Source: https://www.law.cornell.edu/cfr/text/26/1.9002-5?page=5
Timestamp: 2018-10-20 02:49:23
Document Index: 767154191

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26 CFR 1.9002-5 - Special rules relating to interest. | US Law | LII / Legal Information Institute
CFR › Title 26 › Chapter I › Subchapter A › Part 1 › Section 1.9002-5
26 CFR 1.9002-5 - Special rules relating to interest.
§ 1.9002-5 Special rules relating to interest.
(a)In general. Where an election is made under section 4(a) of the Act interest is computed under section 6601 of the Code (or corresponding provisions of prior law) on any increase in tax attributable to such election for each taxable year involved for the period from the last date prescribed for payment of the tax for such year (determined without regard to any extensions of time for filing the return) through the date preceding the date on which the election is made. Where the election under section 4(a) of the Act results in a decrease in tax for any year to which the election applies, interest is computed in accordance with section 6611 of the Code (or corresponding provisions of prior law) from the date of overpayment through the date preceding the date on which the election is made. Where there is a net increase in tax as a result of the election under section 4(a) of the Act, no interest shall be imposed on any underpayment (and no interest shall be paid on any overpayment) attributable to the dealer reserve income adjustment for any year to which the election applies for the period commencing with the date such election is made and ending on the date prescribed for filing the return (determined without regard to extensions of time) for the taxable year in which the election is made. This rule applies regardless of whether the election under section 4(b) of the Act is made. If there is no net increase in tax, interest on any underpayment or overpayment attributable to the dealer reserve income adjustment for any taxable year to which the election applies for the period commencing with the date of the election shall be determined in accordance with §§ 301.6601-1 and 301.6611-1 of this chapter (Regulations on Procedure and Administration).
(b)Installment period -
(1)Where payment is not accelerated. If the election under section 4(b) of the Act is made to pay the net increase in tax in installments, no interest will be imposed on such net increase in tax for the period beginning with the due date fixed under section 4(c) of the Act for the first installment payment and ending with the date fixed under such section for the last installment payment unless payment of the unpaid installments is accelerated under other provisions of the Act. See subsections (f) and (g) of section 4 of the Act.
(2)Where payment is accelerated. Where payment of the unpaid installments is accelerated because of the termination of the installment privilege, interest will be computed under section 6601 of the Code on the entire unpaid net increase in tax for the applicable period set forth below:
(i) In the case of acceleration under section 4(f) of the Act for reasons other than nonpayment of an installment, from the date of the notice and demand for payment of the unpaid tax to the date of payment; or
(ii) In the case of acceleration under section 4(g) of the Act for nonpayment of an installment, from the date fixed for payment of the installment to the date of payment.
When payment is accelerated under section 4(f) of the Act, however, no interest will be charged where payment of the unpaid installments is made within 10 days of issuance of the notice and demand for such payment.
80 FR 50239 - Exception From Passive Income for Certain Foreign Insurance Companies; Hearing
FR Doc. 2015-20468
The public hearing is being held on Friday, September 18, 2015, at 10:00 a.m. The IRS must receive outlines of the topics to be discussed at the public hearing by Wednesday, August 26, 2015.
This document provides a notice of public hearing on proposed regulations that provide guidance regarding when a foreign insurance company&apos;s income is excluded from the definition of passive income under section 1297(b)(2)(B).
FR Doc. 2015-20476
Written or electronic comments and requests for a public hearing for the notice of proposed rulemaking published at 80 FR 43625, July 23, 2015, are still being accepted and must be received by October 21, 2015.
This document contains corrections to a notice of proposed rulemaking (REG-115452-14) that was published in the Federal Register on Thursday, July 23, 2015 (80 FR 43652). The proposed regulations are relating to disguised payments for services under section 707(a)(2)(A) of the Internal Revenue Code. The proposed regulations provide guidance to partnerships and their partners regarding when an arrangement will be treated as a disguised payment for services.
2015-08-13; vol. 80 # 156 - Thursday, August 13, 2015
80 FR 48433 - Extension of Time To File Certain Information Returns
FR Doc. 2015-19932
RIN 1545-BM50
TD 9730
Effective date: These regulations are effective on July 1, 2016. Applicability date: For dates of applicability, see § 1.6081-8T(g) and (h).
