Department of Treasury March 2008 – Federal Register Recent Federal Regulation Documents

Proposed Collection; Comment Request for Regulation Project
Document Number: E8-6516
Type: Notice
Date: 2008-03-31
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, EE-45-93, Electronic Filing of Form W-4 (Sec. 31.3402(f)(5)-1).
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-6515
Type: Notice
Date: 2008-03-31
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-209485-86 (TD 8812), Continuation Coverage Requirements Application to Group Health Plans (Sec. Sec. 54.4980B-6, 54.4980B-7, and 54.4980B-8).
Puerto Rican Tobacco Products and Cigarette Papers and Tubes Shipped From Puerto Rico to the United States (2007R-368P)
Document Number: E8-6513
Type: Rule
Date: 2008-03-31
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 changes and editorial corrections, the temporary regulations set forth in T.D. ATF-444. These temporary regulations eliminated the onsite preshipment inspection of, and the requirement to complete several ATF forms for, shipments to the United States of tobacco products and cigarette papers and tubes manufactured in Puerto Rico.
Proposed Establishment of the Haw River Valley Viticultural Area (2007R-179P)
Document Number: E8-6508
Type: Proposed Rule
Date: 2008-03-31
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 868-square mile ``Haw River Valley'' viticultural area in Alamance, Caswell, Chatham, Guilford, Orange, and Rockingham Counties, North Carolina. 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.
Travel Expenses of State Legislators
Document Number: E8-6500
Type: Proposed Rule
Date: 2008-03-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations relating to travel expenses of state legislators while away from home. The regulations affect eligible state legislators who make the election under section 162(h) of the Internal Revenue Code (Code). The regulations are necessary to clarify the amount of travel expenses that may be deducted by a state legislator who makes the election under section 162(h).
Notification of United States Mint Coin Product Price Adjustment
Document Number: E8-6480
Type: Notice
Date: 2008-03-31
Agency: United States Mint, Department of Treasury, Department of the Treasury
The United States Mint is announcing the prices of the 2008 American Eagle Gold Uncirculated Coin Program. Pursuant to the authority that 31 U.S.C. 5111(a) and 5112(a)(7-10) grant the Secretary of the Treasury to mint and issue gold coins, and to prepare and distribute numismatic items, the United States Mint mints and issues 2008 American Eagle Gold Proof and Uncirculated Coins with the following weights: One-ounce, one-half ounce, one-quarter ounce, one-tenth ounce. The United States Mint also produces an American Eagle four-coin set that contains one coin of each denomination. Because of increases in the cost of gold, the United States Mint will begin accepting orders for 2008 American Eagle Gold Uncirculated Coins at the prices indicated below, effective April 1, 2008:
TIPRA Amendments to Section 199; Correction
Document Number: E8-6309
Type: Rule
Date: 2008-03-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final regulations (TD 9381) that were published in the Federal Register on Friday, February 15, 2008 (73 FR 8798) concerning the amendments made by the Tax Increase Prevention and Reconciliation Act of 2005 to section 199 of the Internal Revenue Code. These final regulations also contain a rule concerning the use of losses incurred by members of an expanded affiliated group and affect taxpayers engaged in certain domestic production activities.
Automatic Contribution Arrangements; Hearing
Document Number: E8-6308
Type: Proposed Rule
Date: 2008-03-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides notice of public hearing on a notice of proposed rulemaking under sections 401(k), 401(m), 402(c), 411(a), 414(w), and 4979(f) of the Internal Revenue Code relating to automatic contribution arrangements. These proposed regulations will affect administrators of, employers maintaining, participants in, and beneficiaries of eligible plans that include an automatic contribution arrangement under section 401(k)(13), 401(m)(12), or 414(w).
Treatment of Overall Foreign and Domestic Losses; Hearing
Document Number: E8-6307
Type: Proposed Rule
Date: 2008-03-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed rulemaking by cross-reference to temporary regulations providing guidance relating to the recapture of overall foreign and domestic losses.
Reduction of Foreign Tax Credit Limitation Categories Under Section 904(d); Hearing Cancellation
Document Number: E8-6306
Type: Proposed Rule
Date: 2008-03-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations that provide guidance relating to the reduction of the number of separate foreign tax credit limitation categories under section 904(d) of the Internal Revenue Code. Changes to the applicable law were made by the American Jobs Creation Act of 2004 reducing the number of section 904(d) separate categories from eight to two, effective for taxable years beginning after December 31, 2006.
