States' Decisions on Participating in Accounting and Auditing Relief for Federal Oil and Gas Marginal Properties, 72381-72382 [05-23621]
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Federal Register / Vol. 70, No. 232 / Monday, December 5, 2005 / Rules and Regulations
information from a clearing organization
or from information published by the
Internal Revenue Service (IRS)) has
engaged in a transaction described in
§ 1.6043–4(c) (acquisition of control) or
§ 1.6043–4(d) (substantial change in
capital structure) shall file a return of
information with respect to the
customer, unless the customer is an
exempt recipient as defined in
paragraph (b) of this section.
(b) Exempt recipients. A broker is not
required to file a return of information
under this section with respect to the
following customers:
(1) Any customer who receives only
cash in exchange for its stock in the
corporation, which must be reported by
the broker pursuant to § 1.6045–1.
(2) Any customer who is an exempt
recipient as defined in § 1.6043–4(b)(5)
or § 1.6045–1(c)(3)(i).
(c) Form, manner and time for making
information returns. The return required
by paragraph (a) of this section must be
on Forms 1096, ‘‘Annual Summary and
Transmittal of U.S. Information
Returns,’’ and 1099–B, ‘‘Proceeds from
Broker and Barter Exchange
Transactions,’’ or on an acceptable
substitute statement. Such forms must
be filed on or before February 28 (March
31 if filed electronically) of the year
following the calendar year in which the
acquisition of control or the substantial
change in capital structure occurs.
(d) Contents of return. A separate
Form 1099–B must be prepared for each
customer. The Form 1099–B will
request information with respect to the
following and such other information as
may be specified in the instructions:
(1) The name, address and taxpayer
identification number (TIN) of the
customer;
(2) The name of the corporation
which engaged in the transaction
described in § 1.6043–4(c) or (d);
(3) The number and class of shares in
the corporation exchanged by the
customer; and
(4) The aggregate amount of cash and
the fair market value of any stock or
other property provided to the customer
in exchange for its stock.
(e) Furnishing of forms to customers.
The Form 1099–B prepared for each
customer must be furnished to the
customer on or before January 31 of the
year following the calendar year in
which the customer receives stock, cash
or other property.
(f) Single Form 1099. If a broker is
required to file a Form 1099-B with
respect to a customer under §§ 1.6045–
3 and 1.6045–1(c) with respect to the
same transaction, the broker may satisfy
the requirements of both sections by
filing and furnishing one Form 1099–B
that contains all the relevant
information, as provided in the
instructions to Form 1099–B.
(g) Effective date. This section applies
with respect to any acquisition of
control and any substantial change in
capital structure occurring after
December 5, 2005.
§ 1.6045–3T
I
[Removed]
Par. 5. Section 1.6045–3T is removed.
Mark E. Matthews,
Deputy Commissioner for Services and
Enforcement.
Approved: November 22, 2005.
Eric Solomon,
Acting Deputy Assistant Secretary of the
Treasury (Tax Policy).
[FR Doc. 05–23470 Filed 12–2–05; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE INTERIOR
Minerals Management Service
30 CFR Part 204
RIN 1010–AC30
States’ Decisions on Participating in
Accounting and Auditing Relief for
Federal Oil and Gas Marginal
Properties
Minerals Management Service,
Interior.
ACTION: Notice of states’ decisions to
participate or not participate in
accounting and auditing relief for
Federal oil and gas marginal properties
located in their state for calendar year
2006.
AGENCY:
SUMMARY: The Minerals Management
Service (MMS) published final
regulations on September 13, 2004 (69
FR 55076), to provide accounting and
auditing relief for marginal Federal oil
and gas properties. The rule requires
MMS to publish in the Federal Register
72381
the decisions of the states concerned to
allow or not to allow one or both forms
of relief in their state. As required in the
rule, MMS provided each state receiving
a portion of the Federal royalties with
a list of qualifying marginal Federal oil
and gas properties located in the state so
that each affected state could decide
whether to participate in one or both
relief options. This Notice provides the
decisions by the respective states
concerned to allow one or both types of
relief.
DATES: Effective Date: January 1, 2006.
