Part IV. Items of General Interest

Because of controlled access restrictions, attendees cannot be admitted beyond the lobby of the Internal Revenue Building until 9:45 a.m.

An agenda showing the scheduling of the speakers will be made after outlines are received from the persons testifying. Copies of the agenda will be available free of charge at the hearing.

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

May 7, 1996, 8:45 a.m., and published in the issue of the Federal Register for May 8, 1996, 61 F.R. 20767)

Loans to Plan Participants; Hearing

Announcement 96–49

AGENCY: Internal Revenue Service, Treasury.

ACTION Notice of public hearing on proposed rulemaking.

SUMMARY: This document provides notice of a public hearing on proposed regulations relating to loans made from a qualified employer plan to plan participants or beneficiaries.

DATES: The public hearing will be held on Friday, June 28, 1996, beginning at 10:00 a.m. Requests to speak and outlines or oral comments must be received by Friday, May 31, 1996.

ADDRESSES: The public hearing will be held in the Internal Revenue Service Auditorium, Seventh Floor, 7400 Corridor, Internal Revenue Building, 1111 Constitution Avenue NW, Washington, DC. Requests to speak and outlines of oral comments should be mailed to the Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Attn: CC:DOM:CORP:R [EE 106–82], Room 5226, Washington, DC 20044.

FOR FURTHER INFORMATION CONTACT: Christina Vasquez of Regulations Unit, Assistant Chief Counsel (Corporate), (202) 622-6803 (not a tollfree number).

OMB Approval of Form 3115

Announcement 96–47

Form 3115, Application for Change in Accounting Method, and the separate Instructions for Form 3115, were revised and have been approved by the Office of Management and Budget (OMB) through May 31, 1999. This February 1996 revision is the current Form 3115 and replaces the November 1992 version. Copies of the revised form and instructions are available at most IRS offices.

Applicants may order Form 3115 by telephone or they may use other IRS electronic information services to get copies.

FUTA Taxation of Amounts Under Employee Benefits Plans; FICA Taxation of Amounts Under Employee Benefits Plans; Hearing

Announcement 96–48

AGENCY: Internal Revenue Service, Treasury.

ACTION: Notice of public hearing on proposed regulations.

SUMMARY: This document provides notice of a public hearing on proposed Income Tax Regulations relating to when amounts deferred under or paid from certain nonqualified deferred compensation plans are taken into account as ‘‘wages’’ for purposes of the employment taxes imposed by the Federal Unemployment Tax Act and

the Federal Insurance Contributions Act.

DATES: The public hearing will be held on Monday, June 24, 1996, beginning at 10:00 a.m. Requests to speak and outlines of oral comments must be received by Monday, June 3, 1996.

ADDRESSES: The public hearing will be held in the Internal Revenue Service Auditorium, Seventh Floor, 7400 Corridor, Internal Revenue Building, 1111 Constitution Avenue, NW, Washington, DC. Requests to speak and outlines of oral comments should be submitted to the Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Attn: CC:DOM:CORP:R [EE–55–95]; [EE– 142–87] Room 5228, Washington, DC 20044.

FOR FURTHER INFORMATION CONTACT: Mike Slaughter of the Regulations Unit, Assistant Chief Counsel (Corporate), (202) 622-7190, (not a toll-free number).

SUPPLEMENTARY INFORMATION: The subject of the public hearing is proposed amendments to the Income Tax Regulations under sections 3306 and 3121 of the Internal Revenue Code of 1986. These proposed regulations (EE–55–95, 1996–12 I.R.B. 12; EE– 142–87, 1996–12 I.R.B. 13) appeared in the Federal Register for Thursday, January 25, 1996 (61 FR 2194; 2214).

The rules of § 601.601 (a)(3) of the ‘‘Statement of Procedural Rules’’ (26 CFR part 601) shall apply with respect to the public hearing. Persons who have submitted written comments within the time prescribed in the notice of proposed rulemaking and who also desire to present oral comments at the hearing on the proposed regulations should submit not later than Monday, June 3, 1996, an outline of the oral comments/testimony to be presented at the hearing and the time they wish to devote to each subject.

