Source: https://www.federalregister.gov/documents/2015/05/08/2015-11093/notional-principal-contracts-swaps-with-nonperiodic-payments
Timestamp: 2018-08-21 06:58:51
Document Index: 618498019

Matched Legal Cases: ['art 1', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091']

Federal Register :: Notional Principal Contracts; Swaps With Nonperiodic Payments
A Proposed Rule by the Internal Revenue Service on 05/08/2015
80 FR 26500
1545-BM61
2015-11093
IRS-2015-0022
Notional Principal Contracts; Swaps With Nonperiodic Payments (REG-102656-15)
https://www.federalregister.gov/d/2015-11093 https://www.federalregister.gov/d/2015-11093
Send submissions to CC:PA:LPD:PR (REG-102656-15), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-102656-15), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224, or sent electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG-102656-15).
Concerning the proposed regulations under section 446, Alexa T. Dubert or Anna H. Kim at (202) 317-6895; concerning the proposed regulations under section 956, Kristine A. Crabtree at (202) 317-6934; concerning submissions of comments or to request a public hearing, Oluwafunmilayo Taylor, (202) 317-6901 (not toll-free numbers).
On May 11, 2012, the Treasury Department and the IRS published temporary regulations under section 956 (TD 9589) in the Federal Register (77 FR 27612). On the same date, a notice of proposed rulemaking (REG-107548-11) by cross-reference to the temporary regulations was published in the Federal Register (77 FR 27669). This document withdraws those proposed regulations (REG-107548-11; RIN 1545-BK10) and provides new proposed regulations (REG-102656-15).
Final and temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Income Tax Regulations (26 CFR part 1). The final and temporary regulations amend the regulations under section 446 of the Internal Revenue Code (Code) relating to the treatment of nonperiodic payments made or received pursuant to certain notional principal contracts for U.S. federal income tax purposes. The final and temporary regulations also amend the regulations under section 956 of the Code regarding an exception from the definition of United States property. The text of the final and temporary regulations also serves as the text of these proposed regulations. The preamble to the final and temporary regulations explains those regulations and these proposed regulations.
It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 12866, as supplemented by Executive Order 13653. Therefore, a regulatory assessment is not required. It also has Start Printed Page 26501been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations, and because these 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 Code, this notice of proposed rulemaking has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small entities.
The principal authors of these regulations are Alexa T. Dubert and Anna H. Kim of the Office of Associate Chief Counsel (Financial Institutions and Products). However, other personnel from the Treasury Department and the IRS participated in their development.
Accordingly, under the authority of 26 U.S.C. 7805, the notice of proposed rulemaking (REG-107548-11 and RIN 1545-BK10) that was published in the Federal Register on May 11, 2012 (77 FR 27669) is withdrawn.
Par. 2. Section 1.446-3 is amended by:
§ 1.446-3
(4) [The text of the proposed amendment to § 1.446-3(g)(4) is the same as the text of § 1.446-3T(g)(4) published elsewhere in this issue of the Federal Register].
[The text of proposed amendment to § 1.446-3(g)(6) Example 2 is the same as the text of § 1.446-3T(g)(6) Example 2 published elsewhere in this issue of the Federal Register].
[The text of proposed amendment to § 1.446-3(g)(6) Example 3 is the same as the text of § 1.446-3T(g)(6) Example 3 published elsewhere in this issue of the Federal Register].
[The text of proposed amendment to § 1.446-3(g)(6) Example 4 is the same as the text of § 1.446-3T(g)(6) Example 4 published elsewhere in this issue of the Federal Register].
(2) [The text of the proposed amendment to § 1.446-3(j)(2) is the same as the text of § 1.446-3T(j)(2) published elsewhere in this issue of the Federal Register].
Par. 3. Section 1.956-2 is amended by revising paragraphs (b)(1)(xi) and (f) to read as follows:
[FR Doc. 2015-11093 Filed 5-7-15; 8:45 am]