FOR FURTHER INFORMATION CONTACT:
Mary Williams, Manager, Federal
Onshore Oil and Gas Compliance and
Asset Management, telephone (303)
231–3403, FAX (303) 231–3744, e-mail
to mary.williams@mms.gov, or mail to
P.O. Box 25165, MS 392B2, Denver
Federal Center, Denver, Colorado
80225–0165.
SUPPLEMENTARY INFORMATION: The rule
implemented certain provisions of
Section 7 of the Federal Oil and Gas
Royalty Simplification and Fairness Act
of 1996 and provides two options for
relief: (1) Notification-based relief for
annual reporting, and (2) other
requested relief, as proposed by
industry and approved by MMS and the
state concerned. The rule requires that
MMS publish by December 1 of each
year a list of the states and the decisions
of each state regarding marginal
property relief.
To qualify for the first option of relief
(notification-based relief) for calendar
year 2006, properties must have
produced less than 1,000 barrels-of-oilequivalent (BOE) per year for the base
period (July 1, 2004–June 30, 2005).
Annual reporting relief will begin on
January 1, 2006, with the annual report
and payment due February 28, 2007
(unless an estimated payment is on file,
which will move the due date to March
31, 2007). To qualify for the second
option of relief (other requested relief),
properties must have produced less than
15 BOE per well per day for the base
period.
The following table shows the states
that have marginal properties, where a
portion of the royalties are shared
between the state and MMS, and the
states’ decisions whether to allow one or
both forms of relief.
State
Notification-based relief (less than
1,000 BOE per year)
Request-based relief (less than 15
BOE per well per day)
Alabama ..................................................................................................
Arkansas ..................................................................................................
California .................................................................................................
Colorado ..................................................................................................
Kansas .....................................................................................................
No ..................................................
Yes .................................................
No ..................................................
Yes .................................................
Yes .................................................
No.
Yes.
No.
Yes.
No.
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72382
Federal Register / Vol. 70, No. 232 / Monday, December 5, 2005 / Rules and Regulations
State
Notification-based relief (less than
1,000 BOE per year)
Request-based relief (less than 15
BOE per well per day)
Louisiana .................................................................................................
Michigan ..................................................................................................
Montana ...................................................................................................
Nevada ....................................................................................................
New Mexico .............................................................................................
North Dakota ...........................................................................................
Oklahoma ................................................................................................
South Dakota ...........................................................................................
Utah .........................................................................................................
Wyoming ..................................................................................................
Yes .................................................
Yes .................................................
Yes .................................................
No ..................................................
No ..................................................
No ..................................................
No ..................................................
No ..................................................
No ..................................................
Yes .................................................
Yes.
No.
No.
No.
No.
No.
No.
No.
No.
No.
Federal oil and gas properties located
in all other states are eligible for relief
if they qualify as marginal properties
under the rule and if no portion of the
royalties derived from the property is
shared with the state.
For information on how to obtain
relief, please refer to the rule, which can
be viewed on the MMS Web site at
https://www.mrm.mms.gov/Laws_R_D/
FRNotices/AC30.htm.
All correspondence, records, or
information received in response to this
Notice are subject to disclosure under
the Freedom of Information Act. All
information provided will be made
public unless the respondent identifies
which portions are proprietary. Please
highlight the proprietary portions,
including any supporting
documentation, or mark the page(s) that
contain proprietary data. Proprietary
information is protected by the Federal
Oil and Gas Royalty Management Act of
1982 (30 U.S.C. 1733), the Freedom of
Information Act (5 U.S.C. 552(b)(4)), the
Indian Mineral Development Act of
1982 (25 U.S.C. 2103), and Department
regulations (43 CFR part 2).
Dated: November 16, 2005.
Lucy Querques Denett,
Associate Director for Minerals Revenue
Management.
[FR Doc. 05–23621 Filed 12–2–05; 8:45 am]
BILLING CODE 4310–MR–P
DEPARTMENT OF TRANSPORTATION
Federal Railroad Administration
49 CFR Parts 234 and 236
[Docket No. FRA–2001–10160]
RIN 2130–AA94
Standards for Development and Use of
Processor-Based Signal and Train
Control Systems; Clarification and
Correcting Amendments
Federal Railroad
Administration (FRA), Department of
Transportation (DOT).
AGENCY:
VerDate Aug<31>2005
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Final rule; clarification and
correcting amendments.
