Department of Treasury November 2014 – Federal Register Recent Federal Regulation Documents

The OCC, Board, and FDIC (``we'' or ``Agencies'') announce a series of outreach meetings on the Agencies' interagency effort to review their regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (``EGRPRA'').

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning renewal of its information collection titled, ``Electronic Operations.'' The OCC is also giving notice that it has sent the collection to OMB for review.

This is Supplement No. 4 to the Treasury Department Circular 570, 2014 Revision, published July 1, 2014, at 79 FR 37398.

This document contains a correction to final and temporary regulations (TD 9657), which were published in the Federal Register on Thursday, March 6, 2014 (79 FR 12812). The regulations relate to information reporting by foreign financial institutions (FFIs) with respect to U.S. accounts and withholding on certain payments to FFIs and other foreign entities.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of 2 individuals and 1 entity whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) (21 U.S.C. 1901-1908, 8 U.S.C. 1182).

This document contains temporary and final regulations relating to the IRS system for measuring organizational and employee performance within the IRS, by measuring customer satisfaction, employee satisfaction, and business results. The temporary regulation will eliminate the requirement that information measuring employee satisfaction must be reported to the first-level supervisor in addition to other levels throughout the organization, thus permitting the IRS to stop using the IRS-specific Workforce Questionnaire and, instead, use the same employee satisfaction survey that is used government-wide. The text of the temporary regulation also serves as the text of proposed regulation set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.

This document contains final regulations regarding the determination of the basis of stock or securities in certain reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction. These final regulations clarify that only a shareholder that owns actual shares in the issuing corporation in such a reorganization can designate the actual share of stock of the issuing corporation to which the basis, if any, of the stock or securities surrendered will attach. These regulations affect corporations engaging in such transactions and their shareholders.

This document contains final regulations under section 312 of the Internal Revenue Code (Code) that clarify the regulations under section 312 regarding the allocation of earnings and profits in tax- free transfers from one corporation to another. These regulations affect corporations involved in these transfers and their shareholders. This document also contains final regulations under section 381 of the Code that modify the definition of an acquiring corporation for purposes of section 381 with regard to certain acquisitions of assets. These regulations affect corporations that acquire the assets of other corporations in corporate reorganizations.

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 3491, Consumer Cooperative Exemption Application.

This document contains corrections to final regulations (TD 9696) that were published in the Federal Register on October 1, 2014 (79 FR 59112). The final regulations are relating to the deductibility of expenses for lodging when an individual is not travelling away from home (local lodging).