Establishment and Maintenance of Records Under the Public Health Security and Bioterrorism Preparedness and Response Act of 2002; Correction, 8726-8727 [05-3424]
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Federal Register / Vol. 70, No. 35 / Wednesday, February 23, 2005 / Rules and Regulations
(i) Timing of service. (1) Service is
made under this section when the
document served is deposited in the
mail or is delivered in another manner.
(2) Service of any document must be
made not later than the date of the filing
of the document.
(3) In the case of a document served
through a link to the Commission’s
eLibrary system, as specified in
paragraph (f)(2) of this section, if a link
to the document does not become
available in eLibrary within two
business days after the document is
filed, the person responsible for serving
the document must immediately serve
the document by other means, as
specified in paragraph (f)(1) or (f)(2) of
this section.
*
*
*
*
*
Note: The following appendix will not
appear in the Code of Federal Regulations.
Appendix A
Adirondack Mountain Club
Edison Electric Institute
FPL Group, Inc.
Interstate Natural Gas Association of America
Miller, Balis & O’Neil, P.C.
Missouri Public Service Commission
NiSource, Inc.
Spiegel & McDiarmid
Sullivan & Worcester, LLP.
United States Postal Service
Williston Basin Interstate Pipeline Company
[FR Doc. 05–3476 Filed 2–22–05; 8:45 am]
BILLING CODE 6717–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
21 CFR Part 1
[Docket No. 2002N–0277]
Establishment and Maintenance of
Records Under the Public Health
Security and Bioterrorism
Preparedness and Response Act of
2002; Correction
AGENCY: Food and Drug Administration,
HHS.
ACTION: Final rule; correction.
SUMMARY: The Food and Drug
Administration (FDA) is correcting a
final regulation that appeared in the
Federal Register of December 9, 2004
(69 FR 71562). The document issued a
final regulation that requires the
establishment and maintenance of
records by persons who manufacture,
process, pack, transport, distribute,
receive, hold, or import food in the
United States. Such records allow for
the identification of the immediate
VerDate jul<14>2003
16:23 Feb 22, 2005
Jkt 205001
previous sources and immediate
subsequent recipients of food. The
document was published with some
errors. This document corrects those
errors.
DATES: This rule is effective February 7,
2005.
FOR FURTHER INFORMATION CONTACT:
Nega Beru, Center for Food Safety and
Applied Nutrition (HFS–305), Food and
Drug Administration, 5100 Paint Branch
Pkwy., College Park, MD 20740, 301–
436–1400.
SUPPLEMENTARY INFORMATION: In FR Doc.
04–26929, appearing on page 71562 in
the Federal Register of Thursday,
December 9, 2004, the following
corrections are made to the
SUPPLEMENTARY INFORMATION:
1. On page 71562, in the first column,
under DATES after ‘‘Compliance Dates’’
the phrase ‘‘except that for small
businesses employing fewer than 500,
but more than 10 full-time equivalent
employees, the compliance date is June
9, 2005;’’ is corrected to read ‘‘except
that for small businesses employing
fewer than 500, but more than 10 fulltime equivalent employees, the
compliance date is June 9, 2006;’’.
2. On page 71564, in the second
column, the sixth bullet, beginning in
the 4th line, the phrase ‘‘except that the
compliance date for small businesses
employing fewer that 500, but more
than 10 full-time equivalent employees
is June 9, 2005,’’ is corrected to read
‘‘except that the compliance date for
small businesses employing fewer than
500, but more than 10 full-time
equivalent employees is June 9, 2006,’’.
3. On page 71565, in the second
column, the last bullet, second sentence,
the sentence ‘‘Small businesses have
June 9, 2005, of this final rule to come
into compliance with these regulations,
and very small businesses have
December 11, 2006, of this final rule to
come into compliance with these
regulations.’’ is corrected to read ‘‘Small
businesses have until June 9, 2006, to
come into compliance with these
regulations, and very small businesses
have until December 11, 2006, to come
into compliance with these
regulations.’’
4. On page 71609, in the third
column, in the 1st complete paragraph,
the sentences ‘‘Section 1.368 of the final
rule requires large businesses (500 or
more full-time equivalent employees) to
be in compliance within December 9,
2005. Small businesses (those with
fewer than 500, but more than 10 fulltime equivalent employees) must be in
compliance within June 9, 2005, and
very small businesses that employ 10 or
fewer full-time equivalent employees
PO 00000
Frm 00018
Fmt 4700
Sfmt 4700
must be in compliance within December
11, 2006.’’ are corrected to read ‘‘Section
1.368 of the final rule requires large
businesses (500 or more full-time
equivalent employees) to be in
compliance by December 9, 2005. Small
businesses (those with fewer than 500,
but more than 10 full-time equivalent
employees) must be in compliance by
June 9, 2006, and very small businesses
that employ 10 or fewer full-time
equivalent employees must be in
compliance by December 11, 2006.’’
