Source: https://www.federalregister.gov/documents/2003/12/19/03-31239/guidance-necessary-to-facilitate-business-electronic-filing
Timestamp: 2018-08-16 01:40:38
Document Index: 297759360

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A Proposed Rule by the Internal Revenue Service on 12/19/2003
Written or electronic comments and requests for a public hearing must be received by March 18, 2004.
70747-70749 (3 pages)
https://www.federalregister.gov/d/03-31239 https://www.federalregister.gov/d/03-31239
Send submissions to: CC:PA:LPD:PR (REG-116641-01), room 5203, Internal Revenue Service, POB 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-116641-01), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC. Alternatively, taxpayers may submit electronic comments directly to the IRS Internet site at http://www.irs.gov/​regs.
Whether the proposed collection of information is necessary for the proper performance of the functions of the Internal Revenue Service, including whether the information will have practical utility; The accuracy of the estimated burden associated with the proposed collection of information (see below);
The collection of information in this proposed regulation is in § 1.170A-11T. Section 170 of the Code permits tax deductions, within limits, for charitable contributions by individuals and corporations. Section 170(a)(2) provides that under certain conditions, corporations may treat a charitable contribution as paid during the taxable year even if the contribution occurs in the following taxable year. Existing regulations provide that to invoke this provision, a corporation must submit with its income tax return a supporting statement and a copy of the board of directors' resolution authorizing the contribution. The proposed regulation eliminates the need to submit the resolution with the return, but provides that the supporting statement must identify the date of the resolution. This information regarding the timing of board action is required to be reported to help ensure that taxpayers properly document their entitlement to deductions for charitable contributions. The IRS cannot ascertain this information from the board resolution itself since, as noted above, taxpayers will no longer have to submit that document with their returns. The collection of information is mandatory. The likely respondents are for-profit corporations.
Estimated number of respondents: 1,000,000
Estimated annual frequency of responses: annually
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, Start Printed Page 70748tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.
Temporary regulations in the Rules and Regulations section of this issue of the Federal Register contain amendments to the Income Tax Regulations (26 CFR part 1) and the Procedure and Administration Regulations (26 CFR part 301) designed to eliminate regulatory impediments to the electronic filing of certain income tax returns and other forms. The text of those regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations and these proposed regulations. The regulations generally affect taxpayers who must file any of the following forms: Form 926, “Return by a U.S. Transferor of Property to a Foreign Corporation” Form 972, “Consent of Shareholder To Include Specific Amount in Gross Income”; Form 973, “Corporation Claim for Deduction for Consent Dividends”; Form 982, “Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)”; Form 1120, “U.S. Corporation Income Tax Return”; Form 1120S, “U.S. Income Tax Return for an S Corporation”; Form 1122, “Authorization and Consent of Subsidiary Corporation To Be Included in a Consolidated Income Tax Return”; Form 5471, “Information Return of U.S. Persons With Respect To Certain Foreign Corporations”; Form 5712-A, “Election and Verification of the Cost Sharing or Profit Split Method Under Section 936(h)(5)”; and Form 8832, “Entity Classification Election.”
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 also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations. It is hereby certified that the collection of information in these regulations will not have a significant economic impact on a substantial number of small entities. This certification is based on the fact that the collection of information described above under the heading “Paperwork Reduction Act” does not affect corporations that elect to be taxed under Subtitle A, Chapter 1, Subchapter S of the Code. Moreover, requiring a corporation to report the information described above concerning board of directors' approval of certain charitable contributions imposes virtually no incremental burden in time or expense. Therefore, a Regulatory Flexibility Analysis under the Regulatory Flexibility Act (5 U.S.C. Chapter 6) is not required. Pursuant to section 7805(f) of the Code, this notice of proposed rulemaking will be submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.
§ 1.170A-11
Limitation on, and carryover of, contributions by corporations.
(2) [The text of the proposed amendment to § 1.170A-11(b)(2) is the same as the text of § 1.170A-11T(b)(2) published elsewhere in this issue of the Federal Register].
§ 1.556-2
Adjustments to taxable income.
