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

Request for Applications for the IRS Advisory Committee on Tax Exempt and Government Entities
Document Number: E8-26075
Type: Notice
Date: 2008-10-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service (IRS) is requesting applications for membership to serve on the Advisory Committee on Tax Exempt and Government Entities (ACT). Applications will be accepted for the following vacancies, which will occur in June 2009: Two (2) employee plans; two (2) exempt organizations; two (2) Indian tribal governments; two (2) tax exempt bonds, and one (1) Federal, state and local governments. To ensure appropriate balance of membership, final selection from qualified candidates will be determined based on experience, qualifications, and other expertise.
Infrastructure Improvements Under Section 897
Document Number: E8-26074
Type: Proposed Rule
Date: 2008-10-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document describes issues that the IRS and the Treasury Department are considering addressing, in a notice of proposed rulemaking, under section 897 of the Internal Revenue Code (Code) regarding the definition of an interest in real property. The notice of proposed rulemaking would address certain rights granted by a governmental unit that are related to the lease, ownership, or use of real property. This document also invites comments from the public regarding these contemplated rules. All materials submitted will be available for public inspection and copying.
Quarterly Publication of Individuals, Who Have Chosen To Expatriate, as Required by Section 6039G
Document Number: E8-26073
Type: Notice
Date: 2008-10-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This notice is provided in accordance with IRC section 6039G, as amended, by the Health Insurance Portability and Accountability Act (HIPPA) of 1996. This listing contains the name of each individual losing their United States citizenship (within the meaning of section 877(a)) with respect to whom the Secretary received information during the quarter ending September 30, 2008.
Section 108(e)(8) Application to Partnerships
Document Number: E8-25851
Type: Proposed Rule
Date: 2008-10-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations relating to the application of section 108(e)(8) of the Internal Revenue Code (Code) to partnerships and their partners. These regulations provide guidance regarding the determination of discharge of indebtedness income of a partnership that transfers a partnership interest to a creditor in satisfaction of the partnership's indebtedness (debt-for-equity exchange). The proposed regulations also provide that section 721 applies to a contribution of a partnership's recourse or nonrecouse indebtedness by a creditor to the partnership in exchange for a capital or profits interest in the partnership. This document also provides notice of a public hearing on these proposed regulations.
Advisory Council to the Internal Revenue Service; Meeting
Document Number: E8-25855
Type: Notice
Date: 2008-10-30
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service Advisory Council (IRSAC) will hold a public meeting on Wednesday, November 19, 2008.
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-25854
Type: Notice
Date: 2008-10-30
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, PS-54-89 (TD 8444). Applicable Conventions Under the Accelerated Cost Recovery System (Sec. 1.168(d)-1(b)(7)).
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-25853
Type: Notice
Date: 2008-10-30
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 a final regulation, REG-146459-05 (TD 9324), Designated Roth Contributions under Section 402A.
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-25852
Type: Notice
Date: 2008-10-30
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-248770-96 (TD 8725). Miscellaneous Sections Affected by the Taxpayer Bill of Rights 2 and the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (Sec. 301.7430-2(c)).
Submission for OMB Review; Comment Request
Document Number: E8-25847
Type: Notice
Date: 2008-10-30
Agency: Department of the Treasury, Department of Treasury
Uniform Rules of Origin for Imported Merchandise
Document Number: E8-25731
Type: Proposed Rule
Date: 2008-10-30
Agency: Department of Homeland Security, U.S. Customs and Border Protection, Department of the Treasury, Department of Treasury
This document re-opens the period within which comments may be submitted in response to the proposed rule to amend the Customs and Border Protection (``CBP'') regulations to establish uniform rules governing CBP determinations of the country of origin of imported merchandise. The proposed rule was published in the Federal Register on July 25, 2008 (73 FR 43385) with comments due on or before September 23, 2008. The comment period was extended by a notice published in the Federal Register on September 8, 2008 (73 FR 51962), to October 23, 2008. This notice re-opens the comment period to afford interested parties an opportunity to consider the impact, if any, of the proposed rule on the country of origin of their goods in view of the publication of a final rule document in today's Federal Register which sets forth technical corrections to Sec. Sec. 102.20 and 102.21 of the CBP regulations (19 CFR 102.20 and 102.21).
