[Federal Register Volume 62, Number 163 (Friday, August 22, 1997)]
[Proposed Rules]
[Pages 44607-44608]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-21770]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-208151-91]
RIN 1545-AQ91
Rules for Property Produced in a Farming Business
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations and notice of public hearing.
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SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations relating to
the application of section 263A of the Internal Revenue Code of 1986 to
property produced in a farming business. The regulations affect
taxpayers engaged in the business of farming that grow or raise plants
or animals. The text of those temporary regulations also serves as the
text of these proposed regulations. This document provides notice of a
public hearing on these proposed regulations.
DATES: Written comments must be received by November 20, 1997. Requests
to speak and outlines of topics to be discussed at the public hearing
scheduled for November 19, 1997, must be received by October 29, 1997.
ADDRESSES: Send submissions to: CC:DOM:CORP:R (REG-208151-91), 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-208151-91), 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 on
the IRS Home Page, or by submitting comments directly to the IRS
internet site at http://www.irs.ustreas.gov/prod/tax__regs/
comment.html. The public hearing will be held in room 2615, Internal
Revenue Building, 1111 Constitution Avenue, NW, Washington, DC.
FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Jan
Skelton,
[[Page 44608]]
(202) 622-4970; concerning submissions and the hearing, Michael
Slaughter, (202) 622-7190 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
Temporary regulations in the Rules and Regulations section of this
issue of the Federal Register amend Regulations on Income Taxes (26 CFR
part 1). The regulations provide guidance with respect to the
application of section 263A to property produced in a farming business.
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.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in EO 12866. Therefore,
a regulatory assessment is not required. It has also 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
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.
Comments and Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written (a signed original and eight
(8) copies) or electronic comments that are submitted timely to the
IRS. All comments will be available for public inspection and copying.
A public hearing has been scheduled for Wednesday, November 19,
1997, at 10 a.m., at the Internal Revenue Building, 1111 Constitution
Ave., N.W., Washington, DC, 20224. Because of access restrictions,
visitors will not be admitted beyond the building lobby more than 15
minutes before the hearing starts.
The rules of 26 CFR 601.601(a)(3) apply to the hearing.
Persons that wish to present oral comments at the hearing must
submit written comments by November 20, 1997 and submit an outline of
the topics to be discussed and the time to be devoted to each topic
(signed original and eight (8) copies) by October 29, 1997.
A period of ten minutes will be allotted to each person for making
comments.
An agenda showing the scheduling of the speakers will be prepared
after the deadline for receiving outlines has passed. Copies of the
agenda will be available free of charge at the hearing.
Drafting Information: The principal author of these regulations is
Jan Skelton of the Office of Assistant Chief Counsel (Income Tax &
Accounting). However, other personnel from the IRS and Treasury
Department participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.263A-0 is amended by:
1. Revising the introductory text.
2. Adding the entries for Sec. 1.263A-4.
The addition and revision read as follows:
Sec. 1.263A-0 Outline of regulations under section 263A.
This section lists the paragraphs in Secs. 1.263A-1 through 1.263A-
4 and Secs. 1.263A-8 through 1.263A-15.
* * * * *
Sec. 1.263A-4 Rules for property produced in a farming business.
[The text of the proposed entries for Sec. 1.263A-4 in Sec. 1.263A-0
is the same as the text of the entries for Sec. 1.263A-4T in
Sec. 1.263A-0T published elsewhere in this issue of the Federal
Register].
* * * * *
Par. 3. Section 1.263A-4 is amended by revising the section heading
and adding new text to read as follows:
Sec. 1.263A-4 Rules for property produced in a farming business.
[The proposed text of Sec. 1.263A-4 is the same as the text in
Sec. 1.263A-4T published elsewhere in this issue of the Federal
Register].
Michael P. Dolan,
Acting Commissioner of Internal Revenue.
[FR Doc. 97-21770 Filed 8-21-97; 8:45 am]
BILLING CODE 4830-01-U