Each speaker (or group of speakers representing a single entity) will be limited to 10 minutes for an oral presentation exclusive of the time consumed by the questions from the panel for the government and answers to these questions.

1996–27 I.R.B. 10

SUPPLEMENTARY INFORMATION:

The subject of the public hearing is proposed amendments to the Income Tax Regulations under section 72 of the Internal Revenue Code of 1986. The proposed regulations (EE–106–82, 1996–10 I.R.B. 31) appeared in the Federal Register for Thursday, December 21, 1995 (60 FR 66233).

The rules of §601.601(a)(3) of the ‘‘Statement of Procedural Rules’’ (26 CFR Part 601) shall apply with respect to the public hearing. Persons who have submitted written comments within the time prescribed in the notice of proposed rulemaking and who also desire to present oral comments at the hearing on the proposed regulations should submit not later than Friday, May 31, 1996, an outline of the oral comments/testimony to be presented at the hearing and the time they wish to devote to each subject.

Each speaker (or group of speakers representing a single entity) will be limited to 10 minutes for an oral presentation exclusive of the time consumed by the questions from the panel for the government and answer thereto.

Because of controlled access restrictions, attenders cannot be admitted beyond the lobby of the Internal Revenue Building until 9:45 a.m.

An agenda showing the scheduling of the speakers will be make after outlines are received from the persons testifying. Copies of the agenda will be available free of charge at eh hearing.

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

May 7, 1996, 8:45 a.m., and published in the issue of the Federal Register for May 8, 1996, 61 F.R. 20766)

Section 6662—Imposition of the Accuracy-Related Penalty; Correction

Announcement 96–50

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to final and temporary regulations.

SUMMARY: This document contains corrections to final and temporary

regulations [TD 8656 [1996–13 I.R.B. 9]] which were published in the Federal Register for Friday, February 9, 1996 (61 FR 4876). The regulations provide guidance on the imposition of the accuracy related penalty.

EFFECTIVE DATE: February 9, 1996.

FOR FURTHER INFORMATION CONTACT: Carolyn D. Fanaroff of the Office of Associate Chief Counsel (International), (202) 622-3880 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final and temporary regulations that are the subject of these corrections are under section 6662 of the Internal Revenue Code.

Need for Correction

As published, TD 8656 contains errors that are in need of clarification.

Correction of Publication

Accordingly, the publication of final and temporary regulations which are the subject of FR Doc. 96–2171 is corrected as follows:

1. On page 4878, column 1, in the preamble following the paragraph heading ‘‘ Reasonably Thorough Search for Data ’’, third full paragraph, line 8, the language ‘‘expense a search for data against (i) the’’ is corrected to read ‘‘expense of a search for data against (i) the’’.

§1.6662–0 [Corrected]

2. On page 4879, column 2, §1.6662–0, the entry for §1.6662– 5T(e)(4) and (e)(4)(i) are corrected to read as follows:

§1.6662–0 Table of contents.

- - - - -

§1.6662–5T Substantial and gross valuation misstatements under chapter 1 (Temporary).

* * * * * *

(e)(4) Tests related to section 482.

(i) Substantial valuation misstatement.

- - - - -

§1.6662–5T [Corrected]

3. On page 4880, column 1, §1.6662–5T, paragraph (e)(4)(iii), lines 5 through 9, the language ‘‘such as land, buildings, fixtures and inventory. Intangible property includes property such as goodwill. Covenants not to compete, leaseholds, patents, contract rights, debts and choses in’’ is corrected to read ‘‘such as money, land, buildings, fixtures and inventory. Intangible property includes property such as goodwill, covenants not to compete, leaseholds, patents, contract rights, debts, choses in’’.

§1.6662–6 [Corrected]

4. On page 4882, column 3, §1.6662–6, paragraph (d)(2)(iii)(A), line 10, the language ‘‘provided the most accurate measure of’’ is corrected to read ‘‘provided the most reliable measure of’’.