Proposed Revision of Distilled Spirits Plant Regulations (2001R-194P); Extension of Comment Period
Document Number: E8-25896
Type: Proposed Rule
Date: 2008-10-29
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
In response to an industry association request, the Alcohol and Tobacco Tax and Trade Bureau extends the comment period for Notice No. 83, Proposed Revision of Distilled Spirits Plant Regulations, a notice of proposed rulemaking published in the Federal Register on May 8, 2008, for an additional 90 days.
Proposed Information Collections; Comment Request
Document Number: E8-25749
Type: Notice
Date: 2008-10-29
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 Expansions of the Russian River Valley and Northern Sonoma Viticultural Areas; Reopening of Comment Period
Document Number: E8-25748
Type: Proposed Rule
Date: 2008-10-29
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
In response to an industry member request, the Alcohol and Tobacco Tax and Trade Bureau is reopening the comment period for Notice No. 90, Proposed Expansions of the Russian River Valley and Northern Sonoma Viticultural Areas, a notice of proposed rulemaking published in the Federal Register on August 20, 2008.
Establishment of the Leona Valley Viticultural Area (2007R-281P)
Document Number: E8-25747
Type: Rule
Date: 2008-10-29
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
This Treasury decision establishes the 13.4-square mile ``Leona Valley'' American viticultural area in northeastern 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.
Office of the Assistant Secretary for International Affairs; Survey of U.S. Ownership of Foreign Securities as of December 31, 2008
Document Number: E8-25733
Type: Notice
Date: 2008-10-29
Agency: Department of the Treasury, Department of Treasury
By this Notice and in accordance with 31 CFR 129, the Department of the Treasury is informing the public that it is conducting a mandatory survey of U.S. ownership of foreign securities as of December 31, 2008. This Notice constitutes legal notification to all United States persons (defined below) who meet the reporting requirements set forth in this Notice that they must respond to, and comply with, this survey. Additional copies of the reporting form SHCA (2008) and instructions may be printed from the Internet at: http:// www.treas.gov/tic/forms-sh.html. Definition: Pursuant to 22 U.S.C. 3102 a U.S. person is any individual, branch, partnership, associated group, association, estate, trust, corporation, or other organization (whether or not organized under the laws of any State), and any government (including a foreign government, the United States Government, a state, provincial, or local government, and any agency, corporation, financial institution, or other entity or instrumentality thereof, including a government- sponsored agency), who resides in the United States or is subject to the jurisdiction of the United States. Who Must Report: The panel for this survey is based upon the level of U.S. holdings of foreign securities reported on the December 2006 benchmark survey of U.S. holdings of foreign securities, and will consist primarily of the largest reporters on that survey. Entities required to report will be contacted individually by the Federal Reserve Bank of New York. Entities not contacted by the Federal Reserve Bank of New York have no reporting responsibilities. What to Report: This report will collect information on holdings by U.S. residents of foreign securities, including equities, long-term debt securities, and short-term debt securities (including selected money market instruments). How to Report: Copies of the survey forms and instructions, which contain complete information on reporting procedures and definitions, can be obtained at the Web site address given above in the SUMMARY, or by contacting the survey staff of the Federal Reserve Bank of New York at (212) 720-6300, e-mail: SHC.help@ny.frb.org. The mailing address is: Federal Reserve Bank of New York, Statistics Function, 4th Floor, 33 Liberty Street, New York, NY 10045-0001. Inquiries can also be made to Dwight Wolkow at (202) 622-1276, e-mail: comments2TIC@do.treas.gov. When to Report: Data must be submitted to the Federal Reserve Bank of New York, acting as fiscal agent for the Department of the Treasury, by March 6, 2009. Paperwork Reduction Act Notice: This data collection has been approved by the Office of Management and Budget (OMB) in accordance with the Paperwork Reduction Act and assigned control number 1505-0146. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by OMB. The estimated average annual burden associated with this collection of information is 48 hours per respondent for end-investors and custodians that file Schedule 3 reports covering their securities entrusted to U.S. resident custodians, 145 hours per respondent for large end-investors filing Schedule 2 reports, and 700 hours per respondent for large custodians of securities filing Schedule 2 reports. Comments concerning the accuracy of this burden estimate and suggestions for reducing this burden should be directed to the Department of the Treasury, Attention Administrator, International Portfolio Investment Data Reporting Systems, Room 5422, Washington, DC 20220, and to OMB, Attention Desk Officer for the Department of the Treasury, Office of Information and Regulatory Affairs, Washington, DC 20503.
