82 FR 61177 - Treatment of Transactions in Which Federal Financial Assistance Is Provided; Correction

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 247 (December 27, 2017)

Page Range		61177-61177
FR Document		2017-27863

This document contains corrections to final regulations (TD 9825) that were published in the Federal Register on Thursday, October 19, 2017. The final regulations are under section 597 of the Internal Revenue Code. These final regulations amend existing regulations that address the federal income tax treatment of transactions in which federal financial assistance is provided to banks and domestic building and loan associations, and they clarify the federal income tax consequences of those transactions to banks, domestic building and loan associations, and related parties.

Federal Register, Volume 82 Issue 247 (Wednesday, December 27, 2017)

[Federal Register Volume 82, Number 247 (Wednesday, December 27, 2017)]
[Rules and Regulations]
[Page 61177]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-27863]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9825]
RIN 1545-BJ08


Treatment of Transactions in Which Federal Financial Assistance 
Is Provided; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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SUMMARY: This document contains corrections to final regulations (TD 
9825) that were published in the Federal Register on Thursday, October 
19, 2017. The final regulations are under section 597 of the Internal 
Revenue Code. These final regulations amend existing regulations that 
address the federal income tax treatment of transactions in which 
federal financial assistance is provided to banks and domestic building 
and loan associations, and they clarify the federal income tax 
consequences of those transactions to banks, domestic building and loan 
associations, and related parties.

DATES: This correction is effective on December 27, 2017 and applicable 
on or after October 19, 2017.

FOR FURTHER INFORMATION CONTACT: Russell G. Jones at (202) 317-5357, or 
Ken Cohen at (202) 317-5367 (not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9825) that are the subject of this 
correction are issued under section 597 of the Internal Revenue Code.

Need for Correction

    As published, the final regulation (TD 9825) contains errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the final regulations (TD 9825) that are the subject 
of FR Doc. 2017-21129 appearing on page 48618 in the Federal Register 
of Thursday, October 19, 2017, are corrected as follows:
    On page 48619, in the second column, in the preamble, under the 
caption ``Special Analyses'', in the fifth line, the language 
``Executive Order 13653. Therefore, a'' is corrected to read 
``Executive Order 13563. Therefore, a''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2017-27863 Filed 12-26-17; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 82, No. 247 / Wednesday, December 27, 2017 / Rules and Regulations 61177

