81_FR_43695 81 FR 43567 - Deemed Distributions Under Section 305(c) of Stock and Rights To Acquire Stock; Correction

81 FR 43567 - Deemed Distributions Under Section 305(c) of Stock and Rights To Acquire Stock; Correction

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 128 (July 5, 2016)

Page Range43567-43568
FR Document2016-15696

This document contains corrections to a notice of proposed rulemaking (REG-133673-15) that were published in the Federal Register on April 13, 2016 (81 FR 21795). The proposed regulations are in regards to deemed distributions of stock and rights to acquire stock. The proposed regulations would resolve ambiguities concerning the amount and timing of deemed distributions that are or result from adjustments to rights to acquire stock.

Federal Register, Volume 81 Issue 128 (Tuesday, July 5, 2016) 
[Federal Register Volume 81, Number 128 (Tuesday, July 5, 2016)]
[Proposed Rules]
[Pages 43567-43568]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-15696]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-133673-15]
RIN 1545-BN07


Deemed Distributions Under Section 305(c) of Stock and Rights To 
Acquire Stock; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking (REG-133673-15) that were published in the Federal Register 
on April 13, 2016 (81 FR 21795). The proposed regulations are in 
regards to deemed distributions of stock and rights to acquire stock. 
The proposed regulations would resolve ambiguities concerning the 
amount and timing of deemed distributions that are or result from 
adjustments to rights to acquire stock.

DATES: Written or electronic comments and requests for a public hearing 
for the notice of proposed rulemaking published at 81 FR 21795, April 
13, 2016 are still being accepted and must be received by July 12, 
2016.

FOR FURTHER INFORMATION CONTACT: Maurice M. LaBrie at (202) 317-5322; 
concerning the proposed regulations under sections 860G, 861, 1441, 
1461, 1471, and 1473, Subin Seth, (202) 317-6942; concerning the 
proposed regulations under section 6045B, Pamela Lew, (202) 317-7053; 
concerning submission of comments, contact Regina Johnson, (202) 317-
6901 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking (REG-133673-15) that is subject 
of this correction is under sections 305 and 1473 of the Internal 
Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-133673-15) 
contains

[[Page 43568]]

errors that may prove to be misleading and are in need of 
clarification.

Correction to Publication

    Accordingly, the notice of proposed rulemaking (REG-133673-15) that 
was the subject of FR Doc. 2016-08248 is corrected as follows:


Sec.  1.305-3  [CORRECTED]

0
1. On page 21802, first column, fourth line from the bottom of Example 
6, the language ``accordance with Sec.  1.305-7(c)(4)(ii) and the'' is 
corrected to read ``accordance with Sec.  1.305-7(c)(4)(i) and the''.


Sec.  1.305-7  [CORRECTED]

0
2. On page 21803, third column, second line of Example 3.(ii), the 
language ``Sec.  1.305-1(d)(5), the holders of the convertible'' is 
corrected to read ``Sec.  1.305-1(d)(4), the holders of the 
convertible''.


Sec.  1.1473-1  [CORRECTED]

0
3. On page 21807, third column, in paragraph (d)(7), fifth line from 
the bottom of the page, the language ``beneficial owner or a flow 
through'' is corrected to read ``beneficial owner, or a flow through''.

Martin V. Franks,
Branch Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-15696 Filed 7-1-16; 8:45 am]
BILLING CODE 4830-01-P

