260 Federal Register / Vol. 61, No. 3 / Thursday, January 4, 1996 / Rules and Regulations

(2) * * *

Drug labeler code Firm name and address

* * * * * * *

058690 TRINADA, Inc., One Executive Dr., P.O. Box 1399, Fort Lee, NJ 07024.

* * * * * * *

Dated: December 22, 1995.

Robert C. Livingston,

Director, Office of New Animal Drug

Evaluation, Center for Veterinary Medicine.

[FR Doc. 96–121 Filed 1–3–96; 8:45 am]

BILLING CODE 4160–01–F

21 CFR Part 522

New Animal Drugs and Related

Products; Change of Sponsor

AGENCY: Food and Drug Administration,

HHS.

ACTION: Final rule.

SUMMARY: The Food and Drug

Administration (FDA) is amending the

animal drug regulations to reflect a

change of sponsor for a new animal drug

application (NADA) from Fort Dodge

Laboratories to Wildlife Laboratories,

Inc.

EFFECTIVE DATE: January 4, 1996.

FOR FURTHER INFORMATION CONTACT:

Thomas J. McKay, Center for Veterinary

Medicine (HFV–102), Food and Drug

Administration, 7500 Standish Pl.,

Rockville, MD 20855, 301–827–0213.

SUPPLEMENTARY INFORMATION: Fort

Dodge Laboratories, Fort Dodge, IA

50501, has informed FDA that it has

transferred ownership of, and all rights

and interests in approved NADA 47–870

(Etorphine hydrochloride injection) to

Wildlife Laboratories, Inc., 1401 Duff

Dr., suite 600, Fort Collins, CO 80524.

This NADA was originally owned by

American Cyanamid Co. and transferred

to Fort Dodge Laboratories but was

inadvertently not codified in the

regulations. Accordingly, FDA is

amending the regulations in 21 CFR

522.883 to reflect the change of sponsor.

List of Subjects in 21 CFR Part 522

Animal drugs.

Therefore, under the Federal Food,

Drug, and Cosmetic Act and under

authority delegated to the Commissioner

of Food and Drugs and redelegated to

the Center for Veterinary Medicine, 21

CFR part 522 is amended as follows:

PART 522—IMPLANTATION OR

INJECTABLE DOSAGE FORM NEW

ANIMAL DRUGS

1. The authority citation for 21 CFR

part 522 continues to read as follows:

Authority: Sec. 512 of the Federal Food,

Drug, and Cosmetic Act (21 U.S.C. 360b).

§ 522.883 [Amended]

2. Section 522.883 Etorphine

hydrochloride injection is amended in

paragraph (c) by removing ‘‘010042’’

and adding in its place ‘‘053923’’.

Dated: December 22, 1995.

Robert C. Livingston,

Director, Office of New Animal Drug

Evaluation, Center for Veterinary Medicine.

[FR Doc. 96–123 Filed 1–3–96; 8:45 am]

BILLING CODE 4160–01–F

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1, 301, and 602

[TD 8651]

RIN 1545–AS05

Automatic Extension of Time for Filing

Individual Income Tax Returns

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Temporary regulations.

SUMMARY: This document contains

temporary regulations that reflect new

simpler procedures for an individual to

obtain an automatic extension of time to

file an individual income tax return.

The text of the temporary regulations

also serves as the text of the cross

reference notice of proposed rulemaking

on this subject in the Proposed Rules

section of this issue of the Federal

Register.

DATES: These regulations are effective

January 4, 1996.

For dates of applicability, see

§ 1.6081–4T and § 301.6651–1T.

FOR FURTHER INFORMATION CONTACT:

Margaret A. Owens, (202) 622–6232 (not

a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

These regulations are being issued

without prior notice and public

procedure pursuant to the

Administrative Procedure Act (5 U.S.C.

