81 FR 80587 - Section 707 Regarding Disguised Sales, Generally; Correction

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 221 (November 16, 2016)

Page Range		80587-80587
FR Document		2016-27515

This document contains corrections to final regulations (TD 9787) that were published in the Federal Register on Wednesday, October 5, 2016 (81 FR 69291). The final regulations are under sections 707 and 752 of the Internal Revenue Code.

Federal Register, Volume 81 Issue 221 (Wednesday, November 16, 2016)

[Federal Register Volume 81, Number 221 (Wednesday, November 16, 2016)]
[Rules and Regulations]
[Page 80587]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-27515]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9787]
RIN 1545-BK29


Section 707 Regarding Disguised Sales, Generally; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains corrections to final regulations (TD 
9787) that were published in the Federal Register on Wednesday, October 
5, 2016 (81 FR 69291). The final regulations are under sections 707 and 
752 of the Internal Revenue Code.

DATES: This correction is effective November 16, 2016 and is applicable 
on and after October 5, 2016.

FOR FURTHER INFORMATION CONTACT: Deane M. Burke or Caroline E. Hay at 
(202) 317-5279 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9787) that are the subject of this 
correction are under sections 707 and 752 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 9787) 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

0
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 * * *

    Section 1.707-5 also issued under 26 U.S.C. 707(a)(2)(B).


Sec.  1.707-5   [Amended]

0
Par. 2. For each entry in Sec.  1.707-5(f) in the ``Section'' column, 
remove the language in the ``Remove'' column from wherever it appears 
in the Example and add in its place the language in the ``Add'' column 
as set forth below:

------------------------------------------------------------------------
                       Section                          Remove     Add
------------------------------------------------------------------------
Paragraph (f) Example 5(i)..........................       2016     2017
Paragraph (f) Example 10(i).........................       2016     2017
Paragraph (f) Example 10(ii)........................       2016     2017
Paragraph (f) Example 11(i).........................       2016     2017
Paragraph (f) Example 11(ii)........................       2016     2017
Paragraph (f) Example 12(i).........................       2016     2017
------------------------------------------------------------------------


Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-27515 Filed 11-15-16; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 81, No. 221 / Wednesday, November 16, 2016 / Rules and Regulations 80587

