[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]]

-----------------------------------------------------------------------


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.

-----------------------------------------------------------------------

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