[Federal Register Volume 64, Number 24 (Friday, February 5, 1999)]
[Rules and Regulations]
[Pages 5713-5717]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-2798]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Parts 1 and 602
[TD 8817]
RIN 1545-AV70
Notice of Certain Transfers to Foreign Partnerships and Foreign
Corporations
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulations.
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SUMMARY: This document contains final regulations under section 6038B
relating to information reporting requirements for certain transfers by
United States persons to foreign partnerships. The regulations
implement amendments made by the Taxpayer Relief Act of 1997 that
require a United States person who transfers property to a foreign
partnership to furnish certain information with respect to such
transfer. This document also contains final regulations that require
certain cash transfers to foreign corporations to be reported. The
regulations provide guidance needed to comply with the reporting
requirements with respect to transfers of cash to foreign corporations
and transfers of property to foreign partnerships.
DATES: Effective Dates: These regulations are effective January 1,
1998, except that the amendments to Sec. 1.6038B-1 are effective
February 5, 1999.
Dates of Applicability: For dates of applicability of the
amendments to Sec. 1.6038B-1, see Sec. 1.6038B-1(g). For dates of
applicability of Sec. 1.6038B-2, see Sec. 1.6038B-2(j).
FOR FURTHER INFORMATION CONTACT: Eliana Dolgoff, 202-622-3860 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collections of information contained in these final regulations
have been reviewed and approved by the Office of Management and Budget
in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under
control number 1545-1615. Responses to these collections of information
are mandatory.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid control number.
The collections of information contained in these final regulations
are in Secs. 1.6038B-1(b) and 1.6038B-2. The burden of complying with
the collection of information required to be reported on Form 8865 is
reflected in the burden for Form 8865. The burden of complying with the
collection of information required to be reported on Form 926 is
reflected in the burden for Form 926.
Comments concerning the accuracy of the burden estimates and
suggestions for reducing the burden should be sent to the Internal
Revenue Service, Attn: IRS Reports Clearance Officer, OP:FS:FP,
Washington, DC 20224, and to the Office of Management and Budget, Attn:
Desk Officer for the Department of the Treasury, Office of Information
and Regulatory Affairs, Washington, DC 20503.
Books or records relating to these collections of information must
be retained as long as their contents may become material in the
administration of any internal revenue law. Generally, tax returns and
tax return information are confidential, as required by 26 U.S.C. 6103.
Background
On September 9, 1998, the IRS published in the Federal Register
proposed regulations relating to the reporting of certain transfers to
foreign corporations and foreign partnerships under section 6038B. A
public hearing was held on November 10, 1998, even though no requests
to speak at the hearing were received. Written comments regarding the
proposed regulations, however, were received. After consideration of
all of the comments received, the proposed regulations under section
6038B are adopted as revised by this Treasury decision. The revisions
are discussed below.
[[Page 5714]]
Public Comments
Some commentators suggested that the final regulations provide that
state and local government employee retirement plans be exempt from the
section 6038B reporting requirements, asserting that contributions from
such plans to foreign partnerships will not have federal income tax
consequences. The final regulations provide that trusts relating to
state and local government employee retirement plans are not required
to report transfers to foreign partnerships under section 6038B, unless
required to do so in the instructions to Form 8865.
One commentator noted that under the proposed regulations, if a
United States person transfers property other than cash with a value in
excess of $100,000 to a foreign partnership, such person must report
the names and addresses of all the other partners of the partnership,
regardless of the size of the person's ownership interest in the
foreign partnership after the transfer. The commentator requested that
the final regulations provide that if a United States person owns less
than a 10 percent interest in the foreign partnership after the
transfer, regardless of the type of property transferred, such person
does not have to report the names and addresses of all the other
partners. Alternatively, the commentator requested that it be
recognized that a person that makes a good faith effort to obtain such
information will have reasonable cause preventing the imposition of any
penalties under section 6038B if such person fails to obtain and submit
the information.
The final regulations do not adopt the commentator's
recommendations. As in the proposed regulations, the final regulations
contain a reasonable cause exception that, if satisfied, prevents the
IRS from imposing penalties under section 6038B. Whether reasonable
cause exists for a failure to comply with the requirements of section
6038B is determined by the district director under all the facts and
circumstances. Although the final regulations do not explicitly say so,
a failure to submit the names and addresses of the other partners will
constitute a failure to comply with the requirements of section 6038B
and therefore will always be subject to the reasonable cause exception.
