Meals and Entertainment Expenses Under Section 274; Correction

• Published date: 18 December 2020
• Citation: 85 FR 82355
• Record Number: 2020-26860
• Section: Rules and Regulations
• Court: Internal Revenue Service

82355

Federal Register / Vol. 85, No. 244 / Friday, December 18, 2020 / Rules and Regulations

the event that a buyer deems the

delivered cannabis to be defective, the

buyer’s sole remedy for damages shall

be against the grower and not the

Administration.

Timothy J. Shea,

Acting Administrator.

[FR Doc. 2020–27999 Filed 12–17–20; 8:45 am]

BILLING CODE 4410–09–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9925]

RIN 1545–BP23

Meals and Entertainment Expenses

Under Section 274; Correction

AGENCY

: Internal Revenue Service (IRS),

Treasury.

ACTION

: Final regulations; correction.

SUMMARY

: This document contains

corrections to the final regulations

(Treasury Decision 9925) that published

in the Federal Register on October 9,

2020. The final regulations provide

guidance under section 274 of the

Internal Revenue Code (Code) regarding

certain recent amendments made to that

section. Specifically, the final

regulations address the elimination of

the deduction under section 274 for

expenditures related to entertainment,

amusement, or recreation activities, and

provide guidance to determine whether

an activity is of a type generally

considered to be entertainment.

DATES

: These corrections are effective

on December 18, 2020 and applicable

for taxable years that begin on or after

October 9, 2020.

FOR FURTHER INFORMATION CONTACT

:

Patrick Clinton of the Office of the

Associate Chief Counsel (Income Tax

and Accounting), (202) 317–7005 (not

toll-free numbers).

SUPPLEMENTARY INFORMATION

:

Background

The final regulations (TD 9925) that

are the subject of this correction are

issued under section 274 of the Internal

Revenue Code.

Need for Correction

As published the final regulations (TD

9925) contain errors that need to be

corrected.

Correction of Publication

Accordingly, the final regulations (TD

9925), that are the subject of FR Doc.

2020–21990, published on October 9,

2020 (85 FR 64026), are corrected as

follows:

1. On page 64031, third column, the

second line, the language ‘‘in

Sutherland Lumber’’ is corrected to read

‘‘in Sutherland Lumber-Southwest’’.

2. On page 64031, third column, the

ninth line of the second full paragraph,

the language ‘‘§ 1.274–10(a)(2)(ii)(C)(2)’’

is corrected to read ‘‘§ 1.274–

10(a)(2)(ii)(C)(2)’’.

3. On page 64032, second column, the

second line, the language ‘‘or gross

income is zero, whether zero is’’ is

corrected to read ‘‘or gross income is

zero (other than due to a reimbursement

by the recipient), whether zero is’’.

4. On page 64032, second column, the

thirteenth line from the top of the page,

the language ‘‘(e)(9) do not apply.’’ is

corrected to read ‘‘(e)(9) generally do not

apply.’’.

5. On page 64032, second column, the

thirteenth line from the top of the page,

the language ‘‘Similarly, the exceptions

in section 274(e)(2) and (e)(9) do not

apply if’’ is corrected to read ‘‘However,

the exceptions in section 274(e)(2) and

(e)(9) will apply if the recipient

reimburses the taxpayer for a portion of

the value of the food or beverages even

if the value exceeding the reimbursed

amount is properly excluded from the

recipient’s compensation and wages or

gross income. In this case, however, the

taxpayer must apply the dollar-for-

dollar rule as described in § 1.274–

12(c)(2)(i)(D). In cases in which’’.

6. On page 64032, second column, the

second and last sentence from the

bottom of the first partial paragraph,

remove the language ‘‘. In that case,

however,’’.

7. On page 64032, third column, the

third line of the second full paragraph,

the language ‘‘regulations confirm’’ is

corrected to read ‘‘regulations

confirmed’’.

8. On page 64032, third column, the

twelfth line of the second full

paragraph, the language ‘‘demonstrates’’

is corrected to read ‘‘demonstrated’’.

Crystal Pemberton,

Senior Federal Register Liaison, Publications

and Regulations Branch, Legal Processing

Division, Associate Chief Counsel, (Procedure

and Administration).

[FR Doc. 2020–26860 Filed 12–17–20; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF HOMELAND

SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG–2020–0694]

Drawbridge Operation Regulation; Gulf

Intracoastal Waterway, Madeira Beach

FL

AGENCY

: Coast Guard, DHS.

ACTION

: Notice of temporary deviation

from regulations; request for comments.

SUMMARY

: The Coast Guard has issued a

temporary deviation from the operating

schedule that governs the Welch

Causeway (SR 699) Bridge, mile 122.8 at

Madeira Beach, Florida. A request was

made to place the drawbridge on a daily

operating schedule to alleviate vehicle

congestion due to on demand bridge

openings. This deviation will test a

change to the drawbridge operation

schedule to determine whether a

permanent change to the schedule is

needed. The Coast Guard is seeking

comments from the public regarding

these proposed changes.

DATES

: This deviation is effective from

12:01 a.m. on January 1, 2021 through

11:59 p.m. on June 25, 2021.

Comments and relate material must

reach the Coast Guard on or before

February 25, 2021.

ADDRESSES

: You may submit comments

identified by docket umber USCG–

2020–0694 using Federal eRulemaking

Portal at https://www.regulations.gov.

See the ‘‘Public Participation and

Request for Comments’’ portion of the

SUPPLEMENTARY INFORMATION

section

below for instructions on submitting

comments.

FOR FURTHER INFORMATION CONTACT

: If

you have questions on this test

deviation, call or email LT Clark W.

Sanford, U.S. Coast Guard, Sector Saint

Petersburg Waterways Management

Division; telephone 727–824–7506,

email Clark.W.Sanford@uscg.mil.

SUPPLEMENTARY INFORMATION

:

I. Background, Purpose and Legal Basis

The Welch Causeway (SR699) Bridge

across the Gulf Intracoastal Waterway,

mile 122.8, at Madeira Beach, Florida is

a double-leaf bascule bridge with a 25

foot vertical clearance at mean high

water in the closed position and an 89

foot horizontal clearance between

fenders. The normal operating schedule

for the bridge is found in 33 CFR

117.287(h). Navigation on the waterway

is commercial and recreational.

The City of Madeira Beach Florida has

requested the current operating

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