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REG-113112-03
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2003-40 October 6, 2003
Notice of Proposed Rulemaking by Cross-Reference to Temporary Regulations: Reduction of Tax Attributes Due to Discharge of Indebtedness
7.3 Comments and Requests for Public Hearing
In this issue of the Bulletin, the IRS is issuing temporary regulations (T.D. 9080) relating to the reduction of tax attributes under sections 108 and 1017 of the Internal Revenue Code. The temporary regulations affect taxpayers that exclude discharge of indebtedness income from gross income under section 108. The text of those regulations also serves as the text of these proposed regulations.
Written or electronic comments must be received by October 16, 2003.
Send submissions to: CC:PA:RU (REG-113112-03), room 5226, Internal Revenue Service, POB 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:RU (REG-113112-03), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue, NW, Washington, DC or sent electronically, via the IRS Internet site at: www.irs.gov/regs.
Theresa M. Kolish (202-622-7930) of the Office of the Associate Chief Counsel (Corporate) (not a toll-free number).
Temporary regulations in this issue of the Bulletin amend the Income Tax Regulations (26 CFR part 1) relating to sections 108 and 1017. The temporary regulations will affect taxpayers that exclude discharge of indebtedness income from gross income under section 108. The text of those temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the amendments.
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 Procedures Act (5 U.S.C. chapter 5) does not apply to these regulations, and, because the 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 Internal Revenue 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.
Paragraph 1. The authority citation for part 1 is amended by adding the following entry in numerical order to read as follows:
Section 1.108-7 also issued under 26 U.S.C. 108. * * *
Par. 2. Section 1.108-7 is added to read as follows:
§1.108-7 Reduction of attributes. [The text of the proposed §1.108-7 is the same as the text for §1.108-7T published elsewhere in this issue of the Bulletin].
Par. 3. Section 1.1017-1 is amended by adding paragraph (b)(4) to read as follows:
§1.1017-1 Basis reductions following a discharge of indebtedness. * * * * *
(4) [The text of the proposed §1.1017-1(b)(4) is the same as the text for §1.1017-1T(b)(4) published elsewhere in this issue of the Bulletin].
Note (Filed by the Office of the Federal Register on July 17, 2003, 8:45 a.m., and published in the issue of the Federal Register for July 18, 2003, 68 F.R. 42652)
The principal author of these regulations is Theresa M. Kolish, Office of Associate Chief Counsel (Corporate). However, other personnel from the IRS and Treasury Department participated in their development.
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