Department of Treasury 2006 – Federal Register Recent Federal Regulation Documents

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Unblocking Of Specially Designated Narcotics Traffickers Pursuant To Executive Order 12978
Document Number: E6-22344
Type: Notice
Date: 2006-12-29
Agency: Department of Treasury, Office of Foreign Assets Control, Foreign Assets Control Office
The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of four individuals whose property and interests in property have been unblocked pursuant to Executive Order 12978 of October 21, 1995, Blocking Assets and Prohibiting Transactions With Significant Narcotics Traffickers.
Additional Designation of Entities Pursuant to Executive Order 12978
Document Number: E6-22342
Type: Notice
Date: 2006-12-29
Agency: Department of the Treasury, Office of Foreign Assets Control, Foreign Assets Control Office, Department of Treasury
The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of seventeen newly-designated persons whose property and interests in property are blocked pursuant to Executive Order 12978 of October 21, 1995, ``Blocking Assets and Prohibiting Transactions with Significant Narcotics Traffickers.'' In addition, OFAC is publishing changes to the identifying information associated with nine persons previously designated pursuant to Executive Order 12978.
Community Reinvestment Act Regulations
Document Number: 06-9944
Type: Rule
Date: 2006-12-29
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
The OCC, the Board, and the FDIC (collectively, the ``agencies'') are publishing this joint final rule to reinsert a provision that was inadvertently deleted when the agencies revised their Community Reinvestment Act (CRA) regulations in August 2005. This change is technical only and does not make any substantive revisions. The agencies are also amending their CRA regulations to increase the asset-size threshold to be used to define ``small bank'' and ``intermediate small bank.'' The regulation is amended to state the increase in the threshold amount based on the annual percentage change in the Consumer Price Index.
Reporting Rules for Widely Held Fixed Investment Trusts
Document Number: 06-9924
Type: Rule
Date: 2006-12-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations amending Sec. 1.671- 5 which provides reporting rules for widely held fixed investment trusts (WHFITs). These final regulations clarify and simplify reporting for trustees and middlemen of non-mortgage widely held fixed investment trusts (NMWHFITs). These final regulations also provide temporary safe harbor reporting rules for widely held mortgage trusts (WHMTs) that are outside the WHMT safe harbor. The preamble to these regulations also provides that trustees of WHFITs are to indicate on the Form 1041, ``U.S. Income Tax Return for Estates and Trusts,'' filed for a WHFIT's 2006 calendar year that the return is a final return.
Westfield Bank, Westfield Mutual Holding Company, Westfield Financial, Inc., and New Westfield Financial, Inc., Westfield, MS; Approval of Conversion Application
Document Number: 06-9915
Type: Notice
Date: 2006-12-29
Agency: Department of the Treasury, Office of Thrift Supervision, Thrift Supervision Office, Department of Treasury
Renegotiation Board Interest Rate; Prompt Interest Rate; Contract Disputes Act
Document Number: 06-9866
Type: Notice
Date: 2006-12-29
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
For the period beginning January 1, 2007, and ending on June 30, 2007, the prompt payment interest rate is 5\1/4\ per centum per annum.
Privacy Act of 1974, as Amended; System of Records
Document Number: E6-22297
Type: Notice
Date: 2006-12-28
Agency: Department of the Treasury, Department of Treasury
The Treasury Department gives notice of proposed alterations to the system of records entitled, ``Treasury .007-Personnel Security System,'' which is subject to the Privacy Act of 1974.
Submission for OMB Review; Comment Request
Document Number: E6-22296
Type: Notice
Date: 2006-12-28
Agency: Department of the Treasury, Department of Treasury
User Fees for Processing Installment Agreements
Document Number: E6-22257
Type: Rule
Date: 2006-12-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains amendments to the regulations relating to user fees for installment agreements. The amendments update the fees to reflect the actual costs of the services provided and create an exception to the increased fee for entering into installment agreements for low-income taxpayers. The amendments affect taxpayers who wish to pay their liabilities through installment agreements.
Proposed Collection: Comment Request for Regulation Project
Document Number: E6-22256
Type: Notice
Date: 2006-12-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning final regulation, REG-209682-94 (TD 8847), Adjustments Following Sales of Partnership Interests, (Sec. Sec. 1.732-1 and 1.743-1).
Proposed Collection; Comment Request for Form 1139
Document Number: E6-22255
Type: Notice
Date: 2006-12-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 1139, Corporation Application for Tentative Refund.
