2030 Federal Register / Vol. 65, No. 9 / Thursday, January 13, 2000 / Rules and Regulations

(iv) Effective date. This paragraph (d)

(5) is applicable to transactions acquired

or otherwise entered into after February

14, 2000.

(e) * * *

(3) * * *

(iv) Coordination with § 1.446–3(g)(4)

regarding swaps with significant

nonperiodic payments. The rules of

§ 1.446–3(g)(4) apply to any currency

swap with a significant nonperiodic

payment. Section 1.446–3(g)(4) applies

before this paragraph (e)(3). Thus, if

§ 1.446–3(g)(4) applies, currency gain or

loss may be realized on the loan. This

paragraph (e)(3)(iv) applies to

transactions entered into after February

14, 2000.

* * * * *

(7) Special rules for currency swap

contracts in hyperinflationary

currencies—(i) In general. If a taxpayer

enters into a hyperinflationary currency

swap (as defined in paragraph (e)(7)(iv)

of this section), then the taxpayer

realizes exchange gain or loss for its

taxable year with respect to such

instrument determined by reference to

the change in exchange rates between—

(A) The later of the first day of the

taxable year, or the date the instrument

was entered into (by the taxpayer); and

(B) The earlier of the last day of the

taxable year, or the date the instrument

is disposed of or otherwise terminated.

(ii) Adjustment to principal or basis.

Proper adjustments are made in the

amount of any gain or loss subsequently

realized for gain or loss taken into

account by reason of this paragraph

(e)(7).

(iii) Interaction with DASTM. With

respect to a qualified business unit that

uses the United States dollar

approximate separate transactions

method of accounting described in

§ 1.985–3, this paragraph (e)(7) does not

apply.

(iv) Definition of hyperinflationary

currency swap contract. A

hyperinflationary currency swap

contract is a currency swap contract that

provides for—

(A) Payments denominated in or

determined by reference to a currency

that is hyperinflationary (as defined in

§ 1.988–1(f)) at the time the taxpayer

enters into or otherwise acquires the

currency swap; or

(B) Payments that are adjusted to take

into account the fact that the currency

is hyperinflationary (as defined in

§ 1.988–1(f)) during the current taxable

year. A currency swap contract that

provides for periodic payments

determined by reference to a variable

interest rate based on local conditions

and generally responding to changes in

the local consumer price index is an

example of this latter type of currency

swap contract.

(v) Special effective date for

nonfunctional hyperinflationary

currency swap contracts. This paragraph

(e)(7) applies to transactions entered

into after February 14, 2000.

* * * * *

Approved: December 13, 1999.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Jonathan Talisman,

Acting Assistant Secretary of the Treasury.

[FR Doc. 00–644 Filed 1–12–00; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 301 and 602

[TD 8861]

RIN 1545–AW96

Private Foundation Disclosure Rules

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Final regulations.

SUMMARY: This document contains final

regulations that amend the regulations

relating to the public disclosure

requirements described in section

6104(d) of the Internal Revenue Code.

These final regulations implement

changes made by the Tax and Trade

Relief Extension Act of 1998, which

extended to private foundations the

same rules regarding public disclosure

of annual information returns that apply

to other tax-exempt organizations. These

final regulations provide guidance for

private foundations required to make

copies of applications for recognition of

exemption and annual information

returns available for public inspection

and to comply with requests for copies

of those documents.

DATES: Effective Date: These regulations

are effective March 13, 2000.

Applicability Date: Except as

provided below, these regulations are

applicable to private foundations on or

after March 13, 2000. These regulations

are not applicable to any private

foundation annual information return

the due date for which (determined with

regard to any extension of time for

filing) is before March 13, 2000.

FOR FURTHER INFORMATION CONTACT:

Michael B. Blumenfeld, (202) 622–6070

(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collections of information

contained in these final regulations have

been reviewed and approved by the

Office of Management and Budget in

accordance with the Paperwork

Reduction Act of 1995 (44 U.S.C. 3507)

under control number 1545–1655.

Responses to these collections of

information are mandatory.

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless it displays a valid control

number assigned by the Office of

Management and Budget.

The estimated average annual burden

per respondent/recordkeeper is 30

minutes.

