Source: https://www.law.cornell.edu/cfr/text/26/301.6501(o)-3
Timestamp: 2015-11-28 08:19:29
Document Index: 121130437

Matched Legal Cases: ['art 301', '§ 301', '§ 301', '§ 301', '§ 301', '§ 301', '§ 301', '§ 522', '§ 1', '§ 41', '§ 42', '§ 48', '§ 56', '§ 82', '§ 108', '§ 121', '§ 141', '§ 142', '§ 143', '§ 145', '§ 147', '§ 165', '§ 168', '§ 216', '§ 219', '§ 245', '§ 263', '§ 263', '§ 448', '§ 453', '§ 460', '§ 463', '§ 468', '§ 469', '§ 474', '§ 585', '§ 597', '§ 616', '§ 617', '§ 643', '§ 831', '§ 835', '§ 865', '§ 904', '§ 1059', '§ 1103', '§ 1474', '§ 2056', '§ 2056', '§ 2523', '§ 2632', '§ 2652', '§ 3121', '§ 3127', '§ 4982', '§ 6011', '§ 6033', '§ 6036', '§ 6037', '§ 6050', '§ 6061', '§ 6081', '§ 6103', '§ 6104', '§ 6109', '§ 6111', '§ 6112', '§ 6114', '§ 6158', '§ 6223', '§ 6230', '§ 6231', '§ 6233', '§ 6241', '§ 6245', '§ 6311', '§ 6323', '§ 6326', '§ 6343', '§ 6402', '§ 6404', '§ 6411', '§ 6689', '§ 7216', '§ 7502', '§ 7508', '§ 7520', '§ 7624', '§ 7701', '§ 7804', '§ 7805', 'art 301', 'arts 1', 'art 301', 'arts 1', '§ 301', 'art 301', 'arts 1', 'arts 1', 'arts 1', 'art 301', 'arts 1']

26 CFR 301.6501(o)-3 - Partnership items. | US Law | LII / Legal Information Institute
CFR › Title 26 › Chapter I › Subchapter F › Part 301 › Subpart - Limitations › Section 301.6501(o)-3 26 CFR 301.6501(o)-3 - Partnership items.
§ 301.6501(o)-3
Partnership items.
Partnership item defined.
For purposes of section 6501(o) (as it read before the enactment of the Tax Equity and Fiscal Responsibility Act of 1982), § 301.6501(o)-2, and § 301.6511(g)-1, the term “partnership item” means—
Any item required to be taken into account for the partnership taxable year under any provision of subchapter K of chapter 1 of the Code, to the extent that the item is designated in paragraph (b) of this section as more appropriately determined at the partnership level than at the partner level, and
Any other item to the extent affected by an item described in paragraph (b) of this section.
The items described in paragraph (a)(2) of this section include items related to the partnership (for example, a partner's basis in the partnership interest) as well as more general items whose computation may be affected by changes to items described in paragraph (b) of this section (for example, adjusted gross income, self-employment tax, income averaging, medical deduction, and charitable contribution deduction).
Items more appropriately determined at the partnership level.
The following items which are required to be taken into account for the taxable year of a partnership under subchapter K of chapter 1 of the Code are more appropriately determined at the partnership level than at the partner level:
The partnership aggregate and each partner's share of each of the following:
Items of income, gain, loss, deduction, or credit of the partnership;
Expenditures by the partnership not deductible in computing its taxable income (for example, foreign taxes and charitable contributions);
Items of the partnership which may be tax preference items undersection 57(a) for any partner;
Income of the partnership exempt from tax;
Partnership liabilities (including determinations with respect to the amount of the liabilities, whether the liabilities are nonrecourse, and changes from the preceding taxable year); and
Other amounts with respect to partnership investments, transactions, and operations necessary to enable partners to compute—
The credit provided bysection 38;
Recapture undersection 47 of the credit provided by section 38,
Their amounts at risk in any activity to whichsection 465 applies, and
The depletion allowance undersection 613A with respect to oil and gas wells;
Guaranteed payments;
Optional adjustments to the basis of partnership property pursuant to an election undersection 754 (including necessary preliminary determinations, such as the determination of a transferee partner's basis in a partnership interest); and
To the extent that the determination can be made from determinations that are necessary at the partnership level with respect to an amount, the character of an amount, or the percentage interest of a partner in the partnership for purposes of the partnership books and records or for purposes of furnishing information to a partner—
Contributions to the partnership;
Distributions from the partnership;
Amounts to be taken into account by a partner dealing with the partnership in a transaction to whichsection 707(a) applies (including the application of section 707(b));
The application to the distributee partner ofsection 751(b); and
The application to the transferor partner ofsection 751(a).
