82 FR 41885 - Transfers of Certain Property by U.S. Persons to Partnerships With Related Foreign Partners; Correction
DEPARTMENT OF THE TREASURY
Internal Revenue Service Federal Register Volume 82, Issue 170 (September 5, 2017)
Internal Revenue Service
Federal Register Volume 82, Issue 170 (September 5, 2017)
| Page Range | 41885-41885 | |
| FR Document | 2017-18691 |
[Federal Register Volume 82, Number 170 (Tuesday, September 5, 2017)] [Rules and Regulations] [Page 41885] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-18691] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9814] RIN 1545-BM95 Transfers of Certain Property by U.S. Persons to Partnerships With Related Foreign Partners; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final and temporary regulations; correcting amendment. ----------------------------------------------------------------------- SUMMARY: This document contains corrections to the temporary regulations (T.D. 9814) that were published in the Federal Register on Thursday, January 19, 2017 (82 FR 7582). The regulations address transfers of appreciated property by United States persons to partnerships with foreign partners related to the transferor. The regulations override the rules providing for nonrecognition of gain on a contribution of property to a partnership in exchange for an interest in the partnership under section 721(a) of the Internal Revenue Code (Code) pursuant to section 721(c) unless the partnership adopts the remedial method and certain other requirements are satisfied. DATES: These corrections are effective on September 5, 2017 and applicable on January 18, 2017. FOR FURTHER INFORMATION CONTACT: Ronald M. Gootzeit, (202) 317-6937 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The temporary regulations that are the subject of this correction are under section 721(c) of the Code. Need for Correction As published, the temporary regulations contain errors that may prove to be misleading and need to be clarified. 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 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 * * * 0 Par. 2. Section 1.721(c)-1T is amended by revising paragraph (b)(10)(vi) to read as follows: Sec. 1.721(c)-1T Overview, definitions, and rules of general application (temporary). * * * * * (b) * * * (10) * * * (vi) An allocation of partnership level ordinary income or loss described in Sec. 1.751-1(b)(3). * * * * * 0 Par. 3. Section 1.721(c)-6T is amended by revising the last sentence of paragraph (d)(2) to read as follows: Sec. 1.721(c)-6T Procedural and reporting requirements (temporary). * * * * * (d) * * * (2) * * * The partnership must also attach to its Form 1065 a Schedule K-1 (Form 1065) for each direct or indirect partner that is a related foreign person with respect to the U.S. transferor. * * * * * Martin V. Franks, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, Procedure and Administration. [FR Doc. 2017-18691 Filed 9-1-17; 8:45 am] BILLING CODE 4830-01-P
![Federal Register / Vol. 82, No. 170 / Tuesday, September 5, 2017 / Rules and Regulations 41885
this regulation is consistent with the nonimmigrant may apply for a waiver of FOR FURTHER INFORMATION CONTACT:
guidance therein. the visa and passport requirement if, Ronald M. Gootzeit, (202) 317–6937 (not
either prior to the nonimmigrant’s a toll-free number).
G. Executive Orders 12372 and 13132:
embarkation abroad or upon arrival at a
Federalism SUPPLEMENTARY INFORMATION:
port of entry, the Department of
This regulation will not have Homeland Security (DHS), U.S. Customs Background
substantial direct effects on the States, and Border Protection (CBP) district
on the relationship between the national director concludes that the The temporary regulations that are the
government and the States, or the nonimmigrant is unable to present the subject of this correction are under
distribution of power and required documents because of an section 721(c) of the Code.
responsibilities among the various unforeseen emergency. The CBP district Need for Correction
levels of government. Nor will the rule director may grant a waiver of the visa
have federalism implications warranting or passport requirement pursuant to As published, the temporary
the application of Executive Orders INA 212(d)(4)(A), without the prior regulations contain errors that may
12372 and 13132. concurrence of the Department of State, prove to be misleading and need to be
if the CBP district director concludes clarified.
H. Executive Order 13175—
Consultation and Coordination With that the nonimmigrant’s claim of List of Subjects in 26 CFR Part 1
Indian Tribal Governments emergency circumstances is legitimate
and that approval of the waiver would Income taxes, Reporting and
The Department of State has be appropriate under all of the attendant recordkeeping requirements.
determined that this rulemaking will facts and circumstances.
not have tribal implications, will not Correction of Publication
* * * * *
impose substantial direct compliance Accordingly, 26 CFR part 1 is
costs on Indian tribal governments, and Carl C. Risch,
corrected by making the following
will not pre-empt tribal law. Assistant Secretary for Consular Affairs, correcting amendments:
Accordingly, the requirements of Department of State.