Comments on the accuracy of this

burden estimate and suggestions for

reducing the burden should be sent to

the Internal Revenue Service, Attn: IRS

Reports Clearance Officer, OP:FS:FP,

Washington, DC 20224, and to the

Office of Management and Budget, Attn:

Desk Officer for the Department of the

Treasury, Office of Information and

Regulatory Affairs, Washington, DC

20503.

Books or records relating to this

collection of information must be

retained as long as their contents may

become material in the administration

of any internal revenue law. Generally,

tax returns and tax return information

are confidential, as required by 26

U.S.C. 6103.

Background

This document amends

§§ 301.6104(d)–1 through 301.6104(d)–5

of the Procedure and Administration

Regulations (26 CFR Part 301) relating to

the section 6104(d) public disclosure

rules applicable to tax-exempt

organizations (organizations described

in section 501 (c) or (d) and exempt

from taxation under section 501(a)) and

certain nonexempt charitable trusts and

nonexempt private foundations

referenced in section 6033(d). The

amendments remove existing

§ 301.6104(d)–1 (relating to public

inspection of private foundation annual

information returns). The amendments

also revise §§ 301.6104(d)–2 through

301.6104(d)–5 to apply the provisions to

all tax-exempt organizations,

nonexempt charitable trusts described

in section 4947(a)(1) and nonexempt

private foundations. In addition, the

amendments redesignate existing

§§ 301.6104(d)–2 through 301.6104(d)–5

as §§ 301.6104(d)–0 through

301.6104(d)–3, respectively.

Federal Register / Vol. 65, No. 9 / Thursday, January 13, 2000 / Rules and Regulations 2031

Description of Current Law Disclosure

Requirements Applicable to Private

Foundations

Section 6104(d), as in effect prior to

the effective date of the Tax and Trade

Relief Extension Act of 1998 (Division J

of H.R. 4328, the Omnibus Consolidated

and Emergency Supplemental

Appropriations Act, 1999) (Pub. L. 105–

277, 112 Stat. 2681) (with respect to

private foundations), requires a private

foundation to make its annual

information returns available for public

inspection at its principal office during

regular business hours for a period of

180 days after the foundation publishes

notice of the availability of its return. A

private foundation must publish the

notice not later than the due date of the

return (determined with regard to any

extension of time for filing) in a

newspaper having general circulation in

the county in which the principal office

of the foundation is located. Section

6104(e), as in effect prior to the effective

date of the Tax and Trade Relief

Extension Act of 1998 (with respect to

private foundations), requires a private

foundation to allow public inspection of

the foundation’s application for

recognition of exemption at the

foundation’s principal office (and

certain regional or district offices).

Section 6104(e) also requires a private

foundation to provide copies of its

exemption application upon request.

The requirement to provide copies of an

exemption application upon request

becomes effective, however, only after

the Secretary of the Treasury issues final

regulations applicable to private

foundations that describe how the

requirement is inapplicable if the

private foundation makes its exemption

application widely available or obtains

an IRS determination that a particular

request is part of a harassment

campaign.

Amendments Made by the Tax and

Trade Relief Extension Act of 1998

The Tax and Trade Relief Extension

Act of 1998 was enacted on October 21,

1998. Among its provisions, it amended

section 6104(e) of the Code to apply to

private foundations the same rules

regarding public disclosure of annual

information returns that apply to other

tax-exempt organizations. In addition,

the Tax and Trade Relief Extension Act

of 1998 repealed existing section

6104(d), and redesignated section

6104(e), as amended, as new section

6104(d). Section 6104(d), as amended by

the Tax and Trade Relief Extension Act

of 1998, requires each tax-exempt

organization, including one that is a

private foundation, to allow public

inspection at its principal office (and at

certain regional or district offices) and

to comply with requests, made either in

person or in writing, for copies of the

organization’s application for

recognition of exemption and the

organization’s three most recent annual

information returns. Congress also

intended that nonexempt charitable

trusts described in section 4947(a)(1)

and nonexempt private foundations

comply with the expanded public

disclosure requirements, just as the

information reporting requirements of

section 6033, pursuant to section

6033(d), apply to these entities. See

Joint Committee on Taxation, General

Explanation of Tax Legislation Enacted

in 1998 (JCS–6–98), November 24, 1998,

at 242, fn. 102.