5. On page 4883, column 1, §1.6662–6, paragraph (d)(2)(iii)(C), line 2 from the bottom of the page, the language ‘‘provided the most accurate measure of’’ is corrected to read ‘‘provided the most reliable measure of’’.

6. On page 4884, column 2, §1.6662–6, paragraph (e), in the Exam- ple., line 7, the language ‘‘which was carried to taxpayer’s year 2 year’’ is corrected to read ‘‘which was carried to taxpayer’s year 2’’.

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

March 29, 1996, 8:45 a.m., and published in the issue of the Federal Register for April 1, 1996, 61 F.R. 14248)

Regulations on Effectively Connected Income and the Branch Profits Tax; Correction

Announcement 96–51

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to final and temporary regulations.

11 1996–27 I.R.B.

SUMMARY: This document contains corrections to final Income Tax Regulations (TD 8657 [1996–14 I.R.B. 4]), which were published in the Federal Register on Friday, March 8, 1996 (61 FR 9336), relating to the determination of effectively connected income; and final and temporary Income Tax Regulations relating to the branch-level interest tax, respectively.

EFFECTIVE DATE: June 6, 1996.

FOR FURTHER INFORMATION CONTACT: Gwendolyn A. Stanley, (202) 622-3860 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of these corrections are under sections 861, 864, 871, 884, and 897 of the Internal Revenue Code.

Need for Correction

As published, the final regulations (TD 8657) contain errors which may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of the final and temporary regulations (TD 8657) which are the subject of FR Doc. 96–5261 is corrected as follows:

§ 1.884–1 [Corrected]

1. On page 9338, column 3, in amendatory instruction 11.b. under ‘‘Par. 5.’’, § 1.884–1 (e)(5) Example 1.

the first entry in the table is corrected to read as follows:

Sentence Remove Add

First, third, and fifth sentence.

---

1993 . . . . . 1997

Internal Revenue Code of 1986 are listed below.

Generally, the Service will not disallow deductions for contributions made to a listed organization on or before the date of announcement in the Internal Revenue Bulletin that an organization no longer qualifies. However, the Service is not precluded from disallowing a deduction for any contributions made after an organization ceases to qualify under section 170(c)(2) if the organization has not timely filed a suit for declaratory judgment under section 7428 and if the contributor (1) had knowledge of the revocation of the ruling or determination letter, (2) was aware that such revocation was imminent, or (3) was in part responsible for or was aware of the activities or omissions of the organization that brought about this revocation.

If on the other hand a suit for declaratory judgment has been timely filed, contributions from individuals and organizations described in section 170(c)(2) that are otherwise allowable will continue to be deductible. Protection under section 7428(c) would begin on May 28, 1996, and would end on the date the court first determines that the organization is not described in section 170(c)(2) as more particularly set forth in section 7428(c)(1). For individual contributors, the maximum deduction protected is $1,000, with a husband and wife treated as one contributor. This benefit is not extended to any individual who was responsible, in whole or in part, for the acts or omissions of the organization that were the basis for revocation.

§ 1.884–5 [Corrected]

2. On page 9343, column 1, § 1.884–5 (e)(4)(ii), line 7, the language ‘‘country in its country of residence’’ is corrected to read ‘‘corporation in its country of residence’’.

§ 1.897–1 [Corrected]

3. On page 9343, column 1, amendatory instruction ‘‘Par. 10.’’ is corrected by removing items 1. and 2. and correcting ‘‘Par. 10.’’ to read as follows:

Par. 10. Paragraph (f)(2)(i) in § 1.897–1 is revised to read as follows:

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

March 29, 1996, 8:45 a.m., and published in the issue of the Federal Register for April 1, 1996, 61 F.R. 14247)

Deletions from Cumulative List of Organizations Contributions to Which Are Deductible Under Section 170 of the Code

Announcement 96–52

The names of organizations that no longer qualify as organizations described in section 170(c)(2) of the

Louisville, KY

Evangelism Outreach, Inc.

Franklin Springs, GA Market Street Mission

1996–27 I.R.B. 12