Federal Register / Vol. 81, No. 128 / Tuesday, July 5, 2016 / Proposed Rules 43567 (iii) After the request is received, the issue a formal determination addressing Department of Energy Inspector General. CEII Coordinator will determine if the the merits of such opposition. If an The Commission will take responsibility information is CEII, and, if it is, whether organization that is granted access to for investigating and, as necessary, to release the CEII to the requester. The CEII pursuant to paragraph (g)(5)(ii) of imposing sanctions on its employees CEII Coordinator will balance the this section wants to add new and agents. requester’s need for the information individuals to its non-disclosure [FR Doc. 2016–14761 Filed 7–1–16; 8:45 am] against the sensitivity of the agreement more than one year after the BILLING CODE 6717–01–P information. If the requester is date of its initial CEII request, the determined to be eligible to receive the organization must submit a new CEII information requested, the CEII request pursuant to paragraph (g)(5)(ii) of this section and a new non-disclosure DEPARTMENT OF THE TREASURY Coordinator will determine what conditions, if any, to place on release of agreement for each new individual Internal Revenue Service the information. added. (iv) If the CEII Coordinator determines (vii) The CEII Coordinator will 26 CFR Part 1 that the CEII requester has not attempt to respond to the requester demonstrated a valid or legitimate need under this section according to the [REG–133673–15] for the CEII or that access to the CEII timing required for responses under the RIN 1545–BN07 should be denied for other reasons, this FOIA in section 18 CFR 388.108(c). determination may be appealed to the (viii) Fees for processing CEII requests Deemed Distributions Under Section General Counsel pursuant to section will be determined in accordance with 305(c) of Stock and Rights To Acquire 388.110 of this Chapter. The General section 18 CFR 388.109. Stock; Correction Counsel will decide whether the (ix) Nothing in this section should be information is properly classified as construed as requiring the release of AGENCY: Internal Revenue Service (IRS), CEII, which by definition is exempt proprietary information, personally Treasury. from release under FOIA, and whether identifiable information, cultural ACTION: Correction to notice of proposed the Commission should in its discretion resource information and other rulemaking. make such CEII available to the CEII comparable data protected by statute or requester in view of the requester’s any privileged information, including SUMMARY: This document contains asserted legitimacy and need. information protected by the corrections to a notice of proposed (v) Once a CEII requester has been deliberative process. rulemaking (REG–133673–15) that were verified by Commission staff as a (h) Duty to protect CEII. Unauthorized published in the Federal Register on legitimate requester who does not pose disclosure of CEII is prohibited. April 13, 2016 (81 FR 21795). The a security risk, his or her verification (1) To ensure that the Commissioners, proposed regulations are in regards to will be valid for the remainder of that Commission employees, and deemed distributions of stock and rights calendar year. Such a requester is not Commission contractors protect CEII to acquire stock. The proposed required to provide detailed information from unauthorized disclosure, internal regulations would resolve ambiguities about himself or herself with controls will describe the handling, concerning the amount and timing of subsequent requests during the calendar marking, and security controls for CEII. deemed distributions that are or result year. He or she is also not required to (2) Any individual who requests from adjustments to rights to acquire file a non-disclosure agreement with information pursuant to paragraph (g)(5) stock. subsequent requests during the calendar of this section must sign and execute a year because the original non-disclosure non-disclosure agreement, which DATES: Written or electronic comments agreement will apply to all subsequent indicates the individual’s willingness to and requests for a public hearing for the releases of CEII. adhere to limitations on the use and notice of proposed rulemaking (vi) An organization that is granted disclosure of the information requested. published at 81 FR 21795, April 13, access to CEII pursuant to paragraph The non-disclosure agreement will, at a 2016 are still being accepted and must (g)(5)(ii) of this section may seek to add minimum, require the following: CEII be received by July 12, 2016. additional individuals to the non- will only be used for the purpose for FOR FURTHER INFORMATION CONTACT: disclosure agreement within one (1) which it was requested; CEII may only Maurice M. LaBrie at (202) 317–5322; year of the date of the initial CEII be discussed with authorized recipients; concerning the proposed regulations request. Such an organization must CEII must be kept in a secure place in under sections 860G, 861, 1441, 1461, provide the names of the added a manner that would prevent 1471, and 1473, Subin Seth, (202) 317– individuals to the CEII Coordinator and unauthorized access; CEII must be 6942; concerning the proposed certify that notice of each added destroyed or returned to the regulations under section 6045B, individual has been given to the Commission upon request; and the Pamela Lew, (202) 317–7053; submitter. Any newly added individuals Commission may audit the Recipient’s concerning submission of comments, must execute a supplement to the compliance with the non-disclosure contact Regina Johnson, (202) 317–6901 original non-disclosure agreement agreement. (not toll-free numbers). indicating their acceptance of its terms. (i) Sanctions. Any officers, employees, SUPPLEMENTARY INFORMATION: If there is no written opposition within or agents of the Commission who five (5) days of notifying the CEII knowingly and willfully disclose CEII in Background sradovich on DSK3GDR082PROD with PROPOSALS Coordinator and the submitter a manner that is not authorized under The notice of proposed rulemaking concerning the addition of any newly this section will be subject to (REG–133673–15) that is subject of this added individuals, the CEII Coordinator appropriate sanctions, such as removal correction is under sections 305 and will issue a standard notice accepting from the federal service, or possible 1473 of the Internal Revenue Code. the addition of these names to the non- referral for criminal prosecution. disclosure agreement. If the submitter Commissioners who knowingly and Need for Correction files a timely opposition with the CEII willfully disclose CEII without As published, the notice of proposed Coordinator, the CEII Coordinator will authorization may be referred to the rulemaking (REG–133673–15) contains VerDate Sep<11>2014 17:18 Jul 01, 2016 Jkt 238001 PO 00000 Frm 00038 Fmt 4702 Sfmt 4702 E:\FR\FM\05JYP1.SGM 05JYP1