This paragraph (c) illustrates the provisions of paragraph (b)(4) of this section. The factors enumerated are not exhaustive; there may be additional partnership-level determinations with respect to a determination listed in paragraph (b)(4) of this section.
For purposes of its books and records, or for purposes of furnishing information to a partner, the partnership needs to determine:
The character of an amount received from a partner (for example, whether it is a contribution, a loan, or a repayment of a loan);
The amount of money contributed by a partner;
The applicability of the investment company rules ofsection 721(b) with respect to a contribution; and
The basis to the partnership of contributed property. To the extent that a determination with respect to a contribution can be made from these and similar partnership-level determinations, therefore, the determination is more appropriately made at the partnership level. To the extent that that determination requires other information, however, that determination is more appropriately made at the partner level. For example, it may be necessary to determine whether the contribution of the property causes recapture from the contributing partner of the credit provided undersection 38 in certain circumstances in which that determination is irrelevant to the partnership.
The charter of an amount transferred to a partner (for example, whether it is a distribution, a loan, or a repayment of a loan);
The amount of money distributed to a partner;
The adjusted basis to the partnership of distributed property; and
The character of partnership property (for example, whether an item is inventory or a capital asset). To the extent that a determination with respect to a distribution can be made from these and similar partnership-level determinations, therefore, the determination is more appropriately made at the partnership level. To the extent that that determination requires other information, however, that determination is more appropriately made at the partnership level. Such other information would include certain factors used in determining the partner's basis for the partnership interest, such as the amount that the partner paid to acquire the partnership interest from a transferor partner if that transfer was not covered by an election undersection 754.
Transactions to which section 707(a) applies.
For purposes of its books and records, the partnership needs to determine:
The amount transferred from the partnership to a partner or from a partner to the partnership in any transaction to whichsection 707(a) applies;
The character of such an amount (for example, whether or not it is a loan; in the case of amounts paid over time for the purchase of an asset, what portion is interest); and
The percentage of the capital interests and profits interests in the partnership owned by each partner.
To the extent that a determination with respect to a transaction to which section 707(a) applies can be made from these and similar partnership-level determinations, therefore, that determination is more appropriately made at the partnership level. To the extent that the determination requires other information, however, that determination is more appropriately made at the partner level. Examples of such other information are the cost to the partner of goods sold to the partnership and the extent to which the partner may be treated under section 267(c) as the constructive owner of a capital or profits interest actually owned by another.
Application of section 751.
For purposes of its books and records, or for purposes of furnishing information to a partner for use in applying section 751, the partnership needs to determine:
The fair market value and adjusted basis of the partnership's—
Unrealized receivables (within the meaning ofsection 751(c)),
Substantially appreciated inventory (within the meaning ofsection 751(d)), and
Other property;
A partner's share of each of the classes of assets described in paragraph (c)(3)(i) of this section; and
Whether a distribution to a partner is a disproportionate distribution subject tosection 751(b).
To the extent that a determination with respect to the application of section 751 can be made from these and similar partnership-level determinations, therefore, that determination is more appropriately made at the partnership level. To the extent that the determination requires other information, however, that determination is more appropriately made at the partner level. An example of such other information is the amount realized by a partner on the sale of a partnership interest.
(Sec. 6501(o) (as it read before the enactment of the Tax Equity and Fiscal Responsibility Act of 1982) and 7805 of the Internal Revenue Code of 1954 (92 Stat. 2818, 26 U.S.C. 6501(o); 68A Stat. 917, 26 U.S.C. 7805))
[T.D. 7884, 48 FR 16243, Apr. 15, 1983]
§ 301.6501(o)-3 Partnership items.
Partnership item defined. For purposes of section 6501(o) (as it read before the enactment of the Tax Equity and Fiscal Responsibility Act of 1982), § 301.6501(o)-2, and § 301.6511(g)-1, the term “partnership item” means - (1) Any item required to be taken into account for the partnership taxable year under any provision of subchapter K of chapter 1 of the Code, to the extent that the item is designated in paragraph (b) of this section as more appropriately determined at the partnership level than at the partner level, and
(2) Any other item to the extent affected by an item described in paragraph (b) of this section.
