[Federal Register Volume 59, Number 233 (Tuesday, December 6, 1994)] [Unknown Section] [Page 0] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 94-29703] [[Page Unknown]] [Federal Register: December 6, 1994] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [EE-38-94] RIN 1545-AS92 Nonbank Trustee Net Worth Requirements AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. ----------------------------------------------------------------------- SUMMARY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to nonbank trustees and the adequacy of net worth requirements of Sec. 1.401-12(n) (6) and (7) of the Income Tax Regulations. The text of those temporary regulations also serves as the text of these proposed regulations. DATES: Written comments must be received by January 5, 1995. ADDRESSES: Send submissions to: Internal Revenue Service, POB 7604, Ben Franklin Station, Attn: CC:DOM:CORP:T:R (EE-38-94), room 5228, Washington, DC 20044. In the alternative, submissions may be hand delivered between the hours of 8 a.m. and 5 p.m. to: CC:DOM:CORP:T:R (EE-38-94), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC. FOR FURTHER INFORMATION CONTACT: Judith E. Alden, (202) 622-6030 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background Temporary regulations in the Rules and Regulations section of this issue of the Federal Register amend the Income Tax Regulations (26 CFR part 1) relating to section 401(d)(1). The temporary regulations contain rules relating to the net worth requirements for nonbank trustees. 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 also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) and the Regulatory Flexibility Act (5 U.S.C. chapter 6) do not apply to these regulations, and, therefore, a Regulatory Flexibility Analysis is not required. 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 Requests for a 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 Judith E. Alden, Office of the Associate Chief Counsel, (Employee Benefits and Exempt Organizations), IRS. 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 1.401-12 is amended by revising paragraphs (n)(6)(ii) and (n)(7)(i) to read as follows: Sec. 1.401-12 Requirements for qualification of trusts and plans benefiting owner-employees. [The text of proposed paragraphs (n)(6)(ii) and (n)(7)(i) are the same as the text of Sec. 1.401-12T published elsewhere in this issue of the Federal Register]. Margaret Milner Richardson, Commissioner of Internal Revenue. [FR Doc. 94-29703 Filed 12-5-94; 8:45 am] BILLING CODE 4830-01-P