[Federal Register Volume 62, Number 1 (Thursday, January 2, 1997)]
[Proposed Rules]
[Page 84]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-32377]
[[Page 84]]
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DEPARTMENT OF THE TREASURY
26 CFR Part 53
[REG-247862-96]
RIN 1545-AU66
Requirement of Return and Time for Filing
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
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SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing regulations that provide that
disqualified persons and organization managers liable for section 4958
excise taxes are required to file Form 4720. The regulations also
specify the filing date for returns for the period to which the new
excise taxes apply retroactively. The text of those temporary
regulations also serves as the text of these proposed regulations.
DATES: Written comments must be received by April 2, 1997.
ADDRESSES: Send submissions to: CC:DOM:CORP:R (REG-247862-96), 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 5 p.m. to CC:DOM:CORP:R (REG-247862-96), Courier's
Desk, Internal Revenue Service, 1111 Constitution Avenue NW,
Washington, DC. Alternatively, taxpayers may submit comments
electronically via the Internet by selecting the ``Tax Regs'' option of
the IRS Home Page, or by submitting comments directly to the IRS
Internet site at http://www.irs.ustreas.gov/prod/tax_regs/
comments.html.
FOR FURTHER INFORMATION CONTACT: Phyllis Haney, (202) 622-4290 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
Final and temporary regulations in the Rules and Regulations
section of this issue of the Federal Register amend the Foundation and
Similar Excise Taxes Regulations (26 CFR part 53) relating to sections
6011 and 6071. The final regulations contain rules relating to the
requirement of a return to accompany payment of section 4958 excise
taxes; the temporary regulations prescribe the time for filing that
return.
The text of those temporary regulations also serves as the text of
these proposed regulations. The preamble to the temporary regulations
explains the temporary regulations.
These rules were first published in Notice 96-46 (1996-39 I.R.B. 7)
(September 23, 1996). The new section 4958 excise taxes were added by
section 1311 of the Taxpayer Bill of Rights 2, Public Law 104-168, 110
Stat. 1452, enacted July 30, 1996.
Special Analyses
It has been determined that this Treasury decision is not a
significant regulatory action as defined in EO 12866. Therefore, a
regulatory assessment is not required. It also has been determined that
section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5)
does not apply to these regulations, and because the regulation does
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, these
temporary regulations will be submitted to the Chief Counsel for
Advocacy of the Small Business Administration for comment on their
impact on small business.
Comments and Request for Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written comments (a signed original
and eight (8) copies) that are submitted timely to the IRS. All
comments will be available for public inspection and copying. A public
hearing may be scheduled if requested in writing by a person that
timely submits written comments. If a public hearing is scheduled,
notice of the date, time, and place for the hearing will be published
in the Federal Register.
Drafting Information
The principal author of these regulations is Phyllis Haney, Office
of Associate Chief Counsel (Employee Benefits and Exempt
Organizations). However, other personnel from the IRS and Treasury
Department participated in their development.
List of Subjects in 26 CFR Part 53
Excise taxes, Foundations, Investments, Lobbying, Reporting and
recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 53 is proposed to be amended as follows:
PART 53--FOUNDATION AND SIMILAR EXCISE TAXES
Paragraph 1. The authority citation for part 53 continues to read
as follows:
Authority: 26 U.S.C. 7805.
Par. 2. Section 53.6071-1 is amended by adding paragraph (f) to
read as follows:
Sec. 53.6071-1 Time for filing returns.
* * * * *
(f) [The text of paragraph (f) of this section is the same as the
text of Sec. 53.6071-1T(f) published elsewhere in this issue of the
Federal Register].
Margaret Milner Richardson,
Commissioner of Internal Revenue.
[FR Doc. 96-32377 Filed 12-31-96; 8:45 am]
BILLING CODE 4830-01-U