Items more appropriately determined at the partnership level. The following items which are required to be taken into account for the taxable year of a partnership under subchapter K of chapter 1 of the Code are more appropriately determined at the partnership level than at the partner level:
(1) The partnership aggregate and each partner's share of each of the following:
(i) Items of income, gain, loss, deduction, or credit of the partnership;
(ii) Expenditures by the partnership not deductible in computing its taxable income (for example, foreign taxes and charitable contributions);
(iii) Items of the partnership which may be tax preference items under section 57(a) for any partner;
(iv) Income of the partnership exempt from tax;
(v) Partnership liabilities (including determinations with respect to the amount of the liabilities, whether the liabilities are nonrecourse, and changes from the preceding taxable year); and
(vi) Other amounts with respect to partnership investments, transactions, and operations necessary to enable partners to compute - (A) The credit provided by section 38;
(B) Recapture under section 47 of the credit provided by section 38,
(C) Their amounts at risk in any activity to which section 465 applies, and
(D) The depletion allowance under section 613A with respect to oil and gas wells;
(2) Guaranteed payments;
(3) Optional adjustments to the basis of partnership property pursuant to an election under section 754 (including necessary preliminary determinations, such as the determination of a transferee partner's basis in a partnership interest); and
(4) To the extent that the determination can be made from determinations that are necessary at the partnership level with respect to an amount, the character of an amount, or the percentage interest of a partner in the partnership for purposes of the partnership books and records or for purposes of furnishing information to a partner - (i) Contributions to the partnership;
(ii) Distributions from the partnership;
(iii) Amounts to be taken into account by a partner dealing with the partnership in a transaction to which section 707(a) applies (including the application of section 707(b));
(iv) The application to the distributee partner of section 751(b); and
(v) The application to the transferor partner of section 751(a).
Illustrations. This paragraph (c) illustrates the provisions of paragraph (b)(4) of this section. The factors enumerated are not exhaustive; there may be additional partnership-level determinations with respect to a determination listed in paragraph (b)(4) of this section.
Contributions. For purposes of its books and records, or for purposes of furnishing information to a partner, the partnership needs to determine:
(i) The character of an amount received from a partner (for example, whether it is a contribution, a loan, or a repayment of a loan);
(ii) The amount of money contributed by a partner;
(iii) The applicability of the investment company rules of section 721(b) with respect to a contribution; and
(iv) The basis to the partnership of contributed property. To the extent that a determination with respect to a contribution can be made from these and similar partnership-level determinations, therefore, the determination is more appropriately made at the partnership level. To the extent that that determination requires other information, however, that determination is more appropriately made at the partner level. For example, it may be necessary to determine whether the contribution of the property causes recapture from the contributing partner of the credit provided under section 38 in certain circumstances in which that determination is irrelevant to the partnership.
Distribution. For purposes of its books and records, or for purposes of furnishing information to a partner, the partnership needs to determine:
(i) The charter of an amount transferred to a partner (for example, whether it is a distribution, a loan, or a repayment of a loan);
(ii) The amount of money distributed to a partner;
(iii) The adjusted basis to the partnership of distributed property; and
(iv) The character of partnership property (for example, whether an item is inventory or a capital asset). To the extent that a determination with respect to a distribution can be made from these and similar partnership-level determinations, therefore, the determination is more appropriately made at the partnership level. To the extent that that determination requires other information, however, that determination is more appropriately made at the partnership level. Such other information would include certain factors used in determining the partner's basis for the partnership interest, such as the amount that the partner paid to acquire the partnership interest from a transferor partner if that transfer was not covered by an election under section 754.
Transactions to which section 707(a) applies. For purposes of its books and records, the partnership needs to determine:
(i) The amount transferred from the partnership to a partner or from a partner to the partnership in any transaction to which section 707(a) applies;
(ii) The character of such an amount (for example, whether or not it is a loan; in the case of amounts paid over time for the purchase of an asset, what portion is interest); and
(iii) The percentage of the capital interests and profits interests in the partnership owned by each partner.
