Guidance Regarding the Active Trade or Business Requirement Under Section 355(b); Correction, 31021-31022 [E7-10799]

Download as PDF Federal Register / Vol. 72, No. 107 / Tuesday, June 5, 2007 / Proposed Rules § 661.57 How is a list of deficient bridges to be generated? DEPARTMENT OF THE TREASURY (a) In consultation with the BIA, a list of deficient BIA IRR bridges will be developed each fiscal year by the FHWA based on the annual April update of the NBI. The NBI is based on data from the inspection of all bridges. Likewise, a list of non-BIA IRR bridges will be obtained from the NBI. These lists would form the basis for identifying bridges that would be considered potentially eligible for participation in the IRRBP. Two separate master bridge lists (one each for BIA and non-BIA IRR bridges) will be developed and will include, at a minimum, the following: (1) Sufficiency rating (SR); (2) Status (structurally deficient or functionally obsolete); (3) Average daily traffic (NBI item 29); (4) Detour length (NBI item 19); and (5) Truck average daily traffic (NBI item 109). (b) These lists would be provided by the FHWA to the BIADOT for publication and notification of affected BIA regional offices, Indian tribal governments (ITGs), and State and local governments. (c) BIA regional offices in consultation with ITGs, are encouraged to prioritize the design for bridges that are structurally deficient over bridges that are simply functionally obsolete, since the former is more critical structurally than the latter. Bridges that have higher average daily traffic (ADT) should be considered before those that have lower ADT. Detour length should also be a factor in selection and submittal of bridges, with those having a higher detour length being of greater concern. Lastly, bridges with higher truck ADT should take precedence over those which have lower truck ADT. Other items of note should be whether school buses use the bridge and the types of trucks that may cross the bridge and the loads imposed. Internal Revenue Service cprice-sewell on PROD1PC71 with PROPOSALS § 661.59 What should be done with a deficient BIA owned IRR bridge if the Indian tribe does not support the project? The BIA should notify the tribe and encourage the tribe to develop and submit an application package to FHWA for replacement of the bridge. For safety of the motoring public, if the tribe decides not to pursue the replacement of the bridge, the BIA shall work with the tribe to close the bridge, demolish the bridge and remove it from the IRR inventory in accordance with 25 CFR part 170 (170.813). [FR Doc. E7–9869 Filed 6–4–07; 8:45 am] BILLING CODE 4910–22–P VerDate Aug<31>2005 15:43 Jun 04, 2007 Jkt 211001 26 CFR Part 1 [REG–123365–03] RIN 1545–BC94 Guidance Regarding the Active Trade or Business Requirement Under Section 355(b); Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking. AGENCY: SUMMARY: This document contains corrections to a notice of proposed rulemaking (REG–123365–03) that was published in the Federal Register on Tuesday, May 8, 2007 (72 FR 26012) providing guidance on issues involving the active trade or business requirement under section 355(b), including guidance resulting from the enactment of section 355(b)(3). FOR FURTHER INFORMATION CONTACT: Russell P. Subin, (202) 622–7790 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The correction notice that is the subject of this document is under section 355(b) of the Internal Revenue Code. Need for Correction As published, the notice of proposed rulemaking (REG–123365–03) contains errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication of proposed rulemaking (REG–123365–03), which was the subject of FR Doc. 07– 2269, is corrected as follows: 1. On page 26014, column 2, in the preamble, under the paragraph heading ‘‘1. SAG Rule Applicable During the Pre-Distribution Period’’, second paragraph of the column, fourth line, the language ‘‘members are disregarded and all assets’’ is corrected to read ‘‘members is disregarded and all assets’’. 2. On page 26014, column 2, in the preamble, under the paragraph heading ‘‘1. SAG Rule Applicable During the Pre-Distribution Period’’, second paragraph of the column, eleventh line, the language ‘‘a five-year active trade or businesses.’’ is corrected to read ‘‘a fiveyear active trade or business.’’. 3. On page 26015, column 1, in the preamble, under the paragraph heading ‘‘3. Acquisitions of Stock in Subsidiary PO 00000 Frm 00043 Fmt 4702 Sfmt 4702 31021 SAG Members’’, fifth line of the column, the language ‘‘in sections B.4 and C.3.a.ii. of this’’ is corrected to read ‘‘in sections B.4. and C.3.a.ii. of this’’. 4. On page 26015, column 1, in the preamble, under the paragraph heading ‘‘C. Acquisitions of a Trade or Business’’, second line of the paragraph, the language ‘‘provide that a trade or business’’ is corrected to read ‘‘provides that a trade or business’’. 5. On page 26015, column 3, in the preamble, under the paragraph heading ‘‘1. Purpose of Section 355(b)(2)(C) and (D)’’, second paragraph of the column, fourth line, the language ‘‘using it assets—instead of its stock, or’’ is corrected to read ‘‘using its assets— instead of its stock, or’’. 6. On page 26016, column 2, in the preamble, under the paragraph heading ‘‘i. Certain Acquisitions by the DSAG or CSAG’’, last line of the first paragraph, the language ‘‘assets to acquire the trade or business’’ is corrected to read ‘‘assets to acquire the trade or business.’’. 7. On page 26016, column 3, in the preamble, under the paragraph heading ‘‘ii. Certain Acquisitions by a Distributee Corporation’’, tenth line of the paragraph, the language ‘‘section A.1 of this preamble, section’’ is corrected to read ‘‘section A.1. of this preamble, section’’. 8. On page 26017, column 2, in the preamble, under the paragraph heading ‘‘i. Acquisitions in Exchange for Assets’’, third paragraph of the column, first line, the language ‘‘As discussed in section C.1 of this’’ is corrected to read ‘‘As discussed in section C.1. of this’’. 9. On page 26018, column 1, in the preamble, under the paragraph heading ‘‘i. Acquisitions in Exchange for Assets’’, fourth paragraph of the column, sixth line, the language ‘‘and (D) are satisfied. Such an’’ is corrected to read ‘‘and (D) is satisfied. Such an’’. 10. On page 26019, column 3, in the preamble, under the paragraph heading ‘‘c. Application of Section 355(b)(2)(C) and (D) to Predecessors’’, second paragraph of the column, third line, the language ‘‘singly-entity for purposes of section’’ is corrected to read ‘‘singleentity for purposes of section’’. 11. On page 26025, column 1, in the preamble, under the paragraph heading ‘‘J. Additional Requests for Comments’’, eleventh line of the column, the language ‘‘sections D.1.b. and D.2.c of this’’ is corrected to read ‘‘sections D.1.b. and D.2.c. of this’’. 