Establishment of Class E Airspace; Nucla, CO, 17804 [E7-6649]
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17804
Federal Register / Vol. 72, No. 68 / Tuesday, April 10, 2007 / Rules and Regulations
Dated: March 29, 2007.
John C. Dugan,
Comptroller of the Currency, Office of the
Comptroller of the Currency.
Board of Governors of the Federal Reserve
System, April 3, 2007.
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, DC, this 20th day of
March, 2007.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Dated: April 2, 2007.
By the Office of Thrift Supervision.
John M. Reich,
Director.
[FR Doc. 07–1716 Filed 4–9–07; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P;
6720–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 71
[Docket No. FAA–2006–24826; Airspace
Docket No. 06–ANM–3]
Establishment of Class E Airspace;
Nucla, CO
Class E airspace. This action corrects
this error.
Correction to Final Rule
Accordingly, pursuant to the authority
delegated to me, the legal description as
published in the Federal Register
February 23, 2007 (72 FR 8100), Federal
Register Docket No. FAA–2006–24826,
Airspace Docket No. 06–ANM–3, and
incorporated by reference in 14 CFR
71.1, is corrected as follows:
I
PART 71—[AMENDED]
§ 71.1
*
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule; correction.
SUMMARY: This action corrects an error
in the northwest boundary description
of a final rule that was published in the
Federal Register on February 23, 2007
(72 FR 8100) Federal Register Docket
No. FAA–2006–24826, Airspace Docket
No. 06–ANM–3.
DATES: Effective Date: 0901 UTC, May
10, 2007. The Director of the Federal
Register approves this incorporation by
reference action under 1 CFR part 51,
subject to the annual revision of FAA
Order 7400.9 and publication of
conforming amendments.
FOR FURTHER INFORMATION CONTACT: Ed
Haeseker, Federal Aviation
Administration, Western Service Area,
System Support Group, 1601 Lind
Avenue, SW., Renton, WA 98057;
telephone: (425) 917–6714.
SUPPLEMENTARY INFORMATION:
*
*
*
ANM CO E5 Nucla, CO [Corrected]
Hopkins Field, CO
(Lat. 38°14′20″ N., long. 108°33′48″ W.)
That airspace extending upward from 700
feet above the surface within a 6.0-mile
radius of Hopkins Field and within 4 miles
each side of the 317° bearing from Hopkins
Field extending from the 6.0-mile radius of
Hopkins Field northwest to 12.0 miles from
Hopkins Field; that airspace extending
upward from 1,200 feet above the surface
beginning at lat. 38°45′00″ N., long.
109°00′00″ W.; to lat. 38°30′00″ N., long.
108°30′00″ W.; to CONES VOR/DME; to
DOVE CREEK VORTAC; to lat. 38°30′00″ N.,
long. 109°10′00″ W.; to point of beginning.
*
AGENCY:
[Amended]
*
*
*
*
*
Issued in Seattle, Washington, on March
30, 2007.
Steven M. Osterdahl,
Director of Operations, En Route and Oceanic,
Western Service Area.
[FR Doc. E7–6649 Filed 4–9–07; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9322]
RIN 1545–BG26
Anti-Avoidance and Anti-Loss
Reimportation Rules Applicable
Following a Loss on Disposition of
Stock of Consolidated Subsidiaries
cprice-sewell on PROD1PC66 with RULES
History
Internal Revenue Service (IRS),
Treasury.
ACTION: Final and temporary
regulations.
Federal Register Docket FAA–2006–
24826, Airspace Docket No. 06–ANM–3,
published on February 23, 2007 (72 FR
8100), establishes Class E Airspace at
Hopkins Field, Nucla, CO, effective May
10, 2007. An error was discovered in the
northwest geographic boundary of the
SUMMARY: This document contains final
and temporary regulations under section
1502 of the Internal Revenue Code
(Code). These regulations provide
guidance to corporations filing
consolidated returns. These regulations
apply an anti-avoidance rule and revise
VerDate Aug<31>2005
13:19 Apr 09, 2007
Jkt 211001
AGENCY:
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an anti-loss reimportation rule that
applies following a disposition of stock
of a subsidiary at a loss. The text of the
temporary regulations also serves as the
text of the proposed regulations (REG–
156420–06) set forth in the notice of
proposed rulemaking on this subject in
the Proposed Rules section in this issue
of the Federal Register.
DATES: Effective Date: These regulations
are effective April 10, 2007.
Applicability Date: For dates of
applicability, see §§ 1.1502–32T(k) and
1.1502–35T(j)(2).
