Internal Revenue Service (IRS), Treasury.
Withdrawal of notice of proposed regulations.
This document withdraws proposed regulations under section 367(c). The proposed regulations correspond to temporary regulations that are also being removed in this issue of the Federal Register. The temporary regulations are being removed because they are no longer necessary and, as a result, may be misleading.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Mark D. Harris at (202) 622-3860 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
On December 30, 1977, the IRS and Treasury published in the Federal Register proposed regulations (42 FR 65204) and temporary regulations (42 FR 65152) under section 367(c) of the Internal Revenue Code. The principal purpose of these regulations, §§ 7.367(c)-1 and 7.367(c)-2, was to distinguish between the treatment of transfers described in section 367(c) before and after the enactment of the Tax Reform Act of 1976 (the Act) (90 Stat. 1634). Before enactment of the Act, transfers described in section 367(c) were subject to a ruling requirement. After enactment of the Act, transfers described in section 367(c) were within the scope of §§ 7.367(b)-1 through 7.367(b)-12. In light of the substantial time that has passed since enactment of the Act and, moreover, in light of the fact that §§ 1.367(b)-1 through 1.367(b)-6 have substantially superceded §§ 7.367(b)-1 through 7.367(b)-12, §§ 7.367(c)-1 and 7.367(c)-2 are no longer necessary and may be misleading.
Accordingly, the IRS and Treasury are removing temporary regulations §§ 7.367(c)-1 and 7.367(c)-2 in this issue of the Federal Register. Correspondingly, this document removes proposed regulations §§ 7.367(c)-1 and 7.367(c)-2.Start List of Subjects
List of Subjects in 26 CFR Part 7
- Income taxes
- Reporting and recordkeeping requirements
Withdrawal of Proposed Amendments to the RegulationsStart Signature
Robert E. Wenzel,
Deputy Commissioner of Internal Revenue.
[FR Doc. 01-490 Filed 1-11-01; 8:45 am]
BILLING CODE 4830-01-U