[Federal Register Volume 74, Number 186 (Monday, September 28, 2009)]
[Proposed Rules]
[Pages 49354-49355]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-23423]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 301
[REG-108045-08]
RIN 1545-BI44
Definition of Omission From Gross Income
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
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SUMMARY: This document contains proposed regulations defining an
omission from gross income for purposes of the six-year minimum period
for assessment of tax attributable to partnership items and the six-
year period for assessing tax. The regulations resolve a continuing
issue as to whether an overstatement of basis in a sold asset results
in an omission from gross income. The regulations will affect any
taxpayer who overstates basis in a sold asset creating an omission from
gross income exceeding twenty-five percent of the income stated in the
return. The text of the temporary regulations published in the Rules
and Regulations section of this issue of the Federal Register also
serves as the text of these proposed regulations. This document also
provides notice of a public hearing on these proposed and temporary
regulations.
DATES: Written or electronic comments and requests for a public hearing
must be received by December 28, 2009.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-108045-08), room
5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand delivered Monday through
Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-
108045-08), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue, NW., Washington, DC, or sent electronically via the Federal
eRulemaking Portal at http://www.regulations.gov (IRS REG-108045-08).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
William A. Heard, III at (202) 622-4570; concerning submissions of
comments and requests for a public hearing,
[email protected], (202) 622-7180 (not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of Provisions
Temporary regulations in the Rules and Regulations section of this
issue of the Federal Register amend the Procedure and Administration
Regulations (26 CFR part 301) relating to sections 6229(c)(2) and
6501(e). The text of those regulations also serves as the text of these
proposed regulations. The preamble to the temporary regulations
explains the amendments.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in Executive Order
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
these regulations do 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
regulations have been submitted to the Chief Counsel for Advocacy of
the Small Business Administration for comment on their 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 (a signed original and eight
(8) copies) or electronic comments that are submitted timely to the
IRS. The IRS and the Treasury Department request comments on the
substance of the proposed regulations, as well as on the clarity of the
proposed rules and how they can be made easier to understand. All
public comments will be made available for public inspection and
copying. A public hearing will be scheduled if requested in writing by
any person that timely submits comments. If a public hearing is
scheduled, notice of the date, time, and place for the public hearing
will be published in the Federal Register.
Drafting Information
The principal author of these regulations is William A. Heard III
of the Office of the Associate Chief Counsel (Procedure and
Administration).
List of Subjects in 26 CFR Part 301
Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income
taxes, Penalties, Reporting and recordkeeping requirements.
[[Page 49355]]
Proposed Amendments to the Regulations
Accordingly, 26 CFR Part 301 is proposed to be amended as follows:
PART 301--PROCEDURE AND ADMINISTRATION
Paragraph 1. The authority citation for part 301 is amended by
adding the entry in numerical order to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Section 301.6229(c)(2)-1 is also issued under 26 U.S.C. 6230(k).
* * *
Par. 2. Section 301.6229(c)(2)-1 is added to read as follows:
Sec. 301.6229(c)(2)-1 Substantial omission of income.
[The text of Sec. 301.6229(c)(2)-1 is the same as the text of
Sec. 301.6229(c)(2)-1T published elsewhere in this issue of the
Federal Register].
Par. 3. Section 301.6501(e)-1 is added to read as follows:
Sec. 301.6501(e)-1 Omission from return.
[The text of Sec. 301.6501(e)-1 is the same as the text of Sec.
301.6501(e)-1T published elsewhere in this issue of the Federal
Register].
Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
[FR Doc. E9-23423 Filed 9-24-09; 4:15 pm]
BILLING CODE 4830-01-P