81_FR_65726 81 FR 65541 - Method of Accounting for Gains and Losses on Shares in Money Market Funds; Broker Returns With Respect to Sales of Shares in Money Market Funds; Correction

81 FR 65541 - Method of Accounting for Gains and Losses on Shares in Money Market Funds; Broker Returns With Respect to Sales of Shares in Money Market Funds; Correction

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 185 (September 23, 2016)

Page Range65541-65542
FR Document2016-22950

This document contains a correction to final regulations (TD 9774) that were published in the Federal Register on July 8, 2016 (81 FR 44508). The final regulations provide a simplified method of accounting for gains and losses on shares in money market funds (MMFs). The final regulations also provide guidance regarding information reporting requirements for shares in MMFs.

Federal Register, Volume 81 Issue 185 (Friday, September 23, 2016) 
[Federal Register Volume 81, Number 185 (Friday, September 23, 2016)]
[Rules and Regulations]
[Pages 65541-65542]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-22950]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9774]
RIN 1545-BM04


Method of Accounting for Gains and Losses on Shares in Money 
Market Funds; Broker Returns With Respect to Sales of Shares in Money 
Market Funds; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

-----------------------------------------------------------------------

SUMMARY: This document contains a correction to final regulations (TD 
9774) that were published in the Federal Register on July 8, 2016 (81 
FR 44508). The final regulations provide a simplified method of 
accounting for gains and losses on shares in money market funds (MMFs). 
The final regulations also provide guidance regarding information 
reporting requirements for shares in MMFs.

DATES: This correction is effective on September 23, 2016 and 
applicable on July 8, 2016.

FOR FURTHER INFORMATION CONTACT: Grace Cho at (202) 317-6895 (not a 
toll free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9774) that are the subject of this 
correction are under sections 446, and 6045 of the Internal Revenue 
Code.

Need for Correction

    As published, the final regulations (TD 9774) contains an error 
that may prove to be misleading and is in need of clarification.

[[Page 65542]]

Correction of Publication

    Accordingly, the final regulations (TD 9774), that are the subject 
of FR Doc. 2016-16149, is corrected as follows:
    1. On page 44512, in the preamble, the first column, under the 
heading ``7. Accounting Method Changes'', the ninth line of the second 
full paragraph, the language ``Proc. 2016-39 (2016-30 IRB), which'' is 
corrected to read ``Proc. 2016-39 (2016-30 IRB 164), which''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-22950 Filed 9-22-16; 8:45 am]
BILLING CODE 4830-01-P

