Department of Treasury December 19, 2011 – Federal Register Recent Federal Regulation Documents

Guidance Regarding Foreign Base Company Sales Income
Document Number: 2011-32394
Type: Rule
Date: 2011-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide guidance relating to foreign base company sales income when personal property sold by a controlled foreign corporation (CFC) is purchased, sold, manufactured, produced, constructed, grown or extracted by one or more branches of the CFC. The regulations finalize proposed regulations and withdraw temporary regulations published on December 29, 2008. These regulations, in general, affect controlled foreign corporations and their United States shareholders.
Reporting of Specified Foreign Financial Assets
Document Number: 2011-32263
Type: Rule
Date: 2011-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains temporary regulations relating to the provisions of the Hiring Incentives to Restore Employment (HIRE) Act that require foreign financial assets to be reported to the Internal Revenue Service for taxable years beginning after March 18, 2010. In particular, the temporary regulations provide guidance relating to the requirement that individuals attach a statement to their income tax return to provide required information regarding foreign financial assets in which they have an interest. The temporary regulations affect individuals required to file Form 1040, ``U.S. Individual Income Tax Return,'' and certain individuals required to file Form 1040-NR, ``Nonresident Alien Income Tax Return.'' The text of these temporary regulations also serves as the text of proposed regulations contained in a cross-reference notice of proposed rulemaking (REG-130302-10) published in the Proposed Rules section in this issue of the Federal Register.
Reporting of Specified Foreign Financial Assets
Document Number: 2011-32254
Type: Proposed Rule
Date: 2011-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the Internal Revenue Service is issuing temporary regulations relating to the requirement that individuals attach a statement to their income tax return to provide required information regarding foreign financial assets in which they have an interest. The text of the temporary regulations also serves as the text of these proposed regulations. This notice of proposed rulemaking also includes a proposed regulation setting forth requirements for certain domestic entities to report foreign financial assets in the same manner as an individual.
Corporate Reorganizations; Guidance on the Measurement of Continuity of Interest
Document Number: 2011-32079
Type: Proposed Rule
Date: 2011-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations concerning the continuity of interest requirement for corporate reorganizations. The guidance is necessary to clarify the manner in which the continuity of interest requirement is measured in particular circumstances. The proposed regulations affect corporations and their shareholders.
Corporate Reorganizations; Guidance on the Measurement of Continuity of Interest
Document Number: 2011-32078
Type: Rule
Date: 2011-12-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide guidance regarding the continuity of interest requirement for corporate reorganizations. The guidance is necessary to establish the date upon which continuity of interest is measured. These regulations affect corporations and their shareholders.