5. On page 71627, in the third
column, beginning in the 12th line from
the bottom, the sentence ‘‘For example,
from CA, LA, and TX alone, DOT
reports over 12 percent of intrastate
truck tonnage is from FDA-regulated
products (ref. 18).’’ is corrected to read
‘‘For example, for California in 1997,
DOT reports 12.8 percent of revenue
from specialized freight transportation
is for intrastate traffic in agricultural
products (ref. 18).’’
6. On page 71651, in the first column,
in Reference 18, the phrase ‘‘U.S.
Department of Transportation, available
at https://www.transtats.bts.gov, accessed
on April 6, 2004.’’ is corrected to read
‘‘1997 Economic Census, Transportation
and Warehousing, Geographic Area
Series, California 1997, issued January
2000, U.S. Department of Commerce.’’
List of Subjects in 21 CFR Part 1
Cosmetics, Drugs, Exports, Food
labeling, Imports, Labeling, Reporting
and recordkeeping requirements.
n Therefore, 21 CFR part 1 is corrected
by making the following correcting
amendments:
PART 1—GENERAL ENFORCEMENT
REGULATIONS
7. The authority citation for 21 CFR
part 1 continues to read as follows:
n
Authority: 15 U.S.C. 1453, 1454, 1455; 19
U.S.C. 1490, 1491; 21 U.S.C. 321, 331, 332,
333, 334, 335a, 343, 350c, 350d, 352, 355,
360b, 362, 371, 374, 381, 382, 393; 42 U.S.C.
216, 241, 243, 262, 264.
8. In § 1.363, revise paragraph (b) to
read as follows:
n
§ 1.363 What are the consequences of
failing to establish or maintain records or
make them available to FDA as required by
this subpart?
*
*
*
*
*
(b) The failure of a nontransporter
immediate previous source or a
nontransporter immediate subsequent
recipient who enters an agreement
under § 1.352(e) to establish, maintain,
or establish and maintain, records
required under § 1.352(a), (b), (c), or (d),
or the refusal to permit access to or
E:\FR\FM\23FER1.SGM
23FER1
Federal Register / Vol. 70, No. 35 / Wednesday, February 23, 2005 / Rules and Regulations
verification or copying of any such
required record, is a prohibited act
under section 301 of the act.
*
*
*
*
*
n 9. In § 1.368, revise paragraph (a) to
read as follows:
§ 1.368 What are the compliance dates for
this subpart?
*
*
*
*
*
(a) The compliance date for the
requirements in this subpart is June
9,2006, for small businesses employing
fewer that 500, but more than 10 fulltime equivalent employees.
*
*
*
*
*
Dated: February 16, 2005.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. 05–3424 Filed 2–22–05; 8:45 am]
BILLING CODE 4160–01–S
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9180]
RIN 1545–BC29
Adjustment To Net Unrealized Built-in
Gain
AGENCY: Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations.
SUMMARY: This document contains final
regulations under section 1374 that
provide for an adjustment to the amount
that may be subject to tax under section
1374 in certain cases in which an S
corporation acquires assets from a C
corporation in an acquisition to which
section 1374(d)(8) applies. These final
regulations provide guidance to certain
S corporations that acquire assets from
a C corporation in a carryover basis
transaction.
DATES: Effective Date: These regulations
are effective February 23, 2005.
Applicability Dates: For dates of
applicability, see § 1.1374–10.
FOR FURTHER INFORMATION CONTACT:
Jennifer D. Sledge, (202) 622–7750 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Background and Explanation of
Provisions
This document contains amendments
to Income Tax Regulations (26 CFR part
1) under section 1374 of the Internal
Revenue Code (Code), relating to the tax
imposed on certain recognized built-in
VerDate jul<14>2003
16:23 Feb 22, 2005
Jkt 205001
gains of S corporations. Section 1374
imposes a tax on an S corporation’s net
recognized built-in gain attributable to
assets that it held on the date it
converted from a C corporation to an S
corporation for the 10-year period
beginning on the first day the
corporation is an S corporation and
assets that it acquired from a C
corporation in a carryover basis
transaction for the 10-year period
beginning on the day of the acquisition.
A separate determination of the amount
subject to tax under section 1374 is
required for those assets the S
corporation held on the date it
converted to C status and each pool of
assets the S corporation acquired in a
carryover basis transaction from a C
corporation. The total amount subject to
tax under section 1374 for each pool of
assets is limited to that pool’s net
unrealized built-in gain (NUBIG) on the
date of the conversion or acquisition.