Proposed Collection; Comment Request for Form SS-8
Document Number: E6-22254
Type: Notice
Date: 2006-12-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13(44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form SS-8, Determination of Worker Status for Purpose of Federal Employment Taxes and Income Tax Withholding.
Changes in Computing Depreciation
Document Number: 06-9892
Type: Rule
Date: 2006-12-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains regulations relating to a change in computing depreciation or amortization as well as a change from a nondepreciable or nonamortizable asset to a depreciable or amortizable asset (or vice versa). Specifically, these regulations provide guidance to any taxpayer that makes a change in depreciation or amortization on whether such a change is a change in method of accounting under section 446(e) of the Internal Revenue Code and on the application of section 1016(a)(2) in determining whether the change is a change in method of accounting.
Source of Income From Certain Space and Ocean Activities; Source of Communications Income
Document Number: E6-22174
Type: Rule
Date: 2006-12-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under section 863(d) governing the source of income from certain space and ocean activities. It also contains final regulations under section 863(a), (d), and (e) governing the source of income from certain communications activities. In addition, this document contains final regulations under section 863(a) and (b), amending the regulations in Sec. 1.863-3 to conform those regulations to these final regulations. The final regulations primarily affect persons who derive income from activities conducted in space, or on or under water not within the jurisdiction of a foreign country, possession of the United States, or the United States (in international water). The final regulations also affect persons who derive income from transmission of communications.
Income and Currency Gain or Loss With Respect to a Section 987 QBU; Correction
Document Number: E6-22169
Type: Proposed Rule
Date: 2006-12-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a notice of proposed rulemaking that was published in the Federal Register on Thursday, September 7, 2006 (71 FR 52876), regarding the determination of the items of income or loss of a taxpayer with respect to a section 987 qualified business unit as well as the timing, amount, character and source of any section 987 gain or loss.
Proposed Collection; Comment Request for Regulation Project
Document Number: E6-22168
Type: Notice
Date: 2006-12-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, REG-120200-97 (TD 8775), Election Not to Apply Look-Back Method in De Minimis Cases (Sec. 1.460-6).
Flat Rate Supplemental Wage Withholding; Correction
Document Number: E6-22022
Type: Rule
Date: 2006-12-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations (TD 9276) that were published in the Federal Register on Tuesday, July 25, 2006 (71 FR 42049), amending the regulations that provide for determining the amount of income tax withholding on supplemental wages. These regulations apply to all employers and others making supplemental wage payments to employees.
Exchanges of Property for an Annuity
Document Number: E6-22020
Type: Proposed Rule
Date: 2006-12-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
On October 18, 2006, on page 61441 of the Federal Register (71 FR 61441), a notice of proposed rulemaking and notice of public hearing announced that a public hearing concerning guidance on the taxation of the exchange of property for an annuity contract will be held February 16, 2007 in the auditorium of the New Carrollton Federal Building, 5000 Ellin Road, Lanham, MD 20706. The location of the public hearing has changed.
Railroad Track Maintenance Credit; Hearing Cancellation
Document Number: E6-22018
Type: Proposed Rule
Date: 2006-12-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations by cross-reference to temporary regulations relating to the railroad track maintenance credit determined for qualified railroad track maintenance expenditures paid or incurred by a Class II or Class III railroad and other eligible taxpayers during the taxable year.
Proposed Agency Information Collection Activities; Comment Request-Savings Association Holding Company Report H-(b)11
Document Number: 06-9893
Type: Notice
Date: 2006-12-27
Agency: Department of the Treasury, Office of Thrift Supervision, Thrift Supervision Office, Department of Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the Department of the Treasury will submit the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. Today, OTS is soliciting public comments on its proposal to extend this information collection.
Financial Management Service; Proposed Collection of Information: Direct Deposit Sign-Up Form
Document Number: 06-9858
Type: Notice
Date: 2006-12-27
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
The Financial Management Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection. By this notice, the Financial Management Service solicits comments concerning the Form 1199A ``Direct Deposit Sign-Up Form'' and Form 1200 ``Go Direct Sign Up Form for Direct Deposit of Federal Benefit Payments.''
Financial Management Service; Proposed Collection of Information: Final Rule-Management of Federal Agency Disbursements
Document Number: 06-9857
Type: Notice
Date: 2006-12-27
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
The Financial Management Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to make this opportunity to comment on a continuing information collection. By this notice, the Financial Management Service solicits comments concerning the ``Final Rule Management of Federal Agency Disbursements.''
Additional Designation of Individual Pursuant to Executive Order 13224
Document Number: E6-22069
Type: Notice
Date: 2006-12-26
Agency: Department of the Treasury, Office of Foreign Assets Control, Foreign Assets Control Office, Department of Treasury
The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the name of one newly-designated individual whose property and interests in property are blocked pursuant to Executive Order 13224 of September 23, 2001, ``Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism.''
Application of Separate Limitations to Dividends From Noncontrolled Section 902 Corporations; Correction
Document Number: E6-22024
Type: Rule
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final and temporary regulations that were published in the Federal Register on Tuesday, April 25, 2006 (71 FR 24516) concerning the application of separate foreign tax credit limitations to dividends received from noncontrolled section 902 corporations under section 904(d)(4).
General Allocation and Accounting Regulations Under Section 141
Document Number: E6-22023
Type: Proposed Rule
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
On September 26, 2006, on page 56072 of the Federal Register (71 FR 56072), a notice of proposed rulemaking and notice of public hearing announced that a public hearing relating to allocation and accounting of tax-exempt bonds proceeds for purposes of the private activity bond restrictions will be held January 11, 2007, in the auditorium of the New Carrollton Federal Building, 5000 Ellin Road, Lanham, MD 20706. The location of the public hearing has changed.
Treatment of Payments in Lieu of Taxes Under Section 141
Document Number: E6-22017
Type: Proposed Rule
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
On October 19, 2006, on page 61693 of the Federal Register (71 FR 61693), a notice of proposed rulemaking and notice of public hearing announced that a public hearing concerning applying the private security or payment test for State and local governmental issuers of tax-exempt bonds will be held February 13, 2007 in the auditorium of the New Carrollton Federal Building, 5000 Ellin Road, Lanham, MD 20706. The location of the public hearing has changed.
TIPRA Amendments to Section 199
Document Number: E6-22016
Type: Proposed Rule
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
On October 19, 2006, on page 61692 of the Federal Register (71 FR 61692), a notice of proposed rulemaking by cross-reference to temporary regulations and notice of public hearing announced that a public hearing concerning the application of section 199, which provides a deduction for income attributable to domestic production activities will be held February 5, 2007 in the auditorium of the New Carrollton Federal Building, 5000 Ellin Road, Lanham, MD 20706. The location of the public hearing has changed.
Proposed Collection; Comment Request for Tip Reporting Alternative Commitment (Hairstyling Industry)
Document Number: E6-22014
Type: Notice
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Tip Reporting Alternative Commitment (Hairstyling Industry).
Proposed Collection; Comment Request for Tip Reporting Alternative Commitment (TRAC) for Most Industries
Document Number: E6-22013
Type: Notice
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Tip Reporting Alternative Commitment (TRAC) for Most Industries.
Proposed Collection; Comment Request for Tip Rate Determination Agreement (TRDA) for Most Industries
Document Number: E6-22012
Type: Notice
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Tip Rate Determination Agreement (TRDA) for Most Industries.
Proposed Collection; Comment Request for Deduction Guidance and Capitalization Expenditures
Document Number: E6-22011
Type: Notice
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing regulation, REG-125638-01 (Final), (TD 9107) Guidance Regarding Deduction and Capitalization of Expenditures.
Proposed Collection; Comment Request for Form 2587
Document Number: E6-22010
Type: Notice
Date: 2006-12-26
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 2587, Application for Special Enrollment Examination.
Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Domestic Capital Modifications
Document Number: 06-9738
Type: Proposed Rule
Date: 2006-12-26
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the Agencies) are proposing revisions to the existing risk-based capital framework that would enhance its risk sensitivity without unduly increasing regulatory burden. These changes would apply to banks, bank holding companies, and savings associations (banking organizations). A banking organization would be able to elect to adopt these proposed revisions or remain subject to the Agencies' existing risk-based capital rules, unless it uses the Advanced Capital Adequacy Framework proposed in the notice of proposed rulemaking published on September 25, 2006 (Basel II NPR). In this notice of proposed rulemaking (NPR or Basel IA), the Agencies are proposing to expand the number of risk weight categories, allow the use of external credit ratings to risk weight certain exposures, expand the range of recognized collateral and eligible guarantors, use loan-to-value ratios to risk weight most residential mortgages, increase the credit conversion factor for certain commitments with an original maturity of one year or less, assess a charge for early amortizations in securitizations of revolving exposures, and remove the 50 percent limit on the risk weight for certain derivative transactions. A banking organization would have to apply all the proposed changes if it chose to use these revisions. Finally, in Section III of this NPR, the Agencies seek further comment on possible alternatives for implementing the ``International Convergence of Capital Measurement and Capital Standards: A Revised Framework'' (Basel II) in the United States as proposed in the Basel II NPR.
