IFR Altitudes; Miscellaneous Amendments, 51469-51471 [E6-14446]
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Federal Register / Vol. 71, No. 168 / Wednesday, August 30, 2006 / Rules and Regulations
9–32F, DC–9–32F (C–9A, C–9B), DC–9–33F,
DC–9–34, DC–9–34F, DC–9–41, and DC–9–51
airplanes, certificated in any category.
Unsafe Condition
(d) This AD results from reports that the
foil wrapping on existing plastic clamp bases
has migrated out of position, which
compromises the bonding of the fuel vent
lines to the airplane structure. We are issuing
this AD to ensure that the fuel vent lines are
properly bonded to the airplane structure.
Improper bonding could prevent electrical
energy from a lightning strike from
dissipating to the airplane structure, and
create an ignition source, which could result
in a fuel tank explosion.
Compliance
(e) You are responsible for having the
actions required by this AD performed within
the compliance times specified, unless the
actions have already been done.
Clamp Base Replacement
(f) Within 60 months after the effective
date of this AD, replace the existing clamp
bases for the fuel vent line with improved
metal clamp bases, by doing all of the
applicable actions in accordance with the
Accomplishment Instructions of Boeing
Service Bulletin DC9–28–211, Revision 1,
dated June 21, 2006. Any corrective action
that is required following the conductivity
verification, which is included in the
replacement procedures, must be done before
further flight.
Replacement Accomplished in Accordance
With Previous Issue of Service Bulletin
(g) Replacement of clamp bases
accomplished before the effective date of this
AD in accordance with Boeing Service
Bulletin DC9–28–211, dated February 23,
2005, is acceptable for compliance with the
corresponding action required by paragraph
(f) of this AD.
jlentini on PROD1PC65 with RULES
Alternative Methods of Compliance
(AMOCs)
(h)(1) The Manager, Los Angeles Aircraft
Certification Office (ACO), FAA, has the
authority to approve AMOCs for this AD, if
requested in accordance with the procedures
found in 14 CFR 39.19.
(2) Before using any AMOC approved in
accordance with § 39.19 on any airplane to
which the AMOC applies, notify the
appropriate principal inspector in the FAA
Flight Standards Certificate Holding District
Office.
Material Incorporated by Reference
(i) You must use Boeing Service Bulletin
DC9–28–211, Revision 1, dated June 21,
2006, to perform the actions that are required
by this AD, unless the AD specifies
otherwise. The Director of the Federal
Register approved the incorporation by
reference of this document in accordance
with 5 U.S.C. 552(a) and 1 CFR part 51.
Contact Boeing Commercial Airplanes, Long
Beach Division, 3855 Lakewood Boulevard,
Long Beach, California 90846, Attention:
Data and Service Management, Dept. C1–L5A
(D800–0024), for a copy of this service
information. You may review copies at the
VerDate Aug<31>2005
16:32 Aug 29, 2006
Jkt 208001
Docket Management Facility, U.S.
Department of Transportation, 400 Seventh
Street SW., Room PL–401, Nassif Building,
Washington, DC; on the Internet at https://
dms.dot.gov; or at the National Archives and
Records Administration (NARA). For
information on the availability of this
material at the NARA, call (202) 741–6030,
or go to https://www.archives.gov/
federal_register/code_of_federal_regulations/
ibr_locations.html.
Issued in Renton, Washington, on August
18, 2006.
Kalene C. Yanamura,
Acting Manager, Transport Airplane
Directorate, Aircraft Certification Service.
[FR Doc. E6–14289 Filed 8–29–06; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 95
[Docket No. 30510; Amdt. No. 463]
IFR Altitudes; Miscellaneous
Amendments
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
SUMMARY: This amendment adopts
miscellaneous amendments to the
required IFR (instrument flight rules)
altitudes and changeover points for
certain Federal airways, jet routes, or
direct routes for which a minimum or
maximum en route authorized IFR
altitude is prescribed. This regulatory
action is needed because of changes
occurring in the National Airspace
System. These changes are designed to
provide for the safe and efficient use of
the navigable airspace under instrument
conditions in the affected areas.
EFFECTIVE DATE: 0901 UTC, September
28, 2006.
FOR FURTHER INFORMATION CONTACT:
Donald P. Pate, Flight Procedure
Standards Branch (AMCAFS–420),
Flight Technologies and Programs
Division, Flight Standards Service,
Federal Aviation Administration, Mike
Monroney Aeronautical Center, 6500
South MacArthur Blvd., Oklahoma City,
OK 73169 (Mail Address: P.O. Box
25082, Oklahoma City, OK 73125)
telephone: (405) 954–4164.