553). For this reason, the collection of

information contained in these

regulations has been reviewed and,

pending receipt and evaluation of

public comments, approved by the

Office of Management and Budget under

control number 1545–1479. Responses

to this collection of information are

required to obtain a benefit (an

automatic 4-month extension of time to

file an individual income tax return).

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless the collection of information

displays a valid control number.

For further information concerning

the collection of information, and where

to submit comments on the collection of

information and the accuracy of the

estimated burden, and suggestions for

reducing this burden, please refer to the

preamble to the cross-referencing notice

of proposed rulemaking published in

the Proposed Rules section of this issue

of the Federal Register.

Books or records relating to a

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 the Income

Tax Regulations (26 CFR Part 1) under

section 6081 of the Internal Revenue

Code of 1986 to implement Notice 93–

22 (1993–1 C.B. 305). Notice 93–22,

released April 7, 1993, grants relief to

individuals who want an automatic 4-

month extension of time to file an

individual income tax return but who

are unable to pay by the due date for the

return the tax properly estimated to be

due. The notice allows these individuals

to obtain an automatic 4-month

extension of time to file their individual
Federal Register / Vol. 61, No. 3 / Thursday, January 4, 1996 / Rules and Regulations 261

income tax returns for taxable years

ending on or after December 31, 1992,

by filing Form 4868, Application for

Automatic Extension of Time to File

U.S. Individual Income Tax Return,

without an accompanying remittance.

Individuals may rely on Notice 93–22

for taxable years ending on or after

December 31, 1992 and before December

31, 1995. Notice 93–22 also advised

taxpayers that the regulations under

section 6081 will be amended to reflect

this change in the procedure for an

individual to obtain an automatic 4-

month extension of time to file. In

addition, this document amends the

Regulations on Procedure and

Administration (26 CFR Part 301)

(relating to an automatic extension of

time for filing an individual income tax

return).

Explanation of Provisions

Under § 1.6081–4, an individual

required to file an income tax return is

allowed an automatic 4-month

extension of time to file if (a) an

application is prepared on Form 4868,

(b) the application is signed by the

individual or a person duly authorized

by the individual, (c) the application is

filed on or before the date the return is

due, (d) the application shows the full

amount properly estimated as tax, and

(e) the application is accompanied by

full remittance of the amount properly

estimated as tax that is unpaid as of the

date prescribed for the filing of the

return.

These temporary regulations provide

that individuals may obtain an

automatic 4-month extension of time to

file an individual income tax return

without remitting the unpaid amount of

any tax properly estimated to be due

with the application for extension of

time to file. Under these temporary

regulations, an individual’s inability to

pay is not a condition for obtaining an

automatic 4-month extension. However,

taxpayers are encouraged to make

payments, as large as possible, in order

to reduce interest and penalties required

by law.

In addition, these temporary

regulations provide that the IRS may

prescribe other manners for submitting

an application in lieu of a paper

application on Form 4868.

The temporary regulations remove the

regulatory requirement that applications

for an automatic 4-month extension be

signed. Thus, notwithstanding the 1995

Form 4868 instructions, an unsigned

application will be processed. In

addition, the Commissioner may

prescribe additional methods of

obtaining an extension of time to file

that do not require a signature.

Special Analyses

It has been determined that these

temporary regulations are not a

significant regulatory action as defined

in EO 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) and the Regulatory

Flexibility Act (5 U.S.C. chapter 6) do

not apply to these regulations and,

therefore, a Regulatory Flexibility

Analysis is not required. Pursuant to

section 7805(f) of the Internal Revenue

Code, a copy of these regulations will be

submitted to the Chief Counsel for

Advocacy of the Small Business

Administration for comment on their

impact on small business.

Drafting Information. The principal author

of these regulations is Margaret A. Owens,

Office of the Assistant Chief Counsel (Income

Tax & Accounting), IRS. However, other

personnel from the IRS and the Treasury

Department participated in their

development.

List of Subjects

26 CFR Part 1

Income taxes, Reporting and

recordkeeping requirements.

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.