This document contains final and temporary regulations that remove the automatic extension of time to file information returns on forms in the W-2 series (except Form W-2G). The temporary regulations allow only a single 30-day non-automatic extension of time to file these information returns. These changes are being implemented to accelerate the filing of forms in the W-2 series (except Form W-2G) so they are available earlier in the filing season for use in the IRS&apos;s identity theft and refund fraud detection processes. In addition, the temporary regulations update the list of information returns subject to the rules regarding extensions of time to file. The temporary regulations affect taxpayers who are required to file the affected information returns and need an extension of time to file. The substance of the temporary regulations is included in the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register .
FR Doc. 2015-19933
Written or electronic comments and requests for a public hearing must be received by November 12, 2015.
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations that will remove the automatic extension of time to file information returns on forms in the W-2 series (except Form W-2G). The temporary regulations will allow only a single 30-day non-automatic extension of time to file these information returns. In addition, the temporary regulations will update the list of information returns subject to the rules regarding extensions of time to file. These proposed regulations incorporate the temporary regulations with respect to extensions of time to file information returns on forms in the W-2 series (except Form W-2G). In addition, these proposed regulations would remove the automatic 30-day extension of time to file all information returns listed in the temporary regulation.
80 FR 48249 - Basis in Interests in Tax-Exempt Trusts
FR Doc. 2015-19846
Effective date: These final regulations are effective on August 13, 2015. Applicability date: These final regulations apply to sales and other dispositions of interests in CRTs occurring on or after January 16, 2014, except for sales or dispositions occurring pursuant to a binding commitment entered into before January 16, 2014.
This document contains final regulations that provide rules for determining a taxable beneficiary&apos;s basis in a term interest in a charitable remainder trust (CRT) upon a sale or other disposition of all interests in the trust to the extent that basis consists of a share of adjusted uniform basis. The final regulations affect taxable beneficiaries of CRTs.
FR Doc. 2015-19364
RIN 1545-BM73
FR Doc. 2015-19366
FR Doc. 2015-19365
RIN 1545-BM66
Correction to a notice of proposed rulemaking, notice of proposed rulemaking by cross-reference to temporary regulations, and notice of public hearing.
Written or electronic comments, and outlines of topics to be discussed at the public hearing scheduled for September 10, 2015 for the notice of proposed rulemaking at 80 FR 35262, June 19, 2015, are still being accepted and must be received by August 18, 2015.
This document contains corrections to a notice of proposed rulemaking, notice of proposed rulemaking by cross-reference to temporary regulations, and notice of public hearing (REG-102648-15) that were published in the Federal Register on Friday, June 19, 2015 (80 FR 35262). The proposed regulations relate to multiemployer pension plans that are projected to have insufficient funds, at some point in the future, to pay the full benefits to which individuals will be entitled under the plans (referred to as plans in “critical and declining status”).
80 FR 45865 - Determination of Distributive Share When Partner&apos;s Interest Changes
FR Doc. 2015-18816
Effective date: These regulations are effective on August 3, 2015. Applicability date: For dates of applicability, see §§ 1.706-1(b)(6)(v), 1.706-1(d), 1.706-4(g), and 1.706-5(b).
This document contains final regulations regarding the determination of a partner&apos;s distributive share of partnership items of income, gain, loss, deduction, and credit when a partner&apos;s interest varies during a partnership taxable year. The final regulations also modify the existing regulations regarding the required taxable year of a partnership. These final regulations affect partnerships and their partners.
FR Doc. 2015-18817
Written or electronic comments and requests for a public hearing must be received by November 2, 2015. As of August 3, 2015, the notice of proposed rulemaking that was published in the Federal Register on May 24, 2005 (70 FR 29675), is partially withdrawn.
This document contains proposed regulations regarding the determination of a partner&apos;s distributive share of certain allocable cash basis items and items attributable to an interest in a lower-tier partnership during a partnership taxable year in which a partner&apos;s interest changes. These proposed regulations affect partnerships and their partners.
