Department of Treasury November 2007 – Federal Register Recent Federal Regulation Documents

Operating Subsidiary
Document Number: E7-23295
Type: Notice
Date: 2007-11-30
Agency: Department of the Treasury, Office of Thrift Supervision, Thrift Supervision Office, Department of Treasury
The proposed information collection request (ICR) described below has been submitted to the Office of Management and Budget (OMB) for review and approval, as required by the Paperwork Reduction Act of 1995. OTS is soliciting public comments on the proposal.
Proposed Agency Information Collection Activities; Comment Request-Notice of Hiring or Indemnifying Senior Executive Officers or Directors
Document Number: E7-23264
Type: Notice
Date: 2007-11-30
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.
Proposed Agency Information Collection Activities; Comment Request-Interagency Charter and Federal Deposit Insurance Application
Document Number: E7-23263
Type: Notice
Date: 2007-11-30
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.
Partner's Distributive Share; Hearing
Document Number: E7-23192
Type: Proposed Rule
Date: 2007-11-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations providing rules concerning the application of sections 704(c)(1)(B) and 737 to distributions of property after two partnerships engage in an assets-over merger. The proposed regulations affect partnerships and their partners.
Submission for OMB Review; Comment Request
Document Number: E7-23156
Type: Notice
Date: 2007-11-29
Agency: Department of the Treasury, Department of Treasury
Submission for OMB Review; Comment Request
Document Number: E7-23155
Type: Notice
Date: 2007-11-29
Agency: Department of the Treasury, Department of Treasury
Information Reporting for Lump-Sum Timber Sales
Document Number: E7-23098
Type: Proposed Rule
Date: 2007-11-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that provide guidance regarding the information reporting requirements contained in section 6045(e) of the Internal Revenue Code (Code) on sales or exchanges of standing timber for lump-sum (outright) payments. The proposed regulations amend Sec. 1.6045-4 of the Income Tax Regulations to require real estate reporting persons, as defined in section 6045(e)(2) of the Code, to report lump-sum payments received by sellers (landowners) for sales or exchanges of standing timber. This action is being taken to make the reporting requirements for lump-sum sales of standing timber consistent with the reporting requirements applicable to pay-as- cut timber sales. The proposed regulations do not change the information reporting requirements that currently apply to sales or exchanges of standing timber for pay-as-cut (contingent) payments under section 6050N of the Code.
Government Securities: Call for Large Position Reports
Document Number: 07-5890
Type: Notice
Date: 2007-11-29
Agency: Department of the Treasury, Department of Treasury
The Department of the Treasury (``Department'' or ``Treasury'') called for the submission of Large Position Reports by those entities whose reportable positions in the 3\7/8\% Treasury Notes of October 2012 equaled or exceeded $2 billion as of close of business November 26, 2007.
Unblocking of Specially Designated National Pursuant to Executive Order 13224
Document Number: E7-22897
Type: Notice
Date: 2007-11-23
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 removing the names of one individual and twelve entities from the list of Specially Designated Nationals and Blocked Persons whose property and interests in property have been 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. The individual, Ahmed Idris NASREDDIN, was designated pursuant to Executive Order 13224 on April 19, 2002. The twelve entities: AKIDA BANK PRIVATE LIMITED, AKIDA INVESTMENT CO. LTD. GULF CENTER S.R.L., MIGA-MALAYSIAN SWISS, GULF AND AFRICAN CHAMBER; NASCO BUSINESS RESIDENCE CENTER SAS DI NASREDDIN AHMED IDRIS EC, NASCO NASREDDIN HOLDING A.S., NASCOSERVICE S.R.L., NASCOTEX S.A., NASREDDIN COMPANY NASCO SAS DI AHMED IDRIS NASREDDIN EC, NASREDDIN FOUNDATION, NASREDDIN GROUP INTERNATIONAL HOLDING LIMITED, NASREDDIN INTERNATIONAL GROUP LIMITED HOLDING; were designated pursuant to Executive Order 13224 on August 28, 2002.
User Fees Relating to Enrollment To Perform Actuarial Services; Hearing
Document Number: E7-22893
Type: Proposed Rule
Date: 2007-11-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations relating to user fees for the initial and renewed enrollment to become an enrolled actuary.
Notification Requirement for Tax-Exempt Entities Not Currently Required to File; Correction
Document Number: E7-22892
Type: Rule
Date: 2007-11-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to temporary regulations (TD 9366) that was published in the Federal Register on Thursday, November 15, 2007 (72 FR 64147) describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F).