Standards for Recognition of Tax-Exempt Status if Private Benefit Exists or if an Applicable Tax-Exempt Organization Has Engaged in Excess Benefit Transaction(s)
Document Number: E8-6305
Type: Rule
Date: 2008-03-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that clarify the substantive requirements for tax exemption under section 501(c)(3) of the Internal Revenue Code (Code). This document also contains provisions that clarify the relationship between the substantive requirements for tax exemption under section 501(c)(3) and the imposition of section 4958 excise taxes on excess benefit transactions. These regulations affect organizations described in section 501(c)(3) of the Code and organizations applying for exemption as organizations described in section 501(c)(3) of the Code.
Disclosure of Return Information in Connection with Written Contracts Among the IRS, Whistleblowers, and Legal Representatives of Whistleblowers
Document Number: E8-6067
Type: Rule
Date: 2008-03-25
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations relating to the disclosure of return information, pursuant to section 6103(n) of the Internal Revenue Code (Code), by an officer or employee of the Treasury Department, to a whistleblower and, if applicable, the legal representative of the whistleblower, to the extent necessary in connection with a written contract among the IRS, the whistleblower and, if applicable, the legal representative of the whistleblower, for services relating to the detection of violations of the internal revenue laws or related statutes. The temporary regulations will affect officers and employees of the Treasury Department who disclose return information to whistleblowers, or their legal representatives, in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives, for services relating to the detection of violations of the internal revenue laws or related statutes. The temporary regulations will also affect any whistleblower, or legal representative of a whistleblower, who receives return information in connection with a written contract among the IRS, the whistleblower and, if applicable, the legal representative of the whistleblower, for services relating to the detection of violations of the internal revenue laws or related statutes. 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.
Disclosure of Return Information in Connection With Written Contracts Among the IRS, Whistleblowers, and Legal Representatives of Whistleblowers
Document Number: E8-6040
Type: Proposed Rule
Date: 2008-03-25
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 relating to the disclosure of return information, pursuant to section 6103(n), to whistleblowers and their legal representatives. The temporary regulations describe the circumstances by which an officer or employee of the Treasury Department may disclose return information to a whistleblower and, if applicable, the legal representative of the whistleblower, to the extent necessary in connection with a written contract among the IRS, the whistleblower and, if applicable, the legal representative of the whistleblower, for services relating to the detection of violations of the internal revenue laws or related statutes. The temporary regulations will affect officers and employees of the Treasury Department who disclose return information to whistleblowers, or their legal representatives, in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives, for services relating to the detection of violations of the internal revenue laws or related statutes. The temporary regulations will also affect any whistleblower, or legal representative of a whistleblower, who receives return information in connection with a written contract among the IRS, the whistleblower and, if applicable, the legal representative of the whistleblower, for services relating to the detection of violations of the internal revenue laws or related statutes.
Abandonment of Stock or Other Securities; Correction
Document Number: E8-6038
Type: Rule
Date: 2008-03-25
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final regulations (TD 9386) that were published in the Federal Register on Wednesday, March 12, 2008 (73 FR 13124) concerning the availability and character of a loss deduction under section 165 of the Internal Revenue Code for losses sustained from abandoned stock or other securities. These regulations clarify the tax treatment of losses from abandoned securities, and affect any taxpayer claiming a deduction for a loss from abandoned securities.
Privacy Act; Implementation
Document Number: E8-5980
Type: Rule
Date: 2008-03-25
Agency: Office of the Secretary, Department of the Treasury, Department of Treasury
In accordance with the requirements of the Privacy Act of 1974, as amended, the Department of the Treasury gives notice of a final rule to exempt an Internal Revenue Service system of records entitled ``Treasury/IRS 42.002Excise Compliance Programs'' from certain provisions of the Privacy Act.
Executive Office for Asset Forfeiture; Proposed Collection; Comment Request
Document Number: E8-5974
Type: Notice
Date: 2008-03-25
Agency: Department of the Treasury, 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 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 Executive Office for Asset Forfeiture within the Department of the Treasury is soliciting comments concerning the Request for Transfer of Property Seized/Forfeited by a Treasury Agency, TD F 92-22.46.
Proposed Collection: Comment Request for Regulation Project
Document Number: E8-5949
Type: Notice
Date: 2008-03-25
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 proposed regulation, REG-105346-03, Partnership Equity for Services.
Proposed Collection; Comment Request For Regulation Project
Document Number: E8-5948
Type: Notice
Date: 2008-03-25
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, LR-1214 (TD 7430), Discharge of Liens (Sec. 301.7425-3(b)(2)).
