United States Dollar Approximate Separate Transactions Method, 15043-15044 [E7-5857]
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Federal Register / Vol. 72, No. 61 / Friday, March 30, 2007 / Rules and Regulations
and standard temperature, and the type
of surface for which it is valid;
(4) The effect on landing distances of
operation on other than smooth hard
surfaces, when dry, determined under
SC 23.45(g); and
(5) The effect on landing distances of
runway slope and 50 percent of the
headwind component and 150 percent
of the tailwind component.
(b) Not applicable.
(c) Not applicable.
(d) In addition to paragraph (a) of this
section the following information must
be furnished—
(1) The accelerate-stop distance
determined under SC 23.55;
(2) The takeoff distance determined
under SC 23.59(a);
(3) At the option of the applicant, the
takeoff run determined under SC
23.59(b);
(4) The effect on accelerate-stop
distance, takeoff distance and, if
determined, takeoff run, of operation on
other than smooth hard surfaces, when
dry, determined under SC 23.45(g);
(5) The effect on accelerate-stop
distance, takeoff distance, and if
determined, takeoff run, of runway
slope and 50 percent of the headwind
component and 150 percent of the
tailwind component;
(6) The net takeoff flight path
determined under SC 23.61(b);
(7) The enroute gradient of climb/
descent with one engine inoperative,
determined under § 23.69(b);
(8) The effect, on the net takeoff flight
path and on the enroute gradient of
climb/descent with one engine
inoperative, of 50 percent of the
headwind component and 150 percent
of the tailwind component;
(9) Overweight landing performance
information (determined by
extrapolation and computed for the
range of weights between the maximum
landing and maximum takeoff weights)
as follows—
(i) The maximum weight for each
airport altitude and ambient
temperature at which the airplane
complies with the climb requirements of
SC 23.63(d)(2); and
(ii) The landing distance determined
under § 23.75 for each airport altitude
and standard temperature.
(10) The relationship between IAS
and CAS determined in accordance with
§ 23.1323 (b) and (c).
(11) The altimeter system calibration
required by § 23.1325(e).
VerDate Aug<31>2005
15:49 Mar 29, 2007
Jkt 211001
Issued in Kansas City, Missouri on March
23, 2007.
Kim Smith,
Manager, Small Airplane Directorate, Aircraft
Certification Service.
[FR Doc. E7–5951 Filed 3–29–07; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
21 CFR Part 310
[Docket No. 2007N–0099]
New Drugs Exempted From
Prescription-Dispensing
Requirements; Technical Amendment
AGENCY:
Food and Drug Administration,
HHS.
Final rule; technical
amendment.
ACTION:
Amendments to the Federal
Food, Drug, and Cosmetic Act (the act)
necessitate several changes to the
citations used in Food and Drug
Administration (FDA) regulations
regarding the prescription-exemption
procedure and the list of new drugs that
are exempted from the prescriptiondispensing requirements. These changes
are editorial, pertaining only to
citations, and do not constitute a change
in FDA regulation.
DATES: This rule is effective March 30,
2007.
FOR FURTHER INFORMATION CONTACT:
Gerald M. Rachanow, Center for Drug
Evaluation and Research, Food and
Drug Administration, 10903 New
Hampshire Ave., Bldg. 22, rm. 5496,
Silver Spring, MD 20993, 301–796–
2090.
SUMMARY:
SUPPLEMENTARY INFORMATION:
Section
126 of the Food and Drug
Administration Modernization Act of
1997 (FDAMA) (Public Law 105–115)
amended section 503(b)(1) of the act (21
U.S.C. 353(b)(1)). Specifically, the
previous paragraph (b)(1)(A) of the act
was stricken from the act and
paragraphs (b)(1)(B) and (b)(1)(C) were
redesignated as paragraphs (b)(1)(A) and
(b)(1)(B), respectively. This amendment
to the act necessitates that FDA revise
the corresponding citations in its
regulations. FDA is making this change
in 21 CFR part 310 (§§ 310.200 and
310.201). These changes are editorial,
pertaining only to citations, and do not
constitute a change in FDA regulation.
Publication of this document
constitutes final action on this change
under the Administrative Procedure Act
PO 00000
Frm 00033
Fmt 4700
Sfmt 4700
15043
(5 U.S.C. 553). Notice and public
procedures are unnecessary because
FDA is merely implementing a change
in citation to a section of the act as a
result of amendment of the act.
List of Subjects in 21 CFR Part 310
Administrative practice and
procedure, Drugs, Labeling, Medical
devices, Reporting and recordkeeping
requirements.
