This PDF is the current document as it appeared on Public Inspection on 06/04/2015 at 08:45 am.
Internal Revenue Service (IRS), Treasury.
Temporary regulations; correcting amendments.
This document contains amendments to temporary regulations relating to information reporting by brokers for transfers of debt instruments. The amendments change the applicability date of the temporary regulations for reporting certain information on a transfer statement from June 30, 2015, to January 1, 2016. The amendments to the temporary regulations will provide guidance to brokers and their customers.
Effective Date: These amendments are effective on June 5, 2015.
Applicability Date: For the date of applicability, see § 1.6045A-1T(f), as corrected.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Pamela Lew at (202) 317-7053 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The temporary regulations that are the subject of these amendments are under section 6045A of the Internal Revenue Code. The temporary regulations (TD 9713) were published in the Federal Register on Friday, March 13, 2015 (80 FR 13233).
Need for Amendments
Under § 1.6045A-1, a broker is required to provide certain information relating to a transfer of a debt instrument that is a covered security on a transfer statement. Section 1.6045A-1T(f) requires a broker to provide certain additional information on the transfer statement. Section 1.6045A-1T(f) applies to a transfer that occurs on or after June 30, 2015. After the publication of the temporary regulations, the Treasury Department and the IRS received comments requesting that the applicability date of the regulations be delayed until January 1, 2016. In response to these comments, this document amends the applicability Start Printed Page 31996date to make the regulations apply to transfers that occur on or after January 1, 2016.Start List of Subjects
List of Subjects in 26 CFR Part 1
- Income taxes
- Reporting and recordkeeping requirements
Amendments to the Regulations
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
Paragraph 1. The authority citation for part 1 continues to read in part as follows:End Amendment Part Start Amendment Part
Par. 2. Section 1.6045A-1T is amended by:End Amendment Part Start Amendment Part
1. Revising the second sentence in paragraph (f).End Amendment Part Start Amendment Part
2. Adding a sentence at the end of paragraph (f).End Amendment Part
The revision and addition read as follows:
(f) * * * This paragraph (f) applies to a transfer that occurs on or after January 1, 2016. A broker, however, may rely on this paragraph (f) for a transfer of a covered security that occurs on or after June 30, 2015, and before January 1, 2016.
Martin V. Franks,
Branch Chief, Publications & Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure & Administration).
[FR Doc. 2015-13796 Filed 6-4-15; 8:45 am]
BILLING CODE 4830-01-P