Designation of Three Individuals Pursuant to Executive Order 13441
Document Number: E7-22888
Type: Notice
Date: 2007-11-23
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 three newly designated individuals whose property and interests in property are blocked pursuant to Executive Order 13441 of August 1, 2007, ``Blocking Property of Persons Undermining the Sovereignty of Lebanon or Its Democratic Processes and Institutions.''
Designation of One Individual Pursuant to Executive Order 13338
Document Number: E7-22874
Type: Notice
Date: 2007-11-23
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 13338 of May 11, 2004, ``Blocking Property of Certain Persons and Prohibiting the Export of Certain Goods to Syria.''
Additional Designation of One Entity Pursuant to Executive Order 13224
Document Number: E7-22866
Type: Notice
Date: 2007-11-23
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 entity 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.''
Additional Designation of Two Entities Pursuant to Executive Order 13224
Document Number: E7-22864
Type: Notice
Date: 2007-11-23
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 two newly-designated entities 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.''
Removal of Tobacco Products and Cigarette Papers and Tubes, Without Payment of Tax, for United States Use in Law Enforcement Activities (2003R-268P)
Document Number: E7-22703
Type: Rule
Date: 2007-11-21
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
This Treasury decision adopts as a final rule, without change, a temporary rule that allows manufacturers of tobacco products and cigarette papers and tubes to remove these articles without payment of tax for use by Federal agencies in law enforcement activities, and without inclusion of the otherwise required tax-exempt label.
Small Domestic Producer Wine Tax Credit-Implementation of Public Law 104-188, Section 1702, Amendments Related to the Revenue Reconciliation Act of 1990 (96R-028T)
Document Number: E7-22698
Type: Rule
Date: 2007-11-21
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
The Alcohol and Tobacco Tax and Trade Bureau is adopting as a final rule, with some clarifying or editorial changes, the temporary regulations concerning transfer of the small domestic producer wine tax credit and computation of the wine bond that were adopted in response to the Small Business Job Protection Act of 1996.
Proposed Establishment of the Leona Valley Viticultural Area (2007R-281P)
Document Number: E7-22697
Type: Proposed Rule
Date: 2007-11-21
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
The Alcohol and Tobacco Tax and Trade Bureau proposes to establish the 13.4 square mile ``Leona Valley'' viticultural area in the northeast part of Los Angeles County, California. We designate viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase. We invite comments on this proposed addition to our regulations.
Proposed Information Collections; Comment Request
Document Number: E7-22688
Type: Notice
Date: 2007-11-21
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
As part of our continuing effort to reduce paperwork and respondent burden, and as required by the Paperwork Reduction Act of 1995, we invite comments on the proposed or continuing information collections listed below in this notice.
Proposed Revision of American Viticultural Area Regulations (2006R-325P)
Document Number: E7-22717
Type: Proposed Rule
Date: 2007-11-20
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
The Alcohol and Tobacco Tax and Trade Bureau (TTB) proposes to amend its regulations concerning the establishment of American viticultural areas (AVAs). The proposed changes address the effect that the approval of an AVA may have on established brand names. In addition, the proposed changes provide clearer regulatory standards for the establishment of AVAs within AVAs. The proposed amendments also clarify the rules for preparing, submitting, and processing viticultural area petitions. Finally, we propose to add to the regulations statements regarding the viticultural significance of established viticultural area names, or key portions of those names, for wine labeling purposes.
Proposed Establishment of the Calistoga Viticultural Area (2003R-496P)
Document Number: E7-22715
Type: Proposed Rule
Date: 2007-11-20
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
On March 31, 2005, the Alcohol and Tobacco Tax and Trade Bureau published a notice of proposed rulemaking to establish the Calistoga viticultural area in Napa County, California. In light of comments regarding the potential adverse impact on established brand names that we received in response to that prior notice, we issue this new notice of proposed rulemaking to seek comments on our proposal to provide ``grandfather'' protection for certain brand names used on existing certificates of label approval, provided those labels also carry information that would dispel an impression that the wine meets the requirements for using the viticultural area name. We designate viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase.
Submission for OMB Review; Comment Request
Document Number: E7-22601
Type: Notice
Date: 2007-11-19
Agency: Department of the Treasury, Department of Treasury
Submission for OMB Review; Comment Request
Document Number: E7-22600
Type: Notice
Date: 2007-11-19
Agency: Department of the Treasury, Department of Treasury
Proposed Collection; Comment Request for Notice 2005-04
Document Number: E7-22579
Type: Notice
Date: 2007-11-19
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 Notice 2005-04, Fuel Tax Guidance, and Request for comments.
