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Rule

Tax on Excess Tax-Exempt Organization Executive Compensation; Correction

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Start Preamble

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendments.

SUMMARY:

This document contains corrections to final regulations (Treasury Decision 9938) that were published in the Federal Register on Tuesday, January 19, 2021. The Treasury Decision provided final regulations implementing an excise tax on remuneration in excess of $1,000,000 and any excess parachute payment paid by an applicable tax-exempt organization to any covered employee.

DATES:

Effective date: These final regulation corrections are effective on May 5, 2021.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

William McNally at (202) 317-5600 or Patrick Sternal at (202) 317-5800 (not toll-free numbers).

End Further Info End Preamble Start Supplemental Information

SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9938) that are the subject of this correction are issued under section 4960 of the Internal Revenue Code.

Need for Correction

As published on January 19, 2021 (86 FR 6196) the final regulations (TD 9938) contain errors that need to be corrected.

Start List of Subjects

List of Subjects in 26 CFR Part 53

  • Excise taxes
  • Foundations
  • Investments
  • Lobbying
  • Reporting and recordkeeping requirements
End List of Subjects

Correction of Publication

Accordingly, 26 CFR part 53 is corrected by making the following correcting amendments:

Start Part

PART 53—FOUNDATION AND SIMILAR EXCISE TAXES

End Part Start Amendment Part

Paragraph 1. The authority citation for part 53 continues to read in part as follows:

End Amendment Part Start Authority

Authority: 26 U.S.C. 7805 * * *

End Authority Start Amendment Part

Par. 2. Section 53.4960-0 is amended by revising the entry for § 53.4960-1(b)(3) to read as follows:

End Amendment Part
Table of contents.

§ 53.4960-1 Scope and definitions.

* * * * *

(b) * * *

(3) [Reserved]

* * * * *
Start Signature

Crystal Pemberton,

Senior Federal Register Liaison, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).

End Signature End Supplemental Information

[FR Doc. 2021-09425 Filed 5-4-21; 8:45 am]

BILLING CODE 4830-01-P