Amendments to the Regulations

Accordingly, 26 CFR parts 1, 301, and

602 are 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. * * *

Par. 2. Section 1.6081–4 is amended

by revising paragraph (a) to read as

follows:

§ 1.6081–4 Automatic extension of time for

filing individual income tax returns.

(a) [Reserved] For further guidance

see § 1.6081–4T(a).

* * * * *

Par. 3. Section 1.6081–4T is added to

read as follows:

§ 1.6081–4T Automatic extension of time

for filing individual income tax returns—

taxable years ending on or after December

31, 1995 (temporary).

(a) In general—(1) Period of extension.

An individual who is required to file an

individual income tax return for any

taxable year ending on or after

December 31, 1995, will be allowed an

automatic 4-month extension of time to

file the return after the date prescribed

for filing the return provided the

requirements contained in paragraphs

(a)(2), (3), and (4) of this section are met.

In the case of an individual described in

§ 1.6081–5(a)(5) or (6), the automatic 4-

month extension will run concurrently

with the extension of time to file

granted pursuant to § 1.6081–5.

(2) Manner for submitting an

application. An application must be

submitted—

(i) On Form 4868, Application for

Automatic Extension of Time to File

U.S. Individual Income Tax Return; or

(ii) In any other manner as may be

prescribed by the Commissioner.

(3) Time and place for filing

application. Except in the case of an

individual described in § 1.6081–5(a)(5)

or (6), the application must be filed on

or before the date prescribed for filing

the individual income tax return. In the

case of an individual described in

§ 1.6081–5(a)(5) or (6), the application

must be filed on or before the expiration

of the extension of time to file granted

pursuant to § 1.6081–5. The application

must be filed with the IRS office

designated in the application’s

instructions.

(4) Proper estimate of tax. An

application for extension must show the

full amount properly estimated as tax

for the taxable year.

(5) Allowance of extension. Upon

properly preparing and timely filing an

application, the 4-month extension will

be considered as allowed. Except in

undue hardship cases, no extension of

time for filing an individual income tax

return will be granted under § 1.6081–

1 until an automatic extension has been

allowed pursuant to the provisions of

this paragraph (a).

(b) and (c) [Reserved].

(d) Penalties. See section 6651 and the

regulations under that section for the

additions to tax for failure to file an

individual income tax return or failure

to pay the amount shown as tax on the

return. In particular, see § 301.6651–

1(c)(3) of this chapter (relating to a

presumption of reasonable cause in

certain circumstances involving an

automatic extension of time for filing an

individual income tax return).
262 Federal Register / Vol. 61, No. 3 / Thursday, January 4, 1996 / Rules and Regulations

PART 301—PROCEDURE AND

ADMINISTRATION

Par. 4. The authority citation for part

301 continues to read in part as follows:

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

Par. 5. Section 301.6651–1 is

amended by revising paragraph (c)(3) to

read as follows:

§ 301.6651–1 Failure to file tax return or to

pay tax.

* * * * *

(c)(3) [Reserved] For further guidance

see § 301.6651–1T(c)(3).

* * * * *

Par. 6. Section 301.6651–1T is added

to read as follows:

§ 301.6651–1T Failure to file tax return or

to pay tax—taxable years ending on or after

December 31, 1995 (temporary).

(a) through (c)(2) [Reserved].

(c)(3) If, for a taxable year ending on

or after December 31, 1995, an

individual taxpayer satisfies the

requirements of § 1.6081–4T(a) of this

chapter (relating to an automatic

extension of time for filing an

individual income tax return),

reasonable cause shall be presumed, for

the period of the extension of time to

file, with respect to any underpayment

of tax if—

(i) The excess of the amount of tax

shown on the individual income tax

return over the amount of tax paid on

or before the regular due date of the

return (by virtue of taxes withheld by

the employer, estimated tax payments,

and any payment with an application

for extension of time to file pursuant to

§ 1.6081–4T of this chapter) is no greater

than 10 percent of the amount of tax

shown on the individual income tax

return; and

(ii) Any balance due shown on the

individual income tax return is remitted

with the return.