Under the current rules, if X, a C
corporation, elects to be an S
corporation when it owns some or all of
the stock of Y, a C corporation, and Y
subsequently transfers its assets to X in
a liquidation to which sections 332 and
337(a) apply or in a reorganization
described in section 368(a), the built-in
gain or built-in loss in Y’s assets may be
wholly or partially reflected twice: once
in the NUBIG attributable to the assets
X owned on the date of its conversion
(including the Y stock) and a second
time in the NUBIG attributable to Y’s
former assets acquired by X in the
liquidation of Y. The IRS and Treasury
Department recognize that continuing to
reflect the built-in gain or the built-in
loss in the Y stock at the time of X’s
conversion after the liquidation or
reorganization is inconsistent with the
fact that such liquidation or
reorganization has the effect of
eliminating that built-in gain or built-in
loss. Therefore, on June 25, 2004, the
IRS and Treasury Department published
in the Federal Register (69 FR 35544) a
notice of proposed rulemaking (REG–
131486–03) that includes regulations
proposing an adjustment to the NUBIG
in these cases. In particular, the
proposed regulations generally provide
that, if an S corporation acquires assets
of a C corporation in a carryover basis
transaction, some or all of the stock of
the C corporation from which such
assets were acquired was taken into
account in the computation of NUBIG
for a pool of assets of the S corporation,
and some or all of such stock is
redeemed or canceled in such
transaction, then, subject to certain
limitations, such NUBIG is adjusted to
eliminate any effect any built-in gain or
PO 00000
Frm 00019
Fmt 4700
Sfmt 4700
8727
built-in loss in the redeemed or
canceled stock had on the initial
computation of NUBIG for that pool of
assets. These regulations are proposed
to apply for taxable years beginning
after the date they are published as final
regulations in the Federal Register.
No public hearing was requested or
held regarding the proposed regulations.
One written comment, however, was
received. That comment requested that
the proposed regulations be made
effective as soon as possible.
These final regulations adopt the
proposed regulations without
substantive change as final regulations.
However, the final regulations do
modify the proposed effective date of
the regulations. The final regulations
apply to section 1374(d)(8) transactions
that occur in taxable years beginning
after February 23, 2005. The final
regulations also provide that an S
corporation may apply the regulations
to section 1374(d)(8) transactions that
occur in taxable years beginning on or
before February 23, 2005, if the S
corporation (and any predecessors or
successors) and all affected shareholders
file original or amended returns that are
consistent with the regulations for
taxable years of the S corporation during
the recognition period of the pool of
assets the NUBIG of which would be
adjusted pursuant to the regulations that
are not closed as of the first date after
February 23, 2005, that the S
corporation files an original or amended
return.
Special Analyses
It has been determined that this
Treasury decision is not a significant
regulatory action as defined in
Executive Order 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 the
regulations do not impose a collection
of information on small entities, the
Regulatory Flexibility Act (5 U.S.C.
chapter 6) does not apply. Therefore, a
Regulatory Flexibility Analysis is not
required. Pursuant to section 7805(f) of
the Code, this regulation was submitted
to the Chief Counsel for Advocacy of the
Small Business Administration for
comment on their impact on small
business.
Drafting Information
The principal author of these
regulations is Jennifer D. Sledge of the
Office of Associate Chief Counsel
(Corporate). Other personnel from
Treasury and the IRS participated in
their development.
E:\FR\FM\23FER1.SGM
23FER1
]]>Agencies
[Federal Register Volume 70, Number 35 (Wednesday, February 23, 2005)]
[Rules and Regulations]
[Pages 8726-8727]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-3424]
=======================================================================
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DEPARTMENT OF HEALTH AND HUMAN SERVICES
Food and Drug Administration
21 CFR Part 1
[Docket No. 2002N-0277]
Establishment and Maintenance of Records Under the Public Health
Security and Bioterrorism Preparedness and Response Act of 2002;
Correction
AGENCY: Food and Drug Administration, HHS.
ACTION: Final rule; correction.
-----------------------------------------------------------------------
SUMMARY: The Food and Drug Administration (FDA) is correcting a final
regulation that appeared in the Federal Register of December 9, 2004
(69 FR 71562). The document issued a final regulation that requires the
establishment and maintenance of records by persons who manufacture,
process, pack, transport, distribute, receive, hold, or import food in
the United States. Such records allow for the identification of the
immediate previous sources and immediate subsequent recipients of food.
The document was published with some errors. This document corrects
those errors.
DATES: This rule is effective February 7, 2005.
FOR FURTHER INFORMATION CONTACT: Nega Beru, Center for Food Safety and
Applied Nutrition (HFS-305), Food and Drug Administration, 5100 Paint
Branch Pkwy., College Park, MD 20740, 301-436-1400.
