicable to the non pro rata division of certain assets between or among resulting trusts.