PART 602—OMB CONTROL NUMBERS

UNDER THE PAPERWORK

REDUCTION ACT

Par. 7. The authority citation for part

602 continues to read as follows:

Authority: 26 U.S.C. 7805.

§ 602.101 [Amended]

Par. 8. In § 602.101, paragraph (c) is

amended by adding an entry in

numerical order to the table to read

‘‘1.6081–4T. . . .1545–1479’’.

Margaret Milner Richardson,

Commissioner of Internal Revenue.

Approved: December 20, 1995.

Leslie Samuels,

Assistant Secretary of the Treasury.

[FR Doc. 96–114 Filed 1–3–96; 8:45 am]

BILLING CODE 4830–01–U

26 CFR Parts 1 and 602

[TD 8654]

RIN 1545–AS21

Information Reporting for Discharges

of Indebtedness

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Final regulations.

SUMMARY: This document contains final

regulations relating to the information

reporting requirements of applicable

financial entities for discharges of

indebtedness. The final regulations

reflect changes to the Internal Revenue

Code of 1986 (Code) made by section

13252 of the Omnibus Budget

Reconciliation Act of 1993 (the Act).

The final regulations affect certain

financial institutions and federal

executive agencies.

DATES: These regulations are effective

December 22, 1996.

For dates of applicability, see

§ 1.6050P–1(h).

FOR FURTHER INFORMATION CONTACT:

Sharon L. Hall (timing and amount of

discharge) at (202) 622–4930 or Michael

F. Schmit (other issues) at (202) 622–

4960, both of the Office of Assistant

Chief Counsel (Income Tax and

Accounting). Neither telephone number

is toll-free.

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information

contained in these final regulations has

been reviewed and approved by the

Office of Management and Budget in

accordance with the Paperwork

Reduction Act (44 U.S.C. 3507) under

control number 1545–1419. Responses

to this collection of information are

required for the IRS to monitor whether

discharged debtors are properly

complying with tax laws respecting

cancellations of indebtedness.

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless the collection of information

displays a valid control number.

The time estimates for the reporting

requirements contained in these final

regulations are reflected in the burden

estimates for Form 1099–C.

Comments concerning the accuracy of

this burden estimate and suggestions for

reducing this burden should be sent to

the Internal Revenue Service, Attn: IRS

Reports Clearance Officer, T:FP,

Washington, DC 20224, and to the

Office of Management and Budget, Attn:

Desk Officer for the Department of

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 information are

confidential, as required by 26 U.S.C.

6103.

Background

Section 6050P was added to the Code

by section 13252 of the Act. Section

6050P requires certain financial entities

to report discharges of indebtedness of

$600 or more during any calendar year,

and requires reporting entities to make

a return at such time and in such form

as the Secretary may by regulations

prescribe.

On December 27, 1993, temporary

regulations (TD 8506) relating to the

reporting of discharge of indebtedness

under section 6050P were published in

the Federal Register (58 FR 68301). A

notice of proposed rulemaking (IA–63–

93) cross-referencing the temporary

regulations was published in the

Federal Register for the same day (58

FR 68337).

Written comments were received in

response to the notice of proposed

rulemaking. Fourteen speakers provided

testimony at a public hearing held on

March 30, 1994. In response to the

comments and testimony, the IRS and

Treasury issued Notice 94–73 (1994–2

C.B. 553), providing interim relief from

penalties for failure to comply with

certain of the reporting requirements of

the temporary regulations. The Notice

provided that, with respect to a

discharge of indebtedness occurring

before the later of January 1, 1995, or the

effective date of the final regulations

under section 6050P, no penalties

would be imposed for the failure to

report a discharge of indebtedness:

(a) Under title 11 of the United States

Code;

(b) Resulting from the expiration of

the statute of limitations for collection

of an indebtedness;

(c) For an amount other than principal

in the case of indebtedness arising in