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Federal Register / Vol. 86, No. 181 / Wednesday, September 22, 2021 / Rules and Regulations
not interrupt legitimate trade between the two nations or disrupt critical supply chains that ensure food, fuel, medicine, and other critical materials reach individuals on both sides of the border.
For purposes of the temporary alteration in certain designated ports of entry operations authorized under 19
U.S.C. 1318b1C and b2, travel through the land ports of entry and ferry terminals along the United StatesMexico border shall be limited to essential travel, which includes, but is not limited to U.S. citizens and lawful permanent residents returning to the United States;
Individuals traveling for medical purposes e.g., to receive medical treatment in the United States;
Individuals traveling to attend educational institutions;
Individuals traveling to work in the United States e.g., individuals working in the farming or agriculture industry who must travel between the United States and Mexico in furtherance of such work;
Individuals traveling for emergency response and public health purposes e.g., government officials or emergency responders entering the United States to support federal, state, local, tribal, or territorial government efforts to respond to COVID19 or other emergencies;
Individuals engaged in lawful crossborder trade e.g., truck drivers supporting the movement of cargo between the United States and Mexico;
Individuals engaged in official government travel or diplomatic travel;
Members of the U.S. Armed Forces, and the spouses and children of members of the U.S. Armed Forces, returning to the United States; and Individuals engaged in militaryrelated travel or operations.
The following travel does not fall within the definition of essential travel for purposes of this Notification Individuals traveling for tourism purposes e.g., sightseeing, recreation, gambling, or attending cultural events.
At this time, this Notification does not apply to air, freight rail, or sea travel between the United States and Mexico, but does apply to passenger rail, passenger ferry travel, and pleasure boat travel between the United States and Mexico. These restrictions are temporary in nature and shall remain in effect until 11:59 p.m. EDT on October 21, 2021. This Notification may be amended or rescinded prior to that time, based on circumstances associated with the specific threat. In coordination with public health and medical experts, DHS
continues working closely with its
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partners across the United States and internationally to determine how to safely and sustainably resume normal travel.
The Commissioner of U.S. Customs and Border Protection CBP is hereby directed to prepare and distribute appropriate guidance to CBP personnel on the continued implementation of the temporary measures set forth in this Notification. The CBP Commissioner may determine that other forms of travel, such as travel in furtherance of economic stability or social order, constitute essential travel under this Notification. Further, the CBP
Commissioner may, on an individualized basis and for humanitarian reasons or for other purposes in the national interest, permit the processing of travelers to the United States not engaged in essential travel.
Alejandro N. Mayorkas, Secretary, U.S. Department of Homeland Security.
FR Doc. 202120344 Filed 92121; 8:45 am BILLING CODE 9112FPP

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Part 1
TD 9954
RIN 1545BN80

Treatment of Distributions of Property From a Corporation to a Shareholder Internal Revenue Service IRS, Treasury.
ACTION: Final regulations.
AGENCY:

This document contains final regulations under section 301 of the Internal Revenue Code of 1986 Code.
These regulations update existing regulations under section 301 to reflect statutory changes made by the Technical and Miscellaneous Revenue Act of 1988, which changes provide that the amount of a distribution of property made by a corporation to its shareholder is the fair market value of the distributed property. The regulations affect shareholders that receive a distribution of property from a corporation.
DATES:
Effective date: These regulations are effective on September 22, 2021.
Applicability date: For dates of applicability, see 1.3011f3, m4, and n.
FOR FURTHER INFORMATION CONTACT: Grid R. Glyer, 202 3176847 not a toll-free number.
SUMMARY:

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SUPPLEMENTARY INFORMATION:

Background and Explanation of Provisions This document contains amendments to 26 CFR part 1 under section 301 of the Code relating to the treatment of distributions of property from a corporation to a shareholder. Section 301 provides rules for the treatment of a distribution of property, including money, made by a corporation to its shareholder with respect to that shareholders stock ownership in that corporation distribution.
Section 1006e10 and e11 of the Technical and Miscellaneous Revenue Act of 1988, Public Law 100647, 102
Stat. 3342 1988 Act, amended section 301b1 and d, respectively such amendments, the 1988 Amendments.
Section 1019a of the Act provided that, in general, the 1988 Amendments were effective as if included in the Tax Reform Act of 1986, Public Law 99514, 100 Stat. 2085 1986. Accordingly, the 1988 Amendments generally are effective for taxable years beginning after December 31, 1986.
As a result of the 1988 Amendments, section 301b1 provides that, for purposes of section 301, the amount of any distribution is the amount of money received plus the fair market value of the other property received. Section 301d provides that the basis of property received in a distribution to which section 301a applies is the fair market value of such property.
The current regulations issued under section 301 reflect the rules of sections 301b1 and 301d as they existed prior to the 1988 Amendments.
Accordingly, to the extent preempted by statute, the current regulations have no application.
A notice of proposed rulemaking REG12169416 published in the Federal Register on March 26, 2019 84
FR 11263 proposed to amend 1.301
1 to reflect the 1988 Amendments 2019
proposed regulations. The scope of the 2019 proposed regulations was limited to 1 deleting provisions made obsolete by statutory changes, 2 making minor additions and revisions to reflect current statutory text, and 3 making certain non-substantive changes for purposes of clarity and readability, including reordering and redesignating paragraphs. The 2019 proposed regulations also amended crossreferences in 1.3561f, 1.368
2m3iii, 1.9021a12, and 1.902
3a7 to reflect the proposed reordering and redesignating of paragraphs in 1.3011. For further discussion of the changes proposed to be made to 1.3011 by the 2019 proposed
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