81 FR 47739 - Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 81, Issue 141 (July 22, 2016)
Internal Revenue Service
Federal Register Volume 81, Issue 141 (July 22, 2016)
| Page Range | 47739-47741 | |
| FR Document | 2016-16561 |
[Federal Register Volume 81, Number 141 (Friday, July 22, 2016)] [Proposed Rules] [Pages 47739-47741] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-16561] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-102516-15] RIN 1545-BM65 Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Withdrawal of notice of proposed rulemaking; and notice of [[Page 47740]] proposed rulemaking by cross-reference to temporary regulations. ----------------------------------------------------------------------- SUMMARY: This document withdraws the notice of proposed rulemaking published in the Federal Register on December 20, 1985, and the notice of proposed rulemaking published in the Federal Register on September 21, 1987. In the Rules and Regulations section of this issue of the Federal Register, the Treasury Department and the IRS are issuing temporary regulations relating to the income inclusion rules under section 50(d)(5) of the Internal Revenue Code (Code) that are applicable to a lessee of investment credit property when a lessor of such property elects to treat the lessee as having acquired the property. The text of those regulations also serves as the text of these proposed regulations. DATES: Written or electronic comments and requests for a public hearing must be received by October 20, 2016. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-102516-15), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG- 102516-15), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC, or sent electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG-102516-15). FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Jennifer A. Records at (202) 317-6853; concerning submissions of comments and requests for a public hearing, Regina Johnson of the Publications and Regulations Branch at (202) 317-6901 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background and Explanation of Provisions On December 20, 1985, the Treasury Department and the IRS published in the Federal Register (50 FR 51874-01) a notice of proposed rulemaking (LR-92-73) under sections 46, 47, 48, and 167 providing proposed rules related to the determination of the amount of taxpayer's qualified investment and recapture of the investment credit with respect to mass assets. On September 21, 1987, the Treasury Department and the IRS published in the Federal Register (52 FR 35438-01) a notice of proposed rulemaking (LR-183-82) under sections 48, 196, 312, and 705 providing proposed rules related to the adjustment in the basis of property with respect to which a taxpayer claimed the investment credit. On April 27, 1993, the Treasury Department and the IRS withdrew (58 FR 25587-01) the proposed amendments to Sec. 1.48-7 of the Income Tax Regulations that were published as part of the notice of proposed rulemaking (LR-183-82) published in the Federal Register (52 FR 35438- 01) on September 21, 1987. Because of numerous statutory changes since the publication of those proposed regulations, the remainder of the proposed regulations (50 FR 51874-01 and 52 FR 35438-01) are withdrawn. Temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Income Tax Regulations (26 CFR part 1) relating to section 50(d)(5). The temporary regulations provide rules regarding the income inclusion required under section 50(d)(5) of the Code by a lessee of investment credit property when a lessor of such property elects to treat the lessee as having acquired the property. The temporary regulations also provide rules to coordinate the section 50(a) recapture rules with the section 50(d)(5) income inclusion rules and rules regarding income inclusion upon a disposition or lease termination outside of the recapture period. The text of those regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the amendments. Special Analyses Certain IRS regulations, including this one, are exempt from the requirements of Executive Order 12866, as supplemented and reaffirmed by Executive Order 13563. Therefore, a regulatory impact assessment is not required. It also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations, and, because these regulations do not impose a collection of information on small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Therefore, a regulatory flexibility analysis is not required. Pursuant to section 7805(f) of the Code, these proposed regulations have been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on their impact on small business. Comments and Requests for a Public Hearing Before these proposed regulations are adopted as final regulations, consideration will be given to any written (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The Treasury Department and the IRS request comments on all aspects of these proposed regulations. Specifically, the Treasury Department and the IRS request comments regarding whether guidance is needed to address the applicability of the income inclusion rules under section 50(d)(5) to trusts, estates, and/or electing large partnerships. All comments will be available for public inspection and copying. A public hearing will be scheduled if requested in writing by any person that timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place for the public hearing will be published in the Federal Register. Drafting Information The principal author of these regulations is Jennifer A. Records, Office of the Associate Chief Counsel (Passthroughs and Special Industries), IRS. However, other personnel from the Treasury Department and the IRS participated in their development. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Withdrawal of Notice of Proposed Rulemaking Accordingly, under authority of 26 U.S.C. 7805, the notice of proposed rulemaking (LR-92-73) that was published in the Federal Register on December 20, 1985 (50 FR 51874-01), and the notice of proposed rulemaking (LR-183-82) that was published in the Federal Register on September 21, 1987 (52 FR 35438-01), are withdrawn. Proposed Amendments to the Regulations Accordingly, 26 CFR part 1 is proposed to be amended as follows: 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 1.50-1 is revised to read as follows: Sec. 1.50-1 Lessee's income inclusion following election of lessor of investment credit property to treat lessee as acquirer. [The text of proposed amendment to Sec. 1.50-1 is the same as the text of Sec. 1.50-1T(a) through (f) published [[Page 47741]] elsewhere in this issue of the Federal Register]. John Dalrymple, Deputy Commissioner for Services and Enforcement. [FR Doc. 2016-16561 Filed 7-21-16; 8:45 am] BILLING CODE 4830-01-P
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Calloway County Hospital Heliport, Availability and Summary of Lists of Subjects in 14 CFR Part 71
Murray, KY. Documents for Incorporation by Airspace, Incorporation by reference,
Reference Navigation (Air).