SUPPLEMENTARY INFORMATION: In FR Doc. 04-26929, appearing on page 71562
in the Federal Register of Thursday, December 9, 2004, the following
corrections are made to the SUPPLEMENTARY INFORMATION:
1. On page 71562, in the first column, under DATES after
``Compliance Dates'' the phrase ``except that for small businesses
employing fewer than 500, but more than 10 full-time equivalent
employees, the compliance date is June 9, 2005;'' is corrected to read
``except that for small businesses employing fewer than 500, but more
than 10 full-time equivalent employees, the compliance date is June 9,
2006;''.
2. On page 71564, in the second column, the sixth bullet, beginning
in the 4\th\ line, the phrase ``except that the compliance date for
small businesses employing fewer that 500, but more than 10 full-time
equivalent employees is June 9, 2005,'' is corrected to read ``except
that the compliance date for small businesses employing fewer than 500,
but more than 10 full-time equivalent employees is June 9, 2006,''.
3. On page 71565, in the second column, the last bullet, second
sentence, the sentence ``Small businesses have June 9, 2005, of this
final rule to come into compliance with these regulations, and very
small businesses have December 11, 2006, of this final rule to come
into compliance with these regulations.'' is corrected to read ``Small
businesses have until June 9, 2006, to come into compliance with these
regulations, and very small businesses have until December 11, 2006, to
come into compliance with these regulations.''
4. On page 71609, in the third column, in the 1\st\ complete
paragraph, the sentences ``Section 1.368 of the final rule requires
large businesses (500 or more full-time equivalent employees) to be in
compliance within December 9, 2005. Small businesses (those with fewer
than 500, but more than 10 full-time equivalent employees) must be in
compliance within June 9, 2005, and very small businesses that employ
10 or fewer full-time equivalent employees must be in compliance within
December 11, 2006.'' are corrected to read ``Section 1.368 of the final
rule requires large businesses (500 or more full-time equivalent
employees) to be in compliance by December 9, 2005. Small businesses
(those with fewer than 500, but more than 10 full-time equivalent
employees) must be in compliance by June 9, 2006, and very small
businesses that employ 10 or fewer full-time equivalent employees must
be in compliance by December 11, 2006.''
5. On page 71627, in the third column, beginning in the 12\th\ line
from the bottom, the sentence ``For example, from CA, LA, and TX alone,
DOT reports over 12 percent of intrastate truck tonnage is from FDA-
regulated products (ref. 18).'' is corrected to read ``For example, for
California in 1997, DOT reports 12.8 percent of revenue from
specialized freight transportation is for intrastate traffic in
agricultural products (ref. 18).''
6. On page 71651, in the first column, in Reference 18, the phrase
``U.S. Department of Transportation, available at https://
www.transtats.bts.gov, accessed on April 6, 2004.'' is corrected to
read ``1997 Economic Census, Transportation and Warehousing, Geographic
Area Series, California 1997, issued January 2000, U.S. Department of
Commerce.''
List of Subjects in 21 CFR Part 1
Cosmetics, Drugs, Exports, Food labeling, Imports, Labeling,
Reporting and recordkeeping requirements.
0
Therefore, 21 CFR part 1 is corrected by making the following
correcting amendments:
PART 1--GENERAL ENFORCEMENT REGULATIONS
0
7. The authority citation for 21 CFR part 1 continues to read as
follows:
Authority: 15 U.S.C. 1453, 1454, 1455; 19 U.S.C. 1490, 1491; 21
U.S.C. 321, 331, 332, 333, 334, 335a, 343, 350c, 350d, 352, 355,
360b, 362, 371, 374, 381, 382, 393; 42 U.S.C. 216, 241, 243, 262,
264.
0
8. In Sec. 1.363, revise paragraph (b) to read as follows:
Sec. 1.363 What are the consequences of failing to establish or
maintain records or make them available to FDA as required by this
subpart?
* * * * *
(b) The failure of a nontransporter immediate previous source or a
nontransporter immediate subsequent recipient who enters an agreement
under Sec. 1.352(e) to establish, maintain, or establish and maintain,
records required under Sec. 1.352(a), (b), (c), or (d), or the refusal
to permit access to or
[[Page 8727]]
verification or copying of any such required record, is a prohibited
act under section 301 of the act.
* * * * *
0
9. In Sec. 1.368, revise paragraph (a) to read as follows:
Sec. 1.368 What are the compliance dates for this subpart?
* * * * *
(a) The compliance date for the requirements in this subpart is
June 9,2006, for small businesses employing fewer that 500, but more
than 10 full-time equivalent employees.
* * * * *
Dated: February 16, 2005.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. 05-3424 Filed 2-22-05; 8:45 am]
BILLING CODE 4160-01-S
