81 FR 41800 - Certain Transfers of Property to Regulated Investment Companies [RICs] and Real Estate Investment Trusts [REITs]; Correction
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 81, Issue 124 (June 28, 2016)
Internal Revenue Service
Federal Register Volume 81, Issue 124 (June 28, 2016)
| Page Range | 41800-41800 | |
| FR Document | 2016-15264 |
[Federal Register Volume 81, Number 124 (Tuesday, June 28, 2016)] [Rules and Regulations] [Page 41800] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-15264] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9770] RIN 1545-BN39 Certain Transfers of Property to Regulated Investment Companies [RICs] and Real Estate Investment Trusts [REITs]; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final and temporary regulations; correcting amendment. ----------------------------------------------------------------------- SUMMARY: This document contains a correction to final and temporary regulations (TD 9770) that were published in the Federal Register on June 8, 2016 (81 FR 36793). The final and temporary regulations effect the repeal of the General Utilities doctrine by the Tax Reform Act of 1986 and prevent abuse of the Protecting Americans from Tax Hikes Act of 2015. The temporary regulations impose corporate level tax on certain transactions in which property of a C corporation becomes the property of a REIT. DATES: This correction is effective on June 28, 2016 and applicable on June 8, 2016. FOR FURTHER INFORMATION CONTACT: Austin M. Diamond-Jones at (202) 317- 5085 (not a toll free number). SUPPLEMENTARY INFORMATION: Background The final and temporary regulations (TD 9770) that are the subject of this correction are under section 337(d) of the Internal Revenue Code. Need for Correction As published, the final and temporary regulations (TD 9770) contain an error that may prove to be misleading and is 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 amendment: 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. 2. Section 1.337(d)-7T is amended by revising paragraph (f)(3)(iii) to read as follows: Sec. 1.337(d)-7T Tax on property owned by a C corporation that becomes property of a RIC or REIT. * * * * * (f) * * * (3) * * * (iii) The related section 355 distribution occurred before December 7, 2015 or is described in a ruling request referred to in section 311(c) of Division Q of the Consolidated Appropriations Act, 2016, Public Law 114-113, 129 Stat. 2422. * * * * * Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2016-15264 Filed 6-27-16; 8:45 am] BILLING CODE 4830-01-P
![41800 Federal Register / Vol. 81, No. 124 / Tuesday, June 28, 2016 / Rules and Regulations
2. Notwithstanding any other PART 744—[AMENDED] DATES: This correction is effective on
provision of law, no person is required June 28, 2016 and applicable on June 8,
to respond to nor be subject to a penalty ■ 1. The authority citation for 15 CFR 2016.
for failure to comply with a collection part 744 continues to read as follows:
FOR FURTHER INFORMATION CONTACT:
of information, subject to the Authority: 50 U.S.C. 4601 et seq.; 50 U.S.C.
1701 et seq.; 22 U.S.C. 3201 et seq.; 42 U.S.C. Austin M. Diamond-Jones at (202) 317–
requirements of the Paperwork
2139a; 22 U.S.C. 7201 et seq.; 22 U.S.C. 7210; 5085 (not a toll free number).
Reduction Act of 1995 (44 U.S.C. 3501
E.O. 12058, 43 FR 20947, 3 CFR, 1978 Comp.,
et seq.) (PRA), unless that collection of p. 179; E.O. 12851, 58 FR 33181, 3 CFR, 1993
SUPPLEMENTARY INFORMATION:
information displays a currently valid Comp., p. 608; E.O. 12938, 59 FR 59099, 3 Background
Office of Management and Budget CFR, 1994 Comp., p. 950; E.O. 12947, 60 FR
(OMB) Control Number. This regulation 5079, 3 CFR, 1995 Comp., p. 356; E.O. 13026, The final and temporary regulations
involves collections previously 61 FR 58767, 3 CFR, 1996 Comp., p. 228; E.O.
(TD 9770) that are the subject of this
approved by OMB under control 13099, 63 FR 45167, 3 CFR, 1998 Comp., p.
208; E.O. 13222, 66 FR 44025, 3 CFR, 2001 correction are under section 337(d) of
number 0694–0088, Simplified Network Comp., p. 783; E.O. 13224, 66 FR 49079, 3 the Internal Revenue Code.
Application Processing System, which CFR, 2001 Comp., p. 786; Notice of August
includes, among other things, license 7, 2015, 80 FR 48233 (August 11, 2015); Need for Correction
applications and carries a burden Notice of September 18, 2015, 80 FR 57281
As published, the final and temporary
estimate of 43.8 minutes for a manual or (September 22, 2015); Notice of November
12, 2015, 80 FR 70667 (November 13, 2015); regulations (TD 9770) contain an error
electronic submission. Total burden
Notice of January 20, 2016, 81 FR 3937 that may prove to be misleading and is
hours associated with the PRA and (January 22, 2016). in need of clarification.