12. On page 26025, column 2, in the preamble, under the paragraph heading ‘‘J. Additional Requests for Comments’’, fourth line from the bottom of second paragraph, the language ‘‘example, § 1.355–3(c) Example (9)’’ is corrected to E:\FR\FM\05JNP1.SGM 05JNP1 31022 Federal Register / Vol. 72, No. 107 / Tuesday, June 5, 2007 / Proposed Rules read ‘‘example, § 1.355–3(c) Example 9’’. cprice-sewell on PROD1PC71 with PROPOSALS § 1.355–3 [Corrected] 13. On page 26026, column 2, § 1.355–3(b)(1)(i), lines eight and nine of the paragraph, the language ‘‘355(b)(1). Sections 355(b)(2)(A) and (b)(3)(A) provide that a corporation is’’ is corrected to read ‘‘355(b)(1). Section 355(b)(2)(A) and (b)(3)(A) provides that a corporation is’’. 14. On page 26026, column 2, § 1.355–3(b)(1)(i), seventh line from the bottom of the paragraph, the language ‘‘sections solely as a result of’’ is corrected to read ‘‘section solely as a result of’’. 15. On page 26028, column 1, § 1.355–3(b)(4)(i)(A), fourth line of the paragraph, the language ‘‘Under sections 355(b)(2)(C) and (b)(3), a’’ is corrected to read ‘‘Under section 355(b)(2)(C) and (b)(3), a’’. 16. On page 26028, column 1, § 1.355–3(b)(4)(i)(A), last line of the column, the language ‘‘by reasons of such transactions’’ is corrected to read ‘‘by reason of such transactions’’. 17. On page 26030, column 2, § 1.355–3(d)(1)(iv), third line, the language ‘‘within the meeting of section 368(c).’’ is corrected to read ‘‘within the meaning of section 368(c).’’. 18. On page 26031, column 3, § 1.355–3(d)(2) Example 9.(iii), fourth line from the bottom of paragraph, the language ‘‘is engaged the active conduct of ATB2.’’ is corrected to read ‘‘is engaged in the active conduct of ATB2.’’. 19. On page 26033, column 2, § 1.355–3(d)(2) Example 24., lines six through twelve, the language ‘‘Partnership, each of X, Y, and Z satisfy the requirements of paragraph (b)(2)(v)(B) of this section. Accordingly, each of X, Y, and Z are attributed the trade or business assets and activities of Partnership, satisfy the requirements of paragraph (b)(2)(i) of this section, and are engaged in the active’’ is corrected to read ‘‘Partnership, each of X, Y, and Z satisfies the requirements of paragraph (b)(2)(v)(B) of this section. Accordingly, each of X, Y, and Z is attributed the trade or business assets and activities of Partnership, satisfies the requirements of paragraph (b)(2)(i) of this section, and is engaged in the active’’. 20. On page 26034, column 1, § 1.355–3(d)(2) Example 27., sixth line from the bottom of paragraph, the language ‘‘recognized. Accordingly, if the D were to’’ is corrected to read ‘‘recognized. Accordingly, if D were to’’. 21. On page 26034, column 1, § 1.355–3(d)(2) Example 29., seventh VerDate Aug<31>2005 15:43 Jun 04, 2007 Jkt 211001 line, the language ‘‘under section 357(c) gain on the transfer of’’ is corrected to read ‘‘under section 357(c) on the transfer of’’. 22. On page 26034, column 2, § 1.355–3(d)(2) Example 32., sixth line from the bottom of paragraph, the language ‘‘neither ATB1 nor control of C were acquired’’ is corrected to read ‘‘neither ATB1 nor control of C was acquired’’. 23. On page 26034, column 3, § 1.355–3(d)(2) Example 35., second line from the bottom of paragraph, the language ‘‘distribution, it can rely on ATB1 to satisfy’’ is corrected to read ‘‘distribution, it could rely on ATB1 to satisfy’’. 24. On page 26034, column 3, § 1.355–3(d)(2) Example 36., second line, the language ‘‘reorganization and distributions. For more’’ is corrected to read ‘‘reorganization and distribution. For more’’. 25. On page 26035, column 2, § 1.355–3(d)(2) Example 39., fifth line from the bottom of paragraph, the language ‘‘The result would also be the same if prior to’’ is corrected to read ‘‘The result would be the same if prior to’’. 26. On page 26035, column 2, § 1.355–3(d)(2) Example 40., fourth line from the bottom of paragraph, the language ‘‘The result would be the same if P acquired’’ is corrected to read ‘‘The results would be the same if P acquired’’. 27. On page 26035, column 3, § 1.355–3(d)(2) Example 42., third line of the column, the language ‘‘distributes all the C stock, C could not rely’’ is corrected to read ‘‘distributes all the C stock, C cannot rely’’. 28. On page 26036, column 3, § 1.355–3(d)(2) Example 50., fifteenth line from the bottom of paragraph, the language ‘‘if X, instead if S, merged into D, S would’’ is corrected to read ‘‘if X, instead of S, merged into D, S would’’. LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E7–10799 Filed 6–4–07; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00044 Fmt 4702 Sfmt 4702 ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 745 [EPA–HQ–OPPT–2005–0049; FRL–8132–7] RIN 2070–AC83 Lead; Renovation, Repair, and Painting Program Environmental Protection Agency (EPA). ACTION: Supplemental Notice of Proposed Rulemaking. AGENCY: SUMMARY: On January 10, 2006, EPA proposed new requirements under the authority of section 402(c)(3) of the Toxic Substances Control Act (TSCA) to reduce exposure to lead hazards created by renovation, repair, and painting activities that disturb lead-based paint in target housing. ‘‘Target housing’’ is defined in TSCA section 401 as any housing constructed before 1978, except housing for the elderly or persons with disabilities (unless any child under age 6 resides or is expected to reside in such housing) or any 0-bedroom dwelling. The 2006 proposal would establish requirements for training renovators and dust sampling technicians; for certifying renovators, dust sampling technicians, and renovation firms; for accrediting providers of renovation and dust sampling technician training; for renovation work practices; and for recordkeeping. That proposal would also allow interested States, Territories, and Indian Tribes the opportunity to apply for and receive authorization to administer and enforce all of the elements of the new renovation requirements. This supplemental notice contains EPA’s proposal to add childoccupied facilities to the buildings covered by the 2006 proposal. Childoccupied facilities may be located in public or commercial buildings or in target housing. A child-occupied facility would be defined as a building, or a portion of a building, constructed prior to 1978, visited regularly by the same child, under 6 years of age, on at least two different days within any week (Sunday through Saturday period), provided that each day’s visit lasts at least 3 hours and the combined weekly visits last at least 6 hours, and the combined annual visits last at least 60 hours. DATES: Comments must be received on or before July 5, 2007. ADDRESSES: Submit your comments, identified by docket identification (ID) number EPA–HQ–OPPT–2005–0049, by one of the following methods: E:\FR\FM\05JNP1.SGM 05JNP1

