Internal Revenue Bulletin: 2009-20 |
May 18, 2009 |
Notice of Proposed Rulemaking by Cross-Reference to Temporary Regulations Use of Actuarial Tables in Valuing Annuities, Interests for Life or Terms of Years, and Remainder or Reversionary Interests
Table of Contents
These proposed regulations relate to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests. These regulations will affect the valuation of inter vivos and testamentary transfers of interest dependent on one or more measuring lives. These regulations are necessary because section 7520(c)(3) directs the Secretary to update the actuarial tables to reflect the most recent mortality experience available. The text of the temporary regulations (T.D. 9448) in this issue of the Bulletin also serves as the text of these proposed regulations.
Written and electronic comments and requests for a public hearing must be received by August 5, 2009.
Send submissions to CC:PA:LPD:PR (REG-107845-08), room 5205, 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-107845-08), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW, Washington, DC, or sent via the Federal eRulemaking Portal at www.regulations.gov (REG-107845-08).
Mayer R. Samuels, (202) 622-3090; concerning submissions of comments, Richar.A.Hurst@irscounsel.treas.gov, (202) 622-7180 (not toll-free numbers).
Temporary regulations in this issue of the Bulletin amend Income Tax Regulations (26 CFR part 1) under sections 642(c)(5) and 664, Estate Tax Regulations (26 CFR part 20) under section 2031, and Gift Tax Regulations (26 CFR part 25) under section 2512. These regulations revise actuarial tables used for the valuation of partial interests in property under section 7520 to reflect the mortality experience based on the 2000 United States census, the most recent mortality experience available.
The text of those temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations.
It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in EO 12866. Therefore, a regulatory assessment is not required. It also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to these regulations, and because these regulations do not impose a collection of information requirement on small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Pursuant to section 7805(f) of the Internal Revenue Code this regulation has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business.
Before these proposed regulations are adopted as final regulations, consideration will be given to any written (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The IRS and the Treasury Department also request comments on the clarity of the proposed rules and how they can be made easier to understand. All comments will be available for public inspection and copying. A public hearing will be scheduled if requested in writing by any person that timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place for the public hearing will be published in the Federal Register.
* * * * *
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.170A-12 is amended as follows:
1. Paragraphs (b)(2) and (b)(3) are revised.
2. Paragraph (f) is added.
The revisions and addition read as follows:
* * * * *
(b) * * *
(2) [The text of this proposed paragraph (b)(2) is the same as the text of §1.170A-12T(b)(2) published elsewhere in this issue of the Bulletin].
(3) [The text of this proposed paragraph (b)(3) is the same as the text of §1.170A-12T(b)(3) published elsewhere in this issue of the Bulletin].
* * * * *
(f) [The text of this proposed paragraph (f) is the same as the text of §1.170A-12T(f) published elsewhere in this issue of the Bulletin].
* * * * *
Par. 3. Section 1.642(c)-6 is amended by revising paragraphs (d), (e) and (f) to read as follows:
* * * * *
(d) [The text of this proposed paragraph (d) is the same as the text of §1.642(c)-6T(d) published elsewhere in this issue of the Bulletin].
(e) [The text of this proposed paragraph (e) is the same as the text of §1.642(c)-6T(e) published elsewhere in this issue of the Bulletin].
(f) [The text of this proposed paragraph (f) is the same as the text of §1.642(c)-6T(f) published elsewhere in this issue of the Bulletin].
Par. 4. Section 1.664-4 is amended by revising paragraphs (a)(1), (d), (e)(1), (e)(2), (e)(5), (e)(7), and (f) to read as follows:
(a) * * *
(1) [The text of this proposed paragraph (a)(1) is the same as the text of §1.664-4T(a)(1) published elsewhere in this issue of the Bulletin].
* * * * *
(d) [The text of this proposed paragraph (d) is the same as the text of §1.664-4T(d) published elsewhere in this issue of the Bulletin].
(e)(1) [The text of this proposed paragraph (e)(1) is the same as the text of §1.664-4T(e)(1) published elsewhere in this issue of the Bulletin].
(e)(2) [The text of this proposed paragraph (e)(2) is the same as the text of §1.664-4T(e)(2) published elsewhere in this issue of the Bulletin].
