INCOME TAX

T.D. 8895, page 304. Final regulations implement section 6071(b) of the Code and extend the due date for filing information returns from February 28 or the last day of February to March 31 if the information returns are filed electronically by payors required to file after December 31, 1999. Final regulations under sections 6651(a)(2) and 6651(a)(3) of the Code provide that the failure to pay penalties will be reduced from 0.5 percent per month to 0.25 percent per month during the period an installment agreement under section 6159 of the Code is in effect. The penalty reduction applies to installment agreements beginning after December 31, 1999.

REG–112502–00, page 316. Proposed regulations provide guidance on the treatment under subpart F of income earned by a controlled foreign corporation (CFC) through a partnership. A public hearing is scheduled for December 5, 2000.

Rev. Proc. 2000–37, page 308. Like-kind exchanges; replacement property; “parking” arrangements. This procedure provides a safe harbor under which the Service will not challenge (a) the qualification of property as either “replacement property” or “relinquished property” for purposes of section 1031 of the Code or (b) the treat

Finding Lists begin on page ii. Index for July through September begins on page iv.

Department of the Treasury Internal Revenue Service