paragraphs (f)(1)(iii) and (f)(1)(iv) of this domestic building and loan Federal Register on Thursday, October
section for a minimum of three years. associations, and they clarify the federal 19, 2017. The final regulations are under
(ii) Place the testing laboratory under income tax consequences of those section 597 of the Internal Revenue
a continuing obligation to notify it of transactions to banks, domestic building Code. These final regulations amend
any adverse regulatory action in any and loan associations, and related existing regulations that address the
jurisdiction where the testing laboratory parties. federal income tax treatment of
conducts business. DATES: This correction is effective on transactions in which federal financial
(iii) Require the testing laboratory to December 27, 2017 and applicable on or assistance is provided to banks and
provide notice of any material changes after October 19, 2017. domestic building and loan
to the information provided to the associations, and they clarify the federal
FOR FURTHER INFORMATION CONTACT:
TGRA. income tax consequences of those
(g) Records. Records required to be Russell G. Jones at (202) 317–5357, or transactions to banks, domestic building
maintained under this section must be Ken Cohen at (202) 317–5367 (not toll- and loan associations, and related
made available to the Commission upon free numbers). parties.
request. The Commission may use the SUPPLEMENTARY INFORMATION:
DATES: This correction is effective on
information derived therefrom for any Background December 27, 2017 and is applicable on
lawful purpose including, without or after October 19, 2017.
limitation, to monitor the use of Class II The final regulations (TD 9825) that
are the subject of this correction are FOR FURTHER INFORMATION CONTACT:
gaming systems, to assess the
effectiveness of the standards required issued under section 597 of the Internal Russell G. Jones at (202) 317–5357, or
by this part, and to inform future Revenue Code. Ken Cohen at (202) 317–5367 (not toll-
amendments to this part. The free numbers).
Need for Correction
Commission will only make available SUPPLEMENTARY INFORMATION:
for public review records or portions of As published, the final regulation (TD
9825) contains errors that may prove to Background
records subject to release under the
Freedom of Information Act, 5 U.S.C. be misleading and are in need of The final regulations (TD 9825) that
552; the Privacy Act of 1974, 5 U.S.C. clarification. are the subject of this correction are
552a; or the Indian Gaming Regulatory issued under section 597 of the Internal
Correction of Publication
Act, 25 U.S.C. 2716(a). Revenue Code.
Accordingly, the final regulations (TD
Dated: December 19, 2017. 9825) that are the subject of FR Doc. Need for Correction
Jonodev O. Chaudhuri, 2017–21129 appearing on page 48618 in As published, the final regulations
Chairman. the Federal Register of Thursday, (TD 9825) contain errors that may prove
Kathryn Isom-Clause, October 19, 2017, are corrected as to be misleading and are in need of
Vice Chair. follows: clarification.
E. Sequoyah Simermeyer, On page 48619, in the second column,
List of Subjects in 26 CFR Part 1
Associate Commissioner. in the preamble, under the caption
‘‘Special Analyses’’, in the fifth line, the Income taxes, Reporting and
[FR Doc. 2017–27945 Filed 12–26–17; 8:45 am]
language ‘‘Executive Order 13653. recordkeeping requirements.
BILLING CODE 7565–01–P
Therefore, a’’ is corrected to read Correction of Publication
‘‘Executive Order 13563. Therefore, a’’.
Accordingly, 26 CFR part 1 is
DEPARTMENT OF THE TREASURY Martin V. Franks, corrected by making the following
Chief, Publications and Regulations Branch, correcting amendments:
Internal Revenue Service Legal Processing Division, Associate Chief
Counsel (Procedure and Administration). PART 1—INCOME TAXES
26 CFR Part 1 [FR Doc. 2017–27863 Filed 12–26–17; 8:45 am]
BILLING CODE 4830–01–P ■ Paragraph 1. The authority citation
[TD 9825]
for part 1 continues to read in part as
RIN 1545–BJ08 follows:
DEPARTMENT OF THE TREASURY Authority: 26 U.S.C. 7805 * * *
Treatment of Transactions in Which
Federal Financial Assistance Is Internal Revenue Service ■ Par. 2. Section 1.597–5 is amended
Provided; Correction by revising the seventh and eighth
26 CFR Part 1 sentences of paragraph (f), Example 4,
AGENCY: Internal Revenue Service (IRS), and by revising the first and second
Treasury. [TD 9825] sentences of paragraph (f), Example 5
ACTION: Final regulations; correction. (ii), to read as follows:
RIN 1545–BJ08
SUMMARY: This document contains § 1.597–5 Taxable Transfers.
Treatment of Transactions in Which
corrections to final regulations (TD * * * * *
Federal Financial Assistance Is (f) * * *
9825) that were published in the
Provided; Correction Example 4. * * * The fair market value
Federal Register on Thursday, October
19, 2017. The final regulations are under of the loans is their Expected Value, $800,000
daltland on DSKBBV9HB2PROD with RULES

AGENCY: Internal Revenue Service (IRS),
section 597 of the Internal Revenue (the sum of the $500,000 Third-Party Price
Treasury. and the $300,000 that the Agency would pay
Code. These final regulations amend ACTION: Correcting amendment. if N sold the loans for $500,000). The fair
existing regulations that address the market value of each foreclosed property is
federal income tax treatment of SUMMARY: This document contains its Expected Value, $80,000 (the sum of the
transactions in which federal financial corrections to final regulations (TD $50,000 Third-Party Price and the $30,000
assistance is provided to banks and 9825) that were published in the that the Agency would pay if N sold the

VerDate Sep<11>2014 18:49 Dec 26, 2017 Jkt 244001 PO 00000 Frm 00049 Fmt 4700 Sfmt 4700 E:\FR\FM\27DER1.SGM 27DER1

Document Created: 2017-12-27 02:22:41
Document Modified: 2017-12-27 02:22:41

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 regulations; correction.
Dates		This correction is effective on December 27, 2017 and applicable on or after October 19, 2017.
Contact		Russell G. Jones at (202) 317-5357, or Ken Cohen at (202) 317-5367 (not toll-free numbers).
FR Citation		82 FR 61177
RIN Number		1545-BJ08

82 FR 61177 - Treatment of Transactions in Which Federal Financial Assistance Is Provided; Correction

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 82, Issue 247 (December 27, 2017)

DEPARTMENT OF THE TREASURY
Internal Revenue Service