I Therefore, under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
of Food and Drugs, 21 CFR part 310 is
amended as follows:
PART 310—NEW DRUGS
1. The authority citation for 21 CFR
part 310 continues to read as follows:
I
Authority: 21 U.S.C. 321, 331, 351, 352,
353, 355, 360b–360f, 360j, 361(a), 371, 374,
375, 379e; 42 U.S.C. 216, 241, 242(a), 262,
263b–263n.
§ 310.200
[Amended]
2. In § 310.200(a), (b), and (e) remove
‘‘503(b)(1)(C)’’ wherever it appears and
add in its place ‘‘503(b)(1)(B)’’.
I
§ 310.201
[Amended]
3. In § 310.201(a) remove
‘‘503(b)(1)(C)’’ and add in its place
‘‘503(b)(1)(B)’’.
I
Dated: March 22, 2007.
Jeffrey Shuren,
Assistant Commissioner for Policy.
[FR Doc. E7–5895 Filed 3–29–07; 8:45 am]
BILLING CODE 4160–01–S
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9320]
RIN 1545-BF67
United States Dollar Approximate
Separate Transactions Method
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulation.
AGENCY:
SUMMARY: This document contains final
regulations which provide the
translation rates that must be used when
translating into dollars certain items and
amounts transferred by a qualified
business unit (QBU) to its home office
or parent corporation for purposes of
computing dollar approximate separate
transactions method (DASTM) gain or
loss. This regulation is necessary to
provide guidance under section 985
E:\FR\FM\30MRR1.SGM
30MRR1
15044
Federal Register / Vol. 72, No. 61 / Friday, March 30, 2007 / Rules and Regulations
regarding the proper translation rates
that must be used under the DASTM
method. Taxpayers affected by these
regulations are taxpayers with QBUs
required to use the DASTM method of
accounting described in § 1.985–3.
DATES: Effective Date: This regulation is
effective March 30, 2007.
Applicability Date: This regulation is
applicable to any transfer, dividend, or
distribution that is a return of capital
that is made after March 8, 2005, and
that gives rise to an adjustment under
§ 1.985–3(d)(3).
FOR FURTHER INFORMATION CONTACT:
Sheila Ramaswamy, at (202) 622–3870.
SUPPLEMENTARY INFORMATION:
cprice-sewell on PROD1PC66 with RULES
Background
On July 13, 2006, a notice of proposed
rulemaking (REG–118897–06), United
States Dollar Approximate Separate
Transactions Method, was published in
the Federal Register (71 FR 39604). The
notice of proposed rulemaking proposed
to amend § 1.985–3(d)(3). No requests
for a public hearing were received, and
no public hearing was held. The IRS
received no comments in response to
the notice of proposed rulemaking. The
proposed regulation is adopted without
change by this Treasury decision.
Explanation of Provisions
For taxable years beginning after
August 24, 1994, a U.S. taxpayer’s QBU
that would otherwise be required to use
a hyperinflationary currency as its
functional currency generally must use
the dollar as its functional currency and
must compute income or loss under the
DASTM method of accounting
described in § 1.985–3. See § 1.985–
1(b)(2)(ii). Under the DASTM method of
accounting, a QBU’s income or loss for
a taxable year is computed in U.S.
dollars and adjusted to account for its
DASTM gain or loss. See § 1.985–3(b). A
QBU’s DASTM gain or loss for a taxable
year is determined under § 1.985–3(d)
by first computing the QBU’s change in
net worth from the prior year. In
computing the QBU’s change in net
worth, items whose dollar value
fluctuates with changes in exchange
rates are translated using the year-end
exchange rate while items whose dollar
value does not change with exchange
rate fluctuations are translated using the
exchange rate for the translation period
in which the cost of the item was
incurred. Specified adjustments are
made to the QBU’s change in net worth.
Under § 1.985–3(d)(3), one of the
adjustments requires adding back to the
change in net worth transactions that
decrease the QBU’s net worth without
affecting the QBU’s income or loss
VerDate Aug<31>2005
15:49 Mar 29, 2007
Jkt 211001
including dividend distributions,
certain transfers, and returns of capital
from the QBU to its home office or
parent corporation. This final regulation
provides the translation rate to be used
in translating these items into dollars for
purposes of computing DASTM gain or
loss.
Under § 1.985–3(d)(3), the applicable
translation rate to be used generally
depends upon whether the dollar value
of the item transferred changes with
fluctuations in exchange rates.
Accordingly, the regulation provides
that if the item giving rise to the
adjustment is an asset which would be
translated under § 1.985–3(d)(5) at the
exchange rate for the last translation
period of the taxable year if it were on
the QBU’s year-end balance sheet, the
item will be translated at the exchange
rate on the date the item is transferred.