The Tax and Trade Relief Extension

Act of 1998 amendments apply to

requests made after the later of

December 31, 1998, or the 60th day after

the Secretary of the Treasury issues final

regulations referred to in section

6104(d)(4) (relating to when documents

are made widely available and when a

particular request is considered part of

a harassment campaign). On April 9,

1999, the IRS published in the Federal

Register (64 FR 17279) final regulations

under section 6104(d) applicable to taxexempt organizations other than private

foundations. Accordingly, section

6104(d), as amended by the Tax and

Trade Relief Extension Act of 1998,

became effective with respect to taxexempt organizations other than private

foundations on June 8, 1999.

On August 10, 1999, the IRS

published a notice of proposed

rulemaking under section 6104(d) in the

Federal Register (64 FR 43324) that

extends the recently-published final

regulations under section 6104(d) to

apply to private foundations and

modifies those final regulations in

several respects. The IRS received a few

comments on the proposed regulations.

No public hearing on the regulations

was requested or held. After

consideration of all the comments, the

proposed regulations are adopted with

minor clarifying modifications by this

Treasury Decision. The provisions and

significant comments are discussed

below.

Explanation of the Provisions

These final regulations amend the

final regulations under section 6104(d)

that were published in the Federal

Register (64 FR 17279) on April 9, 1999

(the April 9, 1999 final regulations). The

amendments clarify that the term

annual information return includes any

return that is required to be filed under

section 6033. For a private foundation,

these returns include Form 990–PF and

Form 4720. The amendments clarify

that, unlike other tax-exempt

organizations, a private foundation must

disclose to the general public the names

and addresses of its contributors,

consistent with section 6104(d)(3). The

amendments also clarify that, for

purposes of section 6104(d), the terms

tax-exempt organization and private

foundation include nonexempt private

foundations and nonexempt charitable

trusts described in section 4947(a)(1)

that are subject to the information

reporting requirements of section 6033.

Finally, the amendments remove

existing § 301.6104(d)–1 and redesignate

existing §§ 301.6104–2 through

301.6104(d)–5, as §§ 301.6104(d)–0

through 301.6104(d)–3, respectively.

Until March 13, 2000, private

foundations remain subject to section

6104(d) and section 6104(e), as in effect

prior to the Tax and Trade Relief

Extension Act of 1998, and existing

§ 301.6104(d)–1. Thereafter, private

foundations are subject to the public

inspection requirements of section

6104(d), as in effect prior to the Tax and

Trade Relief Extension Act of 1998, and

existing § 301.6104(d)–1 with respect to

any annual information return the due

date (determined with regard to any

extension of time for filing) for which is

prior to March 13, 2000.

Summary of Comments

One commenter suggested another

method to satisfy the widely available

exception to the requirement that a

private foundation provide a copy of its

applicable documents upon request.

The commenter would permit a private

foundation to satisfy the widely

available exception by: (1) Filing copies

of its documents with a state agency

that, in turn, makes the documents

available for public inspection, and (2)

publishing a notice in a newspaper of

general circulation stating where the

documents are available. The Tax and

Trade Relief Extension Act of 1998

repealed the requirement (in former

section 6104(d)) that private

foundations publish notice of the

availability of their annual information

returns with respect to annual

information returns due after the

effective date of these final regulations.

The Act extended the same public

disclosure requirements that apply to all

other tax-exempt organizations to

private foundations, including the

widely available exception. The

proposed regulations specify that a

private foundation satisfies the widely

available exception by posting its

documents on the World Wide Web as

described in the April 9, 1999 final

2032 Federal Register / Vol. 65, No. 9 / Thursday, January 13, 2000 / Rules and Regulations

regulations. After carefully considering

this comment, the IRS and the Treasury

Department have concluded that

providing copies of the applicable

documents to a state agency and

publishing notice would not make those

documents widely available. We

reached our conclusion because the

method suggested by the commenter

could impose a substantial

inconvenience to members of the

public. Therefore, the IRS and the

Treasury Department did not adopt this

suggestion.

A few commenters asked that these

final regulations not require private

foundations to disclose to the general

public the identities of their

contributors. Section 6104(d) requires

public disclosure of all the information

contained on an exemption application

and an annual information return filed

with the IRS, unless the information is

specifically excepted from disclosure.

Section 6104(d)(3) specifically excepts

from disclosure the names and

addresses of any contributor to an

organization which is not a private

foundation. By its terms, this exception

does not apply to private foundations.

The IRS and the Treasury Department

believe the rule of the proposed

regulation is consistent with the statute

and Congressional intent and, therefore,

did not change this provision.