80 FR 45466 - Issue Price Definition for Tax-Exempt Bonds; Correction
FR Doc. 2015-18614
REG-138526-14
Partial withdrawal of notice of proposed rulemaking, notice of proposed rulemaking, and notice of public hearing; correction.
Written or electronic comments and requests for a public hearing for the notice of proposed rulemaking published at 80 FR 36301, June 24, 2015, are still being accepted and must be received by September 22, 2015.
This document contains corrections to partial withdrawal of notice of proposed rulemaking, notice of proposed rulemaking, and notice of public hearing; correction (REG-138526-14) that were published in the Federal Register on Wednesday, June 24, 2015 (80 FR 36301). The partial withdrawal of notice of proposed rulemaking, notice of proposed rulemaking, and notice of public hearing are relating to the definition of issue price for purposes of the arbitrage restrictions under section 148 of the Internal Revenue Code (Code).
80 FR 43652 - Disguised Payments for Services
FR Doc. 2015-17828
Written and electronic comments and requests for a public hearing must be received by October 21, 2015.
This document contains proposed regulations relating to disguised payments for services under section 707(a)(2)(A) of the Internal Revenue Code. The proposed regulations provide guidance to partnerships and their partners regarding when an arrangement will be treated as a disguised payment for services. This document also proposes conforming modifications to the regulations governing guaranteed payments under section 707(c). Additionally, this document provides notice of proposed modifications to Rev. Procs. 93-27 and 2001-43 relating to the issuance of interests in partnership profits to service providers.
80 FR 42439 - Property Transferred in Connection With the Performance of Services
FR Doc. 2015-17530
REG-135524-14
Comments must be received by October 15, 2015.
This document contains proposed regulations relating to property transferred in connection with the performance of services. These proposed regulations affect certain taxpayers who receive property transferred in connection with the performance of services and make an election to include the value of substantially nonvested property in income in the year of transfer.
80 FR 38940 - Partnership Transactions Involving Equity Interests of a Partner; Correction
FR Doc. 2015-16673
RIN 1545-BM35
TD 9722
This correction is effective on July 2, 2015 and applicable beginning June 12, 2015.
FR Doc. 2015-16674
80 FR 36301 - Issue Price Definition for Tax-Exempt Bonds
FR Doc. 2015-15411
Written or electronic comments must be received by September 22, 2015. Requests to speak and outlines of topics to be discussed at the public hearing scheduled for October 28, 2015, at 10:00 a.m., must be received by September 22, 2015.
80 FR 35207 - Suspension of Benefits Under the Multiemployer Pension Reform Act of 2014
FR Doc. 2015-14945
Effective Date: These regulations are effective on June 19, 2015. Applicability Date: For date of applicability, see § 1.432(e)(9)-1T(j).
80 FR 35262 - Suspension of Benefits Under the Multiemployer Pension Reform Act of 2014
FR Doc. 2015-14948
Notice of proposed rulemaking, notice of proposed rulemaking by cross-reference to temporary regulations, and notice of public hearing.
Comments must be received by August 18, 2015. Outlines of topics to be discussed at the public hearing scheduled for September 10, 2015 must be received by August 18, 2015.
This document contains proposed regulations relating to multiemployer pension plans that are projected to have insufficient funds, at some point in the future, to pay the full benefits to which individuals will be entitled under the plans (referred to as plans in “critical and declining status”). The Multiemployer Pension Reform Act of 2014 (“MPRA”) amended the Internal Revenue Code to incorporate suspension of benefits provisions that permit these multiemployer plans to reduce pension benefits payable to participants and beneficiaries if certain conditions are satisfied. MPRA requires the Secretary of the Treasury, in consultation with the Pension Benefit Guaranty Corporation and the Secretary of Labor, to approve or deny applications by these plans to reduce benefits. As required by MPRA, these proposed regulations, together with temporary regulations being published at the same time, provide guidance implementing these statutory provisions. These proposed regulations would affect active, retired, and deferred vested participants and beneficiaries of multiemployer plans that are in critical and declining status as well as employers contributing to, and sponsors and administrators of, those plans.
