[Federal Register Volume 59, Number 22 (Wednesday, February 2, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2077]


[[Page Unknown]]

[Federal Register: February 2, 1994]


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DEPARTMENT OF THE TREASURY
26 CFR Part 1

[IL-21-91]
RIN 1545-AQ45

 

Imposition of Accuracy-Related Penalty

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Withdrawal of notice of proposed rulemaking.

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SUMMARY: This document withdraws the proposed regulations relating to 
the imposition of accuracy-related penalty under Internal Revenue Code 
sections 6662(e) and (h) and section 6664(c) for transactions between 
persons described in Internal Revenue Code section 482 and net section 
482 transfer price adjustments that was published in the Federal 
Register on January 21, 1993.

EFFECTIVE DATE: The withdrawal of this notice of proposed rulemaking is 
effective February 2, 1994.

FOR FURTHER INFORMATION CONTACT: Thomas L. Ralph at (202) 622-3880 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    On January 21, 1993, the IRS published a notice of proposed 
rulemaking (IL-21-91) in the Federal Register (58 FR 5304) that 
proposed amendments to the Income Tax Regulations under sections 
6662(e) and (h) and section 6664(c) of the Internal Revenue Code of 
1986. The proposed regulations implemented section 11312 of the Omnibus 
Budget Reconciliation Act of 1990, Public Law 101-508, 104 Stat. 1388.
    In view of the enactment of the Omnibus Budget Reconciliation Act 
of 1993, Public Law 103-66, section 13236, 107 Stat. 312 (codified at 
I.R.C. 6662(e) and (h)), which further amended those sections, proposed 
regulations Sec. 1.6662-5 (e) and (j) and Sec. 1.6664-4(d) are hereby 
withdrawn.

List of Subjects in 26 CFR Part 1

    Income Taxes, Reporting and recordkeeping requirements.

Partial Withdrawal of Notice of Proposed Rulemaking

    Accordingly, under the authority of 26 U.S.C. 7805, proposed 
regulations Sec. 1.6662-5(e) and (j) and Sec. 1.6664-4(d) published in 
the Federal Register on January 21, 1993 (58 FR 5304), are withdrawn.
Margaret Milner Richardson,
Commissioner of Internal Revenue.
[FR Doc. 94-2077 Filed 1-27-94; 11:10 am]
BILLING CODE 4830-01-U