• Consider an exemption for PHAs Need for Correction DEPARTMENT OF THE INTERIOR
administering very few vouchers in Small
Area FMR areas. The final rule exempts HUD As published, the final regulations Bureau of Safety and Environmental
Metropolitan FMR Areas with less than 2,500 (TD 9787) contain errors that may prove Enforcement
HCVs under lease from using Small Area to be misleading and are in need of
FMRs.
clarification. 30 CFR Part 250
In addition to the above, the presentation
of the information in HUD’s proposed List of Subjects in 26 CFR Part 1 [Docket ID: BSEE–2016–0004; 17XE1700DX
revision to its PHA administrative fee EEEE500000 EX1SF0000.DAQ000]
formula would also soften any adverse Income taxes, Reporting and
impact by providing additional resources to RIN 1014–AA32
recordkeeping requirements.
small PHAs generally.
Correction of Publication Oil and Gas and Sulfur Operations in
7. Conclusion the Outer Continental Shelf—
The majority of lessors of residential real ■ Accordingly, 26 CFR Part 1 is Decommissioning Costs for Pipelines
estate and a substantial fraction of PHAs are
corrected by making the following AGENCY: Bureau of Safety and
characterized as small. If there were
disproportionate effects on small entities, correcting amendments: Environmental Enforcement, Interior.
then a more detailed regulatory flexibility ACTION: Final rule.
analysis would be merited. However, after an PART 1—INCOME TAXES
in-depth discussion of the industry structure This rule amends Bureau of
SUMMARY:
and impact of the rule, HUD cannot conclude ■ Paragraph 1. The authority citation Safety and Environmental Enforcement
that there is a significant and for part 1 continues to read in part as (BSEE) regulations requiring lessees and
disproportionate impact on small entities. It follows: owners of operating rights to submit
is true that many lessors may receive income
from voucher tenants but it is not likely that Authority: 26 U.S.C. 7805 * * * summaries of actual decommissioning
they will be adversely affected once market expenditures incurred for certain
Section 1.707–5 also issued under 26 decommissioning activities related to oil
forces are accounted for. Small PHAs could
face an additional administrative burden but
U.S.C. 707(a)(2)(B). and gas and sulfur operations on the
HUD has offered solutions to significantly § 1.707–5 [Amended]
Outer Continental Shelf (OCS). The
reduce any burden. amendment requires lessees, owners of
[FR Doc. 2016–27114 Filed 11–15–16; 8:45 am] ■ Par. 2. For each entry in § 1.707–5(f) operating rights, and right-of-way
BILLING CODE 4210–67–P in the ‘‘Section’’ column, remove the (ROW) holders to submit summaries of
language in the ‘‘Remove’’ column from actual expenditures incurred for
wherever it appears in the Example and pipeline decommissioning activities.
DEPARTMENT OF THE TREASURY add in its place the language in the DATES: This final rule becomes effective
‘‘Add’’ column as set forth below: on December 16, 2016.
Internal Revenue Service FOR FURTHER INFORMATION CONTACT:
Section Remove Add Betty Cox, Regulatory Analyst,
26 CFR Part 1 Regulations and Standards Branch at
Paragraph (f) Example
regs@bsee.gov or by telephone at (703)
[TD 9787] 5(i) ............................. 2016 2017
787–1616.
Paragraph (f) Example
RIN 1545–BK29 10(i) ........................... 2016 2017 SUPPLEMENTARY INFORMATION:
Paragraph (f) Example BSEE’s Functions and Authority
Section 707 Regarding Disguised 10(ii) .......................... 2016 2017
Sales, Generally; Correction Paragraph (f) Example BSEE promotes safety, protects the
11(i) ........................... environment, and conserves natural
2016 2017
AGENCY: Internal Revenue Service (IRS), resources through vigorous regulatory
Paragraph (f) Example
Treasury. 11(ii) ..........................
2016 2017 oversight and enforcement regarding
ACTION: Correcting amendment. Paragraph (f) Example certain activities on the OCS. BSEE
12(i) ...........................
2016 2017 derives its authority primarily from the
SUMMARY: This document contains
Outer Continental Shelf Lands Act
corrections to final regulations (TD
Martin V. Franks, (OCSLA), 43 U.S.C. 1331–1356a.
9787) that were published in the
Chief, Publications and Regulations Branch, Congress enacted OCSLA in 1953,
Federal Register on Wednesday,
Legal Processing Division, Associate Chief codifying Federal control over the OCS
October 5, 2016 (81 FR 69291). The final
Counsel (Procedure and Administration). and authorizing the Secretary of the
regulations are under sections 707 and
Interior (Secretary) to, among other
752 of the Internal Revenue Code. [FR Doc. 2016–27515 Filed 11–15–16; 8:45 am]
things, regulate oil and natural gas
DATES: This correction is effective BILLING CODE 4830–01–P
exploration, development, and
November 16, 2016 and is applicable on production operations and to grant
and after October 5, 2016. rights-of-way on the OCS. The Secretary
FOR FURTHER INFORMATION CONTACT: has authorized BSEE to perform certain
Deane M. Burke or Caroline E. Hay at of these functions, including overseeing
(202) 317–5279 (not a toll-free number). decommissioning. (See 30 CFR 250.101;
mstockstill on DSK3G9T082PROD with RULES

SUPPLEMENTARY INFORMATION: 30 CFR part 250, subpart Q.) To carry
out its responsibilities, BSEE regulates
Background exploration, development, and
The final regulations (TD 9787) that production of oil and natural gas and
are the subject of this correction are pipeline operations to enhance safety
under sections 707 and 752 of the and environmental protection in a way
Internal Revenue Code. that reflects advancements in

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Document Created: 2016-11-16 00:57:30
Document Modified: 2016-11-16 00:57:30

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 November 16, 2016 and is applicable on and after October 5, 2016.
Contact		Deane M. Burke or Caroline E. Hay at (202) 317-5279 (not a toll-free number).
FR Citation		81 FR 80587
RIN Number		1545-BK29
CFR Associated		Income Taxes and Reporting and Recordkeeping Requirements

81 FR 80587 - Section 707 Regarding Disguised Sales, Generally; Correction

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 81, Issue 221 (November 16, 2016)

DEPARTMENT OF THE TREASURY
Internal Revenue Service