Additional Designations of Entities Pursuant to Executive Order 13405
Document Number: E7-22559
Type: Notice
Date: 2007-11-19
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 two newly-designated entities whose property and interests in property are blocked pursuant to Executive Order 13405 of June 16, 2006, ``Blocking Property of Certain Persons Undermining Democratic Processes or Institutions in Belarus.''
Payments Made by Reason of a Salary Reduction Agreement
Document Number: 07-5730
Type: Rule
Date: 2007-11-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document promulgates a final regulation that defines the term salary reduction agreement for purposes of section 3121(a)(5)(D) of the Internal Revenue Code (Code). The final regulation provides guidance to employers (public educational institutions and section 501(c)(3) organizations) purchasing annuity contracts described in section 403(b) on behalf of their employees.
Graco Children's Products, Inc., Receipt of Petition for Decision of Inconsequential Noncompliance
Document Number: Z7-21903
Type: Notice
Date: 2007-11-16
Agency: Internal Revenue Service, Department of Treasury, National Highway Traffic Safety Administration, Department of Transportation, Department of the Treasury
Price Increase for First Spouse Gold Coin
Document Number: E7-22417
Type: Notice
Date: 2007-11-16
Agency: United States Mint, Department of Treasury, Department of the Treasury
Recent increases in the price of gold require that the United States Mint raise the sale prices on its upcoming offering of the Dolley Madison First Spouse Gold Coins. Pursuant to the authority that 31 U.S.C. 5112(o)(1) & (4) grants to the Secretary of the Treasury to mint and issue one-half ounce gold bullion First Spouse coins, and to set their sale prices, the United States Mint is changing the price of these coins to reflect the increase in value of the precious metal content of the coins. This change is attributable to recent increases in the market price of gold, which has increased substantially since the initial prices were set for the First Spouse Gold Coins. Accordingly, effective November 19, 2007, the United States Mint will commence selling the following Dolley Madison First Spouse Gold Coins at the prices indicated below:
Update and Revision of Sections 1.381(c)(4)-1 and 1.381(c)(5)-1
Document Number: E7-22411
Type: Proposed Rule
Date: 2007-11-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that provide guidance under sections 381(c)(4) and (c)(5) of the Internal Revenue Code (Code) relating to the accounting method or combination of methods, including the inventory method, to use after certain corporate reorganizations and tax-free liquidations. These proposed regulations clarify and simplify the existing regulations under sections 381(c)(4) and (c)(5). The regulations affect corporations that acquire the assets of other corporations in transactions described in section 381(a).
Benefit Restrictions for Underfunded Pension Plans
Document Number: C7-4262
Type: Proposed Rule
Date: 2007-11-16
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Kaiser Federal Bank, Covina, California, and Kaiser Federal Financial Group, Inc., Covina, CA; Approval of Conversion Application
Document Number: 07-5714
Type: Notice
Date: 2007-11-16
Agency: Department of the Treasury, Office of Thrift Supervision, Thrift Supervision Office, Department of Treasury
Revision of Annual Information Return/Reports
Document Number: 07-5521
Type: Notice
Date: 2007-11-16
Agency: Employee Benefits Security Administration, Department of Labor, Internal Revenue Service, Department of Treasury, Pension Benefit Guaranty Corporation, Agencies and Commissions, Department of the Treasury
This document contains revisions to the Form 5500 Annual Return/Report forms, including the Form 5500 Annual Return/Report of Employee Benefit Plan and a new Form 5500-SF, Short Form Annual Return/ Report of Small Employee Benefit Plan (Short Form 5500 or Form 5500- SF), filed for employee pension and welfare benefit plans under the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (Code). The Form 5500 Annual Return/Report forms, including the schedules and attachments, are an important source of financial, funding, and other information about employee benefit plans for the Department of Labor, the Pension Benefit Guaranty Corporation, and the Internal Revenue Service (the Agencies), as well as for plan sponsors, participants and beneficiaries, and the general public. The revisions to the Form 5500 Annual Return/Report forms contained in this document, including the new Short Form 5500, are intended to streamline the annual reporting process, reduce annual reporting burdens, especially for small businesses, update the annual reporting forms to reflect current issues and agency priorities, incorporate new reporting requirements contained in the Pension Protection Act of 2006, and facilitate electronic filing. Some of the forms revisions will apply on a transitional basis for the 2008 reporting year before all of the forms revisions are fully implemented for the 2009 reporting year as part of the switch under the ERISA Filing Acceptance System (EFAST) to a wholly electronic filing system (EFAST2). The forms revisions affect employee pension and welfare benefit plans, plan sponsors, administrators, and service providers to plans subject to annual reporting requirements under ERISA and the Code.
Notification Requirement for Tax-Exempt Entities Not Currently Required to File
Document Number: E7-22299
Type: Rule
Date: 2007-11-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F). 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.
Notification Requirement for Tax-Exempt Entities Not Currently Required To File
Document Number: E7-22280
Type: Proposed Rule
Date: 2007-11-15
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 describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F). The text of those regulations also serves as the text of these proposed regulations.
Open Meeting of the Advisory Committee on the Auditing Profession
Document Number: E7-22254
Type: Notice
Date: 2007-11-15
Agency: Department of the Treasury, Department of Treasury
The Department of the Treasury's Advisory Committee on the Auditing Profession will convene a meeting on Monday, December 3, 2007, in the Cash Room of the Main Department Building, 1500 Pennsylvania Avenue, NW., Washington, DC, beginning at 10 a.m. Eastern Time. The meeting will be open to the public.
Financial Crimes Enforcement Network; Proposed Collection; Comment Request; Registration of Money Services Business-Accompanied by FinCEN Form 107, Registration of Money Services Business
Document Number: 07-5686
Type: Notice
Date: 2007-11-15
Agency: Department of the Treasury, Department of Treasury
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comment on a proposed information collection contained in a revised form, Registration of Money Services Business, FinCEN Form 107. The form will be used by currency dealers or exchangers; check cashers; issuers of traveler's checks, money orders or stored value; sellers of traveler's checks, money orders or stored value; redeemers of traveler's checks, money orders or stored value; and money transmitters to register with the Department of the Treasury as required by statute. This request for comments is being made pursuant to the Paperwork Reduction Act of 1995, Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
Financial Crimes Enforcement Network; Bank Secrecy Act Advisory Group; Solicitation of Application for Membership
Document Number: E7-22181
Type: Notice
Date: 2007-11-14
Agency: Department of the Treasury, Department of Treasury
FinCEN is inviting the public to nominate financial institutions and trade groups for membership on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms.
Proposed Agency Information Collection Activities; Comment Request-Information Needed To Respond to a Proposal To Convert From the Thrift Financial Report (TFR) to the Call Report
Document Number: E7-22175
Type: Proposed Rule
Date: 2007-11-14
Agency: Department of the Treasury, Office of Thrift Supervision, Thrift Supervision Office, Department of Treasury
The Office of Thrift Supervision is considering requiring savings associations to file quarterly Consolidated Reports of Condition and Income (Call Report) instead of the Thrift Financial Report (TFR) currently filed. This ANPR solicits comments identifying information that the thrift industry and the public would need to analyze a proposal to convert from the TFR to the Call Report used by other federal banking regulators and to amend any OTS rules that would be affected by such a change. At the end of the comment period, OTS will review the comments and conduct any research needed to compile the identified information. OTS plans to publish a second notice containing the requested information and solicit comments on whether to convert to the Call Report.
Proposed Collection; Comment Request for Revenue Procedure 2001-56
Document Number: E7-22135
Type: Notice
Date: 2007-11-14
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 Revenue Procedure 2001-56, Demonstration Automobile Use.
Proposed Collection; Comment Request for Form 8849
Document Number: E7-22134
Type: Notice
Date: 2007-11-14
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 8849, Claim for Refund of Excise Taxes.
Surety Companies Acceptable on Federal Bonds: Amendment-Swiss Reinsurance America Corporation
Document Number: 07-5640
Type: Notice
Date: 2007-11-14
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
This is Supplement No. 3 to the Treasury Department Circular 570, 2007 Revision, published July 2, 2007, at 72 FR 36192.
Surety Companies Acceptable on Federal Bonds: Southwest Marine and General Insurance Company
Document Number: 07-5639
Type: Notice
Date: 2007-11-14
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
This is Supplement No. 4 to the Treasury Department Circular 570, 2007 Revision, published July 2, 2007, at 72 FR 36192.