Federal Register / Vol. 81, No. 185 / Friday, September 23, 2016 / Rules and Regulations 65541 of Inspector General of the Department DEPARTMENT OF THE TREASURY Credit’’,’’ and adding ‘‘ ‘‘Investment of Health and Human Services granted Credit,’’ ’’ in its place. a waiver of the section 1128 exclusion; Internal Revenue Service ■ 2. Paragraph (e) Example 1. and 3. are or amended by removing the language (5) The evidence is a laboratory 26 CFR Part 1 ‘‘July 1, 2016.’’ and adding ‘‘October 1, finding about a physical impairment [TD 9776] 2016.’’ in its place. and there is no indication that the ■ 3. Paragraph (e) Example 2. is finding is unreliable. RIN 1545–BM74 amended by removing the language (c) Reporting requirements for ‘‘paragraph (e).’’ and adding ‘‘paragraph Income Inclusion When Lessee (e),’’ in its place. excluded medical sources of evidence. Treated as Having Acquired Excluded medical sources of evidence Investment Credit Property; Correction Martin V. Franks, (as described in paragraph (a) of this Chief, Publications and Regulations Branch, section) must inform us in writing that AGENCY: Internal Revenue Service (IRS), Legal Processing Division, Associate Chief they are excluded under section Treasury. Counsel (Procedure and Administration). 223(d)(5)(C)(i) of the Act, as amended, ACTION: Temporary regulations; [FR Doc. 2016–22945 Filed 9–22–16; 8:45 am] each time they submit evidence related correcting amendment. BILLING CODE 4830–01–P to a claim for initial or continuing benefits under titles II or XVI of the Act. SUMMARY: This document contains a This reporting requirement applies to correction to temporary regulations (TD 9776) that were published in the DEPARTMENT OF THE TREASURY evidence that excluded medical sources of evidence submit to us either directly Federal Register on July 22, 2016 (81 FR Internal Revenue Service or through a representative, claimant, or 47701). The temporary regulations other individual or entity. provide guidance regarding the income 26 CFR Part 1 (1) Excluded medical sources of inclusion rules under section 50(d)(5) of evidence must provide a written the Internal Revenue Code (Code) that [TD 9774] statement, which contains the following are applicable to a lessee of investment information: credit property when a lessor of such property elects to treat the lessee as RIN 1545–BM04 (i) A heading stating: ‘‘WRITTEN having acquired the property. Method of Accounting for Gains and STATEMENT REGARDING SECTION 223(d)(5)(C) OF THE SOCIAL DATES: This correction is effective on Losses on Shares in Money Market SECURITY ACT—DO NOT REMOVE’’ September 23, 2016 and applicable on Funds; Broker Returns With Respect (ii) The name and title of the medical July 22, 2016. to Sales of Shares in Money Market source; FOR FURTHER INFORMATION CONTACT: Funds; Correction (iii) The applicable excluding event(s) Jennifer Records at (202) 317–6853 (not a toll free number). AGENCY: Internal Revenue Service (IRS), stated in paragraph (a)(1)–(a)(3) of this Treasury. section; SUPPLEMENTARY INFORMATION: ACTION: Final regulations; correction. (iv) The date of the medical source’s Background felony conviction under sections 208 or SUMMARY: This document contains a The temporary regulations (TD 9776) 1632 of the Act, if applicable; correction to final regulations (TD 9774) that are the subject of this correction are (v) The date of the imposition of a under section 50 of the Internal Revenue that were published in the Federal civil monetary penalty or assessment, or Code. Register on July 8, 2016 (81 FR 44508). both, for the submission of false The final regulations provide a evidence, under section 1129 of the Act, Need for Correction simplified method of accounting for if applicable; and As published, the temporary gains and losses on shares in money (vi) The basis, effective date, regulations (TD 9776) contain errors that market funds (MMFs). The final anticipated length of the exclusion, and may prove to be misleading and are in regulations also provide guidance whether the Office of the Inspector need of clarification. regarding information reporting General of the Department of Health and requirements for shares in MMFs. Human Services waived the exclusion, List of Subjects in 26 CFR Part 1 DATES: This correction is effective on if the excluding event was the medical Income taxes, Reporting and September 23, 2016 and applicable on source’s exclusion from participation in recordkeeping requirements. July 8, 2016. any Federal health care program under Correction of Publication FOR FURTHER INFORMATION CONTACT: section 1128 of the Act. Accordingly, 26 CFR part 1 is Grace Cho at (202) 317–6895 (not a toll (2) The written statement provided by free number). an excluded medical source of evidence corrected by making the following correcting amendments: SUPPLEMENTARY INFORMATION: may not be removed by any individual or entity prior to submitting evidence to Background PART 1—INCOME TAXES us. The final regulations (TD 9774) that (3) We may request that the excluded ■ Paragraph 1. The authority citation are the subject of this correction are medical source of evidence provide us for part 1 continues to read in part as under sections 446, and 6045 of the with additional information or clarify follows: rmajette on DSK2TPTVN1PROD with RULES Internal Revenue Code. any information submitted that bears on Authority: 26 U.S.C. 7805 * * * the medical source’s exclusion(s) under Need for Correction section 223(d)(5)(C)(i) of the Act, as § 1.50–1T [Amended] As published, the final regulations amended. ■ Par. 2. In § 1.50–1T: (TD 9774) contains an error that may [FR Doc. 2016–22909 Filed 9–22–16; 8:45 am] ■ 1. Paragraph (b)(3)(ii) is amended by prove to be misleading and is in need BILLING CODE P removing the language ‘‘ ‘‘Investment of clarification. VerDate Sep<11>2014 15:10 Sep 22, 2016 Jkt 238001 PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 E:\FR\FM\23SER1.SGM 23SER1