80 FR 34856 - Qualifying Income From Activities of Publicly Traded Partnerships With Respect to Minerals or Natural Resources; Correction
FR Doc. 2015-14467
Written or electronic comments and requests for a public hearing for the notice of proposed rulemaking published at 80 FR 25970, May 6, 2015 are still being accepted and must be received by August 4, 2015.
80 FR 34051 - Notional Principal Contracts; Swaps With Nonperiodic Payments; Correction
FR Doc. 2015-14622
This correction is effective on June 15, 2015 and applicable May 8, 2015.
80 FR 34111 - Determination of Adjusted Applicable Federal Rates Under Section 1288 and the Adjusted Federal Long-Term Rate Under Section 382; Hearing Cancellation
FR Doc. 2015-14623
RIN 1545-BM20
REG-136018-13
The public hearing originally scheduled for June 24, 2015 at 10 a.m. is cancelled.
80 FR 33402 - Partnership Transactions Involving Equity Interests of a Partner
FR Doc. 2015-14405
Effective Date: These regulations are effective on June 12, 2015. Applicability Date: For dates of applicability, see §§ 1.337(d)-3T(i) and 1.732-1T(c)(5).
This document contains final and temporary regulations that prevent a corporate partner from avoiding corporate-level gain through transactions with a partnership involving equity interests of the partner. These regulations affect partnerships and their partners. The text of these temporary regulations serves as the text of proposed regulations (REG-149518-03) published in the Proposed Rules section in this issue of the Federal Register .
80 FR 33451 - Partnership Transactions Involving Equity Interests of a Partner
FR Doc. 2015-14403
RIN 1545-BM34
REG-149518-03
Withdrawal of notice of proposed rulemaking and notice of proposed rulemaking by cross-reference to temporary regulations.
Comments and requests for a public hearing must be received by September 10, 2015.
In the Rules and Regulations section of this issue of the Federal Register, the IRS and the Treasury Department are issuing temporary regulations that prevent a corporate partner from using a partnership to avoid corporate level gain required to be recognized. These regulations affect partnerships and their partners. The text of the temporary regulations in this issue of the Federal Register also serves as the text of these proposed regulations.
80 FR 33452 - Aggregation of Basis for Partnership Distributions Involving Equity Interests of a Partner
FR Doc. 2015-14404
RIN 1545-BM48
REG-138759-14
This document contains proposed regulations that would allow consolidated group members that are partners in the same partnership to aggregate their bases in stock distributed by the partnership for the purpose of limiting the application of rules that might otherwise cause basis reduction or gain recognition. The proposed regulations would also require certain corporations that engage in gain elimination transactions to reduce the basis of corporate assets or to recognize gain. The proposed regulations affect partnerships and their partners.
80 FR 31995 - Reporting for Premium; Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options; Correction
FR Doc. 2015-13796
RIN 1545-BL46
Effective Date: These amendments are effective on June 5, 2015. Applicability Date: For the date of applicability, see § 1.6045A-1T(f), as corrected.
This document contains amendments to temporary regulations relating to information reporting by brokers for transfers of debt instruments. The amendments change the applicability date of the temporary regulations for reporting certain information on a transfer statement from June 30, 2015, to January 1, 2016. The amendments to the temporary regulations will provide guidance to brokers and their customers.
80 FR 31996 - Segregation Rule Effective Date
FR Doc. 2015-13711
RIN 1545-BM17
TD 9721
Effective Date: These regulations are effective on June 5, 2015. Applicability Date: For dates of applicability, see § 1.382-3(j)(17).
This document contains final regulations under section 382 of the Internal Revenue Code (Code) that modify the effective date provision of recently published regulations. These regulations affect corporations whose stock is or was acquired by the Department of the Treasury (Treasury) pursuant to certain programs under the Emergency Economic Stabilization Act of 2008 (EESA).
80 FR 31837 - Substantial Business Activities
FR Doc. 2015-13541
RIN 1545-BK85
TD 9720
Effective date: These regulations are effective on June 4, 2015. Applicability date: For date of applicability, see § 1.7874-3(f).
This document contains final regulations regarding when an expanded affiliated group will be considered to have substantial business activities in a foreign country. These regulations affect certain domestic corporations and partnerships (and certain parties related to them), and foreign corporations that acquire substantially all of the properties of such domestic corporations or partnerships.
