Department of Treasury August 2006 – Federal Register Recent Federal Regulation Documents

The Community Development Financial Institutions Fund (the Fund), a government corporation within the Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, is soliciting comments on continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law No. 104- 13 (44 U.S.C. 3506(c)(2)(A)): (i) Community Development Financial Institutions Program Awardee Annual Report (OMB Number 1559-0006) (hereafter, the Annual Report), and (ii) Annual Survey: Institution Level Report; Transaction Level Report; IRS Compliance Questions (OMB Number 1559-0027) (the Annual Survey). The two documents comprise certain reporting requirements for participants in the Fund's Community Development Financial Institutions (CDFI) Program, Native American CDFI Assistance (NACA) Program, Native American Technical Assistance (NATA) Program, Native American CDFI Development (NACD) Program, and New Markets Tax Credits (NMTC) Program. This notice further serves to consolidate the Annual Report and the Annual Survey. The combined reports shall be referred to as the Annual Report. The Annual Report forms (and related documents, including the CDFI Program assistance agreement, the NACA/NATA/NACD Program assistance agreement, and the NMTC Program allocation agreement) may be found at the Fund's Web site at https://www.cdfifund.gov.

This document contains final regulations relating to the depreciation of property subject to section 168 of the Internal Revenue Code (MACRS property) and the depreciation of computer software subject to section 167. Specifically, these final regulations provide guidance regarding the additional first year depreciation allowance provided by sections 168(k) and 1400L(b) for certain MACRS property and computer software. The regulations reflect changes to the law made by the Job Creation and Worker Assistance Act of 2002, the Jobs and Growth Tax Relief Reconciliation Act of 2003, the Working Families Tax Relief Act of 2004, the American Jobs Creation Act of 2004, and the Gulf Opportunity Zone Act of 2005.

This document contains final regulations under sections 162(k) and 404(k) of the Internal Revenue Code (Code) providing that a payment in redemption of employer securities held by an employee stock ownership plan (ESOP) is not deductible. These regulations generally affect administrators of, employers maintaining, participants in, and beneficiaries of ESOPs. In addition, they will affect corporations that make distributions in redemption of stock held in an ESOP.

The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on an information collection that is due for extension approval by the Office of Management and Budget. The Office of International Monetary and Financial Policy within the Department of the Treasury is soliciting comments concerning Extension of Foreign Currency Form FC-1 (OMB No. 1505-0012) Weekly Consolidated Foreign Currency Report of Major Market Participants, Form FC-2 (OMB No. 1505-0010) Monthly Consolidated Foreign Currency Report of Major Market Participants, and Form FC-3 (OMB No. 1505-0014) Quarterly Consolidated Foreign Currency Report. The reports are mandatory.

This document contains proposed regulations that provide guidance relating to the exclusion from gross income of previously taxed earnings and profits under section 959 of the Internal Revenue Code (Code) and related basis adjustments under section 961 of the Code. These regulations reflect relevant statutory changes made in years subsequent to 1983. These regulations also address a number of issues that the current section 959 and section 961 regulations do not clearly answer. These regulations, in general, will affect United States shareholders of controlled foreign corporations and their successors in interest.

An open meeting of the Area 3 Taxpayer Advocacy Panel will be conducted (via teleconference). The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.

Closed meeting of the Art Advisory Panel will be held in Washington, DC.

The Department of the Treasury (Treasury) is issuing this rule in final form as part of its implementation of amendments made to Title I of the Terrorism Risk Insurance Act of 2002 (TRIA or Act) by the Terrorism Risk Insurance Extension Act of 2005 (Extension Act). The Act established a temporary Terrorism Risk Insurance Program (Program) that was scheduled to expire on December 31, 2005, under which the Federal Government shared the risk of insured losses from certified acts of terrorism with commercial property and casualty insurers. The Extension Act extends the Program through December 31, 2007, and makes other changes which are implemented by this rule. In particular, the rule addresses changes to the types of commercial property and casualty insurance covered by the Act, the requirements to satisfy the Act's mandatory availability (``make available'') provision and the operation of the new ``Program Trigger'' provision in section 103(e)(1)(B) of the Act. Treasury published an interim final rule and a cross-referenced proposed rule with a request for comment on May 11, 2006. This final rule finalizes the proposed rule by adopting the text of the interim final rule without revision.

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 706-GS(D-1), Notification of Distribution From a Generation- Skipping Trust.

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-141402-02, Limitation on Use of the Nonaccrual-Experience Method Under Section 448(d)(5).

This document contains corrections to final regulations that were published in the Federal Register on Thursday, June 1, 2006 (71 FR 31268) concerning the deduction for income attributable to domestic production activities under section 199.

This document corrects a notice of proposed rulemaking (REG- 109367-06) that was published in the Federal Register on Monday, August 7, 2006 (71 FR 44600) clarifying the circumstances in which accounts or notes receivable are ``acquired * * * for services rendered'' within the meaning of section 1221(a)(4) of the Internal Revenue Code.

This document contains corrections to final regulations (TD 9272) that were published in the Federal Register on Tuesday, August 1, 2006 (71 FR 43363) relating to income that is associated with a residual interest in a Real Estate Mortgage Investment Conduit (REMIC) and that is allocated through certain entities to foreign persons who have invested in those entities.

The OCC, 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, as required by the Paperwork Reduction Act of 1995. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. The OCC is soliciting comment concerning its information collection titled, ``Investment Securities (12 CFR part 1).'' The OCC also gives notice that it has sent the information collection to the Office of Management and Budget (OMB) for review.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of two newly designated individuals whose property and interests in property are blocked pursuant to Executive Order 13338 of May 11, 2004, ``Blocking Property of Certain Persons and Prohibiting the Export of Certain Goods to Syria.''

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 5434, Application for Enrollment, and Form 5434-A, Application for Renewal of Enrollment.

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-124312-02, Golden Parachute Payments.

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 Notice 2003-67, Notice on Information Reporting for Payments in Lieu of Dividends.

This document contains corrections to final regulations that were published in the Federal Register on Tuesday, March 14, 2006 (71 FR 13008) regarding guidance on suspension of losses on certain stock dispositions.

In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3507), OTS may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid OMB control number. On April 28, 2006, OTS requested public comment for 60 days (71 FR 25282) on proposed revisions to the Thrift Financial Report (TFR), which is currently an approved collection of information. The notice described regulatory reporting revisions proposed for the TFR: Schedule DI Consolidated Deposit Information to become effective September 30, 2006, primarily in response to the increased levels of deposit insurance from $100,000 to $250,000 for retirement accounts provided by the Federal Deposit Insurance Corporation (``FDIC'') Board of Directors on March 14, 2006, in interim rules effective April 1, 2006 (71 FR 14629), implementing certain provisions of the Federal Deposit Insurance Reform Act of 2005, (``Reform Act'') (Pub. L. 109-171). After considering the comments received, OTS has adopted the proposed revisions, with the exception of one proposed line item deletion, and is setting the effective date for the revisions at December 31, 2006. OTS is submitting the adopted revisions to OMB for review and approval.