65542 Federal Register / Vol. 81, No. 185 / Friday, September 23, 2016 / Rules and Regulations Correction of Publication Correction of Publication SUPPLEMENTARY INFORMATION: Accordingly, the final regulations (TD Accordingly, the final and temporary Executive Summary 9774), that are the subject of FR Doc. regulations (TD 9775), that are the 2016–16149, is corrected as follows: subject of FR Doc. 2016–16338, is Purpose of the Regulatory Action 1. On page 44512, in the preamble, corrected as follows: This final rule is needed to reduce the the first column, under the heading ‘‘7. 1. On page 45010, in the preamble, financial burden of PBGC’s late Accounting Method Changes’’, the ninth the first column, the tenth line of the premium penalties. The rulemaking line of the second full paragraph, the second full paragraph, the language reduces penalty rates for all plans and language ‘‘Proc. 2016–39 (2016–30 IRB), ‘‘2016–41, 2016–30 IRB xxxx, which’’ is waives most of the penalty for plans that which’’ is corrected to read ‘‘Proc. corrected to read ‘‘2016–41, 2016–30 meet a standard for good compliance 2016–39 (2016–30 IRB 164), which’’. IRB 165, which’’. with premium requirements. 2. On page 45010, in the preamble, PBGC’s legal authority for this action Martin V. Franks, the third column, under the paragraph comes from section 4002(b)(3) of the Chief, Publications and Regulations Branch, heading ‘‘5. Separate Procedure by Employee Retirement Income Security Legal Processing Division, Associate Chief Which an Organization May Request an Counsel (Procedure and Administration). Act of 1974 (ERISA), which authorizes IRS Determination That It Qualifies for PBGC to issue regulations to carry out [FR Doc. 2016–22950 Filed 9–22–16; 8:45 am] Section 501(c)(4) Exempt Status’’, the the purposes of title IV of ERISA, and BILLING CODE 4830–01–P twenty-first line of the first full section 4007 of ERISA, which gives paragraph, the language ‘‘prescribed in PBGC authority to assess late payment Revenue Procedure 2016–’’ is corrected penalties. DEPARTMENT OF THE TREASURY to read ‘‘prescribed in Rev. Proc. 2016–’’. Major Provisions of the Regulatory Internal Revenue Service Action Martin V. Franks, 26 CFR Parts 1 and 602 Chief, Publications and Regulations Branch, The penalty for late payment of a Legal Processing Division, Associate Chief premium is a percentage of the amount [TD 9775] paid late multiplied by the number of Counsel, (Procedure and Administration). RIN 1545–BN26 [FR Doc. 2016–22939 Filed 9–22–16; 8:45 am] full or partial months the amount is late, BILLING CODE 4830–01–P subject to a floor of $25 (or the amount Requirement To Notify the IRS of Intent of premium paid late, if less). There are To Operate as a Section 501(c)(4) two levels of penalty, which heretofore Organization; Correction have been 1 percent per month (with a PENSION BENEFIT GUARANTY 50 percent cap) and 5 percent per month AGENCY: Internal Revenue Service (IRS), CORPORATION (capped at 100 percent). The lower rate Treasury. applies to ‘‘self-correction’’—that is, 29 CFR Part 4007 ACTION: Final and temporary where the premium underpayment is regulations; correction. RIN 1212–AB32 corrected before PBGC gives notice that there is or may be an underpayment. SUMMARY: This document contains a Payment of Premiums; Late Payment This final rule cuts the rates and caps correction to final and temporary Penalty Relief in half (to 1⁄2 percent with a 25 percent regulations (TD 9775) that were AGENCY: Pension Benefit Guaranty cap and 21⁄2 percent with a 50 percent published in the Federal Register on Corporation. cap, respectively) and eliminates the July 12, 2016 (81 FR 45008). The final ACTION: Final rule. floor. and temporary regulations are relating The rulemaking also creates a new to the requirement, added by the SUMMARY: The Pension Benefit Guaranty penalty waiver that applies to Protecting Americans from Tax Hikes Corporation (PBGC) is lowering the rates underpayments by plans with good Act of 2015, that organizations must of penalty charged for late payment of compliance histories if corrected notify the IRS of their intent to operate premiums by all plans, and providing a promptly after notice from PBGC. PBGC under section 501(c)(4) of the Internal waiver of most of the penalty for plans will waive 80 percent of the penalty Revenue Code. with a demonstrated commitment to assessed for such a plan. DATES: This correction is effective on premium compliance. September 23, 2016 and applicable on DATES: Effective date: This rule is Background July 12, 2016. effective on October 24, 2016. PBGC administers the pension plan FOR FURTHER INFORMATION CONTACT: Applicability date: The changes made termination insurance program under Chelsea Rubin at (202) 317–5800 (not a by this rule apply to late premium title IV of the Employee Retirement toll free number). payments for plan years beginning after Income Security Act of 1974 (ERISA). SUPPLEMENTARY INFORMATION: 2015. Under ERISA sections 4006 and 4007, FOR FURTHER INFORMATION CONTACT: plans covered by title IV must pay Background Deborah C. Murphy, Assistant General premiums to PBGC. PBGC’s premium The final and temporary regulations Counsel for Regulatory Affairs regulations—on Premium Rates (29 CFR (TD 9775) that are the subject of this (murphy.deborah@pbgc.gov), Office of part 4006) and on Payment of Premiums correction are under section 501(c)(4) of the General Counsel, Pension Benefit (29 CFR part 4007)—implement ERISA Guaranty Corporation, 1200 K Street sections 4006 and 4007. rmajette on DSK2TPTVN1PROD with RULES the Internal Revenue Code. NW., Washington DC 20005–4026; 202– ERISA section 4007(b)(1) provides Need for Correction 326–4400 extension 3451. (TTY and that if a premium is not paid when due, As published, the final and temporary TDD users may call the Federal relay PBGC is authorized to assess a penalty regulations (TD 9775) contain errors that service toll-free at 800–877–8339 and up to 100 percent of the overdue may prove to be misleading and are in ask to be connected to 202–326–4400 amount. The statute does not condition need of clarification. extension 3451.) exercise of this authority on a finding of VerDate Sep<11>2014 15:10 Sep 22, 2016 Jkt 238001 PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 E:\FR\FM\23SER1.SGM 23SER1


Document Created: 2016-09-23 01:43:48
Document Modified: 2016-09-23 01:43:48
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionFinal regulations; correction.
DatesThis correction is effective on September 23, 2016 and applicable on July 8, 2016.
ContactGrace Cho at (202) 317-6895 (not a toll free number).
FR Citation81 FR 65541 
RIN Number1545-BM04
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR