Federal Register / Vol. 80, No. 2 / Monday, January 5, 2015 / Rules and Regulations 167 

ACTION: Correcting amendment. 

SUMMARY: This document contains 

corrections to final regulations (TD 

9704) that were published in the 

Federal Register on Wednesday, 

November 19, 2014 (79 FR 68763) 

relating to the consequences to U.S. and 

foreign persons for failing to file gain 

recognition agreements (GRAs) or 

related documents, or to satisfy other 

reporting obligations, associated with 

certain transfers of property to foreign 

corporations in nonrecognition 

exchanges. 

DATES: This correction is effective on 

January 5, 2015, and is applicable 

beginning November 19, 2014. 

FOR FURTHER INFORMATION CONTACT: 

Shane M. McCarrick at (202) 317–6937 

(not a toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final regulations that are the 

subject of this document are under 

sections 367 and 6038B of the Internal 

Revenue Code. 

Need for Correction 

As published, final regulations (TD 

9704) contain errors that may prove to 

be misleading and are in need of 

clarification. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Correction of Publication 

Accordingly, 26 CFR part 1 is 

corrected by making the following 

correcting amendments: 

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 1.367(a)–8 is amended 

by revising the paragraph headings for 

paragraphs (r)(1) and (r)(1)(i) to read as 

follows: 

§ 1.367(a)–8 Gain recognition agreement 

requirements. 

* * * * * 

(r) * * * (1) General rule—(i) 

Transfers occurring on or after March 

13, 2009; relief for certain failures that 

are not willful. * * * 

* * * * * 

■ Par. 3. Section 1.367(e)–2 is amended 

by revising paragraph (e)(4)(i) 

introductory text to read as follows: 

§ 1.367(e)–2 Distributions described in 

section 367(e)(2). 

* * * * * 

(e) * * * 

(4) * * * 

(i) General rule. For purposes of this 

section and except as provided in 

paragraph (b)(2)(i)(D) or (f) of this 

section, a failure to comply includes— 

* * * * * 

■ Par. 4. Section 1.6038B–1 is amended 

by revising paragraph (g)(6) to read as 

follows: 

§ 1.6038B–1 Reporting of certain transfers 

to foreign corporations. 

* * * * * 

(g) * * * 

(6) The second sentence of paragraph 

(b)(1)(i) and paragraphs (b)(2)(i)(B)(1), 

(b)(2)(iii), (b)(2)(iv), (c), (e)(4), (f)(2)(iii), 

and (f)(2)(iv) of this section will apply 

to transfers for which documents are 

required to be filed on or after 

November 19, 2014, as well as to 

transfers that are the subject of requests 

for relief submitted on or after 

November 19, 2014. The second 

sentence of paragraph (b)(1)(i) and 

paragraphs (b)(2)(i)(B)(1), (b)(2)(iii), 

(b)(2)(iv), (c), and (f)(2)(iii) of this 

section will also apply to any transfer 

that is the subject of a request for relief 

submitted pursuant to § 1.367(a)–8(r)(3). 

Martin V. Franks, 

Chief, Publications and Regulations Branch, 

Legal Processing Division, Associate Chief 

Counsel, (Procedure and Administration). 

[FR Doc. 2014–30811 Filed 1–2–15; 8:45 am] 

BILLING CODE 4830–01–P 

FEDERAL COMMUNICATIONS 

COMMISSION 

47 CFR Part 54 

[WC Docket No. 13–184; FCC 14–99] 

Modernization of the Schools and 

Libraries ‘‘E-Rate’’ Program 

AGENCY: Federal Communications 

Commission. 

ACTION: Final rule; announcement of 

effective date. 

SUMMARY: On July 23, 2014, the Federal 

Communications Commission 

(Commission) released a document in 

(WC Docket No. 13–184, FCC 14–99; 79 

FR 49160, August 19, 2014) which 

contained information collection 

requirements for the schools and 

libraries universal service mechanism 

(E-rate) which required approval from 

the Office of Management and Budget 

(OMB). The Office of Management and 

Budget (OMB) granted approval on 

October 27, 2014, under emergency 

processing for certain of the information 

collection requirements contained in the 

Report and Order as required by the 

Paperwork Reduction Act (PRA) of 1995 

(44 U.S.C. 3501–3520). 

DATES: The amendment to § 54.502(b)(2) 

that appeared in the Federal Register at 

79 FR 49160 on August 19, 2014, and 

revised the information collection OMB 

3060–0806 as approved by OMB, is 

effective January 5, 2015. 

FOR FURTHER INFORMATION CONTACT: Lisa 

Hone, Wireline Competition Bureau at 

(202) 418–7400 or TTY (202) 418–0484. 

SUPPLEMENTARY INFORMATION: The 

Federal Communications Commission 

has received OMB approval for the 

changes to E-rate rules contained in 

information collection OMB Control No: 

3060–0806; Description of Services 

Requested and Certification; Description 

of Services Requested and Certification 

Instructions; Services Ordered and 

Certification; Services Ordered and 

Certification Instructions (FCC Form 

470 and Instructions; FCC Form 471 and 

Instructions). The information 

collection was revised in the Report and 

Order and Further Notice of Proposed 

Rulemaking in WC Docket 13–184 

which appears at 79 FR 49160, August 

19, 2014. The rules adopted in the 

Report and Order that contain new or 

modified information collection 

requirements were not to become 

effective until approved by the Office of 

Management and Budget. Through this 

document, the Commission announces 

that it has received this approval (OMB 

Control No: 3060–0806, Expiration Date 

April 30, 2015) and that § 54.502(b)(2) is 

effective January 5, 2015. 

Pursuant to the Paperwork Reduction 

Act of 1995, 44 U.S.C. 3501–3520, an 

agency may not conduct or sponsor a 

collection of information unless it 

displays a currently valid control 

number. Notwithstanding any other 

provisions of law, no person shall be 

subject to any penalty for failing to 

comply with the collection of 

information subject to the Paperwork 

Reduction Act that does not display a 

valid control number. Questions 

concerning the OMB control numbers 

and expiration dates should be directed 

to Leslie F. Smith, Federal 

Communications Commission, 

(202)418–0217 or via the Internet at 

Leslie.Smith@fcc.gov. 

Federal Communications Commission. 

Marlene H. Dortch, 

Secretary. 

[FR Doc. 2014–30775 Filed 1–2–15; 8:45 am] 

BILLING CODE 6712–01–P 

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