FOR FURTHER INFORMATION CONTACT:
Theresa Abell, (202) 622–7700 or
Phoebe Bennett, (202) 622–7770 (not
toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of
Provisions
Section 1.1502–35 currently addresses
loss duplication. The rule generally
applies whenever there is a disposition
of loss shares of subsidiary stock or a
subsidiary is deconsolidated. The
regulation includes several specific antiabuse rules, including a rule intended to
prevent a group from getting the benefit
of a loss on the stock of one of its
subsidiaries and then reimporting the
same economic loss back to into the
group (or its successor) in order to claim
a duplicative benefit from the one loss.
The current anti-loss reimportation
rule generally disallows reimported
losses that duplicate a loss recognized
and allowed with respect to the
disposition of subsidiary stock. The
term ‘‘subsidiary’’ is defined in
§ 1.1502–1(c) to mean a corporation that
is a member of a consolidated group but
is not the common parent of the group.
Taxpayers have attempted to avoid the
anti-loss reimportation rule by first
deconsolidating a subsidiary and then
selling loss shares of the subsidiary’s
stock. The loss on the stock is one that
was reflected in the subsidiary’s
attributes at the time of the
deconsolidation and is thus one that the
anti-loss reimportation rule is intended
to address. But because the sale occurs
after the subsidiary ceases to be a
member of the group, taxpayers take the
position that the loss recognized is not
with respect to ‘‘subsidiary’’ stock and
therefore is not subject to the anti-loss
reimportation rule. Thus, after obtaining
the tax benefit of its economic loss (on
the disposition of the stock), the group
would be free to reimport the loss and
then (directly or through a successor
group) claim a second tax benefit for its
one economic loss.
The IRS and Treasury Department
believe that the duplication of a group
E:\FR\FM\10APR1.SGM
10APR1
]]>Agencies
[Federal Register Volume 72, Number 68 (Tuesday, April 10, 2007)]
[Rules and Regulations]
[Page 17804]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-6649]
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DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 71
[Docket No. FAA-2006-24826; Airspace Docket No. 06-ANM-3]
Establishment of Class E Airspace; Nucla, CO
AGENCY: Federal Aviation Administration (FAA), DOT.
ACTION: Final rule; correction.
-----------------------------------------------------------------------
SUMMARY: This action corrects an error in the northwest boundary
description of a final rule that was published in the Federal Register
on February 23, 2007 (72 FR 8100) Federal Register Docket No. FAA-2006-
24826, Airspace Docket No. 06-ANM-3.
DATES: Effective Date: 0901 UTC, May 10, 2007. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.
FOR FURTHER INFORMATION CONTACT: Ed Haeseker, Federal Aviation
Administration, Western Service Area, System Support Group, 1601 Lind
Avenue, SW., Renton, WA 98057; telephone: (425) 917-6714.
SUPPLEMENTARY INFORMATION:
History
Federal Register Docket FAA-2006-24826, Airspace Docket No. 06-ANM-
3, published on February 23, 2007 (72 FR 8100), establishes Class E
Airspace at Hopkins Field, Nucla, CO, effective May 10, 2007. An error
was discovered in the northwest geographic boundary of the Class E
airspace. This action corrects this error.
Correction to Final Rule
0
Accordingly, pursuant to the authority delegated to me, the legal
description as published in the Federal Register February 23, 2007 (72
FR 8100), Federal Register Docket No. FAA-2006-24826, Airspace Docket
No. 06-ANM-3, and incorporated by reference in 14 CFR 71.1, is
corrected as follows:
PART 71--[AMENDED]
Sec. 71.1 [Amended]
* * * * *
ANM CO E5 Nucla, CO [Corrected]
Hopkins Field, CO
(Lat. 38[deg]14'20'' N., long. 108[deg]33'48'' W.)
That airspace extending upward from 700 feet above the surface
within a 6.0-mile radius of Hopkins Field and within 4 miles each
side of the 317[deg] bearing from Hopkins Field extending from the
6.0-mile radius of Hopkins Field northwest to 12.0 miles from
Hopkins Field; that airspace extending upward from 1,200 feet above
the surface beginning at lat. 38[deg]45'00'' N., long.
109[deg]00'00'' W.; to lat. 38[deg]30'00'' N., long. 108[deg]30'00''
W.; to CONES VOR/DME; to DOVE CREEK VORTAC; to lat. 38[deg]30'00''
N., long. 109[deg]10'00'' W.; to point of beginning.
* * * * *
Issued in Seattle, Washington, on March 30, 2007.
Steven M. Osterdahl,
Director of Operations, En Route and Oceanic, Western Service Area.
[FR Doc. E7-6649 Filed 4-9-07; 8:45 am]
BILLING CODE 4910-13-P