(vii) [The text of the proposed amendment to § 1.556-2(e)(2)(vii) is the same as the text of § 1.556-2T(e)(2)(vii) published elsewhere in this issue of the Federal Register.
(3) [The text of the proposed amendment to § 1.556-2(e)(3) is the same as the text of § 1.556-2T(e)(3) published elsewhere in this issue of the Federal Register].
§ 1.565-1
(3) [The text of the proposed amendment to § 1.565-1(b)(3) is the same as the text of § 1.565-1T(b)(3) published elsewhere in this issue of the Federal Register].
§ 1.936-7
Manner of making elections under section 936(h)(5); special election for export sales; revocation of election under section 936(a).
Q.& A. 1 [The text of the proposed amendment to § 1.936-7(b), Q.& A. 1 is the same as the text of § 1.936-7T(b), Q.& A. 1, published elsewhere in the issue of the Federal Register].
(B) [The text of the proposed amendment to § 1.1017-1(g)(2)(iii)(B) is the same as the text of § 1.1017-1T(g)(2)(iii)(B) published elsewhere in this issue of the Federal Register].
§ 1.1368-1
Distributions by S corporations.
(iii) [The text of the proposed amendment to § 1.1368-1(f)(5)(iii) is the same as the text of § 1.1368-1T(f)(5)(iii) published elsewhere in this issue of the Federal Register].
(iii) [The text of the proposed amendment to § 1.1368-1(g)(2)(iii) is the same as the text of § 1.1368-1T(g)(2)(iii) published elsewhere in this issue of the Federal Register].
(C) [The text of the proposed amendment to § 1.1377-1(b)(5)(i)(C) is the same as the text of § 1.1377-1T(b)(5)(i)(C) published elsewhere in this issue of the Federal Register].
Par. 9. Section 1.1502-21 is amended by revising paragraphs (b)(2)(iii), (b)(3)(i) and (b)(3)(ii)(B) to read as follows:
(b)(2)(iii) [The text of the proposed amendment to § 1.1502-21(b)(2)(iii) is the same as the text of § 1.1502-21T(b)(2)(iii) published elsewhere in this issue of the Federal Register].
(3) * * * (i) [The text of the proposed amendment to § 1.1502-21(b)(3)(i) is the same as the text of § 1.1502-21T(b)(3)(i) published elsewhere in this issue of the Federal Register].
(B) [The text of the proposed amendment to § 1.1502-21(b)(3)(ii)(B) is the same as the text of§ 1.1502-21T(b)(3)(ii)(B) published elsewhere in this issue of the Federal Register.
§ 1.1502-75
(2) [The text of the proposed amendment to § 1.1502-75(h)(2) is the same as the text of § 1.1502-75T(h)(2) published elsewhere in the issue of the Federal Register].
(2) * * * (i) [The text of the proposed amendment to § 1.1503-2(g)(2)(i) is the same as the text of § 1.1503-2T(g)(2)(i) published elsewhere in this issue of the Federal Register].
(iii) [The text of the proposed amendment to § 1.1503-2(g)(2)(iv)(B)(3)(iii) is the same as the text of § 1.1503-2T(g)(2)(iv)(B)(3)(iii) published elsewhere in this issue of the Federal Register].
(B) [The text of the proposed amendment to § 1.1503-2(g)(2)(vi)(B) is the same as the text of § 1.1503-2T(g)(2)(vi)(B) published elsewhere in this issue of the Federal Register].
(b) * * * (1) * * * (i) [The text of the proposed amendments to § 1.6038B-1(b)(1)(i) is the same as the text of § 1.6038B-1T(b)(1)(i) published elsewhere in this issue of the Federal Register].
(ii) [The text of the proposed amendment to § 1.6038B-1(b)(1)(ii) is the same as the text of § 1.6038B-1T(b)(1)(ii) published elsewhere in this issue of the Federal Register].
Par. 13. The authority citation for part 301 continues to read as follows:
(ii) [The text of the proposed amendment to § 301.7701-3 (c)(1)(ii) is the same as the text of § 301.7701-3T(c)(1)(ii) published elsewhere in this issue of the Federal Register].
[FR Doc. 03-31239 Filed 12-18-03; 8:45 am]