80 FR 28872 - Guidance Regarding the Treatment of Transactions in Which Federal Financial Assistance Is Provided
FR Doc. 2015-12230
REG-140991-09
Written or electronic comments and requests for a public hearing must be received by August 18, 2015.
This document contains proposed regulations under section 597 of the Internal Revenue Code (the “Code”). The proposed regulations, which will apply to banks and domestic building and loan associations (and related parties) that receive Federal financial assistance (“FFA”), will modify and clarify the treatment of transactions in which FFA is provided to such institutions. This document also invites comments from the public and requests for a public hearing regarding these proposed regulations.
80 FR 26873 - Application of Modified Carryover Basis to General Basis Rules
FR Doc. 2015-11210
REG-107595-11
Written or electronic comments and requests for a public hearing must be received by August 10, 2015.
This document contains proposed regulations that provide guidance regarding the application of the modified carryover basis rules of section 1022 of the Internal Revenue Code (Code). Specifically, the proposed regulations will modify provisions of the Treasury Regulations involving basis rules by including a reference to section 1022 where appropriate. The regulations will affect property transferred from certain decedents who died in 2010. The regulations reflect changes to the law made by the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
80 FR 26437 - Notional Principal Contracts; Swaps With Nonperiodic Payments
FR Doc. 2015-11092
Effective Date. These regulations are effective on May 8, 2015. Applicability Date. For the dates of applicability, see §§ 1.446-3T(j)(2) and 1.956-2T(f).
This document contains final and temporary regulations amending the treatment of nonperiodic payments made or received pursuant to certain notional principal contracts. These regulations provide that, subject to certain exceptions, a notional principal contract with a nonperiodic payment, regardless of whether it is significant, must be treated as two separate transactions consisting of one or more loans and an on-market, level payment swap. This document also contains temporary regulations regarding an exception from the definition of United States property. These regulations affect parties making and receiving payments under notional principal contracts, including United States shareholders of controlled foreign corporations and tax-exempt organizations. The text of the temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking (REG-102656-15) on this subject in the Proposed Rules section in this issue of the Federal Register .
80 FR 26500 - Notional Principal Contracts; Swaps With Nonperiodic Payments
FR Doc. 2015-11093
RIN 1545-BM61
REG-102656-15
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing final and temporary regulations that amend the treatment of nonperiodic payments made or received pursuant to certain notional principal contracts. These regulations provide that, subject to certain exceptions, a notional principal contract with a nonperiodic payment, regardless of whether it is significant, must be treated as two separate transactions consisting of one or more loans and an on-market, level payment swap. The regulations provide an exception from the definition of United States property. These regulations affect parties making and receiving payments under notional principal contracts, including United States shareholders of controlled foreign corporations and tax-exempt organizations. The text of the temporary regulations also serves as the text of these proposed regulations. This document withdraws the notice of proposed rulemaking (REG-107548-11; RIN 1545-BK10) published in the Federal Register on May 11, 2012 (77 FR 27669).
80 FR 25970 - Qualifying Income From Activities of Publicly Traded Partnerships With Respect to Minerals or Natural Resources
FR Doc. 2015-10592
Comments and requests for a public hearing must be received by August 4, 2015.
This document contains proposed regulations under section 7704(d)(1)(E) of the Internal Revenue Code (Code) relating to qualifying income from exploration, development, mining or production, processing, refining, transportation, and marketing of minerals or natural resources. The proposed regulations affect publicly traded partnerships and their partners.
FR Doc. 2015-10340
80 FR 23237 - Allocation of Controlled Group Research Credit; Correction
FR Doc. 2015-09603
RIN 1545-BL77
TD 9717
This correction is effective April 27, 2015 and applicable April 3, 2015.
This document contains corrections to final regulations (TD 9717) that were published in the Federal Register on Friday, April 3, 2015 (80 FR 18096). The final regulations are relating to the allocation of the credit for increasing research activities (research credit) to corporations and trades or businesses under common control (controlled groups).