However, if the item giving rise to the
adjustment is an asset which would be
translated under § 1.985–3(d)(5) at the
exchange rate for the translation period
in which the cost of the item was
incurred if it were on the QBU’s yearend balance sheet, the item will be
translated at the same historical rate.
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
has been determined that sections 553
(b) and (d) of the Administrative
Procedure Act (5 U.S.C. chapter 5) do
not apply to this regulation, and because
this regulation does not impose a
collection of information on small
entities, the provisions of the Regulatory
Flexibility Act (5 U.S.C. chapter 6) does
not apply. Pursuant to section 7805(f) of
the Internal Revenue Code, the notice of
proposed rulemaking preceding this
regulation was submitted to the Chief
Counsel for Advocacy of the Small
Business Administration for comment
on its impact on small business.
Drafting Information
The principal author of this regulation
is Sheila Ramaswamy, Office of
Associate Chief Counsel (International).
However, other personnel from the IRS
and Treasury Department participated
in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Adoption of Amendment to the
Regulations
Accordingly, 26 CFR part 1 is
amended as follows:
I
PO 00000
Frm 00034
Fmt 4700
Sfmt 4700
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read in part as
follows:
I
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.985–3 is amended by
revising paragraph (d)(3) to read as
follows:
I
§ 1.985–3 United States dollar approximate
separate transactions method.
*
*
*
*
*
(d) * * *
(3) Positive adjustments—(i) In
general. The items described in this
paragraph (d)(3) are dividend
distributions for the taxable year and
any items that decrease net worth for
the taxable year but that generally do
not affect income or loss or earnings and
profits (or a deficit in earnings and
profits). Such items include a transfer to
the home office of a QBU branch and a
return of capital.
(ii) Translation. Except as provided by
ruling or administrative
pronouncement, items described in
paragraph (d)(3)(i) of this section shall
be translated into dollars as follows:
(A) If the item giving rise to the
adjustment would be translated under
paragraph (d)(5) of this section at the
exchange rate for the last translation
period of the taxable year if it were
shown on the QBU’s year-end balance
sheet, such item shall be translated at
the exchange rate on the date the item
is transferred.
(B) If the item giving rise to the
adjustment would be translated under
paragraph (d)(5) of this section at the
exchange rate for the translation period
in which the cost of the item was
incurred if it were shown on the QBU’s
year-end balance sheet, such item shall
be translated at the same historical rate.
(iii) Effective date. Paragraph (d)(3)(ii)
of this section is applicable for any
transfer, dividend, or distribution that is
a return of capital that is made after
March 8, 2005, and that gives rise to an
adjustment under this paragraph (d)(3).
*
*
*
*
*
Kevin M. Brown,
Deputy Commissioner for Services and
Enforcement.
Approved: March 20, 2007.
Eric Solomon,
Assistant Secretary for Tax Policy.
[FR Doc. E7–5857 Filed 3–29–07; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\30MRR1.SGM
30MRR1
]]>Agencies
[Federal Register Volume 72, Number 61 (Friday, March 30, 2007)]
[Rules and Regulations]
[Pages 15043-15044]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-5857]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9320]
RIN 1545-BF67
United States Dollar Approximate Separate Transactions Method
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Final regulation.
-----------------------------------------------------------------------
SUMMARY: This document contains final regulations which provide the
translation rates that must be used when translating into dollars
certain items and amounts transferred by a qualified business unit
(QBU) to its home office or parent corporation for purposes of
computing dollar approximate separate transactions method (DASTM) gain
or loss. This regulation is necessary to provide guidance under section
985
[[Page 15044]]
regarding the proper translation rates that must be used under the
DASTM method. Taxpayers affected by these regulations are taxpayers
with QBUs required to use the DASTM method of accounting described in
Sec. 1.985-3.
DATES: Effective Date: This regulation is effective March 30, 2007.
Applicability Date: This regulation is applicable to any transfer,
dividend, or distribution that is a return of capital that is made
after March 8, 2005, and that gives rise to an adjustment under Sec.
1.985-3(d)(3).
FOR FURTHER INFORMATION CONTACT: Sheila Ramaswamy, at (202) 622-3870.
SUPPLEMENTARY INFORMATION:
Background
On July 13, 2006, a notice of proposed rulemaking (REG-118897-06),
United States Dollar Approximate Separate Transactions Method, was
published in the Federal Register (71 FR 39604). The notice of proposed
rulemaking proposed to amend Sec. 1.985-3(d)(3). No requests for a
public hearing were received, and no public hearing was held. The IRS
received no comments in response to the notice of proposed rulemaking.
The proposed regulation is adopted without change by this Treasury
decision.
