Internal Revenue Service (IRS), Treasury.
Notice of proposed rulemaking; notice of proposed rule making by cross-reference to temporary regulations; notice of public hearing; and partial withdrawal of proposed regulations.
In the rules and regulations section of this issue of the
Written or electronic comments must be received by June 1, 2004. Outlines of topics to be discussed at the public hearing scheduled for June 3, 2004, at 10 a.m. must be received by May 13, 2004.
Send submissions to CC:PA:LPD:PR (REG–106590–00), room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Alternatively, submissions may be hand-delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG–106590–00), Courier's Desk, Internal Revenue Service, 1111 Constitution Ave., NW., Washington, DC, or sent electronically, via the IRS Internet site at
Concerning the proposed regulations, Charles J. Magee, (202) 622–3110; concerning submissions of comments, the hearing, and/or to be placed on the building access list to attend the hearing, Robin Jones, (202) 622–7180 (not toll-free numbers).
Temporary regulations in the rules and regulations section of this issue of the
The text of those regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations and these proposed regulations.
It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 12866. Therefore, a regulatory assessment is not required. It also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations and, because these regulations do not impose on small entities a collection of information requirement, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Therefore, a Regulatory Flexibility Analysis is not required. Pursuant to section 7805(f) of the Internal Revenue Code, this notice of proposed rulemaking will be submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.
Before these proposed regulations are adopted as final regulations, consideration will be given to any written comments (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The IRS and Treasury Department specifically request comments on the clarity of the proposed rules and how they may be made easier to understand. All comments will be available for public inspection and copying.
A public hearing has been scheduled for June 3, 2004, beginning at 10 a.m. in the Auditorium of the Internal Revenue Building, 1111 Constitution Avenue, NW., Washington, DC. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In addition, all visitors must present photo identification to enter the building. Because of access restrictions, visitors will not be admitted beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name placed on the building access list to attend the hearing,
The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments at the hearing must submit an outline of the topics to be discussed and the time to be devoted to each topic (signed original and eight (8) copies) by May 13, 2004. A period of 10 minutes will be allotted to each person for making comments. An agenda showing the scheduling of the speakers will be prepared after the deadline for receiving outlines has passed. Copies of the agenda will be available free of charge at the hearing.
The principal authors of these regulations are Alan H. Cooper, Office of the Chief Counsel (Small Business/Self Employed), and Charles J. Magee, Office of the Associate Chief Counsel (Passthroughs and Special Industries). However, other personnel from the IRS and Treasury Department participated in their development.
Income taxes, Reporting and recordkeeping requirements.
Under the authority of 26 U.S.C. 7805, §§ 1.168(a)–1 and 1.168(b)–1 of the notice of proposed rulemaking (REG–138499–02) published in the
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
26 U.S.C. 7805 * * *
§ 1.168(i)–1 also issued under 26 U.S.C. 168(i)(4).
(The text of this proposed section is the same as the text of § 1.168(a)–1T(a) and (b) published elsewhere in this issue of the
(The text of this proposed section is the same as the text of § 1.168(b)–1T(a) and (b)(1) published elsewhere in this issue of the
