[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
[Rules and Regulations]
[Page 23865]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-09425]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 53

[TD 9938]
RIN 1545-BO99


Tax on Excess Tax-Exempt Organization Executive Compensation; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendments.

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SUMMARY: This document contains corrections to final regulations 
(Treasury Decision 9938) that were published in the Federal Register on 
Tuesday, January 19, 2021. The Treasury Decision provided final 
regulations implementing an excise tax on remuneration in excess of 
$1,000,000 and any excess parachute payment paid by an applicable tax-
exempt organization to any covered employee.

DATES: Effective date: These final regulation corrections are effective 
on May 5, 2021.

FOR FURTHER INFORMATION CONTACT: William McNally at (202) 317-5600 or 
Patrick Sternal at (202) 317-5800 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9938) that are the subject of this 
correction are issued under section 4960 of the Internal Revenue Code.

Need for Correction

    As published on January 19, 2021 (86 FR 6196) the final regulations 
(TD 9938) contain errors that need to be corrected.

List of Subjects in 26 CFR Part 53

    Excise taxes, Foundations, Investments, Lobbying, Reporting and 
recordkeeping requirements.

Correction of Publication

    Accordingly, 26 CFR part 53 is corrected by making the following 
correcting amendments:

PART 53--FOUNDATION AND SIMILAR EXCISE TAXES

0
Paragraph 1. The authority citation for part 53 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


0
Par. 2. Section 53.4960-0 is amended by revising the entry for Sec.  
53.4960-1(b)(3) to read as follows:


Sec.  53.4960-0  Table of contents.

    Sec.  53.4960-1 Scope and definitions.
* * * * *
    (b) * * *
    (3) [Reserved]
* * * * *

Crystal Pemberton,
Senior Federal Register Liaison, Legal Processing Division, Associate 
Chief Counsel, (Procedure and Administration).
[FR Doc. 2021-09425 Filed 5-4-21; 8:45 am]
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