SUPPLEMENTARY INFORMATION: This
amendment to part 95 of the Federal
Aviation Regulations (14 CFR part 95)
amends, suspends, or revokes IFR
altitudes governing the operation of all
aircraft in flight over a specified route
or any portion of that route, as well as
the changeover points (COPs) for
PO 00000
Frm 00049
Fmt 4700
Sfmt 4700
51469
Federal airways, jet routes, or direct
routes as prescribed in part 95.
The Rule
The specified IFR altitudes, when
used in conjunction with the prescribed
changeover points for those routes,
ensure navigation aid coverage that is
adequate for safe flight operations and
free of frequency interference. The
reasons and circumstances that create
the need for this amendment involve
matters of flight safety and operational
efficiency in the National Airspace
System, are related to published
aeronautical charts that are essential to
the user, and provide for the safe and
efficient use of the navigable airspace.
In addition, those various reasons or
circumstances require making this
amendment effective before the next
scheduled charting and publication date
of the flight information to assure its
timely availability to the user. The
effective date of this amendment reflects
those considerations. In view of the
close and immediate relationship
between these regulatory changes and
safety in air commerce, I find that notice
and public procedure before adopting
this amendment are impracticable and
contrary to the public interest and that
good cause exists for making the
amendment effective in less than 30
days.
Conclusion
The FAA has determined that this
regulation only involves an established
body of technical regulations for which
frequent and routine amendments are
necessary to keep them operationally
current. It, therefore—(1) Is not a
‘‘significant regulatory action’’ under
Executive Order 12866; (2) is not a
‘‘significant rule’’ under DOT
Regulatory Policies and Procedures (44
FR 11034; February 26, 1979); and (3)
does not warrant preparation of a
regulatory evaluation as the anticipated
impact is so minimal. For the same
reason, the FAA certifies that this
amendment will not have a significant
economic impact on a substantial
number of small entities under the
criteria of the Regulatory Flexibility Act.
List of Subjects in 14 CFR Part 95
Airspace, Navigation (air).
Issued in Washington, DC on August 23,
2006.
James J. Ballough,
Director, Flight Standards Service.
Adoption of the Amendment
Accordingly, pursuant to the authority
delegated to me by the Administrator,
part 95 of the Federal Aviation
I
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51470
Federal Register / Vol. 71, No. 168 / Wednesday, August 30, 2006 / Rules and Regulations
Regulations (14 CFR part 95) is
amended as follows effective at 0901
UTC, September 28, 2006.
I 1. The authority citation for part 95
continues to read as follows:
Authority: 49 U.S.C. 106(g), 40103, 40106,
40113, 40114, 40120, 44502, 44514, 44719,
44721.
2. Part 95 is amended to read as
follows:
I
REVISIONS TO IFR ALTITUDES AND CHANGEOVER POINTS
[Amendment 463 effective date, September 28, 2006]
From
To
MEA
MAA
§ 95.1001 Direct Routes—U.S.
Atlantic Routes—AR3
Is amended to read in part:
Carps, FL FIX .................................................................
Oldey, SC FIX ................................................................
Panal, OA FIX ................................................................
Perie, OA FIX ......................................................................
Panal, OA FIX ......................................................................
Carolina Beach, NC NDB ....................................................
2500
2500
2500
45000
45000
45000
................
9000
................
***6000
Halle, NV FIX .......................................................................
................
*14000
Mustang, NV VORTAC ........................................................
................
*11000
*Lyric, AK FIX ......................................................................
**8000
................
Biorka Island, AK VORTAC .................................................
5000
................
*Lyric, AK FIX ......................................................................
**8000
................
Biorka Island, AK VORTAC .................................................
5000
................
Atlantic Routes—AR4
Is amended to read in part:
Ashly, SC NDB ...............................................................
Metta, SC FIX ......................................................................
§ 95.6001 Victor Routes—U.S.
§ 95.6027 VOR Federal Airway V27
Is amended to read in part:
*EUGEN, CA FIX ...........................................................
*7000–MRA.
**7000–MRA.
***3000–MOCA.
**TAILS, CA FIX ..................................................................
§ 95.6452
Is amended to read in part:
Bachs, CA FIX ...............................................................
*10200–MOCA.
Halle, NV FIX .................................................................
*9500–MOCA.