Risk-Based Capital Standards: Advanced Capital Adequacy Framework
Document Number: 06-9737
Type: Proposed Rule
Date: 2006-12-26
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
On September 25, 2006, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) issued a joint notice of proposed rulemaking for public comment that proposed a new risk-based capital adequacy framework (Basel II NPR). The Basel II NPR would require some and permit other qualifying banks \1\ to use an internal ratings-based approach to calculate regulatory credit risk capital requirements and advanced measurement approaches to calculate regulatory operational risk capital requirements. The Basel II NPR describes the qualifying criteria for banks required or seeking to operate under the proposed framework and the applicable risk-based capital requirements for banks that operate under the framework. The Basel II NPR comment period will end on January 23, 2007.
Proposed Agency Information Collection Activities; Comment Request
Document Number: 06-9736
Type: Notice
Date: 2006-12-26
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35), the OCC, the Board, the FDIC, and the OTS (collectively, the agencies) may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, approved the agencies' publication for public comment of proposed new regulatory reporting requirements for banks \1\ that qualify for and adopt the Advanced Capital Adequacy Framework to calculate their risk-based capital requirement or banks that are in the parallel run stage of qualifying to adopt this proposed framework. This notice extends the comment period on this document for consistency with the extension of the comment period for the notice of proposed rulemaking on the Advanced Capital Adequacy Framework, as published elsewhere in today's issue of the Federal Register.
Treatment of Services Under Section 482 Allocation of Income and Deductions From Intangibles Stewardship Expense; Correction
Document Number: E6-21909
Type: Proposed Rule
Date: 2006-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a notice of proposed rulemaking by cross-reference to temporary regulations, notice of proposed rulemaking, and notice of public hearing that was published in the Federal Register on Friday, August 4, 2006 (71 FR 44247) relating to the treatment of controlled services transactions under section 482. These regulations also provide guidance regarding the allocation of income from intangibles, in particular with respect to contributions by a controlled party to the value of an intangible owned by another controlled party, as it relates to controlled services transactions, and modify the regulations under section 861 concerning stewardship expenses to be consistent with the changes made to the regulations under section 482.
Treatment of Services Under Section 482; Allocation of Income and Deductions From Intangibles; Stewardship Expense; Correction
Document Number: E6-21908
Type: Rule
Date: 2006-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final and temporary regulations (TD 9278) that was published in the Federal Register on Friday, August 4, 2006 (71 FR 44466) regarding the treatment of controlled services transactions under section 482 and the allocation of income from intangibles, in particular with respect to contributions by a controlled party to the value of an intangible owned by another controlled party. This document also contains corrections to final and temporary regulations that modify the regulations under section 861 concerning stewardship expenses to be consistent with the changes made to the regulations under section 482.
Treatment of Services Under Section 482; Allocation of Income and Deductions From Intangibles; Stewardship Expense; Correction
Document Number: E6-21907
Type: Rule
Date: 2006-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final and temporary regulations (TD 9278) that was published in the Federal Register on Friday, August 4, 2006 (71 FR 44466) regarding the treatment of controlled services transactions under section 482 and the allocation of income from intangibles, in particular with respect to contributions by a controlled party to the value of an intangible owned by another controlled party. This document also contains corrections to final and temporary regulations that modify the regulations under section 861 concerning stewardship expenses to be consistent with the changes made to the regulations under section 482.
Guidance Necessary To Facilitate Business Electronic Filing Under Section 1561
Document Number: 06-9758
Type: Rule
Date: 2006-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations that affect component members of controlled groups of corporations and consolidated groups filing life-nonlife Federal income tax returns. They provide guidance regarding the apportionment of tax benefit items and the amount and type of information these members are required to submit with their returns. The text of the temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.