Commentators also questioned whether United States persons must
report indirect transfers from a foreign partnership to another foreign
partnership. The final regulations reserve on such reporting. If a
foreign partnership transfers property to another foreign partnership,
a United States person that is a partner of the transferor partnership
is not required to report that transfer until such time as the IRS and
Treasury implement rules requiring such reporting. However, the IRS
remains concerned about transfers from one foreign partnership to
another. In conjunction with its study of section 721(c), the IRS is
evaluating whether there is a need for the reporting of transfers from
foreign partnerships to foreign partnerships.
The final regulations also clarify that if a domestic partnership
contributes property to a foreign partnership, the partners of the
domestic partnership will be considered to have contributed a
proportionate share of the property transferred. Therefore, the
partners of the transferor domestic partnership may be required to
report under section 6038B transfers made by the transferor
partnership. The proposed regulations provide, however, that an
indirect transferor does not have to report the contribution on Form
8865 if certain conditions are satisfied, including the filing by the
indirect transferor of a statement with the IRS. In an attempt to
reduce the burden imposed on taxpayers, the final regulations eliminate
the requirement that indirect transferors must file a statement. If the
domestic transferor partnership properly reports the transfer of
property to a foreign partnership, a United States person that is an
indirect transferor need not report the transfer.
The final regulations also modify the reporting requirements with
respect to deemed contributions. The proposed regulations provided that
if by reason of an adjustment under section 482 a contribution required
to be reported under section 6038B is deemed to have been made, the
information required to be reported will be furnished timely if filed
by the due date (including extensions) of the income tax return for the
taxable year during which the adjustment is made. The final regulations
provide that deemed contributions resulting from IRS-initiated section
482 adjustments are not required to be reported under section 6038B.
However, taxpayers must report deemed contributions resulting from
taxpayer-initiated adjustments. Such information will be furnished
timely if filed by the due date, including extensions, for filing the
taxpayer's income tax return for the year in which the taxpayer makes
the section 482 adjustment.
Additionally, the final regulations clarify that a transfer to a
foreign partnership made on or after January 1, 1998, but before
January 1, 1999, will be considered timely reported either if it is
reported on a Form 8865 attached to the taxpayer's income tax return
for the first taxable year beginning on or after January 1, 1999, or it
is reported on a Form 926 attached to the taxpayer's income tax return
for the taxable year in which the transfer occurred.
The final regulations also clarify that transfers that were made
between August 5, 1997, and January 1, 1998, may be reported in
accordance with the provisions of the final section 6038B regulations
or in accordance with Notice 98-17(1998-11 IRB 6).
Special Analyses
It has been determined that this regulation is not a significant
regulatory action as defined in EO 12866. Therefore, a regulatory
assessment is not required. It is hereby certified that the collections
of information contained in this regulation will not have a significant
economic impact on a substantial number of small entities. This
certification is based upon the fact that these final regulations
reduce or eliminate the reporting requirements for certain United
States persons. Moreover, in general, only a United States person that
owns a significant interest in a foreign partnership, or transfers a
substantial amount to a foreign partnership, will be subject to these
regulations. Thus, 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 Internal Revenue Code, the
notice of proposed rulemaking preceding these regulations was submitted
to the Chief Counsel for Advocacy of the Small Business Administration
for comment on the impact of the proposed regulations on small
business.
Drafting information. The principal authors of these regulations
are Eliana Dolgoff and Philip Tretiak of the Office of Associate Chief
Counsel (International). However, other personnel from the IRS and
Treasury Department participated in their development.
List of Subjects
26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
26 CFR Part 602
Reporting and recordkeeping requirements.
[[Page 5715]]
Adoption of Amendments to the Regulations
Accordingly, 26 CFR part 1 is amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 is amended by adding
entries in numerical order to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.6038B-1 also issued under 26 U.S.C. 6038B.