One commenter asked that these final

regulations clarify how the disclosure

requirements apply to a supporting

organization described in section

509(a)(3). Section 509(a) provides that

an organization described in section

501(c)(3) is a private foundation if it

does not meet the requirements of

section 509(a) (1), (2), (3), or (4).

Therefore, an organization that is

described in section 501(c)(3) and

classified as a supporting organization

under section 509(a)(3) is not a private

foundation. The disclosure

requirements under section 6104(d)

apply to supporting organizations

described in section 509(a)(3) in the

same manner as they apply to all other

tax-exempt organizations that are not

private foundations. The proposed

regulations define the terms tax-exempt

organization and private foundation

consistent with the applicable statutory

provisions, and the IRS and the

Treasury Department have determined

that further regulatory clarification is

not necessary in this regard.

Another commenter expressed

concern that some private foundations

may not have copies of their exemption

applications. This commenter suggested

that these final regulations only require

private foundations formed after 1990 to

disclose their exemption applications.

Since July 15, 1987, a tax-exempt

organization, including one that is a

private foundation, has been required

under section 6104 to make its

exemption application available for

public inspection. See section 10702(b)

of the Omnibus Budget Reconciliation

Act of 1987 (Pub. L. 100–203) and

Notice 88–120 (1988–2 C.B. 454). Under

the proposed regulations, a private

foundation that filed its exemption

application before July 15, 1987 is

required to make available for public

inspection a copy of its application only

if it had a copy of its application on July

15, 1987. Thus, these final regulations

do not change this provision of the

proposed regulations.

One commenter stated that the

applicable date in the proposed

regulations, which would eliminate the

requirement that private foundations

publish notice of the availability of their

annual information returns, is

inconsistent with the effective date

specified in the House Committee

Report to the Tax and Trade Relief

Extension Act of 1998 (H.R. Rep. No.

105–817). This commenter requested

that the final regulations add a rule that

prevents the IRS from asserting a late

filing penalty against a private

foundation whose return is rejected by

the IRS because the foundation filed the

return on or after June 8, 1999 (the

effective date of the April 9, 1999 final

regulations) without proof that it

satisfied the publication of notice

requirement. Section 6104(d), as in

effect prior to the effective date of the

Tax and Trade Relief Extension Act of

1998, provides that a private foundation

must publish a notice of the availability

of its return not later than the due date

of the return (determined with regard to

any extension of time for filing). Section

1.6033–3(b) of the regulations requires a

private foundation to attach a copy of

the notice to its return.

The Tax and Trade Relief Extension

Act of 1998 repealed the publication of

notice requirement of section 6104(d)

effective for private foundation annual

information returns due after the later of

December 31, 1998 or 60 days after the

Treasury Department issues final

regulations that explain how requested

documents may be made widely

available or when requests for

documents are part of a harassment

campaign. The April 9, 1999 final

regulations do not apply to private

foundations and, therefore, the issuance

of those regulations did not trigger the

repeal of the publication of notice

requirement. Indeed, the April 9, 1999

final regulations stated explicitly that,

until the IRS issues final regulations

under section 6104(d) applicable to

private foundations, private foundations

continue to be governed by the existing

§ 301.6104(d)–1 requirements relating to

public disclosure of private foundation

annual information returns.

The IRS and the Treasury Department

believe the effective date of the repeal

of the publication of notice requirement

stated in the proposed regulations is

consistent with both the statute and the

legislative history. Further, the IRS and

the Treasury Department believe it is

important to retain one public

disclosure standard for private

foundations until another is finally

adopted. Accordingly, the IRS and the

Treasury Department did not modify

these final regulations as suggested.

Finally, one commenter expressed

concern that disclosure in some

instances could adversely affect the

charitable operations of some small

operating private foundations that

advance unpopular causes or desire to

maintain a low profile. This commenter

suggested that the final regulations

should authorize the Secretary to grant

a waiver from some or all of the

disclosure requirements if a small

operating foundation establishes that,

without the waiver, its charitable

operations could be adversely affected

and it provides alternative methods of

disclosure that enhance oversight and

public accountability. Section 6104(d),

however, does not authorize the

Secretary to grant waivers except in the

case of a harassment campaign

determination. Moreover, all tax-exempt

organizations have the option under the

regulations of avoiding having to

comply with requests for copies of

documents by making such documents

widely available on the Internet.

