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TREAS/IRS | RIN: 1545-BO90 | Publication ID: Spring 2021 |
Title: Domestic Production Activities Deduction for Specified Agricultural or Horticultural Cooperatives | |
Abstract:
This final rule provides guidance to cooperatives to which sections 1381 through 1388 of the Internal Revenue Code apply (Cooperatives) and their patrons regarding the deduction provided by section 199A(a) of the Code for qualified business income (QBI), as well as guidance to specified agricultural or horticultural cooperatives (Specified Cooperatives) and their patrons regarding the deduction provided by section 199A(g) of the Code for eligible domestic production activities undertaken by Specified Cooperatives. The final rule also provides guidance on section 199A(b)(7), the statutory rule requiring patrons of Specified Cooperatives to reduce their QBI deduction under section 199A(a). In addition, the final rule includes a definition of patronage and nonpatronage sourced items under section 1388 of the Code, and revise existing regulations under section 1382 of the Code to reference this definition. The final regulations affect Cooperatives as well as patrons that are individuals, partnerships, S corporations, trusts, and estates engaged in domestic trades or businesses. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: None (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 199A(g)(6) and 199A(f)(4) |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-118425-18 (Final) Drafter attorney: Jason Deirmenjian (202) 317-4470 Reviewer attorney: James Holmes (202) 317-4137 Treasury attorney: Natasha Goldvug (202) 622-0180 CC:PSI | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Jason Deirmenjian Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5319, Washington, DC 20224 Phone:202 317-4470 Fax:855 591-7867 Email: jason.p.deirmenjian@irscounsel.treas.gov |