Reg-106736-00

Part IV. Items of General Interest
Notice of Proposed
Rulemaking by
Cross-Reference to
Temporary Regulations
Assumption of Liabilities
REG–106736–00
AGENCY: Internal Revenue Service
(IRS), Treasury
ACTION: Notice of proposed rulemaking
by cross-reference to temporary regulations.
SUMMARY: In this issue of the Bulletin,
the IRS is issuing final and temporary regulations (T.D. 9207) relating to the assumption of liabilities under section 752 of
the Internal Revenue Code (Code). Those
temporary regulations contain rules related
to the assumption of certain liabilities under section 358(h). The text of those temporary regulations also serves as the text of
these proposed regulations.
DATES: Written or electronic comments
and requests for a public hearing must be
received by August 24, 2005.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR
(REG–106736–00),
room 5203, Internal Revenue Service, PO 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–106736–00), Courier’s Desk, Internal Revenue Service, 1111 Constitution
Avenue, NW, Washington, DC, or sent
electronically, via the IRS Internet site at
www.irs.gov/regs or via the Federal eRulemaking Portal at www.regulations.gov
(IRS–REG–106736–00).
FOR
FURTHER
INFORMATION
CONTACT: Concerning the proposed regulations, Doug Bates, at (202) 622–7550;
concerning submissions of comments
and/or requests for a public hearing, Sonya
Cruse, (202) 622–7180 (not toll-free numbers).

June 27, 2005

SUPPLEMENTARY INFORMATION:

Drafting Information

Explanation of Provisions

The principal author of these regulations is Douglas Bates, Office of the Associate Chief Counsel (Corporate), IRS.
However, other personnel from the IRS
and Treasury Department participated in
their development.

Temporary regulations in this issue of
the Bulletin amend 26 CFR Part 1 relating to section 358(h)(1). The temporary
regulations make unavailable the exception to section 358(h)(1) that is set forth in
section 358(h)(2)(B) (which applies where
substantially all of the assets with which
the liability is associated are transferred to
the person assuming the liability as part of
the exchange). The text of those temporary
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 is hereby certified that these regulations will not have a
significant economic impact on a substantial number of small entities. This certification is based upon the fact that the only
impact of the regulations is to require taxpayers to calculate the basis of stock received in certain transactions more accurately. Therefore, a Regulatory Flexibility
Analysis under the Regulatory Flexibility
Act (5 U.S.C. Chapter 6) is not required.
Pursuant to section 7805(f) of the Code,
this notice of proposed rulemaking will be
submitted to the Chief Counsel for Advocacy of the Small Business Administration
for comment on its impact.
Comments and Requests for a Public
Hearing
Before these regulations are adopted
as final regulations, consideration will be
given to any written comments (a signed
original with eight (8) copies) or electronic
comments that are submitted timely to the
IRS. All comments will be made available
for public inspection and copying. A public hearing may be scheduled. If a public
hearing is scheduled, notice of the date,
time, and place for the public hearing will
be published in the Federal Register.

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Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is proposed
to be amended as follows:
PART 1—INCOME TAXES
Paragraph 1. The authority citation for
part 1 is amended by adding an entry in
numerical order to read, in part, as follows:
Authority: 26 U.S.C. 7805 * * *
§1.358–5 also issued under 26 U.S.C.
358(h)(2). * * *
Par. 2. Section 1.358–5 is added to read
as follows:
§1.358–5 Special rules for assumption of
liabilities.
[The text of proposed §1.358–5 is the
same as the text of §1.358–5T published
elsewhere in this issue of the Bulletin].
Mark E. Matthews,
Deputy Commissioner for
Services and Enforcement.
(Filed by the Office of the Federal Register on May 23, 2005,
11:17 a.m., and published in the issue of the Federal Register
for May 26, 2005, 70 F.R. 30380)

New Procedure for Filing Form
8693, Low-Income Housing
Credit Disposition Bond
Announcement 2005–43
Form 8693, Low-Income Housing
Credit Disposition Bond, is to be filed
with the Internal Revenue Service within
60 days after the date of disposition of the
building or interest therein.
Effective upon publication of this announcement, Form 8693 (original and one

2005–26 I.R.B.