[Federal Register Volume 85, Number 113 (Thursday, June 11, 2020)]
[Proposed Rules]
[Pages 35606-35607]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12628]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-104591-18]
RIN 1545-BO67
Denial of Deduction for Certain Fines, Penalties, and Other
Amounts; Information With Respect to Certain Fines, Penalties, and
Other Amounts; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to a notice of proposed rulemaking.
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SUMMARY: This document contains a correction to a notice of proposed
rulemaking (REG-104591-18) that was published in the Federal Register
on May 13, 2020. The guidance on section 162(f) of the Internal Revenue
Code (Code), as amended by legislation enacted in 2017, concerning the
deduction of certain fines, penalties, and other amounts.
DATES: Written or electronic comments and requests for a public hearing
are still being accepted and must be received by July 13, 2020.
ADDRESSES: Send submissions to Internal Revenue Service, CC:PA: LPD:PR
(REG-104591-18), Room 5205, P.O. Box 7604, Ben Franklin Station,
Washington, DC 20044. Submission of comments electronically is strongly
suggested, as the ability to respond to mail may be delayed. It is
recommended that comments and requests for a public hearing be
submitted electronically via the Federal eRulemaking Portal at http://www.regulations.gov (IRS REG-104591-18).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
Sharon Y. Horn (202) 317-4426; concerning the information reporting
requirement, Nancy L. Rose (202) 317-5147; concerning submissions of
comments and requests for a public hearing, Regina L. Johnson, (202)
317-5177 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The proposed regulations that are the subject of this correction
are under section 162(f) of the Internal Revenue Code.
Need for Correction
As published, the notice of proposed rulemaking (REG-104591-18)
contains errors that needs to be corrected.
[[Page 35607]]
Correction of Publication
Accordingly, the notice of proposed rulemaking (REG-104591-18) that
was the subject of FR Doc.2020-08649, published at 85 FR 28524 (May 13,
2020), is corrected to read as follows:
1. On page 28529, first column, the fourth line, the language
``amounts or incurred paid'' is corrected to read ``amounts paid or
incurred''.
2. On page 28531, second column, the sixth line from the top of the
second full paragraph, the language ``and by the Office'' is corrected
to read ``and the Office''.
Sec. 1.162-21 [Corrected]
0
3. On page 28536, the third column, paragraph (f)(4), the language ``A
suit, agreement, or otherwise includes, but is not limited to,
settlement agreements, non-prosecution agreements, deferred prosecution
agreements, judicial proceedings, administrative adjudications,
decisions issued by officials, committees, commissions, boards of a
government or governmental entity, and any legal actions or hearings
which impose a liability on the taxpayer or pursuant to which the
taxpayer assumes liability''. is corrected to read ``A suit, agreement
agreements; non-prosecution agreements; deferred prosecution
agreements; judicial proceedings; administrative adjudications;
decisions issued by officials, committees, commissions, boards of a
government or governmental entity; and any legal actions or hearings
which impose a liability on the taxpayer or pursuant to which the
taxpayer assumes liability''.
0
4. On page 28537, second column, the last sentence of paragraph
(g)(3)(i), the language ``Corp. B presents evidence, as described in
paragraph (b)(3)(ii) of this section, to substantiate that the expenses
Corp. B will incur to upgrade the engines will be amounts paid to come
into compliance with State X's law''. is corrected to read ``Corp. B
presents invoices to substantiate that the expenses Corp. B will incur
to upgrade the engines will be amounts paid to come into compliance
with State X's law.''.
0
5. On page 28537, second column, the first sentence of paragraph
(g)(3)(ii), the language ``Because the agreement describes the specific
action Corp. B must take to come into compliance with State X's law,
and Corp. B presents invoices to establish that the agreement obligates
it to incur costs to come into compliance with a law, paragraph (a) of
this section would not preclude a deduction for the amounts Corp. B
incurs to come into compliance.'' is corrected to read ``Because the
agreement describes the specific action Corp. B must take to come into
compliance with State X's law, and Corp. B provides evidence, as
described in paragraph (b)(3)(ii) of this section to establish that the
agreement obligates it to incur costs to come into compliance with a
law, paragraph (a) of this section would not preclude a deduction for
the amounts Corp. B incurs to come into compliance.''.
0
6. On page 28537, second column, the third sentence of paragraph
(g)(4)(ii), the language, ``Provided Corp. D establishes, under
paragraph (b)(3) of this section, that the $60,000 constitutes
restitution, paragraph (a) does not apply.'' is corrected to read
``Provided Corp. D establishes, under paragraph (b)(3) of this section,
that the $60,000 constitutes restitution, paragraph (a) of this section
does not apply.
Martin V. Franks,
Branch Chief, Publications and Regulations Branch, Legal Processing
Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2020-12628 Filed 6-10-20; 8:45 am]
BILLING CODE 4830-01-P