Section 1.6038B-2 also issued under 26 U.S.C. 6038B. * * *
Par. 2. Section 1.6038B-1 is amended as follows:
1. The section heading is revised.
2. Paragraph (b)(1)(i), first sentence, is revised.
3. The text of paragraph (b)(3) is added.
4. Paragraph (c), first sentence, is revised
5. Paragraph (g) is revised.
The additions and revisions read as follows:
Sec. 1.6038B-1 Reporting of certain transfers to foreign corporations.
* * * * *
(b) Time and manner of reporting--(1) In general--(i) Reporting
procedure. Except for stock or securities qualifying under the special
reporting rule of paragraph (b)(2) of this section, or cash, which is
subject to special rules contained in paragraph (b)(3) of this section,
any U.S. person that makes a transfer described in section
6038B(a)(1)(A), 367(d) or (e)(1), is required to report pursuant to
section 6038B and the rules of this section and must attach the
required information to Form 926, ``Return by Transferor of Property to
a Foreign Corporation.'' * * *
* * * * *
(3) Special rule for transfers of cash. A U.S. person that
transfers cash to a foreign corporation must report the transfer if--
(i) Immediately after the transfer such person holds directly,
indirectly, or by attribution (determined under the rules of section
318(a), as modified by section 6038(e)(2)) at least 10 percent of the
total voting power or the total value of the foreign corporation; or
(ii) The amount of cash transferred by such person or any related
person (determined under section 267(b)(1) through (3) and (10) through
(12)) to such foreign corporation during the 12-month period ending on
the date of the transfer exceeds $100,000.
* * * * *
(c) Information required with respect to transfers described in
section 6038B(a)(1)(A). A United States person that transfers property
to a foreign corporation in an exchange described in section
6038B(a)(1)(A) (including cash and other unappreciated property) must
provide the following information, in paragraphs labeled to correspond
with the number or letter set forth in this paragraph (c) and
Sec. 1.6038B-1T(c)(1) through (5). * * *
* * * * *
(g) Effective dates. This section applies to transfers occurring on
or after July 20, 1998, except that the first sentence of paragraph
(b)(1)(i), paragraph (b)(3), and the first sentence of paragraph (c)
apply to transfers occurring in taxable years beginning after February
5, 1999. See Sec. 1.6038B-1T for transfers occurring prior to July 20,
1998.
Par. 3. Section 1.6038B-2 is added to read as follows:
Sec. 1.6038B-2 Reporting of certain transfers to foreign partnerships.
(a) Reporting requirements--(1) Requirement to report transfers. A
United States person that transfers property to a foreign partnership
in a contribution described in section 721 (including section 721(b))
must report that transfer on Form 8865 ``Information Return of U.S.
Persons With Respect to Certain Foreign Partnerships'' pursuant to
section 6038B and the rules of this section, if--
(i) Immediately after the transfer, the United States person owns,
directly, indirectly, or by attribution, at least a 10-percent interest
in the partnership, as defined in section 6038(e)(3)(C) and the
regulations thereunder; or
(ii) The value of the property transferred, when added to the value
of any other property transferred in a section 721 contribution by such
person (or any related person) to such partnership during the 12-month
period ending on the date of the transfer, exceeds $100,000.
(2) Indirect transfer through a domestic partnership--For purposes
of this section, if a domestic partnership transfers property to a
foreign partnership in a section 721 transaction, the domestic
partnership's partners shall be considered to have transferred a
proportionate share of the property to the foreign partnership.
However, if the domestic partnership properly reports all of the
information required under this section with respect to the
contribution, no partner of the transferor partnership, whether direct
or indirect (through tiers of partnerships), is also required to report
under this section. For illustrations of this rule, see Examples 4 and
5 of paragraph (a)(7) of this section.
(3) Indirect transfer through a foreign partnership. [Reserved]
(4) Requirement to report dispositions--(i) In general. If a United
States person was required to report a transfer to a foreign
partnership of appreciated property under paragraph (a)(1) or (2) of
this section, and the foreign partnership disposes of the property
while such United States person remains a direct or indirect partner,
that United States person must report the disposition by filing Form
8865. The form must be attached to, and filed by the due date
(including extensions) of, the United States person's income tax return
for the year in which the disposition occurred.