ACTION:
SUMMARY: FRA is clarifying preamble
language and correcting rule text
language in FRA’s Standards for
Development and Use of ProcessorBased Signal and Train Control
Systems, a final rule published on
March 7, 2005 (PTC Rule). First, some
language in the section-by-section
analysis portion of the preamble to the
PTC Rule inadvertently differs from the
actual regulatory language, and FRA is
noting the unintended variation to avoid
confusion. Second, FRA is clarifying
language regarding the applicability of
new 49 CFR part 236, subpart H (the
Processor-Based Standards) to highwayrail grade crossing warning systems
(HGCWS). FRA wants to ensure that the
rule language conforms with FRA’s
initial intent that the regulation apply to
only certain HGCWS. Therefore, FRA is
adding a provision to clarify which
HGCWS products may be excluded from
the requirements of the PTC Rule. FRA
is also adding a provision to clarify that
certain HGCWS products excluded from
the requirements of the Processor-Based
Standards may, at the option of the
railroad, be made subject to the
Processor-Based Standards. Third, FRA
is adding a provision to clarify which
HGCWS products shall be included in
the software management control plans
pursuant to 49 CFR 236.18. Finally, FRA
is correcting a minor error in which a
provision of the Processor-Based
Standards was incorrectly cited.
DATES: This rule is effective January 4,
2006.
FOR FURTHER INFORMATION CONTACT: Tom
McFarlin, Staff Director, Signal and
Train Control Division, Office of Safety,
FRA 1120 Vermont Avenue, NW., Mail
Stop 25, Washington, DC 20590
(telephone: 202–493–6203); or Melissa
Porter, Trial Attorney, Office of Chief
Counsel, FRA, 1120 Vermont, NW., Mail
Stop 10, Washington, DC 20590
(telephone: 202–493–6034).
SUPPLEMENTARY INFORMATION: On March
7, 2005, FRA published the PTC Rule,
PO 00000
Frm 00034
Fmt 4700
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which establishes performance-based
standards for the development and use
of processor-based signal and train
control systems. 70 FR 11052. Since the
publication of the PTC Rule, FRA has
determined that certain provisions need
clarification or correction. First, FRA
notes that some incorrect terms and an
incorrect date were included in the
section-by-section analysis portion of
the preamble, all of which differ from
the actual regulatory text. FRA is
correcting the errors to prevent
misinterpretations. Second, in 49 CFR
234.275, ‘‘Processor-Based Systems,’’
FRA is clarifying the category of
HGCWS to which it intended portions
of the PTC Rule to apply. (All references
in this final rule to a section or other
provision are references to a section or
other provision in title 49 of the Code
of Federal Regulations, unless otherwise
noted). FRA is correcting that section to
include a provision to exclude certain
HGCWS products from the requirements
of the PTC Rule, as the agency similarly
did for signal and train control system
products in § 236.911. FRA is further
correcting § 234.275 to make it explicit
that a railroad has the right to qualify an
excluded product and make it subject to
the Processor-Based Standards. Third,
FRA is clarifying what HGCWS should
be included in a railroad’s software
management control plan, pursuant to
§ 236.18. Finally, FRA is correcting an
erroneous section reference in
§ 236.913(c)(1). The section referenced
does not exist. FRA more specifically
discusses these issues in the ‘‘Sectionby-Section Analysis’’ below.
Section-by-Section Analysis
1a. Preamble Language for § 236.18,
‘‘Software Management Control [Plan]’’
In the section-by-section analysis of
§ 236.18, FRA referred to the correct
term ‘‘software management control
plan’’ variously as ‘‘software
management control’’ and ‘‘software
management plan.’’ FRA notes that
‘‘software management control’’ and
‘‘software management plan’’ are
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]]>Agencies
[Federal Register Volume 70, Number 232 (Monday, December 5, 2005)]
[Rules and Regulations]
[Pages 72381-72382]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-23621]
=======================================================================
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DEPARTMENT OF THE INTERIOR
Minerals Management Service
30 CFR Part 204
RIN 1010-AC30
States' Decisions on Participating in Accounting and Auditing
Relief for Federal Oil and Gas Marginal Properties
AGENCY: Minerals Management Service, Interior.