43568 Federal Register / Vol. 81, No. 128 / Tuesday, July 5, 2016 / Proposed Rules errors that may prove to be misleading requires an EI for all ozone DEPARTMENT OF HOMELAND and are in need of clarification. nonattainment areas. The inventory SECURITY Correction to Publication includes emission data for Nitrogen Oxides (NOX) and Volatile Organic Federal Emergency Management Accordingly, the notice of proposed Compounds (VOCs). EPA is approving Agency rulemaking (REG–133673–15) that was the revisions pursuant to section 110 the subject of FR Doc. 2016–08248 is and part D of the CAA and EPA’s 44 CFR Part 67 corrected as follows: regulations. [Docket ID FEMA–2016–0002; Internal § 1.305–3 [CORRECTED] Agency Docket Nos. FEMA–B–1051 and DATES: Written comments should be 1060] ■ 1. On page 21802, first column, fourth received on or before August 4, 2016. line from the bottom of Example 6, the Proposed Flood Elevation language ‘‘accordance with § 1.305– ADDRESSES: Submit your comments, Determinations for Will County, Illinois, 7(c)(4)(ii) and the’’ is corrected to read identified by EPA–R06–OAR–2016– and Incorporated Areas; Withdrawal ‘‘accordance with § 1.305–7(c)(4)(i) and 0278, at http://www.regulations.gov or the’’. via email to salem.nevine@epa.gov. For AGENCY: Federal Emergency additional information on how to Management Agency, DHS. § 1.305–7 [CORRECTED] submit comments see the detailed ACTION: Proposed rule; withdrawal. ■ 2. On page 21803, third column, instructions in the ADDRESSES section of second line of Example 3.(ii), the SUMMARY: The Federal Emergency the direct final rule located in the rules Management Agency (FEMA) is language ‘‘§ 1.305–1(d)(5), the holders of section of this Federal Register. the convertible’’ is corrected to read withdrawing its proposed rule ‘‘§ 1.305–1(d)(4), the holders of the FOR FURTHER INFORMATION CONTACT: Ms. concerning proposed flood elevation convertible’’. Nevine Salem, (214) 665–7222, determinations for Will County, Illinois, salem.nevine@epa.gov. and Incorporated Areas. § 1.1473–1 [CORRECTED] DATES: The proposed rules published on ■ 3. On page 21807, third column, in SUPPLEMENTARY INFORMATION: In the May 26, 2009 and July 2, 2009 (74 FR paragraph (d)(7), fifth line from the Rules and Regulations section of this 24738 and 74 FR 31656), are withdrawn bottom of the page, the language Federal Register, the EPA is approving effective July 5, 2016. ‘‘beneficial owner or a flow through’’ is the State’s SIP submittal as a direct rule ADDRESSES: You may submit comments, corrected to read ‘‘beneficial owner, or without prior proposal because the identified by Docket Nos. FEMA–B– a flow through’’. Agency views this as noncontroversial 1051 and 1060 to Rick Sacbibit, Chief, submittal and anticipates no adverse Engineering Services Branch, Federal Martin V. Franks, comments. A detailed rationale for the Insurance and Mitigation Branch Chief, Publications and Regulations approval is set forth in the direct final Administration, FEMA, 500 C Street Branch, Legal Processing Division, Associate Chief Counsel (Procedure and rule. If no relevant adverse comments SW., Washington, DC 20472, (202) 646– Administration). are received in response to this action 7659, or (email) patrick.sacbibit@ [FR Doc. 2016–15696 Filed 7–1–16; 8:45 am] no further activity is contemplated. If fema.dhs.gov. BILLING