81 FR 24484 - PATH Act Changes to Section 1445; Correction
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 81, Issue 80 (April 26, 2016)
Internal Revenue Service
Federal Register Volume 81, Issue 80 (April 26, 2016)
| Page Range | 24484-24484 | |
| FR Document | 2016-09666 |
[Federal Register Volume 81, Number 80 (Tuesday, April 26, 2016)] [Rules and Regulations] [Page 24484] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-09666] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9751] RIN 1545-BN22 PATH Act Changes to Section 1445; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. ----------------------------------------------------------------------- SUMMARY: This document contains corrections to final regulations (TD 9721) that were published in the Federal Register on Friday, February 19, 2016 (81 FR 8398). The final regulations are regarding the taxation of, and withholding on, foreign persons upon certain dispositions of, and distributions with respect to, United States real property interests (USRPIs). DATES: This correction is effective April 26, 2016 and is applicable on or after February 19, 2016. FOR FURTHER INFORMATION CONTACT: Milton M. Cahn or David A. Levine of the Office of Associate Chief Counsel (International) at (202) 317-6937 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations (TD 9751) that are the subject of this correction are under section 897 and1445 of the Internal Revenue Code. Need for Correction As published, the final regulations (TD 9751) contain errors that may prove to be misleading and are in need of clarification. List of Subjects in 26 CFR Part 1 Income taxes, reporting and recordkeeping requirements. Correction of Publication Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: PART 1--INCOME TAXES 0 Paragraph 1. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * 0 Par. 3. Section 1.1445-5 is amended by revising the last sentence of paragraph (b)(3)(ii)(A) to read as follows: Sec. 1.1445-5 Special rules concerning distributions and other transactions by corporations, partnerships, trusts, and estates. * * * * * (b) * * * (3) * * * (ii) * * * (A) * * * In general, a foreign person is a nonresident alien individual, foreign corporation, foreign partnership, foreign trust, or foreign estate, but not a qualified foreign pension fund (as defined in section 897(l)) or an entity all of the interests of which are held by a qualified foreign pension fund. * * * * * Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2016-09666 Filed 4-25-16; 8:45 am] BILLING CODE 4830-01-P
![24484 Federal Register / Vol. 81, No. 80 / Tuesday, April 26, 2016 / Rules and Regulations
a calendar month is the product of the determined during August 2016 that PART 1—INCOME TAXES
Federal long-term rate determined apply during September 2016.
under section 1274(d) for that month, ■ Paragraph 1. The authority citation
John Dalrymple, for part 1 continues to read in part as
based on annual compounding,
Deputy Commissioner for Services and follows:
multiplied by the adjustment factor Enforcement.
described in paragraph (c) of this Authority: 26 U.S.C. 7805 * * *
Approved: April 8, 2016.
section. ■ Par. 3. Section 1.1445–5 is amended
Mark J. Mazur,
(c) Adjustment factor. The adjustment Assistant Secretary of the Treasury (Tax by revising the last sentence of
factor is a percentage equal to— Policy). paragraph (b)(3)(ii)(A) to read as
(1) The excess of 100 percent, over [FR Doc. 2016–09614 Filed 4–25–16; 8:45 am] follows:
(2) The product of— BILLING CODE 4830–01–P § 1.1445–5 Special rules concerning
(i) 59 percent, and distributions and other transactions by
corporations, partnerships, trusts, and
(ii) The sum of the maximum rate in DEPARTMENT OF THE TREASURY estates.
effect under section 1 applicable to * * * * *
individuals and the maximum rate in Internal Revenue Service
(b) * * *
effect under section 1411 applicable to (3) * * *
individuals for the month to which the 26 CFR Part 1 (ii) * * *
adjusted applicable Federal rate applies. [TD 9751] (A) * * * In general, a foreign person
(d) Effective/applicability date. The is a nonresident alien individual,
RIN 1545–BN22
rules of this section apply to the foreign corporation, foreign partnership,
determination of the long-term tax- PATH Act Changes to Section 1445; foreign trust, or foreign estate, but not a
exempt rate and the adjusted Federal Correction qualified foreign pension fund (as
long-term rate beginning with the rates defined in section 897(l)) or an entity all
AGENCY: Internal Revenue Service (IRS), of the interests of which are held by a
determined during August 2016 that
Treasury. qualified foreign pension fund.
apply during September 2016.