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-5947
Type: Notice
Date: 2008-03-25
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, Limitation on Passive Activity Losses and CreditsTreatment of Self-Charged Items of Income and Expense (Section 1.469-7(f)).
Proposed Collection; Comment Request for Revenue Procedure 2002-15
Document Number: E8-5945
Type: Notice
Date: 2008-03-25
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 2002-15, Automatic Relief for Late Initial Entity Classification ElectionsCheck the Box.
Low Income Taxpayer Clinic Grant Program; Availability of 2008 Supplemental Grant Application Period
Document Number: E8-5944
Type: Notice
Date: 2008-03-25
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a Notice that the IRS has made available a supplemental period within which organizations in select geographic areas may apply for a Low Income Taxpayer Clinic (LITC) matching grant for the remainder of the 2008 grant cycle (the 2008 grant cycle runs January 1, 2008, through December 31, 2008). The supplemental application period shall run from March 24, 2008, to April 24, 2008. Despite the IRS's efforts to foster parity in availability and accessibility in the selection of organizations receiving LITC matching grants and the continued increase in clinic services nationwide, there remain communities that are underrepresented by clinics. For the supplemental application period, the IRS will focus on those geographic areas where there is limited or no clinic representation. The IRS will award up to $300,000 in additional funding to qualifying organizations in the following underserved or underrepresented states or areas within a state:
Proposed Collection; Comment Request for Form 8823
Document Number: E8-5943
Type: Notice
Date: 2008-03-25
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 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition.
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-5942
Type: Notice
Date: 2008-03-25
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 notice of proposed rulemaking, REG-209106-89, Changes With Respect to Prizes and Awards and Employee Achievement Awards (Sec. 1.74-1(c)).
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-5941
Type: Notice
Date: 2008-03-25
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, CO-49-88 (TD 8546), Limitations on Corporate Net Operating Loss (Sec. 1.382-6).
Employment Taxes and Collection of Income Tax at Source
Document Number: 08-55507
Type: Rule
Date: 2008-03-24
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance
Document Number: E8-5787
Type: Notice
Date: 2008-03-21
Agency: Farm Credit Administration, Agencies and Commissions, Federal Deposit Insurance Corporation, Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Office of Thrift Supervision, Comptroller of the Currency
The OCC, Board, FDIC, OTS, FCA, and NCUA (collectively, the Agencies) are soliciting comment on proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance (Interagency Questions and Answers). To help financial institutions meet their responsibilities under Federal flood insurance legislation and to increase public understanding of their flood insurance regulations, the staffs of the Agencies have prepared proposed new and revised guidance addressing the most frequently asked questions and answers about flood insurance. The proposed revised Interagency Questions and Answers contain staff guidance for agency personnel, financial institutions, and the public.
Proposed Agency Information Collection Activities; Comment Request-Application and Termination Notice for Municipal Securities Dealer Principal or Representative
Document Number: E8-5759
Type: Notice
Date: 2008-03-21
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.
Classification of Certain Foreign Entities
Document Number: E8-5687
Type: Proposed Rule
Date: 2008-03-21
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 and the Treasury Department are issuing temporary and final regulations relating to certain business entities included on the list of foreign business entities that are always classified as corporations for Federal tax purposes. The regulations are needed to make the Federal tax classification of Bulgarian public limited liability companies consistent with the Federal tax classification of public limited liability companies organized in other countries of the European Economic Area. They will affect persons owning an interest in a Bulgarian aktsionerno druzhestvo on or after January 1, 2007. The text of the temporary regulations also serves as the text of these proposed regulations.
Classification of Certain Foreign Entities
Document Number: E8-5686
Type: Rule
Date: 2008-03-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary and final regulations relating to certain business entities included on the list of foreign business entities that are always classified as corporations for Federal tax purposes. The regulations are needed to make the Federal tax classification of Bulgarian public limited liability companies consistent with the Federal tax classification of public limited liability companies organized in other countries of the European Economic Area. The regulations will affect persons owning an interest in a Bulgarian aktsionerno druzhestvo on or after January 1, 2007. The text of the temporary regulations serves as the text of the proposed regulations (REG-143468-07) set forth in the notice of proposed rulemaking on this subject in this issue of the Federal Register.