ACTION: Notice of states' decisions to participate or not participate
in accounting and auditing relief for Federal oil and gas marginal
properties located in their state for calendar year 2006.
-----------------------------------------------------------------------
SUMMARY: The Minerals Management Service (MMS) published final
regulations on September 13, 2004 (69 FR 55076), to provide accounting
and auditing relief for marginal Federal oil and gas properties. The
rule requires MMS to publish in the Federal Register the decisions of
the states concerned to allow or not to allow one or both forms of
relief in their state. As required in the rule, MMS provided each state
receiving a portion of the Federal royalties with a list of qualifying
marginal Federal oil and gas properties located in the state so that
each affected state could decide whether to participate in one or both
relief options. This Notice provides the decisions by the respective
states concerned to allow one or both types of relief.
DATES: Effective Date: January 1, 2006.
FOR FURTHER INFORMATION CONTACT: Mary Williams, Manager, Federal
Onshore Oil and Gas Compliance and Asset Management, telephone (303)
231-3403, FAX (303) 231-3744, e-mail to mary.williams@mms.gov, or mail
to P.O. Box 25165, MS 392B2, Denver Federal Center, Denver, Colorado
80225-0165.
SUPPLEMENTARY INFORMATION: The rule implemented certain provisions of
Section 7 of the Federal Oil and Gas Royalty Simplification and
Fairness Act of 1996 and provides two options for relief: (1)
Notification-based relief for annual reporting, and (2) other requested
relief, as proposed by industry and approved by MMS and the state
concerned. The rule requires that MMS publish by December 1 of each
year a list of the states and the decisions of each state regarding
marginal property relief.
To qualify for the first option of relief (notification-based
relief) for calendar year 2006, properties must have produced less than
1,000 barrels-of-oil-equivalent (BOE) per year for the base period
(July 1, 2004-June 30, 2005). Annual reporting relief will begin on
January 1, 2006, with the annual report and payment due February 28,
2007 (unless an estimated payment is on file, which will move the due
date to March 31, 2007). To qualify for the second option of relief
(other requested relief), properties must have produced less than 15
BOE per well per day for the base period.
The following table shows the states that have marginal properties,
where a portion of the royalties are shared between the state and MMS,
and the states' decisions whether to allow one or both forms of relief.
------------------------------------------------------------------------
Notification-based Request-based
relief (less than relief (less than
State 1,000 BOE per 15 BOE per well
year) per day)
------------------------------------------------------------------------
Alabama......................... No................ No.
Arkansas........................ Yes............... Yes.
California...................... No................ No.
Colorado........................ Yes............... Yes.
Kansas.......................... Yes............... No.
[[Page 72382]]
Louisiana....................... Yes............... Yes.
Michigan........................ Yes............... No.
Montana......................... Yes............... No.
Nevada.......................... No................ No.
New Mexico...................... No................ No.
North Dakota.................... No................ No.
Oklahoma........................ No................ No.
South Dakota.................... No................ No.
Utah............................ No................ No.
Wyoming......................... Yes............... No.
------------------------------------------------------------------------
Federal oil and gas properties located in all other states are
eligible for relief if they qualify as marginal properties under the
rule and if no portion of the royalties derived from the property is
shared with the state.
For information on how to obtain relief, please refer to the rule,
which can be viewed on the MMS Web site at https://www.mrm.mms.gov/
Laws_R_D/FRNotices/AC30.htm.
All correspondence, records, or information received in response to
this Notice are subject to disclosure under the Freedom of Information
Act. All information provided will be made public unless the respondent
identifies which portions are proprietary. Please highlight the
proprietary portions, including any supporting documentation, or mark
the page(s) that contain proprietary data. Proprietary information is
protected by the Federal Oil and Gas Royalty Management Act of 1982 (30
U.S.C. 1733), the Freedom of Information Act (5 U.S.C. 552(b)(4)), the
Indian Mineral Development Act of 1982 (25 U.S.C. 2103), and Department
regulations (43 CFR part 2).
Dated: November 16, 2005.
Lucy Querques Denett,
Associate Director for Minerals Revenue Management.
[FR Doc. 05-23621 Filed 12-2-05; 8:45 am]
BILLING CODE 4310-MR-P