§ 95.6593
Is amended to delete:
Sisters Island, AK VORTAC ..........................................
*8000–MRA.
**5800–MOCA.
**5800–GPS MEA.
*Lyric, AK FIX .................................................................
*8000–MRA.
§ 95.6593
jlentini on PROD1PC65 with RULES
Is added to read:
Sisters Island, AK VORTAC ..........................................
*8000–MRA.
**5800–MOCA.
**5800–GPS MEA.
*Lyric, AK FIX .................................................................
*8000–MRA.
VerDate Aug<31>2005
16:32 Aug 29, 2006
Jkt 208001
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VOR Federal Airway V452
Alaska VOR Federal Airway V431
Alaska VOR Federal Airway V593
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Fmt 4700
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Federal Register / Vol. 71, No. 168 / Wednesday, August 30, 2006 / Rules and Regulations
[FR Doc. E6–14446 Filed 8–29–06; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9282]
RIN 1545–BE74
Dividends Paid Deduction for Stock
Held in Employee Stock Ownership
Plan
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations.
AGENCY:
jlentini on PROD1PC65 with RULES
SUMMARY: This document contains final
regulations under sections 162(k) and
404(k) of the Internal Revenue Code
(Code) providing that a payment in
redemption of employer securities held
by an employee stock ownership plan
(ESOP) is not deductible. These
regulations generally affect
administrators of, employers
maintaining, participants in, and
beneficiaries of ESOPs. In addition, they
will affect corporations that make
distributions in redemption of stock
held in an ESOP.
DATES: Effective Date: These regulations
are effective on August 30, 2006.
Applicability Dates: These regulations
apply with respect to payments to
reacquire stock that are made on or after
and amounts paid or incurred on or
after August 30, 2006. See §§ 1.162(k)–
1(c) and 1.404(k)–3, Q&A–2.
FOR FURTHER INFORMATION CONTACT: John
T. Ricotta at (202) 622–6060 with
respect to section 404(k) or Jennifer D.
Sledge at (202) 622–7750 with respect to
section 162(k) (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
This document contains final
regulations (26 CFR part 1) under
sections 162(k) and 404(k) of the Code.
Section 162(k)(1) generally provides
that no deduction otherwise allowable
under chapter 1 of the Code is allowed
for any amount paid or incurred by a
corporation in connection with the
reacquisition of its stock or the stock of
any related person (as defined in section
465(b)(3)(C)). The legislative history of
section 162(k) states that the phrase ‘‘in
connection with’’ is ‘‘intended to be
construed broadly.’’ H.R. Conf. Rep. No.
99–841, at 168 (1986).
Section 404(k)(1) provides a
deduction for an applicable dividend
paid in cash by a C corporation with
VerDate Aug<31>2005
16:32 Aug 29, 2006
Jkt 208001
respect to applicable employer
securities held by an ESOP, as defined
in section 4975(e)(7). Section 404(k)(2)
generally provides that the term
applicable dividend means any
dividend which, in accordance with the
plan provisions, is either paid in cash to
plan participants or beneficiaries or
paid to the plan and distributed in cash
to participants or beneficiaries not later
than 90 days after the close of the plan
year in which paid. An applicable
dividend also includes a dividend
which, at the election of participants or
their beneficiaries, is payable as
provided in the preceding sentence or
paid to the plan and reinvested in
qualifying employer securities. Finally,
an applicable dividend also includes a
dividend that is used to make payments
on a loan described in section 404(a)(9),
the proceeds of which were used to
acquire the employer securities
(whether or not allocated to
participants) with respect to which the
dividend is paid. Under section
404(k)(4), the deduction is allowable in
the taxable year of the corporation in
which the dividend is paid or
distributed to the participant or
beneficiary.
Prior to 2002, section 404(k)(5)(A)
provided that the Secretary may
disallow the deduction under section
404(k) for any dividend if the Secretary
determines that such dividend
constitutes, in substance, an evasion of
taxation. Section 662(b) of the Economic
Growth and Tax Relief Reconciliation
Act of 2001 (115 Stat. 38, 2001)
amended section 404(k)(5)(A) to provide
that the Secretary may disallow a
deduction under section 404(k) for any
dividend the Secretary determines
constitutes, in substance, an avoidance
or evasion of taxation.