OMB control number 0694–0088 are not
expected to increase as a result of this Supplement No. 7 to Part 744— List of Subjects in 26 CFR Part 1
rule. You may send comments regarding [AMENDED]
the collection of information associated Income taxes, Reporting and
■ 2. In Supplement No. 7 to part 744,
with this rule, including suggestions for recordkeeping requirements.
remove ‘‘June 30, 2016’’ and add in its
reducing the burden, to Jasmeet K. place ‘‘August 30, 2016’’. Correction of Publication
Seehra, Office of Management and Dated: June 23, 2016.
Budget (OMB), by email to Jasmeet_K._ Accordingly, 26 CFR part 1 is
Kevin J. Wolf,
Seehra@omb.eop.gov, or by fax to (202) corrected by making the following
Assistant Secretary for Export
395–7285. correcting amendment:
Administration.
3. This rule does not contain policies [FR Doc. 2016–15228 Filed 6–27–16; 8:45 am] PART 1—INCOME TAXES
with Federalism implications as that BILLING CODE 3510–33–P
term is defined in Executive Order
■ Paragraph 1. The authority citation
13132.
for part 1 continues to read in part as
4. The provisions of the DEPARTMENT OF THE TREASURY follows:
Administrative Procedure Act (5 U.S.C.
Internal Revenue Service Authority: 26 U.S.C. 7805 * * *
553) requiring notice of proposed
rulemaking, the opportunity for public ■ Par. 2. Section 1.337(d)–7T is
comment, and a delay in effective date 26 CFR Part 1
amended by revising paragraph (f)(3)(iii)
are inapplicable because this regulation [TD 9770] to read as follows:
involves a military or foreign affairs RIN 1545–BN39
function of the United States. (See 5 § 1.337(d)–7T Tax on property owned by a
U.S.C. 553(a)(1)). If this rule were Certain Transfers of Property to C corporation that becomes property of a
delayed to allow for notice and Regulated Investment Companies RIC or REIT.
comment and a delay in effective date, [RICs] and Real Estate Investment * * * * *
then the national security and foreign Trusts [REITs]; Correction (f) * * *
policy objectives of this rule would be
AGENCY: Internal Revenue Service (IRS), (3) * * *
harmed. Because a notice of proposed
Treasury. (iii) The related section 355
rulemaking and an opportunity for
ACTION: Final and temporary distribution occurred before December
public comment are not required to be
regulations; correcting amendment. 7, 2015 or is described in a ruling
given for this rule by 5 U.S.C. 553, or
by any other law, the analytical SUMMARY: This document contains a request referred to in section 311(c) of
requirements of the Regulatory correction to final and temporary Division Q of the Consolidated
Flexibility Act, 5 U.S.C. 601 et seq., are regulations (TD 9770) that were Appropriations Act, 2016, Public Law
not applicable. Accordingly, no published in the Federal Register on 114–113, 129 Stat. 2422.
regulatory flexibility analysis is required June 8, 2016 (81 FR 36793). The final * * * * *
and none has been prepared. and temporary regulations effect the
repeal of the General Utilities doctrine Martin V. Franks,
List of Subject in 15 CFR Part 744
asabaliauskas on DSK3SPTVN1PROD with RULES
by the Tax Reform Act of 1986 and Chief, Publications and Regulations Branch,
prevent abuse of the Protecting Legal Processing Division, Associate Chief
Exports, Reporting and recordkeeping Counsel (Procedure and Administration).
requirements, Terrorism. Americans from Tax Hikes Act of 2015.
The temporary regulations impose [FR Doc. 2016–15264 Filed 6–27–16; 8:45 am]
Accordingly, part 744 of the Export corporate level tax on certain BILLING CODE 4830–01–P
Administration Regulations (15 CFR transactions in which property of a C
parts 730 through 774) is amended as corporation becomes the property of a
follows: REIT.
VerDate Sep<11>2014 16:05 Jun 27, 2016 Jkt 238001 PO 00000 Frm 00014 Fmt 4700 Sfmt 9990 E:\FR\FM\28JNR1.SGM 28JNR1](https://thefederalregister.org/doc/81_FR_41924/page/1.svg)
Document Created: 2016-06-28 00:53:20
Document Modified: 2016-06-28 00:53:20
| 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 | Final and temporary regulations; correcting amendment. | |
| Dates | This correction is effective on June 28, 2016 and applicable on June 8, 2016. | |
| Contact | Austin M. Diamond-Jones at (202) 317- 5085 (not a toll free number). | |
| FR Citation | 81 FR 41800 | |
| RIN Number | 1545-BN39 | |
| CFR Associated | Income Taxes and Reporting and Recordkeeping Requirements |
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