Application of section 751. For purposes of its books and records, or for purposes of furnishing information to a partner for use in applying section 751, the partnership needs to determine:
(i) The fair market value and adjusted basis of the partnership's - (A) Unrealized receivables (within the meaning of section 751(c)),
(B) Substantially appreciated inventory (within the meaning of section 751(d)), and
(C) Other property;
(ii) A partner's share of each of the classes of assets described in paragraph (c)(3)(i) of this section; and
(iii) Whether a distribution to a partner is a disproportionate distribution subject to section 751(b).
(Sec. 6501(o) (as it read before the enactment of the Tax Equity and Fiscal Responsibility Act of 1982) and 7805 of the Internal Revenue Code of 1954 (92 Stat. 2818, 26 U.S.C. 6501(o); 68A Stat. 917, 26 U.S.C. 7805)) [T.D. 7884, 48 FR 16243, Apr. 15, 1983]
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 5 - GOVERNMENT ORGANIZATION AND EMPLOYEES§ 522
U.S. Code: Title 26 - INTERNAL REVENUE CODE§ 1 - Tax imposed§ 41 - Credit for increasing research activities§ 42 - Low-income housing credit§ 48 - Energy credit§ 56 - Adjustments in computing alternative minimum taxable income§ 82 - Reimbursement for expenses of moving§ 108 - Income from discharge of indebtedness§ 121 - Exclusion of gain from sale of principal residence§ 141 - Private activity bond; qualified bond§ 142 - Exempt facility bond§ 143 - Mortgage revenue bonds: qualified mortgage bond and qualified veterans’ mortgage bond§ 145 - Qualified 501(c)(3) bond§ 147 - Other requirements applicable to certain private activity bonds§ 165 - Losses§ 168 - Accelerated cost recovery system§ 216 - Deduction of taxes, interest, and business depreciation by cooperative housing corporation tenant-stockholder§ 219 - Retirement savings§ 245 - Dividends received from certain foreign corporations§ 263 - Capital expenditures§ 263A - Capitalization and inclusion in inventory costs of certain expenses§ 448 - Limitation on use of cash method of accounting§ 453C - Repealed.§ 460 - Special rules for long-term contracts§ 463 - Repealed.§ 468B - Special rules for designated settlement funds§ 469 - Passive activity losses and credits limited§ 474 - Simplified dollar-value LIFO method for certain small businesses§ 585 - Reserves for losses on loans of banks§ 597 - Treatment of transactions in which Federal financial assistance provided§ 616 - Development expenditures§ 617 - Deduction and recapture of certain mining exploration expenditures§ 643 - Definitions applicable to subparts A, B, C, and D§ 831 - Tax on insurance companies other than life insurance companies§ 835 - Election by reciprocal§ 865 - Source rules for personal property sales§ 904 - Limitation on credit§ 1059 - Corporate shareholder’s basis in stock reduced by nontaxed portion of extraordinary dividends§ 1103§ 1474 - Special rules§ 2056 - Bequests, etc., to surviving spouse§ 2056A - Qualified domestic trust§ 2523 - Gift to spouse§ 2632 - Special rules for allocation of GST exemption§ 2652 - Other definitions§ 3121 - Definitions§ 3127 - Exemption for employers and their employees where both are members of religious faiths opposed to participation in Social Security Act programs§ 4982 - Excise tax on undistributed income of regulated investment companies§ 6011 - General requirement of return, statement, or list§ 6033 - Returns by exempt organizations§ 6036 - Notice of qualification as executor or receiver§ 6037 - Return of S corporation§ 6050M - Returns relating to persons receiving contracts from Federal executive agencies§ 6061 - Signing of returns and other documents§ 6081 - Extension of time for filing returns§ 6103 - Confidentiality and disclosure of returns and return information§ 6104 - Publicity of information required from certain exempt organizations and certain trusts§ 6109 - Identifying numbers§ 6111 - Disclosure of reportable transactions§ 6112 - Material advisors of reportable transactions must keep lists of advisees, etc.§ 6114 - Treaty-based return positions§ 6158 - Repealed.§ 6223 - Notice to partners of proceedings§ 6230 - Additional administrative provisions§ 6231 - Definitions and special rules§ 6233 - Extension to entities filing partnership returns, etc.§ 6241 - Partner’s return must be consistent with partnership return§ 6245 - Secretarial authority§ 6311 - Payment of tax by commercially acceptable means§ 6323 - Validity and priority against certain persons§ 6326 - Administrative appeal of liens§ 6343 - Authority to release levy and return property§ 6402 - Authority to make credits or refunds§ 6404 - Abatements§ 6411 - Tentative carryback and refund adjustments§ 6689 - Failure to file notice of redetermination of foreign tax§ 7216 - Disclosure or use of information by preparers of returns§ 7502 - Timely mailing treated as timely filing and paying§ 7508 - Time for performing certain acts postponed by reason of service in combat zone or contingency operation§ 7520 - Valuation tables§ 7624 - Reimbursement to State and local law enforcement agencies§ 7701 - Definitions§ 7804 - Other personnel§ 7805 - Rules and regulations