Rev. Rul. 2001–6 (2001–1 CB 491) (see
§ 601.601(d)(2) of this chapter), states
that distributions to participants of
amounts paid by an employer to
reacquire shares of its stock from the
employer’s ESOP (redemption proceeds)
are made in connection with the
reacquisition of the employer’s stock
and that section 162(k)(1) therefore bars
the deduction under these
circumstances regardless of whether the
distributions to participants would
otherwise be deductible under section
404(k). The revenue ruling also states
that the treatment of redemption
proceeds as ‘‘applicable dividends’’
under section 404(k) would produce
such anomalous results that the section
cannot reasonably be construed as
encompassing such payments. The
revenue ruling states that the
application of section 404(k) to
redemption proceeds not only would
PO 00000
Frm 00051
Fmt 4700
Sfmt 4700
51471
allow employers to claim deductions for
payments that do not represent true
economic costs, but also, as further
explained below, would vitiate
important rights and protections for
recipients of ESOP distributions.
Finally, the ruling states that a
deduction would be disallowed under
section 404(k)(5)(A) because a
deduction under these circumstances
would constitute, in substance, an
evasion of taxation.
These positions were reiterated in
Notice 2002–2, Q&A–11 (2002–2 CB
285) (See § 601.601(d)(2) of this
chapter), which states that, in
accordance with Rev. Rul. 2001–6,
payments in redemption of stock held
by an ESOP that are used to make
distributions to terminating ESOP
participants constitute an evasion of
taxation under section 404(k)(5)(A) and
are not applicable dividends under
section 404(k)(1). Moreover, the notice
states that any deduction for such
payments in redemption of stock is
barred under section 162(k).
Notice 2002–2 (Q&A–7) also discusses
the tax treatment of section 404(k)
dividend distributions, stating that
dividends paid in cash to a participant
(rather than reinvested at the option of
the participant under section
404(k)(2)(A)(iii)) are taxable without
regard to the return of basis provisions
under section 72, and are not subject to
the consent requirements of section
411(a)(11) or the distribution
restrictions of section 401(k)(2)(B). In
addition, the Notice provides that
dividends paid to participants under
section 404(k) are not eligible rollover
distributions under section 402(c), even
if the dividends are distributed at the
same time as amounts that do constitute
an eligible rollover distribution (or are
reported on Form 1099–R (Distributions
From Pensions, Annuities, Retirement
or Profit-Sharing Plans, IRAs, Insurance
Contracts, etc.) in accordance with
Announcement 85–168).1 See also
§ 1.402(c)–2, Q&A–4(e), under which
dividends paid on employer securities
under section 404(k) are not eligible
rollover distributions under section
402(c).
In Boise Cascade Corporation v.
United States, 329 F.3d 751 (9th Cir.
2003), the Court of Appeals for the
Ninth Circuit held that payments made
by the issuer of stock to redeem its stock
held by its ESOP were deductible as
dividends paid under section 404(k),
and that the deduction was not
1 Announcement 85–168 (1985–48 IRB 40) states
that section 404(k) distributions are reportable as
dividends on a recipient’s tax return and that such
distributions are fully taxable without regard to
return of basis.
E:\FR\FM\30AUR1.SGM
30AUR1
]]>Agencies
[Federal Register Volume 71, Number 168 (Wednesday, August 30, 2006)]
[Rules and Regulations]
[Pages 51469-51471]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-14446]
-----------------------------------------------------------------------
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 95
[Docket No. 30510; Amdt. No. 463]
IFR Altitudes; Miscellaneous Amendments
AGENCY: Federal Aviation Administration (FAA), DOT.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This amendment adopts miscellaneous amendments to the required
IFR (instrument flight rules) altitudes and changeover points for
certain Federal airways, jet routes, or direct routes for which a
minimum or maximum en route authorized IFR altitude is prescribed. This
regulatory action is needed because of changes occurring in the
National Airspace System. These changes are designed to provide for the
safe and efficient use of the navigable airspace under instrument
conditions in the affected areas.
EFFECTIVE DATE: 0901 UTC, September 28, 2006.
FOR FURTHER INFORMATION CONTACT: Donald P. Pate, Flight Procedure
Standards Branch (AMCAFS-420), Flight Technologies and Programs
Division, Flight Standards Service, Federal Aviation Administration,
Mike Monroney Aeronautical Center, 6500 South MacArthur Blvd., Oklahoma
City, OK 73169 (Mail Address: P.O. Box 25082, Oklahoma City, OK 73125)
telephone: (405) 954-4164.