ACTION: Correcting amendment. * * * * *
■ Par. 4. Section 1.1288–1 is added to
read as follows: SUMMARY: This document contains Martin V. Franks,
corrections to final regulations (TD Chief, Publications and Regulations Branch,
§ 1.1288–1 Adjustment of applicable 9721) that were published in the Legal Processing Division, Associate Chief
Federal rate for tax-exempt obligations. Federal Register on Friday, February 19, Counsel, (Procedure and Administration).
(a) In general. In applying section 483 2016 (81 FR 8398). The final regulations [FR Doc. 2016–09666 Filed 4–25–16; 8:45 am]
are regarding the taxation of, and BILLING CODE 4830–01–P
or section 1274 to a tax-exempt
withholding on, foreign persons upon
obligation, the applicable Federal rate is
certain dispositions of, and distributions
adjusted to take into account the tax
with respect to, United States real DEPARTMENT OF JUSTICE
exemption for interest on the obligation.
property interests (USRPIs).
For each applicable Federal rate
DATES: This correction is effective April Bureau of Prisons
determined under section 1274(d), the
26, 2016 and is applicable on or after
Secretary computes a corresponding
February 19, 2016. 28 CFR Part 550
adjusted applicable Federal rate by
multiplying the applicable Federal rate FOR FURTHER INFORMATION CONTACT: [BOP–1168–F]
by the adjustment factor described in Milton M. Cahn or David A. Levine of
the Office of Associate Chief Counsel RIN 1120–AB68
paragraph (b) of this section. The
Internal Revenue Service publishes the (International) at (202) 317–6937 (not a
Drug Abuse Treatment Program
applicable Federal rates and the toll-free number).
adjusted applicable Federal rates for SUPPLEMENTARY INFORMATION: AGENCY: Bureau of Prisons, Justice.
each month in the Internal Revenue Background ACTION: Final rule.
Bulletin (see § 601.601(d)(2)(ii) of this
The final regulations (TD 9751) that SUMMARY: In this document, the Bureau
chapter).
are the subject of this correction are of Prisons (Bureau) revises the
(b) Adjustment factor. The adjustment under section 897 and1445 of the Residential Drug Abuse Treatment
factor is a percentage equal to— Internal Revenue Code. Program (RDAP) regulations to allow
(1) The excess of 100 percent, over greater inmate participation in the
Need for Correction
program and positively impact
(2) The product of— As published, the final regulations recidivism rates.
(i) 59 percent, and (TD 9751) contain errors that may prove DATES: This rule is effective on May 26,
(ii) The sum of the maximum rate in to be misleading and are in need of 2016.
effect under section 1 applicable to clarification.
FOR FURTHER INFORMATION CONTACT:
individuals and the maximum rate in
asabaliauskas on DSK3SPTVN1PROD with RULES
List of Subjects in 26 CFR Part 1 Sarah Qureshi, Office of General
effect under section 1411 applicable to Counsel, Bureau of Prisons, phone (202)
Income taxes, reporting and
individuals for the month to which the 353–8248.
recordkeeping requirements.
adjusted applicable Federal rate applies. SUPPLEMENTARY INFORMATION: In this
(c) Effective/applicability date. The Correction of Publication document, the Bureau revises the
rules of this section apply to the Accordingly, 26 CFR part 1 is Residential Drug Abuse Treatment
determination of adjusted applicable corrected by making the following Program (RDAP) regulations to allow
Federal rates beginning with the rates correcting amendments: greater inmate participation in the
VerDate Sep<11>2014 17:40 Apr 25, 2016 Jkt 238001 PO 00000 Frm 00030 Fmt 4700 Sfmt 4700 E:\FR\FM\26APR1.SGM 26APR1](https://thefederalregister.org/doc/81_FR_24564/page/1.svg)
Document Created: 2016-04-26 01:36:34
Document Modified: 2016-04-26 01:36:34
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Correcting amendment. | |
| Dates | This correction is effective April 26, 2016 and is applicable on or after February 19, 2016. | |
| Contact | Milton M. Cahn or David A. Levine of the Office of Associate Chief Counsel (International) at (202) 317-6937 (not a toll-free number). | |
| FR Citation | 81 FR 24484 | |
| RIN Number | 1545-BN22 | |
| CFR Associated | Income Taxes and Reporting and Recordkeeping Requirements |
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