Withdrawal of Proposed Regulations Regarding Intercompany Transactions; Manufacturer Incentive Payments, 26721-26722 [E6-6888]
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Federal Register / Vol. 71, No. 88 / Monday, May 8, 2006 / Proposed Rules
in the definition of a small entity that
is set forth in 5 U.S.C. 601.
Executive Order 12988 (Civil Justice
Reform)
Executive Order 13132 (Federalism)
This proposed action meets
applicable standards in Sections 3(a)
and 3(b)(2) of Executive Order 12988,
Civil Justice Reform, to minimize
litigation, to eliminate ambiguity, and to
reduce burden.
The FHWA analyzed this proposed
amendment in accordance with the
principles and criteria contained in
Executive Order 13132, dated August 4,
1999, and the FHWA has determined
that this proposed action would not
have a substantial direct effect or
sufficient federalism implications on
States and local governments that would
limit the policy-making discretion of the
States and local governments. Nothing
in the MUTCD directly preempts any
State law or regulation.
The MUTCD is incorporated by
reference in 23 CFR part 655, subpart F.
These proposed amendments are in
keeping with the Secretary of
Transportation’s authority under 23
U.S.C. 109(d), 315, and 402(a) to
promulgate uniform guidelines to
promote the safe and efficient use of the
nation’s streets and highways.
Executive Order 12372
(Intergovernmental Review)
Catalog of Federal Domestic
Assistance Program Number 20.205,
Highway Planning and Construction.
The regulations implementing Executive
Order 12372 regarding
intergovernmental consultation on
Federal programs and activities apply to
this program.
Unfunded Mandates Reform Act
This SNPA would not impose
unfunded mandates as defined by the
Unfunded Mandates Reform Act of 1995
(Pub. L. 104–4, 109 Stat. 48, March 22,
1995). The findings of the impacts
analysis indicate that this proposed
action will not result in the expenditure
by State, local, and tribal governments,
in the aggregate, or by the private sector,
of $120.7 million or more in any one
year. In addition, sign replacement is
eligible for up to 100 percent Federalaid funding—this applies to local
jurisdictions and tribal governments,
pursuant to 23 U.S.C. 120(c).
wwhite on PROD1PC61 with PROPOSALS
Paperwork Reduction Act
Under the Paperwork Reduction Act
of 1995 (PRA) (44 U.S.C. 3501, et seq.),
Federal agencies must obtain approval
from the OMB for each collection of
information they conduct, sponsor, or
require through regulations. The FHWA
has determined that this proposed
action does not contain a collection of
information requirement for the
purposes of the PRA.
VerDate Aug<31>2005
18:12 May 05, 2006
Jkt 208001
Executive Order 13045 (Protection of
Children)
The FHWA has analyzed this
proposed action under Executive Order
13045, Protection of Children from
Environmental Health Risks and Safety
Risks. This is not an economically
significant proposed action and does not
concern an environmental risk to health
or safety that may disproportionately
affect children.
Executive Order 12630 (Taking of
Private Property)
This proposed action would not effect
a taking of private property or otherwise
have taking implications under
Executive Order 12630, Governmental
Actions and Interference with
Constitutionally Protected Property
Rights.
Executive Order 13211 (Energy Effects)
The FHWA has analyzed this
proposed action under Executive Order
13211, Actions Concerning Regulations
That Significantly Affect Energy Supply,
Distribution, or Use. The FHWA has
determined that this is not a significant
energy action under that order because
although it is a significant regulatory
action under Executive Order 12866, it
is not likely to have a significant
adverse effect on the supply,
distribution, or use of energy. Therefore,
a Statement of Energy Effects under
Executive Order 13211 is not required.
Executive Order 13175 (Tribal
Consultation)
The FHWA has analyzed this
proposed action under Executive Order
13175, dated November 6, 2000, and
believes that it will not have substantial
direct effects on one or more Indian
tribes; will not impose substantial direct
compliance costs on Indian tribal
governments; and will not preempt
tribal law. Therefore, a tribal summary
impact statement is not required.
National Environmental Policy Act
The agency has analyzed this
proposed action for the purpose of the
National Environmental Policy Act of
1969 (42 U.S.C. 4321 et seq.) and has
determined that it would not have any
effect on the quality of the environment.
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26721
Regulation Identification Number
A regulation identification number
(RIN) is assigned to each regulatory
action listed in the Unified Agenda of
Federal Regulations. The Regulatory
Information Service Center publishes
the Unified Agenda in April and
October of each year. The RIN contained
in the heading of this document can be
used to cross-reference this action with
the Unified Agenda.
List of Subjects in 23 CFR Part 655
Design standards, Grant programs—
Transportation, Highways and roads,
Incorporation by reference, Signs,
Traffic regulations.
Authority: 23 U.S.C. 101(a), 104, 105,
109(d), 114(a), 135, 217, 307, 315, and 402(a);
sec. 406(a), Pub. L. 102–388, 106 Stat. 1520,
1564; 23 CFR 1.32; and 49 CFR 1.48(b).
