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Proposed Rule

Requirements Relating to Certain Exchanges Involving a Foreign Corporation

A Proposed Rule by the Internal Revenue Service on 01/12/2001

Document Details

Information about this document as published in the Federal Register.

Printed version:
PDF
Publication Date:
01/12/2001
Agencies:
Internal Revenue Service
Document Type:
Proposed Rule
Document Citation:
66 FR 2856
Page:
2856 (1 page)
CFR:
26 CFR 7
Agency/Docket Number:
LR-230-76
Document Number:
01-490
Document Details
Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

Start Preamble

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Withdrawal of notice of proposed regulations.

SUMMARY:

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

SUPPLEMENTARY INFORMATION:

Background

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since enactment of the Act and, moreover, in light of the fact that §§ 1.367(b)-1 through 1.367(b)-6 have substantially superceded §§ 7.367(b)-1 through 7.367(b)-12, §§ 7.367(c)-1 and 7.367(c)-2 are no longer necessary and may be misleading.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
End List of Subjects

Withdrawal of Proposed Amendments to the Regulations

Accordingly, under the authority of 26 U.S.C. 7805, proposed regulations under 26 CFR part 7 relating to §§ 7.367(c)-1 and 7.367(c)-2, published December 30, 1977 (42 FR 65204), are withdrawn.

Start Signature

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

End Signature End Supplemental Information

[FR Doc. 01-490 Filed 1-11-01; 8:45 am]

BILLING CODE 4830-01-U

Published Document