1. Revising paragraph (b)(3)(i) and (ii).
2. Adding paragraph (d)(3).
The revision and addition read as follows:
(b) * * *
(3) * * *
(i) and (ii) (The text of the proposed amendment to § 1.168(d)–1(b)(3)(i) and (ii) is the same as the text of § 1.168(d)–1T(b)(3)(i) and (ii) published elsewhere in this issue of the
(d) * * *
(3) (The text of the proposed amendment to § 1.168(d)–1(d)(3) is the same as the text of § 1.168(d)–1T(d)(3) published elsewhere in this issue of the
Par. 4. Section 1.168(i)–0 is amended by revising the entries for § 1.168(i)–1(d)(2), (e)(3)(i), (e)(3)(v) and (vi), (f)(1), (f)(2), (f)(2)(i), (i), (j), and (l) to read as follows:
(d) * * *
(2) (The text of the proposed entry for § 1.168(i)–1(d)(2) is the same as the entry for § 1.168(i)–1T(d)(2) published elsewhere in this issue of the
(e) * * *
(3) * * *
(i) (The text of the proposed entry for § 1.168(i)–1(e)(3)(i) is the same as the entry for § 1.168(i)–1T(e)(3)(i) published elsewhere in this issue of the
(vi) (The text of the proposed entries for § 1.168(i)–1(e)(3)(vi) is the same as the entries for § 1.168(i)–1T(e)(3)(vi) published elsewhere in this issue of the
(f) * * *
(f)(1) through (f)(2)(i) (The text of the proposed entries for § 1.168(i)–1(f)(1) through (f)(2)(i) is the same as the text of the entries for § 1.168(i)–1T(f)(1) through (f)(2)(i) published elsewhere in this issue of the
(i) and (j) (The text of the proposed entries for § 1.168(i)–1(i) and (j) is the same as the entries for § 1.168(i)–1T(i) and (j) published elsewhere in this issue of the
(l) (The text of the proposed entry for § 1.168(i)–1(l) is the same as the entry for § 1.168(i)–1T(l) published elsewhere in this issue of the
Par. 5. Section 1.168(i)–1 is amended by revising paragraphs (c)(2)(ii)(E), (d)(2), (e)(3)(i), (e)(3)(iii)(B)(4), (e)(3)(vi), (f)(1), (f)(2)(i), (i), (j), and (l) to read as follows:
(c) * * *
(2) * * *
(ii) * * *
(E) (The text of the proposed amendment to § 1.168(i)–1(c)(2)(ii)(E) is the same as the text of § 1.168(i)–1T(c)(2)(ii)(E) published elsewhere in this issue of the
(d) * * *
(2) (The text of the proposed amendment to § 1.168(i)–1(d)(2) is the same as the text of § 1.168(i)–1T(d)(2) published elsewhere in this issue of the
(e) * * *
(3) * * *
(i) (The text of the proposed amendment to § 1.168(i)–1(e)(3)(i) is the same as the text of § 1.168(i)–1T(e)(3)(i) published elsewhere in this issue of the
(iii) * * *
(B) * * *
(4) (The text of the proposed amendment to § 1.168(i)–1(e)(3)(iii)(B)(4) is the same as the text of § 1.168(i)–1T(e)(3)(iii)(B)(4) published elsewhere in this issue of the
(e)(3)(vi) (The text of the proposed amendment to § 1.168(i)–1(e)(3)(vi) is the same as the text of § 1.168(i)–1T(e)(3)(vi) published elsewhere in this issue of the
(f)(1) and (2) (The text of the proposed amendment to § 1.168(i)–1(f)(1) and (2) is the same as the text of § 1.168(i)–1T(f)(1) and (2) published elsewhere in this issue of the
(i) and (j) (The text of the proposed amendment to § 1.168(i)–1(i) and (j) is the same as the text of § 1.168(i)–1T(i) and (j) published elsewhere in this issue of the
(l) (The text of the proposed amendment to § 1.168(i)–1(l) is the same as the text of § 1.168(i)–1T(l)(1) through (l)(3)(i) published elsewhere in this issue of the
Par. 6. Section 1.168(i)–5 is added to read as follows:
(The text of this proposed section is the same as the text of § 1.168(i)–5T published elsewhere in this issue of the
Par. 7. Section 1.168(i)–6 is added to read as follows:
(The text of this proposed section is the same as the text of § 1.168(i)–6T published elsewhere in this issue of the
Par. 8. Section 1.168(k)–1 is added to read as follows:
(a) through (f)(5)(ii)(F)(
(
(f)(5)(ii)(G) through (f)(5)(iv) [Reserved]. For further guidance,
(v) (The text of the proposed amendment to § 1.168(k)–1(f)(5)(v) is the same as the text of § 1.168(k)–1T(f)(5)(v) published elsewhere in this issue of the
(f)(6) through (f)(9) [Reserved]. For further guidance,
(g)
(2) [Reserved]. For further guidance,
(3)(i) and (ii) (The text of the proposed amendment to § 1.168(k)–1(g)(3)(i) and (ii) is the same as the text of § 1.168(k)–1T(g)(3)(i) and (ii) published elsewhere in this issue of the
(g)(4) [Reserved]. For further guidance,