[Federal Register Volume 65, Number 117 (Friday, June 16, 2000)]
[Rules and Regulations]
[Pages 37701-37702]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-15050]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8888]
RIN 1545-AU96


Real Estate Mortgage Investment Conduits; Reporting Requirements 
and Other Administrative Matters

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

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SUMMARY: This document eliminates the regulatory requirement that the 
issuer of a collateralized debt obligation (CDO) or regular interest in 
a real estate mortgage investment conduit (REMIC) set forth certain 
information on the face of the CDO or regular interest. This action 
eliminates a reporting burden imposed on issuers of CDOs and regular 
interests.

EFFECTIVE DATE: These regulations are effective June 16, 2000.

FOR FURTHER INFORMATION CONTACT: Kenneth Christman, (202) 622-3950 (not 
toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    On May 19, 1999, the IRS published in the Federal Register a notice 
of proposed rulemaking [REG-100905-97(64 FR 27221)] intending to 
eliminate the regulatory requirement that certain information be set 
forth on the face of a certificate representing a CDO or REMIC regular 
interest.
    The public hearing scheduled for September 13, 1999, was canceled 
because no one requested to speak, and the only written comment 
received supports finalizing the regulations in the form proposed. This 
Treasury decision, therefore, adopts the proposed regulations with no 
change.

Special Analyses

    It has been determined that this Treasury decision is not a 
significant regulatory action as defined in Executive Order 12866. 
Therefore, a regulatory assessment is not required. It has also 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 the 
regulations do not impose a collection of information on small 
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not 
apply. Pursuant to section 7805(f) of the Internal Revenue Code, the 
notice of proposed rulemaking preceding these regulations was submitted 
to the Chief Counsel for

[[Page 37702]]

Advocacy of the Small Business Administration for comment on its impact 
on small business.

Drafting Information

    The principal author of these regulations is Kenneth Christman, 
Office of Assistant Chief Counsel (Financial Institutions and 
Products). However, other personnel from the IRS and Treasury 
Department participated in their development.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Adoption of Amendments to the Regulations

    Accordingly, 26 CFR part 1 is amended as follows:

PART 1--INCOME TAXES

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

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


Sec. 1.6049-7  [Amended]

    Par. 2. In Sec. 1.6049-7, paragraph (g) is removed.

John M. Dalrymple,
Acting Deputy Commissioner of Internal Revenue.
    Approved: June 1, 2000.
Jonathan Talisman,
Deputy Assistant Secretary of the Treasury.
[FR Doc. 00-15050 Filed 6-15-00; 8:45 am]
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