(ii) Disposition of contributed property in nonrecognition
transaction. If a foreign partnership disposes of contributed
appreciated property in a nonrecognition transaction and substituted
basis property is received in exchange, and the substituted basis
property has built-in gain under Sec. 1.704-3(a)(8), the original
transferor is not required to report the disposition. However, the
transferor must report the disposition of the substituted basis
property in the same manner as provided for the contributed property.
(5) Time for filing Form 8865--(i) General rule. The Form 8865 on
which a transfer is reported must be attached to the transferor's
timely filed (including extensions) income tax return (including a
partnership return of income) for the tax year that includes the date
of the transfer.
(ii) Time for filing when transferor also required to report
information about the partnership under section 6038. If the United
States person required to file under this section is also required to
file a Form 8865 under section 6038 for the period in which the
transfer occurs, then the United States person must report under this
section on the Form 8865 for the foreign partnership's annual
accounting period in which the transfer occurred (not its own taxable
year) and file with its income tax return for that year as provided in
Section 6038 and the regulations thereunder.
(6) Returns to be made--(i) Separate returns for each partnership.
If a United States person transfers property reportable under this
section to more than one foreign partnership in a taxable year, the
United States person must submit a separate Form 8865 for each
partnership.
(ii) Duplicate form to be filed. If required by the instructions
[[Page 5716]]
accompanying Form 8865, a duplicate Form 8865 (including attachments
and schedules) must also be filed by the due date for submitting the
original Form 8865 under paragraph (a)(5)(i) or (ii) of this section,
as applicable.
(7) Examples. The application of this paragraph (a) may be
illustrated by the following examples:
Example 1. On November 1, 2001, US, a United States person that
uses the calendar year as its taxable year, contributes $200,000 to
FP, a foreign partnership, in a transaction subject to section 721.
After the contribution, US owns a 5% interest in FP. US must report
the contribution by filing Form 8865 for its taxable year ending
December 31, 2001. On March 1, 2002, US makes a $40,000 section 721
contribution to FP, after which US owns a 6% interest in FP. US must
report the $40,000 contribution by filing Form 8865 for its taxable
year ending December 31, 2002, because the contribution, when added
to the value of the other property contributed by US to FP during
the 12-month period ending on the date of the transfer, exceeds
$100,000.
Example 2. F, a nonresident alien, is the brother of US, a
United States person. F owns a 15% interest in FP, a foreign
partnership. US contributes $99,000 to FP, in exchange for a 1-
percent partnership interest. Under sections 6038(e)(3)(C) and
267(c)(2), US is considered to own at least a 10-percent interest in
FP and, therefore, US must report the $99,000 contribution under
this section.
Example 3. US, a United States person, owns 40 percent of FC, a
foreign corporation. FC owns a 20-percent interest in FP, a foreign
partnership. Under section 267(c)(1), US is considered to own 8
percent of FP due to its ownership of FC. US contributes $50,000 to
FP in exchange for a 5-percent partnership interest. Immediately
after the contribution, US is considered to own at least a 10-
percent interest in FP and, therefore, must report the $50,000
contribution under this section.
Example 4. US, a United States person, owns a 60-percent
interest in USP, a domestic partnership. On March 1, 2001, USP
contributes $200,000 to FP, a foreign partnership, in exchange for a
5-percent partnership interest. Under paragraph (a)(2) of this
section, US is considered as having contributed $120,000 to FP
($200,000 x 60%). However, under paragraph (a)(2), if USP properly
reports the contribution to FP, US is not required to report its
$120,000 contribution. If US directly contributes $5,000 to FP on
June 10, 2001, US must report the $5,000 contribution because US is
considered to have contributed more than $100,000 to FP in the 12-
month period ending on the date of the $5,000 contribution.
Example 5. US, a United States person, owns an 80-percent
interest in USP, a domestic partnership. USP owns an 80-percent
interest in USP1, a domestic partnership. On March 1, 2001, USP1
contributes $200,000 to FP, a foreign partnership, in exchange for a
3-percent partnership interest. Under paragraph (a)(2) of this
section, USP is considered to have contributed $160,000 ($200,000
x 80%) to FP. US is considered to have contributed $128,000 to FP
($200,000 x 80% x 80%). However, if USP1 reports the transfer of
the $200,000 to FP, neither US nor USP are required to report under
this section the amounts they are considered to have contributed.