Proposed Collection; Comment Request for Form 8927
Document Number: E8-25641
Type: Notice
Date: 2008-10-28
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 8927, Determination Under Section 860(e)(4) by a Qualified Investment Entity.
Extension of Time for Filing Returns; Hearing
Document Number: E8-25638
Type: Proposed Rule
Date: 2008-10-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides notice of a public hearing on proposed regulations by cross-reference to temporary regulations relating to the simplification of procedures for automatic extensions of time to file certain returns. These simplified procedures are aimed at reducing overall taxpayer burden.
Employer Comparable Contributions to Health Savings Accounts Under Section 4980G, and Requirement of Return for Filing of the Excise Tax Under Section 4980B, 4980D, 4980E or 4980G; Hearing
Document Number: E8-25635
Type: Proposed Rule
Date: 2008-10-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed rulemaking providing guidance on employer comparable contributions to Health Savings Accounts (HSAs) under section 4980G of the Internal Revenue Code as mended by sections 302, 305, and 306 of the Tax Relief and Health Care Act of 2006. The proposed regulations also provide guidance relating to the requirement of a return to accompany payment of the excise tax under section 4980B, 4980D, 4980E or 4980G of the Code and the time for filing that return. These proposed regulations would affect employers that contribute to employees' HSAs and Archer MSAs, employers or employee organizations that sponsor a group health plan, and certain third parties such as insurance companies or HMOs or third- party administrators who are responsible for providing benefits under the plan.
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-25634
Type: Notice
Date: 2008-10-28
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 the existing final regulations, FI-189-84 (TD 8517, Final), Debt Instruments With Original Discount; Imputed Interest on Deferred Payment Sales or Exchanges of Property.
Third-Party Disclosure in IRS Regulations; Proposed Collection; Comment Request for Regulation Project
Document Number: E8-25632
Type: Notice
Date: 2008-10-28
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 existing regulations, Third-Party Disclosure Requirements in IRS Regulations.
Proposed Collection; Comment Request for Form 8894
Document Number: E8-25631
Type: Notice
Date: 2008-10-28
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 8894, Request to Revoke Partnership Level Tax Treatment Election.
Proposed Collection; Comment Request for Regulation Project
Document Number: E8-25603
Type: Notice
Date: 2008-10-28
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 an existing final regulation, PS-102-86 (TD 8316), Cooperative Housing Corporations (Sec. 1.216-1(d)(2)).
Proposed Collection; Comment Request for Form 8899
Document Number: E8-25602
Type: Notice
Date: 2008-10-28
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 8899, Notice of Income Donated Intellectual Property.
Additional Designation of Entities Pursuant to Executive Order 13382
Document Number: E8-25601
Type: Notice
Date: 2008-10-28
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 five newly-designated entities 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.''
Additional Designation of Entities Pursuant to Executive Order 13382
Document Number: E8-25600
Type: Notice
Date: 2008-10-28
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 six newly-designated entities 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.''
Additional Designation of Entities Pursuant to Executive Order 13382
Document Number: E8-25599
Type: Notice
Date: 2008-10-28
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 four newly-designated entities 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.''
Unblocking of Blocked Persons Pursuant to the Foreign Narcotics Kingpin Designation Act
Document Number: E8-25595
Type: Notice
Date: 2008-10-28
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 individuals whose property and interests in property have been unblocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901- 1908, 8 U.S.C. 1182).
Office of Foreign Assets Control Unblocking of Specially Designated Narcotics Traffickers Pursuant to Executive Order 12978
Document Number: E8-25591
Type: Notice
Date: 2008-10-28
Agency: Department of the Treasury, Foreign Assets Control Office, Department of Treasury
The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the name of three 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.
Minimum Capital Ratios; Capital Adequacy Guidelines; Capital Maintenance; Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)
Document Number: E8-25555
Type: Proposed Rule
Date: 2008-10-27
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 7, 2008, the U.S. Department of Treasury (Treasury) entered into senior preferred stock purchase agreements (the Agreement or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide protection to the holders of senior debt, subordinated debt, and mortgage-backed securities (MBS) issued or guaranteed by these entities. In light of the financial support provided under the Agreements, 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 to adopt a 10 percent risk weight for claims on, and the portion of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent risk weight would apply so long as an Agreement remains in effect with the respective entity.
Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation Adjustment
Document Number: E8-25453
Type: Rule
Date: 2008-10-27
Agency: Department of the Treasury, Office of Thrift Supervision, Thrift Supervision Office, Department of Treasury
The Federal Civil Monetary Penalty Inflation Adjustment Act of 1990 requires all federal agencies with statutory authority to impose civil money penalties (CMPs) to evaluate and adjust those CMPs every four years. OTS last adjusted its CMP statutes in 2004. Consequently, OTS is issuing this final rule to implement the required adjustments to OTS's CMP statutes.
Surety Companies Acceptable on Federal Bonds: Trinity Universal Insurance Company
Document Number: E8-25365
Type: Notice
Date: 2008-10-27
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
This is Supplement No. 3 to the Treasury Department Circular 570, 2008 Revision, published July 1, 2008, at 73 FR 37644.
Treatment of Payments in Lieu of Taxes Under Section 141
Document Number: E8-25333
Type: Rule
Date: 2008-10-24
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations which modify the standards for treating certain payments in lieu of taxes or other tax equivalency payments (PILOTs) as generally applicable taxes for purposes of the private security or payment test under section 141 of the Internal Revenue Code (Code). This action is being taken in order to provide issuers of tax-exempt bonds with guidance on whether PILOTs are eligible to be treated as generally applicable taxes for this purpose. The regulations affect State and local governmental issuers of tax-exempt bonds.
Application of Section 409A to Nonqualified Deferred Compensation Plans; Correction
Document Number: E8-25234
Type: Rule
Date: 2008-10-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to a correcting amendment to final regulations (TD 9321) that was published in the Federal Register on October 7, 2008 (73 FR 58438). The final regulations relate to section 409A and nonqualified deferred compensation plans.
Proposed Collection; Comment Request for Form 1098-C
Document Number: E8-25218
Type: Notice
Date: 2008-10-23
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 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes.
Recordkeeping and Confirmation Requirements for Securities Transactions
Document Number: E8-25093
Type: Notice
Date: 2008-10-22
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.
Voluntary Dissolution
Document Number: E8-25092
Type: Notice
Date: 2008-10-22
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: E8-25007
Type: Notice
Date: 2008-10-21
Agency: Department of the Treasury, Department of Treasury
Section 1367 Regarding Open Account Debt
Document Number: E8-24926
Type: Rule
Date: 2008-10-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations relating to the treatment of open account debt between S corporations and their shareholders. These final regulations provide rules regarding the definition of open account debt and the adjustments in basis of any indebtedness of an S corporation to a shareholder under section 1367(b)(2) of the Internal Revenue Code (Code) for shareholder advances and repayments on advances of open account debt. The regulations affect shareholders of S corporations and are necessary to provide guidance needed to comply with the applicable tax law.
Application for Issuance of Subordinated Debt Securities/Notice of Issuance of Subordinated Debt or Mandatorily Redeemable Preferred Stock
Document Number: E8-24782
Type: Notice
Date: 2008-10-20
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.
Tarp Capital Purchase Program
Document Number: E8-24781
Type: Rule
Date: 2008-10-20
Agency: Department of the Treasury, Department of Treasury
This interim rule, promulgated pursuant to sections 101(a)(1), 101(c)(5), and 111(b) of the Emergency Economic Stabilization Act of 2008, Division A of Public Law 110-343 (EESA), provides guidance on the executive compensation provisions applicable to participants in the Troubled Assets Relief Program (TARP) Capital Purchase Program (CPP). Section 111(b) of EESA requires financial institutions from which the Department of the Treasury (Treasury) is purchasing troubled assets through direct purchases to meet appropriate standards for executive compensation and corporate governance. This interim final rule includes the following standards for purposes of the CPP: (a) Limits on compensation that exclude incentives for senior executive officers (SEOs) of financial institutions to take unnecessary and excessive risks that threaten the value of the financial institution; (b) required recovery of any bonus or incentive compensation paid to a SEO based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; (c) prohibition on the financial institution from making any golden parachute payment to any SEO; and (d) agreement to limit a claim to a federal income tax deduction for certain executive remuneration. These rules generally affect financial institutions that participate in the CPP, certain employers related to those financial institutions, and their officers.
Application Processing Fees
Document Number: E8-24779
Type: Notice
Date: 2008-10-20
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.