* * * * *
(e)(5) [The text of this proposed paragraph (e)(5) is the same as the text of §1.664-4T(e)(5) published elsewhere in this issue of the Bulletin].
* * * * *
(e)(7) [The text of this proposed paragraph (e)(7) is the same as the text of §1.664-4T(e)(7) published elsewhere in this issue of the Bulletin].
(f) [The text of this proposed paragraph (f) is the same as the text of §1.664-4T(f) published elsewhere in this issue of the Bulletin].
Par. 5. Section 1.7520-1 is amended by revising paragraphs (a)(1), (a)(2), (b)(2), (c)(1), (c)(2) and (d) to read as follows:
(a) (1) [The text of this proposed paragraph (a)(1) is the same as the text of §1.7520-1T(a)(1) published elsewhere in this issue of the Bulletin].
(2) [The text of this proposed paragraph (a)(2) is the same as the text of §1.7520-1T(a)(2) published elsewhere in this issue of the Bulletin].
(b) * * *
(2) [The text of this proposed paragraph (b)(2) is the same as the text of §1.7520-1T(b)(2) published elsewhere in this issue of the Bulletin].
(c) * * *
(1) [The text of this proposed paragraph (c)(1) is the same as the text of §1.7520-1T(c)(1) published elsewhere in this issue of the Bulletin].
(2) [The text of this proposed paragraph (c)(2) is the same as the text of §1.7520-1T(c)(2) published elsewhere in this issue of the Bulletin].
(d) [The text of this proposed paragraph (d) is the same as the text of §1.7520-1T(d) published elsewhere in this issue of the Bulletin].
Par. 6. The authority citation for part 20 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 7. Section 20.2031-7 is amended by revising paragraphs (c), (d)(1), (d)(2), (d)(3), (d)(4), (d)(5), (d)(7), and (e) to read as follows:
* * * * *
(c) [The text of this proposed paragraph (c) is the same as the text of §20.2031-7T(c) published elsewhere in this issue of the Bulletin].
(d) [The text of this proposed paragraph (d)(1) through (d)(5) is the same as the text of §20.2031-7T(d)(1) through (d)(5) published elsewhere in this issue of the Bulletin].
* * * * *
(7) [The text of this proposed paragraph (d)(7) is the same as the text of §20.2031-7T(d)(7) published elsewhere in this issue of the Bulletin].
(e) [The text of this proposed paragraph (e) is the same as the text of §20.2031-7T(e) published elsewhere in this issue of the Bulletin].
Par. 8. Section 20.2032-1 is amended by revising paragraphs (f)(1) and (h) to read as follows:
* * * * *
(f) * * *
(1) [The text of this proposed paragraph (f)(1) is the same as the text of §20.2032-1T(f)(1) published elsewhere in this issue of the Bulletin].
* * * * *
(h) [The text of this proposed paragraph (h) is the same as the text of §20.2032-1T(h) published elsewhere in this issue of the Bulletin].
Par. 9. Section 20.2055-2 is amended by revising paragraphs (e)(3)(iii) and (f)(4) to read as follows:
* * * * *
(e) * * *
(3) * * *
(iii) [The text of this proposed paragraph (e)(3)(iii) is the same as the text of §20.2055-2T(e)(3)(iii) published elsewhere in this issue of the Bulletin].
* * * * *
(f) * * *
(4) [The text of this proposed paragraph (f)(4) is the same as the text of §20.2055-2T(f)(4) published elsewhere in this issue of the Bulletin].
Par. 10. Section 20.2056A-4 is amended by revising paragraph (c)(4)(ii)(B) and Example 4 in paragraph (d) to read as follows:
* * * * *
(c) * * *
(4) * * *
(ii) * * *
(B) [The text of this proposed paragraph (c)(4)(ii)(B) is the same as the text of §20.2056A-4T(c)(4)(ii)(B) published elsewhere in this issue of the Bulletin].
* * * * *
(d) * * *
Example 4. [The text of this proposed paragraph (d), Example 4 is the same as the text of Example 4 in §20.2056A-4T(d) published elsewhere in this issue of the Bulletin].