Explanation of Provisions
For taxable years beginning after August 24, 1994, a U.S.
taxpayer's QBU that would otherwise be required to use a
hyperinflationary currency as its functional currency generally must
use the dollar as its functional currency and must compute income or
loss under the DASTM method of accounting described in Sec. 1.985-3.
See Sec. 1.985-1(b)(2)(ii). Under the DASTM method of accounting, a
QBU's income or loss for a taxable year is computed in U.S. dollars and
adjusted to account for its DASTM gain or loss. See Sec. 1.985-3(b). A
QBU's DASTM gain or loss for a taxable year is determined under Sec.
1.985-3(d) by first computing the QBU's change in net worth from the
prior year. In computing the QBU's change in net worth, items whose
dollar value fluctuates with changes in exchange rates are translated
using the year-end exchange rate while items whose dollar value does
not change with exchange rate fluctuations are translated using the
exchange rate for the translation period in which the cost of the item
was incurred. Specified adjustments are made to the QBU's change in net
worth. Under Sec. 1.985-3(d)(3), one of the adjustments requires
adding back to the change in net worth transactions that decrease the
QBU's net worth without affecting the QBU's income or loss including
dividend distributions, certain transfers, and returns of capital from
the QBU to its home office or parent corporation. This final regulation
provides the translation rate to be used in translating these items
into dollars for purposes of computing DASTM gain or loss.
Under Sec. 1.985-3(d)(3), the applicable translation rate to be
used generally depends upon whether the dollar value of the item
transferred changes with fluctuations in exchange rates. Accordingly,
the regulation provides that if the item giving rise to the adjustment
is an asset which would be translated under Sec. 1.985-3(d)(5) at the
exchange rate for the last translation period of the taxable year if it
were on the QBU's year-end balance sheet, the item will be translated
at the exchange rate on the date the item is transferred. However, if
the item giving rise to the adjustment is an asset which would be
translated under Sec. 1.985-3(d)(5) at the exchange rate for the
translation period in which the cost of the item was incurred if it
were on the QBU's year-end balance sheet, the item will be translated
at the same historical rate.
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 has been
determined that sections 553 (b) and (d) of the Administrative
Procedure Act (5 U.S.C. chapter 5) do not apply to this regulation, and
because this regulation does not impose a collection of information on
small entities, the provisions of the Regulatory Flexibility Act (5
U.S.C. chapter 6) does not apply. Pursuant to section 7805(f) of the
Internal Revenue Code, the notice of proposed rulemaking preceding this
regulation was submitted to the Chief Counsel for Advocacy of the Small
Business Administration for comment on its impact on small business.
Drafting Information
The principal author of this regulation is Sheila Ramaswamy, Office
of Associate Chief Counsel (International). However, other personnel
from the IRS and Treasury Department participated in their development.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Adoption of Amendment to the Regulations
0
Accordingly, 26 CFR part 1 is amended as follows:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
0
Par. 2. Section 1.985-3 is amended by revising paragraph (d)(3) to read
as follows:
Sec. 1.985-3 United States dollar approximate separate transactions
method.
* * * * *
(d) * * *
(3) Positive adjustments--(i) In general. The items described in
this paragraph (d)(3) are dividend distributions for the taxable year
and any items that decrease net worth for the taxable year but that
generally do not affect income or loss or earnings and profits (or a
deficit in earnings and profits). Such items include a transfer to the
home office of a QBU branch and a return of capital.
(ii) Translation. Except as provided by ruling or administrative
pronouncement, items described in paragraph (d)(3)(i) of this section
shall be translated into dollars as follows:
(A) If the item giving rise to the adjustment would be translated
under paragraph (d)(5) of this section at the exchange rate for the
last translation period of the taxable year if it were shown on the
QBU's year-end balance sheet, such item shall be translated at the
exchange rate on the date the item is transferred.
(B) If the item giving rise to the adjustment would be translated
under paragraph (d)(5) of this section at the exchange rate for the
translation period in which the cost of the item was incurred if it
were shown on the QBU's year-end balance sheet, such item shall be
translated at the same historical rate.
(iii) Effective date. Paragraph (d)(3)(ii) of this section is
applicable for any transfer, dividend, or distribution that is a return
of capital that is made after March 8, 2005, and that gives rise to an
adjustment under this paragraph (d)(3).
* * * * *
Kevin M. Brown,
Deputy Commissioner for Services and Enforcement.
Approved: March 20, 2007.
Eric Solomon,
Assistant Secretary for Tax Policy.
[FR Doc. E7-5857 Filed 3-29-07; 8:45 am]
BILLING CODE 4830-01-P
