Federal Register / Vol. 66, No. 9 / Friday, January 12, 2001 / Rules and Regulations 2821

Par. 22. In § 301.6325–1, paragraph

(f)(2)(ii)(a) is revised to read as follows:

§ 301.6325–1 Release of lien or discharge

of property.

* * * * *

(f) * * *

(2) * * *

(ii) * * *

(a) Mailing notice of the revocation to

the taxpayer at his last known address

(see § 301.6212–2 for further guidance

regarding the definition of last known

address); and

* * * * *

Par. 23. In § 301.6330–1T, paragraph

(a)(1) is amended by adding a sentence

at the end of the paragraph to read as

follows:

§ 301.6330–1T Notice and opportunity for

hearing prior to levy (temporary).

(a) * * *

(1) * * * For further guidance

regarding the definition of last known

address, see § 301.6212–2.

* * * * *

Par. 24. In § 301.6331–2, paragraph

(a)(1) is amended by adding a sentence

after the second sentence of the

paragraph to read as follows:

§ 301.6331–2 Procedures and restrictions

on levies.

(a) * * *

(1) * * * For further guidance

regarding the definition of last known

address, see § 301.6212–2. * * *

* * * * *

Par. 25. Section 301.6332–2 is

amended as follows:

1. Paragraphs (b)(1) introductory text,

(b)(1)(i), and (b)(1)(ii) are redesignated

as paragraphs (b)(1)(i) introductory text,

(b)(1)(i)(A), and (b)(1)(i)(B), respectively.

2. In newly designated paragraph

(b)(1)(i)(B), the text beginning with the

second sentence is redesignated as

paragraph (b)(1)(ii).

3. Newly designated paragraph

(b)(1)(ii) is amended by adding a

sentence after the second sentence of

the paragraph.

The addition reads as follows:

§ 301.6332–2 Surrender of property

subject to levy in the case of life insurance

and endowment contracts.

* * * * *

(b) * * *

(1) In general.

(ii) * * * For further guidance

regarding the definition of last known

address, see § 301.6212–2. * * *

* * * * *

Par. 26. In § 301.6335–1, paragraph

(b)(1) is amended by adding a sentence

after the third sentence of the paragraph

to read as follows:

§ 301.6335–1 Sale of seized property.

* * * * *

(b) * * *

(1) * * * For further guidance

regarding the definition of last known

address, see § 301.6212–2. * * *

* * * * *

Par. 27. In § 301.6503(c)–1, paragraph

(a) is amended by adding a sentence at

the end of the paragraph to read as

follows:

§ 301.6503(c)–1 Suspension of running of

period of limitation; location of property

outside the United States or removal of

property from the United States; taxpayer

outside of United States.

(a) * * * For further guidance

regarding the definition of last known

address, see § 301.6212–2.

* * * * *

Par. 28. Section 301.6672–1 is

amended by adding a sentence at the

end of the section to read as follows:

§ 301.6672–1 Failure to collect and pay

over tax, or attempt to evade or defeat tax.

* * * For further guidance regarding

the determination of the proper address

for mailing the notice required under

section 6672(b)(1), see § 301.6212–2.

Par. 29. In § 301.6903–1, paragraph (c)

is amended by adding a sentence after

the first sentence of the paragraph to

read as follows:

§ 301.6903–1 Notice of fiduciary

relationship.

* * * * *

(c) * * * For further guidance

regarding the definition of last known

address, see § 301.6212–2. * * *

* * * * *

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: December 11, 2000.

Jonathan Talisman,

Acting Assistant Secretary of the Treasury.

[FR Doc. 01–623 Filed 1–11–01; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 7

[TD 8938]

Requirements Relating to Certain

Exchanges Involving a Foreign

Corporation

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Removal of temporary

regulations.

SUMMARY: This document removes

temporary regulations under section

367(c) that are no longer necessary and,

as a result, may be misleading.

DATES: Effective Date: January 12, 2001.

FOR FURTHER INFORMATION CONTACT:

Mark D. Harris at (202) 622–3860 (not a

toll-free number).

SUPPLEMENTARY INFORMATION:

Background

On December 30, 1977, the IRS and

Treasury published in the Federal

Register proposed regulations (42 FR

65204) and temporary regulations (42

FR 65152) under section 367(c) of the

Internal Revenue Code. The principal

purpose of these regulations,

§§ 7.367(c)–1 and 7.367(c)–2, was to

distinguish between the treatment of

transfers described in section 367(c)

before and after the enactment of the

Tax Reform Act of 1976 (the Act) (90

Stat. 1634). Before enactment of the Act,

transfers described in section 367(c)

were subject to a ruling requirement.

After enactment of the Act, transfers

described in section 367(c) were within

the scope of §§ 7.367(b)–1 through

7.367(b)–12. In light of the substantial

time that has passed since enactment of

the Act and, moreover, in light of the

fact that §§ 1.367(b)–1 through 1.367(b)–

6 have substantially superceded

§§ 7.367(b)–1 through 7.367(b)–12,

§§ 7.367(c)–1 and 7.367(c)–2 are no

longer necessary and may be

misleading.

Accordingly, this document removes

§§ 7.367(c)–1 and 7.367(c)–2.

List of Subjects in 26 CFR Part 7

Income taxes, Reporting and

recordkeeping requirements.