Comments Invited
This document proposes to amend
Interested persons are invited to The Proposed Amendment
FAA Order 7400.9Z, Airspace
comment on this rule by submitting Designations and Reporting Points, In consideration of the foregoing, the
such written data, views, or arguments, dated August 6, 2015, and effective Federal Aviation Administration
as they may desire. Comments that September 15, 2015. FAA Order proposes to amend 14 CFR part 71 as
provide the factual basis supporting the 7400.9Z is publicly available as listed in follows:
views and suggestions presented are the ADDRESSES section of this document.
particularly helpful in developing PART 71—DESIGNATION OF CLASS A,
FAA Order 7400.9Z lists Class A, B, C,
reasoned regulatory decisions on the B, C, D, AND E AIRSPACE AREAS; AIR
D, and E airspace areas, air traffic
proposal. Comments are specifically TRAFFIC SERVICE ROUTES; AND
service routes, and reporting points.
invited on the overall regulatory, REPORTING POINTS
aeronautical, economic, environmental, The Proposal
and energy-related aspects of the The FAA is considering an ■ 1. The authority citation for Part 71
proposal. amendment to Title 14, Code of Federal continues to read as follows:
Communications should identify both Regulations (14 CFR) part 71 to establish Authority: 49 U.S.C. 106(f), 106(g); 40103,
docket numbers and be submitted in Class E airspace at Murray, KY, 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR,
triplicate to the address listed above. providing the controlled airspace 1959–1963 Comp., p. 389.
You may also submit comments through required to support the new Copter § 71.1 [Amended]
the Internet at http:// RNAV (GPS) standard instrument
www.regulations.gov. ■ 2. The incorporation by reference in
approach procedures for Murray
Persons wishing the FAA to 14 CFR 71.1 of Federal Aviation
Calloway County Hospital Heliport.
acknowledge receipt of their comments Administration Order 7400.9Z, Airspace
Controlled airspace extending upward
on this action must submit with those Designations and Reporting Points,
from 700 feet above the surface within
comments a self-addressed stamped dated August 6, 2015, effective
a 6-mile radius of the heliport would be
postcard on which the following September 15, 2015, is amended as
established for IFR operations.
statement is made: ‘‘Comments to follows:
Class E airspace designations are
Docket No. FAA–2016–6775; Airspace published in Paragraph 6005 of FAA Paragraph 6005 Class E Airspace Areas
Docket No. 16–ASO–9.’’ The postcard Order 7400.9Z, dated August 6, 2015, Extending Upward From 700 feet or More
will be date/time stamped and returned and effective September 15, 2015, which Above the Surface of the Earth.
to the commenter. is incorporated by reference in 14 CFR * * * * *
All communications received before 71.1. The Class E airspace designation ASO KY E5 Murray, KY [New]
the specified closing date for comments listed in this document will be
will be considered before taking action Murray Calloway County Hospital Heliport,
published subsequently in the Order. KY
on the proposed rule. The proposal (Lat. 36°36′27″ N., long. 88°18′36″ W.)
contained in this notice may be changed Regulatory Notices and Analyses
That airspace extending upward from 700
in light of the comments received. A The FAA has determined that this feet above the surface within a 6-mile radius
report summarizing each substantive proposed regulation only involves an of Murray Calloway County Hospital
public contact with FAA personnel established body of technical Heliport.
concerned with this rulemaking will be regulations for which frequent and Issued in College Park, Georgia, on July 15,
filed in the docket. routine amendments are necessary to 2016.