Par. 11. Section 20.7520-1 is amended by revising paragraphs (a)(1), (a)(2), (b)(2), (c)(1), (c)(2) and (d) to read as follows:
(a) * * *(1) [The text of this proposed paragraph (a)(1) is the same as the text of §20.7520-1T(a)(1) published elsewhere in this issue of the Bulletin].
(2) [The text of this proposed paragraph (a)(2) is the same as the text of §20.7520-1T(a)(2) published elsewhere in this issue of the Bulletin].
(3) * * *
(b) * * *
(2) [The text of this proposed paragraph (b)(2) is the same as the text of §20.7520-1T(b)(2) published elsewhere in this issue of the Bulletin].
(1) [The text of this proposed paragraph (c)(1) is the same as the text of §20.7520-1T(c)(1) published elsewhere in this issue of the Bulletin].
(2) [The text of this proposed paragraph (c)(2) is the same as the text of §20.7520-1T(c)(2) published elsewhere in this issue of the Bulletin].
(d) [The text of this proposed paragraph (d) is the same as the text of §20.7520-1T(d) published elsewhere in this issue of the Bulletin].
Par. 12. The authority citation for part 25 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 13. Section 25.2512-5 is amended by revising paragraphs (c), (d) and (e) to read as follows:
* * * * *
(c) [The text of this proposed paragraph (c) is the same as the text of §25.2512-5T(c) published elsewhere in this issue of the Bulletin].
(d) [The text of this proposed paragraph (d) is the same as the text of §25.2512-5T(d) published elsewhere in this issue of the Bulletin].
(e) [The text of this proposed paragraph (e) is the same as the text of §25.2512-5T(e) published elsewhere in this issue of the Bulletin].
Par. 14. Section 25.2522(c)-3 is amended by revising paragraph (e) to read as follows:
* * * * *
(e) [The text of this proposed paragraph (e) is the same as the text of §25.2522(c)-3T(e) published elsewhere in this issue of the Bulletin].
Par. 15. Section 25.7520-1 is amended by revising paragraphs (a)(1), (a)(2), (b)(2), (c)(1), (c)(2) and (d) to read as follows:
(a) * * *(1) [The text of this proposed paragraph (a)(1) is the same as the text of §25.7520-1T(a)(1) published elsewhere in this issue of the Bulletin].
(2) [The text of this proposed paragraph (a)(2) is the same as the text of §25.7520-1T(a)(2) published elsewhere in this issue of the Bulletin].
(3) * * *
(b) * * *
(2) [The text of this proposed paragraph (b)(2) is the same as the text of §25.7520-1T(b)(2) published elsewhere in this issue of the Bulletin].
(c) * * *
(1) [The text of this proposed paragraph (c)(1) is the same as the text of §25.7520-1T(c)(1) published elsewhere in this issue of the Bulletin].
(2) [The text of this proposed paragraph (c)(2) is the same as the text of §25.7520-1T(c)(2) published elsewhere in this issue of the Bulletin].
(d) [The text of this proposed paragraph (d) is the same as the text of §25.7520-1T(d) published elsewhere in this issue of the Bulletin].
Par. 16. Section 25.7520-3 is amended as follows:
1. In paragraph (b)(2)(v), Example 5 is revised.
2. Paragraph (b)(4) is revised.
3. Paragraph (c) is revised.
The revised text reads as follows:
* * * * *
(b) * * *
(2) * * *
(v) * * *
Example 5. [The text of this proposed paragraph (b)(2)(v), Example 5 is the same as the text of §25.7520-3T(b)(2)(v), Example 5, published elsewhere in this issue of the Bulletin].
* * * * *
(b)(4) [The text of this proposed paragraph (b)(4) is the same as the text of §25.7520-3T(b)(4) published elsewhere in this issue of the Bulletin].
* * * * *
(c) [The text of this proposed paragraph (c) is the same as the text of §25.7520-3T(c) published elsewhere in this issue of the Bulletin].
Linda E. Stiff,
Deputy Commissioner
for Services and Enforcement.
Note
(Filed by the Office of the Federal Register on May 1, 2009, 4:15 p.m., and published in the issue of the Federal Register for May 7, 2009, 74 F.R. 21519)
| More Internal Revenue Bulletins |