Source: https://www.federalregister.gov/documents/2008/07/03/E8-14918/modifications-to-subpart-f-treatment-of-aircraft-and-vessel-leasing-income
Timestamp: 2020-02-22 23:41:24
Document Index: 482650870

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Federal Register :: Modifications to Subpart F Treatment of Aircraft and Vessel Leasing Income
A Proposed Rule by the Internal Revenue Service on 07/03/2008
1545-BG98
https://www.federalregister.gov/d/E8-14918 https://www.federalregister.gov/d/E8-14918
Send submissions to: CC:PA:LPD:PR (REG-138355-07), Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand delivered between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-138355-07), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC., or sent electronically, via the Federal eRulemaking Portal at http://www.regulations.gov (IRS-REG-138355-07).
Temporary regulations in this issue of the Federal Register provide guidance under section 367 of the Code, relating to the nonrecognition of gain on certain property transferred to a foreign corporation if the property is used by the foreign corporation in the active conduct of a trade or business outside of the United States. The regulations also provide guidance under section 954 relating to the determination of whether rents derived from leasing an aircraft or vessel in foreign commerce will be treated as derived in the active conduct of a trade or business under section 954(c)(2)(A), and section 956, relating to whether an aircraft or vessel used in the transportation of persons or property in foreign commerce is excluded from U.S. property. The text of the temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary 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. 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) does not apply to these regulations, and because the proposed regulation does not impose a collection of information on small entities, the Regulatory Flexibility Act (5 U.S.C. Ch. 6) does not apply. Start Printed Page 38163Pursuant to section 7805(f) of the Code, this regulation has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.
Par. 2. In § 1.367(a)-2 is added to read as follows:
[The text of the proposed § 1.367(a)-2 is the same as the text for § 1.367(a)-2T(a) through (e)(2) published elsewhere in this issue of the Federal Register.]
Par. 3. In § 1.367(a)-4 is added to read as follows:
Special rules applicable to specified transfers of property (temporary).
[The text of the proposed § 1.367(a)-4 is the same as the text for § 1.367(a)-4T(a) through (i)(1) published elsewhere in this issue of the Federal Register.]
Par. 4. In § 1.367(a)-5 is added to read as follows:
Property subject to section 367(a)(1) regardless of use in trade or business.
[The text of the proposed § 1.367(a)-5 is the same as the text for § 1.367(a)-5T(a) through (f)(3)(ii) published elsewhere in this issue of the Federal Register.]
(ii) [The text of the proposed amendment to § 1.954-2(c)(2)(ii) is the same as the text of § 1.954-2T(c)(2)(ii) published elsewhere in this issue of the Federal Register.]
(v) [The text of the proposed amendment to § 1.954-2(c)(2)(v) is the same as the text for § 1.954-2T(c)(2)(v) published elsewhere in this issue of the Federal Register.]
(vi) [The text of the proposed amendment to § 1.954-2(c)(2)(vi) is the same as the text for § 1.954-2T(c)(2)(vi) published elsewhere in this issue of the Federal Register.]
(vii) [The text of the proposed amendment to § 1.954-2(c)(2)(vii) is the same as the text for § 1.954-2T(c)(2)(vii) published elsewhere in this issue of the Federal Register.]
Example 6. [The text of the proposed amendment to § 1.954-2(c)(3) Example 6 is the same as the text for § 1.954-2T(c)(3) Example 6 published elsewhere in this issue of the Federal Register.]
(i) [The text of the proposed amendment to § 1.954-2(c)(3)(i) is the same as the text for § 1.954-2T(c)(3)(i) published elsewhere in this issue of the Federal Register.]
(vi) [The text of the proposed amendment to § 1.956-2(b)(1)(vi) is the same as the text for § 1.956-2T(b)(1)(vi) published elsewhere in this issue of the Federal Register.]
(e) [The text of the proposed amendment to § 1.956-2(e) is the same as the text of § 1.956-2T(e) published elsewhere in this issue of the Federal Register].
[FR Doc. E8-14918 Filed 7-2-08; 8:45 am]