Statutes at Large100 Stat. 2746102 Stat. 332488 Stat. 235195 Stat. 357
Title 26 published on 2015-04-01The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 26 CFR Part 301 after this date.2015-10-23; vol. 80 # 205 - Friday, October 23, 201580 FR 64378 - Definition of Terms Relating to Marital Status
typeregulations.gov FR Doc.2015-26890 RIN1545-BM10 REG-148998-13 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking. Written or electronic comments and requests for a public hearing must be received by December 7, 2015. 26 CFR Parts 1, 20, 25, 26, 31, and 301 SummaryThis document contains proposed regulations that reflect the holdings of Obergefell v. Hodges, 576 U.S. __, 135 S. Ct. 2584 (2015), Windsor v. United States, 570 U.S. __, 133 S. Ct. 2675 (2013), and Revenue Ruling 2013-17 (2013-38 IRB 201), and that define terms in the Internal Revenue Code (Code) describing the marital status of taxpayers. The proposed regulations primarily affect married couples, employers, sponsors and administrators of employee benefit plans, and executors. This document invites comments from the public regarding these proposed regulations.
2015-08-28; vol. 80 # 167 - Friday, August 28, 201580 FR 52231 - Reportable Transactions Penalties Under Section 6707A
typeregulations.gov FR Doc.2015-21259 RIN1545-BK62 REG-103033-11 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking. Written or electronic comments and requests for a public hearing must be received by November 27, 2015. 26 CFR Part 301 SummaryThis document contains proposed regulations that provide guidance regarding the amount of the penalty under section 6707A of the Internal Revenue Code (Code) for failure to include on any return or statement any information required to be disclosed under section 6011 with respect to a reportable transaction. The proposed regulations are necessary to clarify the amount of the penalty under section 6707A, as amended by the Small Business Jobs Act of 2010. The proposed regulations would affect any taxpayer who fails to properly disclose participation in a reportable transaction.
2015-08-07; vol. 80 # 152 - Friday, August 7, 201580 FR 47430 - Guidance Under Section 529A: Qualifies ABLE Programs; Correction
typeregulations.gov FR Doc.2015-19369 RIN1545-BM68 REG-102837-15 DEPARTMENT OF THE TREASURY, Internal Revenue Service Correction to a notice of proposed rulemaking and notice of public hearing. Written or electronic comments and request for a public hearing for the notice of proposed rulemaking at 80 FR 35602, June 22, 2015, are still being accepted and must be received by September 21, 2015. 26 CFR Parts 1, 25, 26, and 301 SummaryThis document contains corrections to a notice of proposed rulemaking and notice of public hearing (REG-102837-15) that was published in the Federal Register on Monday, June 22, 2015 (80 FR 35602). The proposed regulations under section 529A of the Internal Revenue Code that provide guidance regarding programs under The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014.
2015-07-24; vol. 80 # 142 - Friday, July 24, 201580 FR 43949 - Claims for Credit or Refund
typeregulations.gov FR Doc.2015-18119 RIN1545-BI36 TD9727 DEPARTMENT OF THE TREASURY, Internal Revenue Service Final regulations. Effective Date: These regulations are effective on July 24, 2015. Applicability Dates: For dates of applicability, see §§ 301.6402-2(g), 301.6402-3(f) and 301.6402-4(b). 26 CFR Part 301 SummaryThis document contains final regulations for filing a claim for credit or refund. The regulations provide guidance to taxpayers generally as to the proper place to file a claim for credit or refund. The regulations are updated to reflect changes made by the Tax Reform Act of 1976, section 1210, the Internal Revenue Service Restructuring and Reform Act of 1998, and the Community Renewal Tax Relief Act of 2000. The regulations are further updated to reflect that the IRS may prescribe additional claim forms.
