[Federal Register Volume 62, Number 103 (Thursday, May 29, 1997)]
[Notices]
[Pages 29187-29188]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-14069]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service
[Delegation Order No. 172 (Rev. 5)]


Delegation of Authority

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Delegation of authority.

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SUMMARY: The authority of the Commissioner of Internal Revenue to waive 
all or part of the excise tax imposed under section 4971(f) of the 
Internal Revenue Code (Code) with respect to liquidity shortfalls 
within the meaning of section 412(m)(5)(E) of the Code is delegated to 
the Director, Employee Plans Division, and may be redelegated to branch 
chiefs within the division. The text of the delegation order appears 
below.

EFFECTIVE DATE: June 15, 1997.

FOR FURTHER INFORMATION CONTACT: John H. Turner, CP:E:EP:P:2, Room 
6702, 1111 Constitution Avenue, NW., Washington, DC 20224, (202) 622-
6214 (not a toll-free number).

Delegation Order No. 172 (Rev. 5)

    Effective: June 15, 1997.
    Waiver of Excise Taxes Imposed Under Section 4971 of the Internal 
Revenue Code.

    Authority: To waive all or part of the 100% excise imposed under 
section 4971(b) of the Internal Revenue Code in accordance with 
subsection (b) of section 3002 of the Employee Retirement Income 
Security Act of 1974 (ERISA).

    Delegated to: Director, Employee Plans Division.
    Redelegation: This authority may be redelegated to branch chiefs 
within the division for waivers that are not deemed substantial. For 
purposes of this order, a substantial waiver is a waiver of the 
additional tax liability resulting from a computation based on an 
accumulated funding deficiency in excess of one million dollars.

    Authority: To waive all or part of the excise tax imposed by 
section 4971(f) of the Internal Revenue Code with respect to 
liquidity shortfalls within the meaning of section 412(m)(5)(E).

    Delegated to: Director, Employee Plans Division.
    Redelegation: This authority may be redelegated to branch chiefs 
within the division.


[[Page 29188]]


    Source of Authority: Treasury Order 150-10.

    To the extent that the authority previously exercised consistent 
with this order may require ratification, it is hereby affirmed and 
ratified.
    This order supersedes Delegation Order No. 172 (Rev. 4), which was 
effective 12-31-96.

    Approved: April 15, 1997.
James E. Donelson,
Acting Chief Compliance Officer.
[FR Doc. 97-14069 Filed 5-28-97; 8:45 am]
BILLING CODE 4830-01-U