Additionally, regardless of whether USP1 reports the $200,000
contribution, if USP reports the $160,000 contribution it is
considered to have made, US does not have to report under this
section the $128,000 contribution US is considered to have made.
(b) Transfers by trusts relating to state and local government
employee retirement plans. Trusts relating to state and local
government employee retirement plans are not required to report
transfers under this section, unless otherwise specified in the
instructions to Form 8865.
(c) Information required with respect to transfers of property.
With respect to transfers required to be reported under paragraph
(a)(1) or (2) of this section, the return must contain information in
such form or manner as Form 8865 (and its accompanying instructions)
prescribes with respect to reportable events, including--
(1) The name, address, and U.S. taxpayer identification number of
the United States person making the transfer;
(2) The name, U.S. taxpayer identification number (if any), and
address of the transferee foreign partnership, and the type of entity
and country under whose laws the partnership was created or organized;
(3) A general description of the transfer, and of any wider
transaction of which it forms a part, including the date of transfer;
(4) The names and addresses of the other partners in the foreign
partnership, unless the transfer is solely of cash and the transferor
holds less than a 10-percent interest in the transferee foreign
partnership immediately after the transfer;
(5) A description of the partnership interest received by the
United States person, including a change in partnership interest;
(6) A separate description of each item of contributed property
that is appreciated property subject to the allocation rules of section
704(c)(except to the extent that the property is permitted to be
aggregated in making allocations under section 704(c)), or is
intangible property, including its estimated fair market value and
adjusted basis.
(7) A description of other contributed property, not specified in
paragraph (c)(6) of this section, aggregated by the following
categories (with, in each case, a brief description of the property)--
(i) Stock in trade of the transferor (inventory);
(ii) Tangible property (other than stock in trade) used in a trade
or business of the transferor;
(iii) Cash;
(iv) Stock, notes receivable and payable, and other securities; and
(v) Other property.
(d) Information required with respect to dispositions of property.
In respect of dispositions required to be reported under paragraph
(a)(4) of this section, the return must contain information in such
form or manner as Form 8865 (and its accompanying instructions)
prescribes with respect to reportable events, including--
(1) The date and manner of disposition;
(2) The gain and depreciation recapture amounts, if any, realized
by the partnership; and
(3) Any such amounts allocated to the United States person.
(e) Method of reporting. Except as otherwise provided on Form 8865,
or the accompanying instructions, all amounts reported as required
under this section must be expressed in United States currency, with a
statement of the exchange rates used. All statements required on or
with Form 8865 pursuant to this section must be in the English
language.
(f) Reporting under this section not required of partnerships
excluded from the application of subchapter K--(1) Election to be
wholly excluded. The reporting requirements of this section will not
apply to any United States person in respect of an eligible partnership
as described in Sec. 1.761-2(a), if such partnership has validly
elected to be excluded from all of the provisions of subchapter K of
chapter 1 of the Internal Revenue Code in the manner specified in
Sec. 1.761-2(b)(2)(i).
(2) Deemed excluded. The reporting requirements of this section
will not apply to any United States person in respect of an eligible
partnership as described in Sec. 1.761-2(a), if such partnership is
validly deemed to have elected to be excluded from all of the
provisions of subchapter K of chapter 1 of the Internal Revenue Code in
accordance with the provisions of Sec. 1.761-2(b)(2)(ii).
(g) Deemed contributions. Deemed contributions resulting from IRS-
initiated section 482 adjustments are not required to be reported under
section 6038B. However, taxpayers must report deemed contributions
resulting from taxpayer-initiated adjustments. Such information will be
furnished timely if filed by the due date, including extensions, for
filing the taxpayer's
[[Page 5717]]
income tax return for the year in which the adjustment is made.
(h) Failure to comply with reporting requirements--(1) Consequences
of failure. If a United States person is required to file a return
under paragraph (a) of this section and fails to comply with the
reporting requirements of section 6038B and this section, then such
person is subject to the following penalties:
(i) The United States person is subject to a penalty equal to 10
percent of the fair market value of the property at the time of the
contribution. Such penalty with respect to a particular transfer is
limited to $100,000, unless the failure to comply with respect to such
transfer was due to intentional disregard.