2015-07-09; vol. 80 # 131 - Thursday, July 9, 201580 FR 39397 - Tax on Certain Foreign Procurement; Correction
typeregulations.gov FR Doc.2015-16761 RIN1545-BK06 REG-103281-11 DEPARTMENT OF THE TREASURY, Internal Revenue Service Correction to notice of proposed rulemaking. Written or electronic comments and request for a public hearing for the notice of proposed rulemaking at 80 FR 22449, April 22, 2015, are still being accepted and must be received by July 21, 2015. 26 CFR Parts 1, 301, and 602 SummaryThis document contains corrections to a notice of proposed rulemaking (REG-103281-11) that was published in the Federal Register on Wednesday, April 22, 2015 (80 FR 22449), the proposed regulations are relating to the 2 percent tax on payments made by the U.S. government to foreign persons pursuant to certain contracts.
2015-06-22; vol. 80 # 119 - Monday, June 22, 201580 FR 35602 - Guidance Under Section 529A: Qualified ABLE Programs
typeregulations.gov FR Doc.2015-15280 RIN1545-BM68 REG-102837-15 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking and notice of public hearing. Comments must be received by September 21, 2015. Outlines of topics to be discussed at the public hearing scheduled for October 14, 2015, at 10 a.m., must be received by September 21, 2015. 26 CFR Parts 1, 25, 26, and 301 SummaryThis document contains proposed regulations under section 529A of the Internal Revenue Code that provide guidance regarding programs under The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014. Section 529A provides rules under which States or State agencies or instrumentalities may establish and maintain a new type of tax-favored savings program through which contributions may be made to the account of an eligible disabled individual to meet qualified disability expenses. These accounts also receive favorable treatment for purposes of certain means-tested Federal programs. In addition, these proposed regulations provide corresponding amendments to regulations under sections 511 and 513, with respect to unrelated business taxable income, sections 2501, 2503, 2511, 2642 and 2652, with respect to gift and generation-skipping transfer taxes, and section 6011, with respect to reporting requirements. This document also provides notice of a public hearing on these proposed regulations.
2015-06-11; vol. 80 # 112 - Thursday, June 11, 201580 FR 33211 - Elimination of Circular Adjustments to Basis; Absorption of Losses
typeregulations.gov FR Doc.2015-13982 RIN1545-BJ29 REG-101652-10 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking. Written or electronic comments, and a request for a public hearing, must be received by September 9, 2015. 26 CFR Parts 1 and 301 SummaryThis document contains proposed amendments to the consolidated return regulations. These amendments would revise the rules concerning the use of a consolidated group&apos;s losses in a consolidated return year in which stock of a subsidiary is disposed of. The regulations would affect corporations filing consolidated returns.
2015-04-28; vol. 80 # 81 - Tuesday, April 28, 201580 FR 23443 - Period of Limitations on Assessment for Listed Transactions Not Disclosed Under Section 6011; Correction
typeregulations.gov FR Doc.2015-09710 RIN1545-BH37 TD9718 DEPARTMENT OF THE TREASURY, Internal Revenue Service Correcting amendments. This correction is effective on April 28, 2015, and is applicable March 31, 2015. 26 CFR Part 301 SummaryThis document contains corrections to final regulations (TD 9718) that were published in the Federal Register on Tuesday, March 31, 2015 (80 FR 16973). The final regulations relating to the exception to the general three-year period of limitations on assessment under section 6501(c)(10) of the Internal Revenue Code (Code) for listed transactions that taxpayer failed to disclosed as required under section 6011.
2015-04-22; vol. 80 # 77 - Wednesday, April 22, 201580 FR 22449 - Tax on Certain Foreign Procurement
typeregulations.gov FR Doc.2015-09383 RIN1545-BK06 REG-103281-11 DEPARTMENT OF THE TREASURY, Internal Revenue Service Notice of proposed rulemaking. Written or electronic comments and requests for a public hearing must be received by July 21, 2015. 26 CFR Parts 1, 301, and 602 SummaryThis document contains proposed regulations under section 5000C of the Internal Revenue Code relating to the 2 percent tax on payments made by the U.S. government to foreign persons pursuant to certain contracts. The proposed regulations affect U.S. government acquiring agencies and foreign persons providing certain goods or services to the U.S. government pursuant to a contract. This document also contains proposed regulations under section 6114, with respect to foreign persons claiming an exemption from the tax under an income tax treaty.