Availability of NPRMs keep them operationally current. It, Ryan W. Almasy,
therefore: (1) Is not a ‘‘significant
An electronic copy of this document Manager, Operations Support Group, Eastern
regulatory action’’ under Executive Service Center, Air Traffic Organization.
may be downloaded from and Order 12866; (2) is not a ‘‘significant
comments submitted through http:// [FR Doc. 2016–17311 Filed 7–21–16; 8:45 am]
rule’’ under DOT Regulatory Policies
www.regulations.gov. Recently and Procedures (44 FR 11034; February BILLING CODE 4910–13–P
published rulemaking documents can 26, 1979); and (3) does not warrant
also be accessed through http:// preparation of a Regulatory Evaluation
www.regulations.gov. as the anticipated impact is so minimal. DEPARTMENT OF THE TREASURY
You may review the public docket Since this is a routine matter that will
containing the proposal, any comments only affect air traffic procedures and air Internal Revenue Service
received, and any final disposition in navigation, it is certified that this
person in the Dockets Office (see the proposed rule, when promulgated, will 26 CFR Part 1
ADDRESSES section for address and not have a significant economic impact
phone number) between 9:00 a.m. and [REG–102516–15]
on a substantial number of small entities
5:00 p.m., Monday through Friday, under the criteria of the Regulatory RIN 1545–BM65
except Federal Holidays. An informal Flexibility Act.
docket may also be examined between
ehiers on DSK5VPTVN1PROD with PROPOSALS
Environmental Review Income Inclusion When Lessee
8:00 a.m. and 4:30 p.m., Monday Treated as Having Acquired
through Friday, except Federal Holidays This proposal would be subject to an Investment Credit Property
at the office of the Eastern Service environmental analysis in accordance
Center, Federal Aviation with FAA Order 1050.1F, AGENCY: Internal Revenue Service (IRS),
Administration, Room 350, 1701 ‘‘Environmental Impacts: Policies and Treasury.
Columbia Avenue, College Park, Georgia Procedures’’ prior to any FAA final ACTION: Withdrawal of notice of
30337. regulatory action. proposed rulemaking; and notice of
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elsewhere in this issue of the Federal You may submit comments in one of of Health and Human Services, at (410)
Register]. four ways (please choose only one of the 786–1565.
ways listed): Elizabeth Schumacher or Suzanne
John Dalrymple, Adelman, Employee Benefits Security
1. Electronically. You may submit
Deputy Commissioner for Services and electronic comments on this regulation Administration, Department of Labor, at
Enforcement. (202) 693–8335.
to http://www.regulations.gov. Follow
[FR Doc. 2016–16561 Filed 7–21–16; 8:45 am] Karen Levin, Internal Revenue
the ‘‘Submit a comment’’ instructions.
BILLING CODE 4830–01–P 2. By regular mail. You may mail Service, Department of the Treasury, at
written comments to the following (202) 317–6846.
address ONLY: Centers for Medicare & Customer Service Information:
DEPARTMENT OF THE TREASURY Individuals interested in obtaining
Medicaid Services, Department of
Health and Human Services, Attention: information from the Department of
Internal Revenue Service Labor concerning employment-based
CMS–9931–NC, P.O. Box 8010,
Baltimore, MD 21244–8010. Please health coverage laws may call the EBSA
26 CFR Part 54 Toll-Free Hotline at 1–866–444–EBSA
allow sufficient time for mailed
comments to be received before the (3272) or visit the Department of Labor’s
DEPARTMENT OF LABOR Web site (http://www.dol.gov/ebsa). In
close of the comment period.
3. By express or overnight mail. You addition, information from HHS on
Employee Benefits Security private health insurance for consumers
Administration may send written comments to the
following address ONLY: Centers for can be found on the CMS Web site
Medicare & Medicaid Services, (www.cciio.cms.gov), and information
29 CFR Part 2590 on health reform can be found at http://
Department of Health and Human
Services, Attention: CMS–9931–NC, www.HealthCare.gov.