Therefore, the IRS and the Treasury

Department did not adopt this

suggestion.

Effective Date

These final regulations are applicable

to private foundations on March 13,

2000.

Special Analyses

It is hereby certified that the

collections of information in these

regulations will not have a significant

economic impact on a substantial

number of small entities. This

certification is based on the fact that the

average time required to maintain and

disclose the information required under

these regulations is estimated to be 30

minutes for each private foundation.

This estimate is based on the

assumption that, on average, a private

foundation will receive one request per

year to inspect or provide copies of its

application for tax exemption and its

Federal Register / Vol. 65, No. 9 / Thursday, January 13, 2000 / Rules and Regulations 2033

annual information returns.

Approximately 0.1 percent of the

private foundations affected by these

regulations will be subject to the

reporting requirements contained in the

regulations. It is estimated that

annually, approximately 65 private

foundations will make their documents

widely available by posting them on the

Internet. In addition, it is estimated that

annually, approximately 3 private

foundations will file an application for

a determination that they are the subject

of a harassment campaign such that a

waiver of the obligation to provide

copies of their applications for tax

exemption and their annual information

returns is in the public interest. The

average time required to complete,

assemble and file an application

describing a harassment campaign is

expected to be 5 hours. Because

applications for a harassment campaign

determination will be filed so

infrequently, they will have no effect on

the average time needed to comply with

the requirements in these regulations. In

addition, a private foundation is

allowed in these regulations to charge a

reasonable fee for providing copies to

requesters. Therefore, it is estimated

that it will cost a private foundation less

than $10 per year to comply with these

regulations, which is not a significant

economic impact. Therefore, a

Regulatory Flexibility Analysis under

the Regulatory Flexibility Act (5 U.S.C.

chapter 6) is not required. Pursuant to

section 7805(f) of the Internal Revenue

Code, the notice of proposed rulemaking

was submitted to the Chief Counsel for

Advocacy of the Small Business

Administration for comment on its

impact on small business.

Drafting Information: The principal

author of these regulations is Michael B.

Blumenfeld, Office of Associate Chief

Counsel (Employee Benefits and Exempt

Organizations), IRS. Other personnel

from the IRS and Treasury Department

also participated in their development.

List of Subjects

26 CFR Part 301

Employment taxes, Estate taxes,

Excise taxes, Gift taxes, Income taxes,

Penalties, Reporting and recordkeeping

requirements.

26 CFR Part 602

Reporting and recordkeeping

requirements.

Adoption of Amendments to the

Regulations

Accordingly, 26 CFR parts 301 and

602 are amended as follows:

PART 301—PROCEDURE AND

ADMINISTRATION

Paragraph 1. The authority citation

for part 301 is amended by adding

entries in numerical order to read in

part as follows:

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

Section 301.6104(d)–2 also issued

under 26 U.S.C. 6104(d)(3);

Section 301.6104(d)–3 also issued

under 26 U.S.C. 6104(d)(3); * * *

§ 301.6104(d)–1 [Removed]

Par. 2. Section 301.6104(d)–1 is

removed.

§ 301.6104(d)–2 [Redesignated as

§ 301.6104(d)–0]

Par. 3. Section 301.6104(d)–2 is

redesignated as § 301.6104(d)–0.

Par. 4. Newly designated

§ 301.6104(d)–0 is revised to read as

follows:

§ 301.6104(d)–0 Table of contents.

This section lists the major captions

contained in §§ 301.6104(d)–1 through

301.6104(d)–3 as follows:

§ 301.6104(d)–1 Public inspection and

distribution of applications for tax exemption

and annual information returns of taxexempt organizations.

(a) In general.

(b) Definitions.

(1) Tax-exempt organization.

(2) Private foundation.

(3) Application for tax exemption.

(i) In general.

(ii) No prescribed application form.

(iii) Exceptions.

(iv) Local or subordinate organizations.

(4) Annual information return.

(i) In general.

(ii) Exceptions.

(iii) Returns more than 3 years old.

(iv) Local or subordinate organizations.

(5) Regional or district offices.

(i) In general.

(ii) Site not considered a regional or district

office.

(c) Special rules relating to public inspection.

(1) Permissible conditions on public

inspection.

(2) Organizations that do not maintain

permanent offices.

(d) Special rules relating to copies.

(1) Time and place for providing copies in

response to requests made in person.

(i) In general.

(ii) Unusual circumstances.

