Tax on Excess Tax-Exempt Organization Executive Compensation; Correction

Published date05 May 2021
Citation86 FR 23865
Record Number2021-09425
SectionRules and Regulations
CourtInternal Revenue Service
Federal Register, Volume 86 Issue 85 (Wednesday, May 5, 2021)
[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)]
                [Rules and Regulations]
                [Page 23865]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2021-09425]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                26 CFR Part 53
                [TD 9938]
                RIN 1545-BO99
                Tax on Excess Tax-Exempt Organization Executive Compensation;
                Correction
                AGENCY: Internal Revenue Service (IRS), Treasury.
                ACTION: Correcting amendments.
                -----------------------------------------------------------------------
                SUMMARY: This document contains corrections to final regulations
                (Treasury Decision 9938) that were published in the Federal Register on
                Tuesday, January 19, 2021. The Treasury Decision provided final
                regulations implementing an excise tax on remuneration in excess of
                $1,000,000 and any excess parachute payment paid by an applicable tax-
                exempt organization to any covered employee.
                DATES: Effective date: These final regulation corrections are effective
                on May 5, 2021.
                FOR FURTHER INFORMATION CONTACT: William McNally at (202) 317-5600 or
                Patrick Sternal at (202) 317-5800 (not toll-free numbers).
                SUPPLEMENTARY INFORMATION:
                Background
                 The final regulations (TD 9938) that are the subject of this
                correction are issued under section 4960 of the Internal Revenue Code.
                Need for Correction
                 As published on January 19, 2021 (86 FR 6196) the final regulations
                (TD 9938) contain errors that need to be corrected.
                List of Subjects in 26 CFR Part 53
                 Excise taxes, Foundations, Investments, Lobbying, Reporting and
                recordkeeping requirements.
                Correction of Publication
                 Accordingly, 26 CFR part 53 is corrected by making the following
                correcting amendments:
                PART 53--FOUNDATION AND SIMILAR EXCISE TAXES
                0
                Paragraph 1. The authority citation for part 53 continues to read in
                part as follows:
                 Authority: 26 U.S.C. 7805 * * *
                0
                Par. 2. Section 53.4960-0 is amended by revising the entry for Sec.
                53.4960-1(b)(3) to read as follows:
                Sec. 53.4960-0 Table of contents.
                 Sec. 53.4960-1 Scope and definitions.
                * * * * *
                 (b) * * *
                 (3) [Reserved]
                * * * * *
                Crystal Pemberton,
                Senior Federal Register Liaison, Legal Processing Division, Associate
                Chief Counsel, (Procedure and Administration).
                [FR Doc. 2021-09425 Filed 5-4-21; 8:45 am]
                BILLING CODE 4830-01-P
                

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