DEPARTMENT OF HEALTH AND SUPPLEMENTARY INFORMATION:
HUMAN SERVICES Mail Stop C4–26–05, 7500 Security
Boulevard, Baltimore, MD 21244–1850. Inspection of Public Comments: All
4. By hand or courier. Alternatively, comments received before the close of
45 CFR Part 147 the comment period are available for
you may deliver (by hand or courier)
your written comments ONLY to the viewing by the public, including any
[CMS–9931–NC] personally identifiable or confidential
following addresses prior to the close of
the comment period: business information that is included in
Coverage for Contraceptive Services a comment. We post all comments
a. For delivery in Washington, DC—
AGENCY: Internal Revenue Service, received before the close of the
Centers for Medicare & Medicaid
Department of the Treasury; Employee comment period on the following Web
Services, Department of Health and
Benefits Security Administration, site as soon as possible after they have
Human Services, Room 445–G, Hubert
Department of Labor; Centers for been received: http://
H. Humphrey Building, 200
Medicare & Medicaid Services, www.regulations.gov. Follow the search
Independence Avenue SW.,
Department of Health and Human instructions on that Web site to view
Washington, DC 20201.
Services. public comments.
(Because access to the interior of the Comments received timely will also
ACTION: Request for information. Hubert H. Humphrey Building is not be available for public inspection as
readily available to persons without they are received, generally beginning
SUMMARY: This document is a request for Federal government identification,
information on whether there are approximately 3 weeks after publication
commenters are encouraged to leave of a document, at the headquarters of
alternative ways (other than those their comments in the CMS drop slots
offered in current regulations) for the Centers for Medicare & Medicaid
located in the main lobby of the Services, 7500 Security Boulevard,
eligible organizations that object to building. A stamp-in clock is available
providing coverage for contraceptive Baltimore, Maryland 21244, Monday
for persons wishing to retain a proof of through Friday of each week from 8:30
services on religious grounds to obtain filing by stamping in and retaining an
an accommodation, while still ensuring a.m. to 4 p.m. To schedule an
extra copy of the comments being filed.) appointment to view public comments,
that women enrolled in the b. For delivery in Baltimore, MD—
organizations’ health plans have access phone 1–800–743–3951.
Centers for Medicare & Medicaid
to seamless coverage of the full range of Services, Department of Health and I. Background
Food and Drug Administration- Human Services, 7500 Security The Patient Protection and Affordable
approved contraceptives without cost Boulevard, Baltimore, MD 21244–1850. Care Act (Pub. L. 111–148) was enacted
sharing. This information is being If you intend to deliver your on March 23, 2010. The Health Care and
solicited in light of the Supreme Court’s comments to the Baltimore address, call Education Reconciliation Act of 2010
opinion in Zubik v. Burwell, 136 S. Ct. telephone number (410) 786–9994 in (Pub. L. 111–152) was enacted on March
1557 (2016). The Departments of Health advance to schedule your arrival with 30, 2010. These statutes are collectively
and Human Services (HHS), Labor, and one of our staff members. known as the Affordable Care Act. The
the Treasury (collectively, the Comments erroneously mailed to the Affordable Care Act reorganizes,
Departments) invite public comments addresses indicated as appropriate for amends, and adds to the provisions of
via this request for information. hand or courier delivery may be delayed part A of title XXVII of the Public
ehiers on DSK5VPTVN1PROD with PROPOSALS
DATES: Comments must be submitted on and received after the comment period. Health Service Act (PHS Act) relating to
or before September 20, 2016. For information on viewing public group health plans and health insurance
ADDRESSES: In commenting, please refer comments, see the beginning of the issuers in the group and individual
to file code CMS–9931–NC. Because of SUPPLEMENTARY INFORMATION section. markets. The Affordable Care Act adds
staff and resource limitations, we cannot FOR FURTHER INFORMATION CONTACT: section 715(a)(1) to the Employee
accept comments by facsimile (FAX) David Mlawsky, Centers for Medicare Retirement Income Security Act of 1974
transmission. & Medicaid Services (CMS), Department (ERISA) and section 9815(a)(1) to the
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Document Created: 2016-07-22 02:37:50
Document Modified: 2016-07-22 02:37:50
| 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 | Proposed Rules | |
| Action | Withdrawal of notice of proposed rulemaking; and notice of proposed rulemaking by cross-reference to temporary regulations. | |
| Dates | Written or electronic comments and requests for a public hearing must be received by October 20, 2016. | |
| Contact | Concerning the regulations, Jennifer A. Records at (202) 317-6853; concerning submissions of comments and requests for a public hearing, Regina Johnson of the Publications and Regulations Branch at (202) 317-6901 (not toll-free numbers). | |
| FR Citation | 81 FR 47739 | |
| RIN Number | 1545-BM65 | |
| CFR Associated | Income Taxes and Reporting and Recordkeeping Requirements |
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