(iii) Agents for providing copies.

(2) Request for copies in writing.

(i) In general.

(ii) Time and manner of fulfilling written

requests.

(A) In general.

(B) Request for a copy of parts of document.

(C) Agents for providing copies.

(3) Fees for copies.

(i) In general.

(ii) Form of payment.

(A) Request made in person.

(B) Request made in writing.

(iii) Avoidance of unexpected fees.

(iv) Responding to inquiries of fees charged.

(e) Documents to be provided by regional and

district offices.

(f) Documents to be provided by local and

subordinate organizations.

(1) Applications for tax exemption.

(2) Annual information returns.

(3) Failure to comply.

(g) Failure to comply with public inspection

or copying requirements.

(h) Effective date.

(1) In general.

(2) Private foundation annual information

returns.

§ 301.6104(d)–2 Making applications and

returns widely available.

(a) In general.

(b) Widely available.

(1) In general.

(2) Internet posting.

(i) In general.

(ii) Transition rule.

(iii) Reliability and accuracy.

(c) Discretion to prescribe other methods for

making documents widely available.

(d) Notice requirement.

(e) Effective date.

§ 301.6104(d)–3 Tax-exempt organization

subject to harassment campaign.

(a) In general.

(b) Harassment.

(c) Special rule for multiple requests from a

single individual or address.

(d) Harassment determination procedure.

(e) Effect of a harassment determination.

(f) Examples.

(g) Effective date.

§ 301.6104(d)–3 [Redesignated as

§ 301.6104(d)–1]

Par. 5. Section 301.6104(d)–3 is

redesignated as § 301.6104(d)–1.

Par. 6. Newly designated

§ 301.6104(d)–1 is amended as follows:

1. Revise the section heading.

1a. Paragraph (a) is amended as

follows:

a. Remove the language ‘‘, other than

a private foundation (as defined in

paragraph (b)(2) of this section),’’ from

the first sentence.

b. Remove the language ‘‘, other than

a private foundation,’’ from the second

sentence.

c. Remove the language

‘‘§§ 301.6104(d)–4 and 301.6104(d)–5’’

from the fourth sentence and add

‘‘§§ 301.6104(d)–2 and 301.6104(d)–3’’

in its place.

2. In paragraph (b) introductory text,

remove the language ‘‘§§ 301.6104(d)–4

and 301.6104(d)–5’’ and add

‘‘§§ 301.6104(d)–2 and 301.6104(d)–3’’

in its place.

3. In paragraph (b)(1), add a sentence

at the end of the paragraph.

4. In paragraph (b)(2), add the

language ‘‘or a nonexempt charitable

2034 Federal Register / Vol. 65, No. 9 / Thursday, January 13, 2000 / Rules and Regulations

trust described in section 4947(a)(1) or

a nonexempt private foundation subject

to the information reporting

requirements of section 6033 pursuant

to section 6033(d)’’ at the end of the

sentence.

5. In paragraph (b)(3)(iii)(B), remove

the word ‘‘or’’ at the end of the

paragraph.

6. Redesignate paragraph (b)(3)(iii)(C)

as paragraph (b)(3)(iii)(D) and add a new

paragraph (b)(3)(iii)(C).

7. In paragraph (b)(4)(i), remove the

last two sentences and add three

sentences in their place.

8. Paragraph (b)(4)(ii) is amended as

follows:

a. Remove the language ‘‘, and the

return of a private foundation’’ from the

first sentence.

b. Revise the last sentence.

9. Revise paragraph (h).

The revisions and additions read as

follows:

§ 301.6104(d)–1 Public inspection and

distribution of applications for tax

exemption and annual information returns

of tax-exempt organizations.

* * * * *

(b) * * *

(1) * * * The term tax-exempt

organization also includes any

nonexempt charitable trust described in

section 4947(a)(1) or nonexempt private

foundation that is subject to the

reporting requirements of section 6033

pursuant to section 6033(d).

* * * * *

(3) * * *

(iii) * * *

(C) In the case of a tax-exempt

organization other than a private

foundation, the name and address of

any contributor to the organization; or

* * * * *

(4) * * * (i) * * * Returns filed

pursuant to section 6033 include Form

990, Return of Organization Exempt

From Income Tax, Form 990–PF, Return

of Private Foundation, or any other

version of Form 990 (such as Forms

990–EZ or 990–BL, except Form 990–T)

and Form 1065. Each copy of a return

must include all information furnished

to the Internal Revenue Service on the

return, as well as all schedules,

attachments and supporting documents.