Returns Required on Magnetic Media
Document Number: E7-22147
Type: Rule
Date: 2007-11-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to the requirements for filing corporate income tax returns and returns of organizations required to file returns under section 6033 on magnetic media pursuant to section 6011(e) of the Internal Revenue Code (Code). The term magnetic media includes any magnetic media permitted under applicable regulations, revenue procedures, or publications, including electronic filing. The final regulations are necessary to update and clarify the rules and procedures for corporations and organizations that are required to file their returns electronically. The final regulations affect corporations, including electing small business corporations (S corporations), with assets of $10 million or more that file Form 1120, U.S. Corporation Income Tax Return, or Form 1120S, U.S. Income Tax Return for an S Corporation; exempt organizations with assets of $10 million or more that are required to file returns under section 6033, and private foundations or section 4947(a)(1) trusts that are required to file returns under section 6033.
Railroad Track Maintenance Credit
Document Number: E7-22142
Type: Rule
Date: 2007-11-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide rules for claiming the railroad track maintenance credit under section 45G of the Internal Revenue Code for qualified railroad track maintenance expenditures paid or incurred by a Class II railroad or Class III railroad and other eligible taxpayers during the taxable year. These final regulations reflect changes to the law made by the American Jobs Creation Act of 2004, the Gulf Opportunity Zone Act of 2005, and the Tax Relief and Health Care Act of 2006.
Proposed Collection; Comment Request for EFTPS Primary Contact Information Form
Document Number: E7-22138
Type: Notice
Date: 2007-11-13
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 the EFTPS Primary Contact Information Form.
Information Reporting on Employer-Owned Life Insurance Contracts
Document Number: E7-22137
Type: Rule
Date: 2007-11-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations concerning information reporting on employer-owned life insurance contracts under section 6039I of the Internal Revenue Code (Code). This temporary regulation is necessary to provide taxpayers with immediate guidance as to how the requirements of section 6039I should be applied. The temporary regulations generally apply to taxpayers that are engaged in a trade or business and that are directly or indirectly a beneficiary of a life insurance contract covering the life of an insured who is an employee of the trade or business on the date the contract is issued. The text of these temporary regulations also serves as the text of proposed regulations set forth in the notice of proposed rulemaking on this subject elsewhere in this issue of the Federal Register.
Information Reporting on Employer-Owned Life Insurance Contracts
Document Number: E7-22136
Type: Proposed Rule
Date: 2007-11-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Elsewhere in this issue of the Federal Register, the IRS is issuing temporary regulations concerning information reporting on employer-owned life insurance contracts under section 6039I of the Internal Revenue Code (Code). The temporary regulations generally apply to taxpayers that are engaged in a trade or business and that are directly or indirectly a beneficiary of a life insurance contract covering the life of an insured who is an employee of the trade or business on the date the contract is issued. The text of those temporary regulations also serves as the text of these proposed regulations.
Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book-Entry System
Document Number: E7-22007
Type: Notice
Date: 2007-11-09
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
The Department of the Treasury is announcing a new fee schedule applicable to transfers of U.S. Treasury book-entry securities maintained on the National Book-Entry System (NBES) that occur on or after January 2, 2008. The basic fee for the transfer of a Treasury book-entry security will increase from $.26 to $.28. The Federal Reserve funds movement fee will remain at $.05, resulting in a combined fee of $.33 for each Treasury securities transfer. In addition to the basic fee, off-line transfers have a surcharge. The surcharge for an off-line Treasury book-entry transfer will remain $33.00.
Modifications of Commercial Mortgage Loans Held by a Real Estate Mortgage Investment Conduit (REMIC)
Document Number: E7-21987
Type: Proposed Rule
Date: 2007-11-09
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that would expand the list of permitted loan modifications to include certain modifications of commercial mortgages. Changes to the regulations are necessary to better accommodate evolving commercial mortgage industry practices. These changes will affect lenders, borrowers, servicers, and sponsors of securitizations of mortgages in REMICs.
Benefit Restrictions for Underfunded Pension Plans; Correction
Document Number: E7-21964
Type: Proposed Rule
Date: 2007-11-09
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a notice of proposed rulemaking (REG-113891-07) that was published in the Federal Register on Friday, August 31, 2007 (72 FR 50544) providing guidance regarding the use of certain funding balances maintained for defined benefit pension plans and regarding benefit restrictions for certain underfunded defined benefit pension plans. These regulations affect sponsors, administrators, participants, and beneficiaries of single employer defined benefit pension plans.