section 5 of Executive Order 13175 do [FR Doc. 2017–18750 Filed 9–1–17; 8:45 am] PART 1—INCOME TAXES
not apply to this rulemaking. BILLING CODE 4710–06–P
I. Paperwork Reduction Act ■ Paragraph 1. The authority citation
for part 1 continues to read in part as
This rule does not impose or revise DEPARTMENT OF THE TREASURY follows:
information collections subject to the
provisions of the Paperwork Reduction Authority: 26 U.S.C. 7805 * * *
Internal Revenue Service
Act, 44 U.S.C., Chapter 35. ■ Par. 2. Section 1.721(c)–1T is
List of Subjects in 22 CFR Part 41 26 CFR Part 1 amended by revising paragraph
[TD 9814]
(b)(10)(vi) to read as follows:
Aliens, Foreign officials, Immigration,
Passports and visas, Students. RIN 1545–BM95 § 1.721(c)–1T Overview, definitions, and
rules of general application (temporary).
Accordingly, for the reasons set forth
in the preamble, 22 CFR part 41 is Transfers of Certain Property by U.S. * * * * *
amended as follows: Persons to Partnerships With Related (b) * * *
Foreign Partners; Correction
(10) * * *
PART 41—VISAS—DOCUMENTATION
AGENCY: Internal Revenue Service (IRS), (vi) An allocation of partnership level
OF NONIMMIGRANTS UNDER THE
Treasury. ordinary income or loss described in
IMMIGRATION AND NATIONALITY
ACT, AS AMENDED ACTION: Final and temporary § 1.751–1(b)(3).
regulations; correcting amendment. * * * * *
■ 1. The authority citation for part 41 is
revised to read as follows: SUMMARY: This document contains ■ Par. 3. Section 1.721(c)–6T is
corrections to the temporary regulations amended by revising the last sentence of
Authority: 22 U.S.C. 2651a; 8 U.S.C. 1104; (T.D. 9814) that were published in the
8 U.S.C. 1323; Pub. L. 105–277, 112 Stat.
paragraph (d)(2) to read as follows:
Federal Register on Thursday, January
2681–795 through 2681–801; 8 U.S.C. 1185 § 1.721(c)–6T Procedural and reporting
note (section 7209 of Pub. L. 108–458, as
19, 2017 (82 FR 7582). The regulations
address transfers of appreciated requirements (temporary).
amended by section 546 of Pub. L. 109–295).
property by United States persons to * * * * *
■ 2. Section 41.2 is amended by revising partnerships with foreign partners (d) * * *
paragraph (i) to read as follows: related to the transferor. The regulations (2) * * * The partnership must also
§ 41.2 Exemption or waiver by Secretary of override the rules providing for attach to its Form 1065 a Schedule K–
State and Secretary of Homeland Security nonrecognition of gain on a contribution 1 (Form 1065) for each direct or indirect
of passport and/or visa requirements for of property to a partnership in exchange partner that is a related foreign person
certain categories of nonimmigrants. for an interest in the partnership under with respect to the U.S. transferor.
* * * * * section 721(a) of the Internal Revenue
* * * * *
mstockstill on DSK30JT082PROD with RULES
(i) Individual cases of unforeseen Code (Code) pursuant to section 721(c)
emergencies. Except as provided in unless the partnership adopts the Martin V. Franks,
paragraphs (a) through (h) and (j) remedial method and certain other Chief, Publications and Regulations Branch,
through (l) of this section, all requirements are satisfied. Legal Processing Division, Associate Chief
nonimmigrants are required to present a DATES: These corrections are effective Counsel, Procedure and Administration.
valid, unexpired visa and passport upon on September 5, 2017 and applicable on [FR Doc. 2017–18691 Filed 9–1–17; 8:45 am]
arrival in the United States. A January 18, 2017. BILLING CODE 4830–01–P
VerDate Sep<11>2014 16:52 Sep 01, 2017 Jkt 241001 PO 00000 Frm 00061 Fmt 4700 Sfmt 9990 E:\FR\FM\05SER1.SGM 05SER1](https://thefederalregister.org/doc/82_FR_42055/page/1.svg)
Document Created: 2017-09-02 03:24:46
Document Modified: 2017-09-02 03:24:46
| 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 | These corrections are effective on September 5, 2017 and applicable on January 18, 2017. | |
| Contact | Ronald M. Gootzeit, (202) 317-6937 (not a toll-free number). | |
| FR Citation | 82 FR 41885 | |
| RIN Number | 1545-BM95 | |
| CFR Associated | Income Taxes and Reporting and Recordkeeping Requirements |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR