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DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Part 1
Failure to File Gain Recognition Agreements or Satisfy Other Reporting Obligations
AGENCY : Internal Revenue Service (1RS), Treasury.
ACTION: Final regulations, temporary regulations, and removal of temporary regulations.
SUMMARY: This document contains final and temporary regulations relating to the consequences to U.S. and foreign persons for failing to file gain recognition agreements (GRAs) or related documents, or to satisfy other reporting obligations, associated with certain transfers of property to foreign corporations in nonrecognition exchanges. The regulations are necessary to update and clarify the rules that apply when a U.S. or foreign person fails to file a GRA or related documents or to satisfy other reporting obligations. These regulations affect U.S. and foreign persons that transfer property to foreign corporations in nonrecognition exchanges.
DATES: These regulations are effective on November 19, 2014.
Applicability Dates: For dates of applicability, see §§ 1.367(a)-2(f)(4), 1.367(a)3(g)(l)(x), 1.367(a)-3T(g)(l)(ix), 1.367(a)7Q, 1.367(a)-8(r)(l)(i) and (r)(3), 1.367(e)2(g), and 1.6038B-1 (g)(6).
FOR FURTHER INFORMATION CONTACT: Shane M. McCarrick, (202) 317-6937 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
The collections of information contained in the regulations have been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)) under control number 1545-1487.
The collections of information are in §§ 1.367(a)-2(f)(2), 1.367(a)-3(f)(2), 1.367(a)-7(e)(2), 1.3 67(a)-8(p)(2), 1.367(e)-2(f)(2), 1.6038B-l(c)(4)(ii), and 1.6038B-l(e)(4). The collections of information are mandatory. The likely respondents are domestic corporations.
An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number.
Books and records relating to a collection of information must be retained as long as their contents might 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
This document contains amendments to 26 CFR part 1. On January 31, 2013, the 1RS and the Department of the Treasury (Treasury Department) published a notice of proposed rulemaking (REG140649-11) in the Federal Register (78 FR 6772-01) under sections 367 and 6038B of the Internal Revenue Code (Code) (proposed regulations) relating to the consequences to U.S. and foreign persons for...