82_FR_61424 82 FR 61177 - Treatment of Transactions in Which Federal Financial Assistance Is Provided; Correction

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 Range61177-61177
FR Document2017-27863

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



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Document Created: 2017-12-27 02:22:41
Document Modified: 2017-12-27 02:22:41
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 December 27, 2017 and applicable on or after October 19, 2017.
ContactRussell G. Jones at (202) 317-5357, or Ken Cohen at (202) 317-5367 (not toll-free numbers).
FR Citation82 FR 61177 
RIN Number1545-BJ08

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