FR Doc. 2015-09604
80 FR 23237 - Regulations Revising Rules Regarding Agency for a Consolidated Group; Correction
FR Doc. 2015-09711
RIN 1545-BH31
TD 9715
This correction is effective on April 27, 2015 and applicable April 1, 2015.
FR Doc. 2015-09712
80 FR 23244 - Allocation of Controlled Group Research Credit; Correction
FR Doc. 2015-09605
REG-133489-13
Notice of proposed rulemaking by cross-reference to temporary and notice of public hearing; correction.
This document contains corrections to notice of proposed rulemaking by cross-reference to temporary and notice of public hearing (REG-133489-13) that were published in the Federal Register on Friday, April 3, 2015 (80 FR 18171). The notice of proposed rulemaking by cross-reference to temporary and notice of public hearing are relating to the allocation of the credit for increasing research activities (research credit) to corporations and trades or businesses under common control (controlled groups).
80 FR 22954 - Exception From Passive Income for Certain Foreign Insurance Companies
FR Doc. 2015-09630
This document contains proposed regulations that provide guidance regarding when a foreign insurance company&apos;s income is excluded from the definition of passive income under section 1297(b)(2)(B). The proposed regulations affect the U.S. shareholders of foreign corporations. This document also invites comments from the public on all aspects of the proposed rules and provides the opportunity for the public to request a public hearing.
80 FR 21169 - Guidelines for the Streamlined Process of Applying for Recognition of Section 501(c)(3) Status; Correction
FR Doc. 2015-08856
This correction is effective April 17, 2015 and applicable July 2, 2014.
This document contains a correction to final and temporary regulations (TD 9674) that were published in the Federal Register on Wednesday, July 2, 2014 (79 FR 37630). The final and temporary regulations provide guidance to eligible organizations seeking recognition of tax-exempt status under section 501(c)(3) of the Internal Revenue Code.
80 FR 20413 - Reporting for Premium; Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options; Correction
FR Doc. 2015-08746
This correction is effective on April 16, 2015 and applicable beginning March 13, 2015.
This document contains corrections to final and temporary regulations (TD 9713) that were published in the Federal Register on March 13, 2015 (80 FR 13233). The final regulations are relating to information reporting by brokers for bond premium and acquisition premium.
80 FR 20454 - Reporting for Premium; Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options; Correction
FR Doc. 2015-08745
REG-143040-14
Correction to a notice of proposed rulemaking by cross- reference to temporary regulations.
Written or electronic comments and requests for a public hearing for the notice of proposed rulemaking by cross-reference to temporary regulations published at 80 FR 13292, March 13, 2015, are still being accepted and must be received by June 11, 2015.
This document contains corrections to a notice of proposed rulemaking by cross-reference to temporary regulations (REG-143040-14) that was published in the Federal Register on Friday, March 13, 2015 (80 FR 13292). The IRS is issuing temporary regulations relating to information reporting by brokers for transactions involving debt instruments and options.
80 FR 18096 - Allocation of Controlled Group Research Credit
FR Doc. 2015-07331
Effective date: These regulations are effective April 3, 2015. Applicability date: For dates of applicability, see §§ 1.41-6T(j), 1.45G-1T(g), and 1.280C-4T(c).
This document contains final and temporary regulations relating to the allocation of the credit for increasing research activities (research credit) to corporations and trades or businesses under common control (controlled groups)... This document also contains final and temporary regulations relating to the allocation of the railroad track maintenance credit and the election for a reduced research credit. The text of these temporary regulations also serves as the text of the proposed regulations (REG-133489-13) published in the Proposed Rules section in this issue of the Federal Register .
80 FR 18171 - Allocation of Controlled Group Research Credit
FR Doc. 2015-07380
Comments and requests for a public hearing must be received by July 2, 2015.
This document contains proposed regulations relating to the allocation of the group credit. The proposed regulations will affect certain taxpayers claiming the credit. In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations providing guidance relating to the allocation of the credit for increasing research activities (research credit) to corporations and trades or businesses under common control (controlled groups). The temporary regulations also contain rules relating to the allocation of the railroad track maintenance credit (RTMC) and the election for a reduced research credit. The text of the temporary regulations also serves as the text of these proposed regulations.