(ii) The United States person must recognize gain (reduced by the
amount of any gain recognized, with respect to that property, by the
transferor after the transfer) as if the contributed property had been
sold for fair market value at the time of the contribution. Adjustments
to the basis of the partnership's assets and any relevant partner's
interest as a result of gain being recognized under this provision will
be made as though the gain was recognized in the year in which the
failure to report was finally determined.
(2) Failure to comply. A failure to comply with the requirements of
section 6038B includes--
(i) The failure to report at the proper time and in the proper
manner any information required to be reported under the rules of this
section; and
(ii) The provision of false or inaccurate information in purported
compliance with the requirements of this section.
(3) Reasonable cause exception. Under section 6038B(c)(2) and this
section, the provisions of paragraph (h)(1) of this section will not
apply if the transferor shows that a failure to comply was due to
reasonable cause and not willful neglect. The transferor may attempt to
do so by providing a written statement to the district director having
jurisdiction of the taxpayer's return for the year of the transfer,
setting forth the reasons for the failure to comply. Whether a failure
to comply was due to reasonable cause will be determined by the
district director under all the facts and circumstances.
(4) Statute of limitations. For exceptions to the limitations on
assessment in the event of a failure to provide information under
section 6038B, see section 6501(c)(8).
(i) Definitions--(1) Appreciated property. Appreciated property is
property that has a fair market value in excess of basis.
(2) Domestic partnership. A domestic partnership is a partnership
described in section 7701(a)(4).
(3) Foreign partnership. A foreign partnership is a partnership
described in section 7701(a)(5).
(4) Related person. Persons are related persons if they bear a
relationship described in section 267(b)(1) through (3) or (10) through
(12), after application of section 267(c) (except for (c)(3)), or in
section 707(b)(1)(B).
(5) Substituted basis property. Substituted basis property is
property described in section 7701(a)(42).
(6) Taxpayer-initiated adjustment. A taxpayer-initiated adjustment
is a section 482 adjustment that is made by the taxpayer pursuant to
Sec. 1.482-1(a)(3).
(7) United States person. A United States person is a person
described in section 7701(a)(30).
(j) Effective dates--(1) In general. This section applies to
transfers made on or after January 1, 1998. However, for a transfer
made on or after January 1, 1998, but before January 1, 1999, the
filing requirements of this section may be satisfied by--
(i) Filing a Form 8865 with the taxpayer's income tax return
(including a partnership return of income) for the first taxable year
beginning on or after January 1, 1999; or
(ii) Filing a Form 926 with the taxpayer's income tax return
(including a partnership return of income) for the taxable year in
which the transfer occurred.
(2) Transfers made between August 5, 1997 and January 1, 1998. A
United States person that made a transfer of property between August 5,
1997, and January 1, 1998, that is required to be reported under
section 6038B may satisfy its reporting requirement by reporting in
accordance with the provisions of this section or in accordance with
the provisions of Notice 98-17 (1998-11 IRB 6)(see Sec. 601.601(d)(2)
of this chapter).
* * * * *
PART 602--OMB CONTROL NUMBERS UNDER THE PAPERWORK REDUCTION ACT
Par. 4. The authority citation for part 602 continues to read as
follows:
Authority: 26 U.S.C. 7805.
Par. 5. In Sec. 602.101, paragraph (c) is amended by adding an
entry in numerical order to the table to read as follows:
Sec. 602.101 OMB Control numbers.
* * * * *
(c) * * *
------------------------------------------------------------------------
Current OMB
CFR part or section where identified and described Control No.
------------------------------------------------------------------------
* * * * *
1.6038B-1.................................................. 1545-1615
* * * * *
1.6038B-2.................................................. 1545-1615
------------------------------------------------------------------------
Robert E. Wenzel,
Deputy Commissioner of Internal Revenue.
Approved: January 29, 1999.
Donald C. Lubick,
Assistant Secretary of the Treasury.
[FR Doc. 99-2798 Filed 2-4-99; 8:45 am]
BILLING CODE 4830-01-U