SUPPLEMENTARY INFORMATION: This amendment to part 95 of the Federal
Aviation Regulations (14 CFR part 95) amends, suspends, or revokes IFR
altitudes governing the operation of all aircraft in flight over a
specified route or any portion of that route, as well as the changeover
points (COPs) for Federal airways, jet routes, or direct routes as
prescribed in part 95.
The Rule
The specified IFR altitudes, when used in conjunction with the
prescribed changeover points for those routes, ensure navigation aid
coverage that is adequate for safe flight operations and free of
frequency interference. The reasons and circumstances that create the
need for this amendment involve matters of flight safety and
operational efficiency in the National Airspace System, are related to
published aeronautical charts that are essential to the user, and
provide for the safe and efficient use of the navigable airspace. In
addition, those various reasons or circumstances require making this
amendment effective before the next scheduled charting and publication
date of the flight information to assure its timely availability to the
user. The effective date of this amendment reflects those
considerations. In view of the close and immediate relationship between
these regulatory changes and safety in air commerce, I find that notice
and public procedure before adopting this amendment are impracticable
and contrary to the public interest and that good cause exists for
making the amendment effective in less than 30 days.
Conclusion
The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore--(1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. For the same reason, the FAA
certifies that this amendment will not have a significant economic
impact on a substantial number of small entities under the criteria of
the Regulatory Flexibility Act.
List of Subjects in 14 CFR Part 95
Airspace, Navigation (air).
Issued in Washington, DC on August 23, 2006.
James J. Ballough,
Director, Flight Standards Service.
Adoption of the Amendment
0
Accordingly, pursuant to the authority delegated to me by the
Administrator, part 95 of the Federal Aviation
[[Page 51470]]
Regulations (14 CFR part 95) is amended as follows effective at 0901
UTC, September 28, 2006.
0
1. The authority citation for part 95 continues to read as follows:
Authority: 49 U.S.C. 106(g), 40103, 40106, 40113, 40114, 40120,
44502, 44514, 44719, 44721.
0
2. Part 95 is amended to read as follows:
Revisions to IFR Altitudes and Changeover Points
[Amendment 463 effective date, September 28, 2006]
------------------------------------------------------------------------
From To MEA MAA
------------------------------------------------------------------------
Sec. 95.1001 Direct Routes--U.S.
Atlantic Routes--AR3
------------------------------------------------------------------------
Is amended to read in part:
Carps, FL FIX........... Perie, OA FIX....... 2500 45000
Oldey, SC FIX........... Panal, OA FIX....... 2500 45000
Panal, OA FIX........... Carolina Beach, NC 2500 45000
NDB.
------------------------------------------------------------------------
Atlantic Routes--AR4
------------------------------------------------------------------------
Is amended to read in part:
Ashly, SC NDB........... Metta, SC FIX....... ......... 9000
------------------------------------------------------------------------
Sec. 95.6001 Victor Routes--U.S.
Sec. 95.6027 VOR Federal Airway V27
------------------------------------------------------------------------
Is amended to read in part:
------------------------------------------------------------------------
*EUGEN, CA FIX.......... **TAILS, CA FIX..... ......... ***6000
*7000-MRA...........
**7000-MRA..........
***3000-MOCA........
------------------------------------------------------------------------
Sec. 95.6452 VOR Federal Airway V452
------------------------------------------------------------------------
Is amended to read in part:
Bachs, CA FIX........... Halle, NV FIX....... ......... *14000
*10200-MOCA.........
Halle, NV FIX........... Mustang, NV VORTAC.. ......... *11000
*9500-MOCA..........
------------------------------------------------------------------------
Sec. 95.6593 Alaska VOR Federal Airway V431
------------------------------------------------------------------------
Is amended to delete:
Sisters Island, AK *Lyric, AK FIX...... **8000 .........
VORTAC.
*8000-MRA...........
**5800-MOCA.........
**5800-GPS MEA......
*Lyric, AK FIX.......... Biorka Island, AK 5000 .........
VORTAC.
*8000-MRA...........
------------------------------------------------------------------------
Sec. 95.6593 Alaska VOR Federal Airway V593
------------------------------------------------------------------------
Is added to read:
Sisters Island, AK *Lyric, AK FIX...... **8000 .........
VORTAC.
*8000-MRA...........
**5800-MOCA.........
**5800-GPS MEA......
*Lyric, AK FIX.......... Biorka Island, AK 5000 .........
VORTAC.
*8000-MRA...........
------------------------------------------------------------------------
[[Page 51471]]
[FR Doc. E6-14446 Filed 8-29-06; 8:45 am]
BILLING CODE 4910-13-P