Issued on: May 2, 2006.
Frederick G. Wright, Jr.,
Federal Highway Executive Director.
[FR Doc. E6–6882 Filed 5–5–06; 8:45 am]
BILLING CODE 4910–22–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–131264–04]
RIN 1545–BD55
Withdrawal of Proposed Regulations
Regarding Intercompany Transactions;
Manufacturer Incentive Payments
Internal Revenue Service (IRS),
Treasury.
ACTION: Withdrawal of notice of
proposed rulemaking.
AGENCY:
SUMMARY: This document withdraws a
notice of proposed rulemaking (REG–
131264–04) regarding the treatment of
manufacturer incentive payments. The
proposed regulations were published in
the Federal Register on August 13, 2004
(69 FR 50112). After consideration of
additional issues, the IRS and Treasury
Department have decided to withdraw
the proposed regulations.
DATES: These proposed regulations are
withdrawn May 8, 2006.
FOR FURTHER INFORMATION CONTACT:
Frances Kelly, (202) 622–7770 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
On August 13, 2004, the IRS and
Treasury Department published a notice
of proposed rulemaking (REG–131264–
04) in the Federal Register (69 FR
50112) proposing regulations to address
additional transactions involving
E:\FR\FM\08MYP1.SGM
08MYP1
26722
Federal Register / Vol. 71, No. 88 / Monday, May 8, 2006 / Proposed Rules
manufacturer incentive payments and to
clarify the proper treatment of such
incentive payments under the
intercompany transaction regulations.
On April 25, 2005, the IRS and
Treasury Department published Rev.
Rul. 2005–28 (2005–19 IRB 997), which
suspends, in part, Rev. Rul. 76–96
(1976–1 CB 23). Rev. Rul. 2005–28
states that the IRS will not apply, and
taxpayers may not rely upon, the
conclusion reached in Rev. Rul. 76–96
that certain rebates made by a
manufacturer to retail customers are
ordinary and necessary business
expenses deductible under section 162,
pending the IRS’s reconsideration of the
issue and publication of subsequent
guidance.
The example in paragraph (c) of the
proposed regulations relies, in part,
upon the premise that the manufacturer
incentive payment is an ordinary and
necessary business expense deductible
under section 162. To the extent that
this premise is correct, paragraph (d) of
the proposed regulations illustrates the
proper application of the intercompany
transaction regulations. However,
because Rev. Rul. 2005–28 suspends
Rev. Rul. 76–96, in pertinent part, these
paragraphs of the proposed regulations
are withdrawn pending further guidance
on the section 162 issue considered in
Rev. Rul. 76–96.
The example in paragraph (e) of the
proposed regulations illustrates the
application of the original issue
discount rules to the facts described in
paragraph (e) and, based on these facts,
concludes that the transaction is not an
intercompany transaction. This
conclusion is not dependent upon the
issue being reconsidered in Rev. Rul.
76–96. Nevertheless, because the
example in paragraph (e), standing
alone, does not provide guidance with
respect to the application of the
intercompany transaction regulations to
an intercompany transaction, paragraph
(e) of the proposed regulations is also
withdrawn.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
wwhite on PROD1PC61 with PROPOSALS
Accordingly, under the authority of
26 U.S.C. 7805, the notice of proposed
rulemaking (REG–131264–04) that was
published in the Federal Register on
15:54 May 05, 2006
Jkt 208001
Mark E. Matthews,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. E6–6888 Filed 5–5–06; 8:45 am]
BILLING CODE 4830–01–P
Correction of Publication
Accordingly, the publication of the
notice of proposed rulemaking (REG–
146384–05), which was the subject of
FR Doc. 06–3321, is corrected as
follows:
PART 1—INCOME TAXES
Internal Revenue Service
Paragraph 1. The authority citation
for part 1 continues to read, in part, as
follows:
26 CFR Part 1
§ 1.846–2
DEPARTMENT OF THE TREASURY
Authority: 26 U.S.C. 7805 * * *
[REG–146384–05]
RIN 1545–BF02
Application of Section 338 to
Insurance Companies; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correction to notice of proposed
rulemaking.
AGENCY:
SUMMARY: This document corrects a
notice of proposed rulemaking that was
published in the Federal Register on
Monday, April 10, 2006 (71 FR 18053).
The document contains temporary
regulations providing guidance under
section 197 that apply to the treatment
of certain insurance contracts assumed
in an assumption reinsurance
transaction and section 338 that apply
to a deemed sale or acquisition of an
insurance company’s assets pursuant to
an election under section 338 of the
Internal Revenue Code, to a sale or
acquisition of an insurance trade or
business subject to section 1060, and to
the acquisition of insurance contracts
through assumption reinsurance.
DATES: This correction is effective April
10, 2006.
FOR FURTHER INFORMATION CONTACT:
Mark J. Weiss, (202) 622–7790 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The notice of proposed rulemaking
(REG–146384–05), that is the subject of
this correction, is under sections 197,
338, and 846 of the Internal Revenue
Code.