CODE 4830–01–P the EPA receives relevant adverse FOR FURTHER INFORMATION CONTACT: Rick comments, the direct final rule will be Sacbibit, Chief, Engineering Services withdrawn and all public comments Branch, Federal Insurance and ENVIRONMENTAL PROTECTION received will be addressed in a Mitigation Administration, FEMA, 500 AGENCY subsequent final rule based on this C Street SW., Washington, DC 20472, proposed rule. The EPA will not (202) 646–7659, or (email) 40 CFR Part 52 institute a second comment period. Any patrick.sacbibit@fema.dhs.gov; [EPA–R06–OAR–2016–0278 FRL–9948–59– parties interested in commenting on this SUPPLEMENTARY INFORMATION: On May Region 6] action should do so at this time. 26, 2009 and July 2, 2009, FEMA For additional information, see the published documents proposing flood Approval and Promulgation of direct final rule which is located in the elevation determinations along one or Implementation Plans; Louisiana; Rules and Regulations section of this more flooding sources in City of Joliet, Baton Rouge Nonattainment Area; Federal Register. Unincorporated Areas of Will County, Base Year Emissions Inventory for the and the Villages of Channahon, 2008 8-Hour Ozone Standard Dated: June 22, 2016. Frankfort and Manhattan, Illinois (74 FR Ron Curry, 24738 at 24741 and 74 FR 31656 at AGENCY: Environmental Protection Regional Administrator, Region 6. 31658). FEMA is withdrawing the Agency (EPA). [FR Doc. 2016–15743 Filed 7–1–16; 8:45 am] proposed rules because FEMA has or ACTION: Proposed rule. BILLING CODE 6560–50–P will be issuing a Revised Preliminary SUMMARY: The Environmental Protection Flood Insurance Rate Map, and if Agency (EPA) is proposing to approve a necessary a Flood Insurance Study revision to the State Implementation report, featuring updated flood hazard sradovich on DSK3GDR082PROD with PROPOSALS Plan (SIP) submitted by the Louisiana information. A Notice of Proposed Department of Environmental Quality Flood Hazard Determinations will be (LDEQ) to address the emissions published in the Federal Register and in inventory (EI) requirement for the Baton the affected community’s local Rouge ozone nonattainment area newspaper following issuance of the (BRNA) for the 2008 8-hour ozone Revised Preliminary Flood Insurance National Ambient Air Quality Standards Rate Map. (NAAQS). The Clean Air Act (CAA) Authority: 42 U.S.C. 4104; 44 CFR 67.4. VerDate Sep<11>2014 17:18 Jul 01, 2016 Jkt 238001 PO 00000 Frm 00039 Fmt 4702 Sfmt 4702 E:\FR\FM\05JYP1.SGM 05JYP1


Document Created: 2016-07-01 23:50:21
Document Modified: 2016-07-01 23:50:21
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionProposed Rules
ActionCorrection to notice of proposed rulemaking.
DatesWritten or electronic comments and requests for a public hearing for the notice of proposed rulemaking published at 81 FR 21795, April 13, 2016 are still being accepted and must be received by July 12, 2016.
ContactMaurice M. LaBrie at (202) 317-5322; concerning the proposed regulations under sections 860G, 861, 1441, 1461, 1471, and 1473, Subin Seth, (202) 317-6942; concerning the proposed regulations under section 6045B, Pamela Lew, (202) 317-7053; concerning submission of comments, contact Regina Johnson, (202) 317- 6901 (not toll-free numbers).
FR Citation81 FR 43567 
RIN Number1545-BN07
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