Reduction of Foreign Tax Credit Limitation Categories Under Section 904(d); Correction
Document Number: E8-5685
Type: Rule
Date: 2008-03-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final and temporary regulations (TD 9368) that were published in the Federal Register on Friday, December 21, 2007 (72 FR 72582) regarding the reduction of the number of separate foreign tax credit limitation categories under section 904(d) of the Internal Revenue Code. These regulations affect taxpayers claiming foreign tax credits and provide guidance needed to comply with the statutory changes made by the American Jobs Creation Act of 2004 (AJCA).
Reduction of Foreign Tax Credit Limitation Categories Under Section 904(d); Correction
Document Number: E8-5683
Type: Rule
Date: 2008-03-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final and temporary regulations (TD 9368) that were published in the Federal Register on Friday, December 21, 2007 (72 FR 72582) regarding the reduction of the number of separate foreign tax credit limitation categories under section 904(d) of the Internal Revenue Code. These regulations affect taxpayers claiming foreign tax credits and provide guidance needed to comply with the statutory changes made by the American Jobs Creation Act of 2004 (AJCA).
Proposed Collection; Comment Request for HCTC Program Forms
Document Number: E8-5682
Type: Notice
Date: 2008-03-21
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 13929, Health Coverage Tax Credit (HCTC)Paper Check Request, Form 13562, Health Coverage Tax Credit (HCTC)General Registration Information Form, and Health Coverage Tax Credit (HCTC)Administrative Change Form.
Notice of Charter Reestablishment
Document Number: E8-5677
Type: Notice
Date: 2008-03-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Pursuant to section 14(a)(2)(A) of the Federal Advisory Committee Act (Pub. L. 92-463) and in accordance with title 41 of the Code of Federal Regulations, section 102-3.65, notice is herby given that the Taxpayer Advocacy Panel's (TAP) charter has been renewed by the Department of the Treasury, for a two-year period. The charter of this advisory committee was filed with the appropriate committees of Congress, the General Services Administration and the Library of Congress on March 17, 2008, and shall expire two years from the original filing date.
Notice Requirements for Certain Pension Plan Amendments Significantly Reducing the Rate of Future Benefit Accrual
Document Number: E8-5625
Type: Proposed Rule
Date: 2008-03-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that would provide guidance relating to the application of section 4980F of the Internal Revenue Code to a plan amendment that is permitted to reduce benefits accrued before the plan amendment's applicable amendment date. These regulations would also reflect certain amendments made to section 4980F by the Pension Protection Act of 2006, Public Law 109-280 (120 Stat. 780). These proposed regulations would affect sponsors, administrators, participants, and beneficiaries of pension plans. This document also provides a notice of a public hearing on these proposed regulations.
Lending Limits
Document Number: E8-5724
Type: Rule
Date: 2008-03-20
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury, Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) is issuing an interim final rule to add a provision to its part 32 lending limits regulation that will address temporary funding arrangements in emergency situations. The interim final rule will enable the OCC to establish a special lending limit for loans and extensions of credit that the OCC determines are essential to address an emergency situation (such as critical financial markets stability), will be of short duration, will be reduced in amount in a timeframe and manner acceptable to the OCC, and do not present unacceptable risk to the lending national bank. In granting approval for a special temporary lending limit, the OCC would impose supervisory oversight and reporting measures that it determines are appropriate.
Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds-Minimum and Multiple Amounts Eligible for STRIPS, Legacy Treasury Direct, and Certification Requirements
Document Number: E8-5713
Type: Rule
Date: 2008-03-20
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
The Department of the Treasury (``Treasury'' or ``We'') is issuing in final form amendments to the Uniform Offering Circular for the Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds. The first change lowers the minimum and multiple par amounts of Treasury marketable notes, bonds, and Treasury inflation-protected securities (TIPS) that may be stripped from $1,000 to $100. The second change eliminates the provisions allowing depository institutions and dealers to submit customer bids in Treasury marketable securities auctions for securities that will be held in Legacy Treasury Direct. The third change eliminates the requirement that submitters that submit bids by computer provide a written certification that they are in compliance with the auction rules. Finally, this final rule adds technical clarification to the calculation of accrued interest for Treasury bonds and notes.
Proposed Agency Information Collection Activities; Comment Request-Lending and Investment
Document Number: E8-5624
Type: Notice
Date: 2008-03-20
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.