Capital Distribution
Document Number: E8-24778
Type: Notice
Date: 2008-10-20
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.
Management Official Interlocks
Document Number: E8-24776
Type: Notice
Date: 2008-10-20
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.
Unified Rule for Loss on Subsidiary Stock; Correction
Document Number: E8-24672
Type: Rule
Date: 2008-10-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations (TD 9424) that were published in the Federal Register on Wednesday, September 17, 2008 (73 FR 53934) under sections 358, 362(e)(2), and 1502 of the Internal Revenue Code. The final regulations apply to corporations filing consolidated returns, and corporations that enter into certain tax-free reorganizations. The final regulations provide rules for determining the tax consequences of a member's transfer (including by deconsolidation and worthlessness) of loss shares of subsidiary stock. In addition, the final regulations provide that section 362(e)(2) generally does not apply to transactions between members of a consolidated group. Finally, the final regulations conform or clarify various provisions of the consolidated return regulations, including those relating to adjustments to subsidiary stock basis.
Unified Rule for Loss on Subsidiary Stock; Correction
Document Number: E8-24670
Type: Rule
Date: 2008-10-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations (TD 9424) that were published in the Federal Register on Wednesday, September 17, 2008 (73 FR 53934) under sections 358, 362(e)(2), and 1502 of the Internal Revenue Code. The final regulations apply to corporations filing consolidated returns, and corporations that enter into certain tax-free reorganizations. The final regulations provide rules for determining the tax consequences of a member's transfer (including by deconsolidation and worthlessness) of loss shares of subsidiary stock. In addition, the final regulations provide that section 362(e)(2) generally does not apply to transactions between members of a consolidated group. Finally, the final regulations conform or clarify various provisions of the consolidated return regulations, including those relating to adjustments to subsidiary stock basis.
Final Rules for Group Health Plans and Health Insurance Issuers Under the Newborns' and Mothers' Health Protection Act
Document Number: E8-24666
Type: Rule
Date: 2008-10-20
Agency: Centers for Medicare & Medicaid Services, Department of Health and Human Services, Employee Benefits Security Administration, Department of Labor, Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final rules for group health plans and health insurance issuers concerning hospital lengths of stay for mothers and newborns following childbirth, pursuant to the Newborns' and Mothers' Health Protection Act of 1996 and the Taxpayer Relief Act of 1997.
Notification of American Eagle Platinum Proof and Uncirculated Coin Price Decreases
Document Number: E8-24684
Type: Notice
Date: 2008-10-17
Agency: United States Mint, Department of Treasury, Department of the Treasury
The United States Mint is adjusting prices for its American Eagle Platinum Proof and Uncirculated Coins. Pursuant to the authority that 31 U.S.C. 5112(k) and 5111(a) grant the Secretary of the Treasury to mint and issue platinum coins, and to prepare and distribute numismatic items, the United States Mint mints and issues 2008 American Eagle Platinum Proof and Uncirculated Coins in four denominations with the following weights: One-ounce, one-half ounce, one-quarter ounce, one-tenth ounce. The United States Mint also produces American Eagle Platinum Proof and Uncirculated four-coin sets that contain one coin of each denomination. In accordance with 31 U.S.C. 9701(b)(2)(B), the United States Mint is changing the price of these coins to reflect decreases in the market price of platinum. Effective on October 17, 2008, the United States Mint will commence selling the following 2008 American Eagle Platinum Proof and Uncirculated Coins according to the following price schedule:
Submission for OMB Review; Comment Request
Document Number: E8-24668
Type: Notice
Date: 2008-10-17
Agency: Department of the Treasury, Department of Treasury
Submission for OMB Review; Comment Request
Document Number: E8-24667
Type: Notice
Date: 2008-10-17
Agency: Department of the Treasury, Department of Treasury
Information Reporting Requirements Under Internal Revenue Code Section 6039; Hearing
Document Number: E8-24653
Type: Proposed Rule
Date: 2008-10-17
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides notice of public hearing on a notice of proposed rulemaking relating to the return and information statement requirements under section 6039 of the Internal Revenue Code. These regulations reflect changes to section 6039 made by section 403 of the Tax Relief and Health Care Act of 2006. These proposed regulations affect corporations that issue statutory stock options and provide guidance to assist corporations in complying with the return and information statement requirements under section 6039.