For example, in the case of a Form 990,

the copy must include Schedule A of

Form 990 (containing supplementary

information on section 501(c)(3)

organizations), and those parts of the

return that show compensation paid to

specific persons (currently, Part V of

Form 990 and Parts I and II of Schedule

A of Form 990).

(ii) * * * In the case of a tax-exempt

organization other than a private

foundation, the term annual

information return does not include the

name and address of any contributor to

the organization.

* * * * *

(h) Effective date— (1) In general. For

a tax-exempt organization, other than a

private foundation, this section is

applicable June 8, 1999. For a private

foundation, this section is applicable

(except as provided in paragraph (h)(2)

of this section) beginning March 13,

2000.

(2) Private foundation annual

information returns. This section does

not apply to any private foundation

return the due date for which

(determined with regard to any

extension of time for filing) is before the

applicable date for private foundations

specified in paragraph (h)(1) of this

section.

§ 301.6104(d)–4 [Redesignated as

§ 301.6104(d)–2]

Par. 7. Section 301.6104(d)–4 is

redesignated as § 301.6104(d)–2.

Par. 8. Newly designated

§ 301.6104(d)–2 is amended as follows:

1. In paragraph (a), remove the

language ‘‘§ 301.6104(d)–3(a)’’ from

each place it appears and add

‘‘§ 301.6104(d)–1(a)’’ in each place,

respectively.

2. Revise paragraph (e).

The revision reads as follows:

§ 301.6104(d)–2 Making applications and

returns widely available.

* * * * *

(e) Effective date. For a tax-exempt

organization, other than a private

foundation, this section is applicable

June 8, 1999. For a private foundation,

this section is applicable beginning

March 13, 2000.

§ 301.6104(d)–5 [Redesignated as

§ 301.6104(d)–3]

Par. 9. Section 301.6104(d)–5 is

redesignated as § 301.6104(d)–3.

Par. 10. Newly designated

§ 301.6104(d)–3 is amended as follows:

1. In paragraph (a), remove the

language ‘‘§ 301.6104(d)–3(a)’’ and add

‘‘§ 301.6104(d)–1(a)’’ in its place.

2. Revise paragraph (g).

The revision reads as follows:

§ 301.6104(d)–3 Tax-exempt organization

subject to harassment campaign.

* * * * *

(g) Effective date. For a tax-exempt

organization, other than a private

foundation, this section is applicable

June 8, 1999. For a private foundation,

this section is applicable beginning

March 13, 2000.

PART 602—OMB CONTROL NUMBERS

UNDER THE PAPERWORK

REDUCTION ACT

Par. 11. The authority citation for part

602 continues to read as follows:

Authority: 26 U.S.C. 7805.

Par. 12. In § 602.101, paragraph (b) is

amended by removing the entries for

301.6104(d)–4 and 301.6104(d)–5, by

revising the entries for 301.6104(d)–1

and 301.6104(d)–3, and by adding a new

entry for 301.6104(d)–2 in numerical

order to the table to read as follows:

§ 602.101 OMB Control numbers.

* * * * *

(b) * * *

CFR part or section

where identified and

described

Current OMB

control No.

*****

301.6104(d)–1 ................ 1545–1655

301.6104(d)–2 ................ 1545–1655

301.6104(d)–3 ................ 1545–1655

*****

Approved: December 23, 1999.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Jonathan Talisman,

Acting Assistant Secretary of the Treasury

(Tax Policy).

[FR Doc. 00–278 Filed 1–12–00; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 317

Regulations Governing Agencies for

Issue of United States Savings Bonds

AGENCY: Bureau of the Public Debt,

Fiscal Service, Treasury.

ACTION: Final rule.

SUMMARY: We’re amending 31 CFR part

317 to remove the restriction on nonfederally chartered credit unions serving

as issuing agents for United States

savings bonds. Currently, only federal

credit unions are permitted to serve as

issuing agents, although the paying

agent regulations, found at 31 CFR part

321, have no such limitation. This

amendment would provide that credit

unions chartered or incorporated under

state, territorial, District of Columbia, or

Commonwealth of Puerto Rico law may

also serve as issuing agents. This change

will bring the issuing agent regulations

in line with paying agent regulations as

to credit unions.