Application of Normalization Accounting Rules to Balances of Excess Deferred Income Taxes and Accumulated Deferred Investment Tax Credits of Public Utilities Whose Assets Cease To Be Public Utility Property
Document Number: E8-5619
Type: Rule
Date: 2008-03-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide guidance on the normalization requirements applicable to public utilities that benefit (or have benefited) from accelerated depreciation methods or from the investment tax credit permitted under pre-1991 law. These regulations permit a utility whose assets cease, whether by disposition, deregulation, or otherwise, to be public utility property with respect to the utility (deregulated public utility property) to return to its ratepayers the normalization reserve for excess deferred income taxes (EDFIT) with respect to those assets and, in certain circumstances, also permit the return of part or all of the reserve for accumulated deferred investment tax credits (ADITC) with respect to those assets.
Submission for OMB Review; Comment Request
Document Number: E8-5617
Type: Notice
Date: 2008-03-20
Agency: Department of the Treasury, Department of Treasury
Submission for OMB Review; Comment Request
Document Number: E8-5533
Type: Notice
Date: 2008-03-19
Agency: Department of the Treasury, Department of Treasury
Solicitation of Public Comments to the President's Advisory Council on Financial Literacy
Document Number: E8-5480
Type: Notice
Date: 2008-03-19
Agency: Department of the Treasury, Department of Treasury
The President's Advisory Council on Financial Literacy, which convened its first meeting on Wednesday, February 13, 2008, hereby solicits public comments on the state of financial literacy in the United States and proposed solutions to improve it, as detailed in the SUPPLEMENTARY INFORMATION section of this notice.
Additional Designation of an Entity Pursuant to Executive Order 13382
Document Number: E8-5479
Type: Notice
Date: 2008-03-19
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 name of one newly-designated entity whose property and interests in property are blocked pursuant to Executive Order 13382 of June 28, 2005, ``Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters.''
Income Taxes
Document Number: 08-55505
Type: Rule
Date: 2008-03-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
Change in the Legacy Treasury Direct Annual Maintenance Fee Schedule
Document Number: 08-1052
Type: Notice
Date: 2008-03-19
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
The Department of the Treasury is announcing a change in the fee schedule for the Legacy Treasury Direct investor account maintenance fee. Legacy Treasury Direct investor account maintenance fees are assessed annually for each investor account with security holdings in excess of $100,000 in par value, pursuant to the Regulations Governing Book-Entry Treasury Bonds, Notes and Bills Held in Legacy Treasury Direct.
Dependent Child of Divorced or Separated Parents or Parents Who Live Apart; Hearing
Document Number: E8-5451
Type: Proposed Rule
Date: 2008-03-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a notice of public hearing on proposed regulations relating to a claim that a child is a dependent by parents who are divorced, legally separated under a decree of separate maintenance, agreement, or who live apart at all times during the last 6 months of the calendar year.
Guidance Under Section 664 Regarding the Effect of Unrelated Business Taxable Income on Charitable Remainder Trusts; Correction
Document Number: E8-5336
Type: Proposed Rule
Date: 2008-03-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a notice of proposed rulemaking (REG-127391-07) that was published in the Federal Register on Friday, March 7, 2008 (73 FR 12313) providing guidance under Internal Revenue Code section 664 on the tax effect of unrelated business taxable income (UBTI) on charitable remainder trusts.
Stock Transfer Rules: Carryover of Earnings and Taxes
Document Number: E8-5334
Type: Rule
Date: 2008-03-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final regulations (TD 9273) that were published in the Federal Register on Tuesday, August 8, 2006 (71 FR 44887) addressing the carryover of certain tax attributes, such as earnings and profits and foreign income tax accounts, when two corporations combine in a corporate reorganization or liquidation that is described in both sections 367(b) and 381 of the Internal Revenue Code.
Application of Section 338 to Insurance Companies; Correction
Document Number: E8-5333
Type: Rule
Date: 2008-03-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to final regulations (TD 9377) that were published in the Federal Register on Wednesday, January 23, 2008 (73 FR 3868), that apply to a section 197 intangible resulting from an assumption reinsurance transaction, and under section 338 that apply to reserve increases after a deemed asset sale.
Multiemployer Plan Funding Guidance
Document Number: 08-1044
Type: Proposed Rule
Date: 2008-03-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations under section 432 of the Internal Revenue Code (Code). These proposed regulations provide additional rules for certain multiemployer defined benefit plans that are in effect on July 16, 2006. These proposed regulations affect sponsors and administrators of, and participants in multiemployer plans that are in either endangered or critical status. These regulations are necessary to implement the new rules set forth in section 432 that are effective for plan years beginning after 2007. The proposed regulations reflect changes made by the Pension Protection Act of 2006.
Proposed Collection; Comment Request for Form 1099-R
Document Number: E8-5345
Type: Notice
Date: 2008-03-17
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 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.