Removal of Temporary Regulations

Accordingly, under the authority of

26 U.S.C. 7805, 26 CFR part 7 is

amended as follows:

PART 7—TEMPORARY INCOME TAX

REGULATIONS UNDER THE TAX

REFORM ACT OF 1976

Paragraph 1. The authority citation

for part 7 continues to read in part as

follows:

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

2822 Federal Register / Vol. 66, No. 9 / Friday, January 12, 2001 / Rules and Regulations

§§ 7.367(c)–1 and 7.367(c)–2 [Amended]

Par. 2. Sections 7.367(c)–1 and

7.367(c)–2 are removed.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: December 28, 2000.

Jonathan Talisman,

Assistant Secretary of the Treasury.

[FR Doc. 01–489 Filed 1–11–01; 8:45 am]

BILLING CODE 4830–01–U

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Parts 4022 and 4044

Benefits Payable in Terminated SingleEmployer Plans; Allocation of Assets

in Single-Employer Plans; Interest

Assumptions for Valuing and Paying

Benefits

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Final rule.

SUMMARY: The Pension Benefit Guaranty

Corporation’s regulations on Benefits

Payable in Terminated Single-Employer

Plans and Allocation of Assets in

Single-Employer Plans prescribe interest

assumptions for valuing and paying

benefits under terminating singleemployer plans. This final rule amends

the regulations to adopt interest

assumptions for plans with valuation

dates in February 2001. Interest

assumptions are also published on the

PBGC’s web site (http://www.pbgc.gov).

EFFECTIVE DATE: February 1, 2001.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, Office of the General Counsel,

Pension Benefit Guaranty Corporation,

1200 K Street, NW., Washington, DC

20005, 202–326–4024. (For TTY/TDD

users, call the Federal relay service tollfree at 1–800–877–8339 and ask to be

connected to 202–326–4024.)

SUPPLEMENTARY INFORMATION: The

PBGC’s regulations prescribe actuarial

assumptions—including interest

assumptions—for valuing and paying

plan benefits of terminating singleemployer plans covered by title IV of

the Employee Retirement Income

Security Act of 1974. The interest

assumptions are intended to reflect

current conditions in the financial and

annuity markets.

Three sets of interest assumptions are

prescribed: (1) A set for the valuation of

benefits for allocation purposes under

section 4044 (found in appendix B to

part 4044), (2) a set for the PBGC to use

to determine whether a benefit is

payable as a lump sum and to determine

lump-sum amounts to be paid by the

PBGC (found in appendix B to part

4022), and (3) a set for private-sector

pension practitioners to refer to if they

wish to use lump-sum interest rates

determined using the PBGC’s historical

methodology (found in appendix C to

part 4022).

Accordingly, this amendment (1) adds

to appendix B to part 4044 the interest

assumptions for valuing benefits for

allocation purposes in plans with

valuation dates during February 2001,

(2) adds to appendix B to part 4022 the

interest assumptions for the PBGC to

use for its own lump-sum payments in

plans with valuation dates during

February 2001, and (3) adds to appendix

C to part 4022 the interest assumptions

for private-sector pension practitioners

to refer to if they wish to use lump-sum

interest rates determined using the

PBGC’s historical methodology for

valuation dates during February 2001.

For valuation of benefits for allocation

purposes, the interest assumptions that

the PBGC will use (set forth in appendix

B to part 4044) will be 6.50 percent for

the first 20 years following the valuation

date and 6.25 percent thereafter. These

interest assumptions represent a

decrease (from those in effect for

January 2001) of 0.20 percent for the

first 20 years following the valuation

date and are otherwise unchanged.

The interest assumptions that the

PBGC will use for its own lump-sum

payments (set forth in appendix B to

part 4022) will be 4.75 percent for the

period during which a benefit is in pay

status, and 4.00 percent during any

years preceding the benefit’s placement

in pay status. These interest

assumptions represent a decrease (from

those in effect for January 2001) of 0.25

percent for the period during which a

benefit is in pay status and the sevenyear period directly preceding the

benefit’s placement in pay status; they

are otherwise unchanged.

For private-sector payments, the

interest assumptions (set forth in

appendix C to part 4022) will be the

same as those used by the PBGC for

determining and paying lump sums (set

forth in appendix B to part 4022).

The PBGC has determined that notice

and public comment on this amendment

are impracticable and contrary to the

public interest. This finding is based on

the need to determine and issue new

interest assumptions promptly so that

the assumptions can reflect, as

accurately as possible, current market

conditions.

Because of the need to provide

immediate guidance for the valuation

and payment of benefits in plans with

valuation dates during February 2001,

the PBGC finds that good cause exists

for making the assumptions set forth in

this amendment effective less than 30

days after publication.

The PBGC has determined that this

action is not a ‘‘significant regulatory

action’’ under the criteria set forth in

Executive Order 12866.

Because no general notice of proposed

rulemaking is required for this

amendment, the Regulatory Flexibility

Act of 1980 does not apply. See 5 U.S.C.

601(2).

List of Subjects

29 CFR Part 4022

Employee benefit plans, Pension

insurance, Pensions, Reporting and

recordkeeping requirements.

29 CFR Part 4044

Employee benefit plans, Pension

insurance, Pensions.

In consideration of the foregoing, 29

CFR parts 4022 and 4044 are amended

as follows:

PART 4022—BENEFITS PAYABLE IN

TERMINATED SINGLE-EMPLOYER

PLANS

1. The authority citation for part 4022

continues to read as follows:

Authority: 29 U.S.C. 1302, 1322, 1322b,

1341(c)(3)(D), and 1344.

2. In appendix B to part 4022, Rate Set

88, as set forth below, is added to the

table. (The introductory text of the table

is omitted.)