Need for Correction
Withdrawal of Notice of Proposed
Rulemaking
VerDate Aug<31>2005
August 13, 2004 (69 FR 50112) is
withdrawn.
As published, the notice of proposed
rulemaking (REG–146384–05) contains
errors that may prove to be misleading
and are in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
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[Corrected]
On page 18054, column 3, paragraph
instruction Par. 5., the language ‘‘Par. 5.
Section 1.846–2 as amended by adding
new paragraph (d) to read is follows:’’
is corrected to read ‘‘Par. 5. Section
1.846–2 is amended by adding new
paragraph (d) to read as follows:’’.
Guy R. Traynor,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. E6–6894 Filed 5–5–06; 8:45 am]
BILLING CODE 4830–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[EPA–R03–OAR–2006–0314; FRL–8165–3]
Approval and Promulgation of Air
Quality Implementation Plans;
Maryland; Amendments to Stage II
Vapor Recovery at Gasoline
Dispensing Facilities
Environmental Protection
Agency (EPA).
ACTION: Proposed rule.
AGENCY:
SUMMARY: EPA proposes to approve the
State Implementation Plan (SIP)
revision submitted by the State of
Maryland for the purpose of amending
the regulations pertaining to Stage II
Vapor Recovery at Gasoline Dispensing
Facilities. In the Final Rules section of
this Federal Register, EPA is approving
the State’s SIP submittal as a direct final
rule without prior proposal because the
Agency views this as a noncontroversial
submittal and anticipates no adverse
comments. A detailed rationale for the
approval is set forth in the direct final
rule. If no adverse comments are
received in response to this action, no
further activity is contemplated. If EPA
receives adverse comments, the direct
final rule will be withdrawn and all
public comments received will be
addressed in a subsequent final rule
based on this proposed rule. EPA will
E:\FR\FM\08MYP1.SGM
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]]>Agencies
[Federal Register Volume 71, Number 88 (Monday, May 8, 2006)]
[Proposed Rules]
[Pages 26721-26722]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-6888]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-131264-04]
RIN 1545-BD55
Withdrawal of Proposed Regulations Regarding Intercompany
Transactions; Manufacturer Incentive Payments
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Withdrawal of notice of proposed rulemaking.
-----------------------------------------------------------------------
SUMMARY: This document withdraws a notice of proposed rulemaking (REG-
131264-04) regarding the treatment of manufacturer incentive payments.
The proposed regulations were published in the Federal Register on
August 13, 2004 (69 FR 50112). After consideration of additional
issues, the IRS and Treasury Department have decided to withdraw the
proposed regulations.
DATES: These proposed regulations are withdrawn May 8, 2006.
FOR FURTHER INFORMATION CONTACT: Frances Kelly, (202) 622-7770 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
On August 13, 2004, the IRS and Treasury Department published a
notice of proposed rulemaking (REG-131264-04) in the Federal Register
(69 FR 50112) proposing regulations to address additional transactions
involving
[[Page 26722]]
manufacturer incentive payments and to clarify the proper treatment of
such incentive payments under the intercompany transaction regulations.
On April 25, 2005, the IRS and Treasury Department published Rev.
Rul. 2005-28 (2005-19 IRB 997), which suspends, in part, Rev. Rul. 76-
96 (1976-1 CB 23). Rev. Rul. 2005-28 states that the IRS will not
apply, and taxpayers may not rely upon, the conclusion reached in Rev.
Rul. 76-96 that certain rebates made by a manufacturer to retail
customers are ordinary and necessary business expenses deductible under
section 162, pending the IRS's reconsideration of the issue and
publication of subsequent guidance.
The example in paragraph (c) of the proposed regulations relies, in
part, upon the premise that the manufacturer incentive payment is an
ordinary and necessary business expense deductible under section 162.
To the extent that this premise is correct, paragraph (d) of the
proposed regulations illustrates the proper application of the
intercompany transaction regulations. However, because Rev. Rul. 2005-
28 suspends Rev. Rul. 76-96, in pertinent part, these paragraphs of the
proposed regulations are withdrawn pending further guidance on the
section 162 issue considered in Rev. Rul. 76-96.
The example in paragraph (e) of the proposed regulations
illustrates the application of the original issue discount rules to the
facts described in paragraph (e) and, based on these facts, concludes
that the transaction is not an intercompany transaction. This
conclusion is not dependent upon the issue being reconsidered in Rev.
Rul. 76-96. Nevertheless, because the example in paragraph (e),
standing alone, does not provide guidance with respect to the
application of the intercompany transaction regulations to an
intercompany transaction, paragraph (e) of the proposed regulations is
also withdrawn.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Withdrawal of Notice of Proposed Rulemaking
Accordingly, under the authority of 26 U.S.C. 7805, the notice of
proposed rulemaking (REG-131264-04) that was published in the Federal
Register on August 13, 2004 (69 FR 50112) is withdrawn.
Mark E. Matthews,
Deputy Commissioner for Services and Enforcement.
[FR Doc. E6-6888 Filed 5-5-06; 8:45 am]
BILLING CODE 4830-01-P