Guidance Necessary To Facilitate Business Electronic Filing Under Section 1561
Document Number: 06-9757
Type: Proposed Rule
Date: 2006-12-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations that affect component members of controlled groups of corporations and consolidated groups filing life-nonlife Federal income tax returns. They provide guidance regarding the apportionment of tax benefit items and the amount and type of information these members are required to submit with their returns. The text of those regulations also serves as the text of these proposed regulations.
Submission for OMB Review; Comment Request
Document Number: E6-21823
Type: Notice
Date: 2006-12-21
Agency: Department of the Treasury, Department of Treasury
Proposed Agency Information Collection Activities; Comment Request-'34 Act Disclosures
Document Number: E6-21731
Type: Notice
Date: 2006-12-20
Agency: Department of the Treasury, Office of Thrift Supervision, Thrift Supervision Office, Department of Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the Department of the Treasury will submit the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. Today, OTS is soliciting public comments on its proposal to extend this information collection.
Submission for OMB Review; Comment Request
Document Number: E6-21720
Type: Notice
Date: 2006-12-20
Agency: Department of the Treasury, Department of Treasury
Open Meeting of the Financial Literacy and Education Commission
Document Number: E6-21712
Type: Notice
Date: 2006-12-20
Agency: Department of the Treasury, Department of Treasury
This notice announces a meeting of the Financial Literacy and Education Commission, established by the Financial Literacy and Education Improvement Act (Title V of the Fair and Accurate Credit Transactions Act of 2003).
Submission to OMB for Approval and Request for Comment for Form 1040 and Schedules A, B, C, C-EZ, D, D-1, E, EIC, F, H, J, R, and SE, Form 1040A and Schedules 1, 2, and 3, and Form 1040EZ, and All Attachments to These Forms
Document Number: E6-21709
Type: Notice
Date: 2006-12-20
Agency: Department of the Treasury, Department of Treasury
The Department of Treasury has submitted the public information collections described in this notice to the Office of Management and Budget (OMB) for review and approval under the Paperwork Reduction Act of 1995, Public Law 104-13.
Prohibited Allocations of Securities in an S Corporation
Document Number: E6-21669
Type: Rule
Date: 2006-12-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide guidance concerning requirements under section 409(p) of the Internal Revenue Code for employee stock ownership plans (ESOPs) holding stock of Subchapter S corporations. These final regulations generally affect plan sponsors of, and participants in, ESOPs holding stock of Subchapter S corporations.
Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds-Customer Confirmation Reporting Requirement Threshold Amount
Document Number: E6-21668
Type: Rule
Date: 2006-12-20
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
The Department of the Treasury (``Treasury,'' ``We,'' or ``Us'') is issuing in final form an amendment to 31 CFR part 356 (Uniform Offering Circular for the Sale and Issue of Marketable Book- Entry Treasury Bills, Notes, and Bonds) that raises the customer confirmation reporting requirement threshold amount from $500 million to $750 million. Beginning on December 31, 2006, any customer awarded a par amount of $750 million or more in a Treasury marketable securities auction must send us a confirmation of its awarded bid(s) by 10 a.m. on the day following the auction. This final rule also clarifies that customer confirmations may now be sent by e-mail as well as by fax or hand delivery.
Prohibition on the Exportation, Melting, or Treatment of 5-Cent and One-Cent Coins
Document Number: 06-9777
Type: Rule
Date: 2006-12-20
Agency: Monetary Offices, Department of Treasury, Department of the Treasury
To protect the coinage of the United States, this interim rule prohibits the exportation, melting, and treatment of 5-cent and one- cent coins. This interim rule is issued pursuant to 31 U.S.C. 5111(d), which authorizes the Secretary of the Treasury to prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States. This interim rule is effective until April 14, 2007. The public is invited to comment until January 14, 2007. Thereafter, but prior to April 14, 2007, the Department of the Treasury will reevaluate the need for the rule in light of the public comments, and other relevant factors. Upon consideration of the public comments and other relevant factors, the Department of the Treasury may issue a final rule extending or modifying the provisions of this interim rule, or may allow the interim rule to expire without extension.
Corporate Reorganizations; Distributions Under Sections 368(a)(1)(D) and 354(b)(1)(B)
Document Number: E6-21572
Type: Proposed Rule
Date: 2006-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations that provide guidance regarding the qualification of certain transactions as reorganizations described in section 368(a)(1)(D) where no stock and/or securities of the acquiring corporation is issued and distributed in the transaction. These regulations affect corporations engaging in such transactions and their shareholders. The text of those regulations also serves as the text of these proposed regulations.