Agencies

[Federal Register Volume 72, Number 107 (Tuesday, June 5, 2007)]
[Proposed Rules]
[Pages 31021-31022]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-10799]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-123365-03]
RIN 1545-BC94


Guidance Regarding the Active Trade or Business Requirement Under 
Section 355(b); Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to a notice of proposed 
rulemaking (REG-123365-03) that was published in the Federal Register 
on Tuesday, May 8, 2007 (72 FR 26012) providing guidance on issues 
involving the active trade or business requirement under section 
355(b), including guidance resulting from the enactment of section 
355(b)(3).

FOR FURTHER INFORMATION CONTACT: Russell P. Subin, (202) 622-7790 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The correction notice that is the subject of this document is under 
section 355(b) of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-123365-03) 
contains errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of proposed rulemaking (REG-123365-
03), which was the subject of FR Doc. 07-2269, is corrected as follows:
    1. On page 26014, column 2, in the preamble, under the paragraph 
heading ``1. SAG Rule Applicable During the Pre-Distribution Period'', 
second paragraph of the column, fourth line, the language ``members are 
disregarded and all assets'' is corrected to read ``members is 
disregarded and all assets''.
    2. On page 26014, column 2, in the preamble, under the paragraph 
heading ``1. SAG Rule Applicable During the Pre-Distribution Period'', 
second paragraph of the column, eleventh line, the language ``a five-
year active trade or businesses.'' is corrected to read ``a five-year 
active trade or business.''.
    3. On page 26015, column 1, in the preamble, under the paragraph 
heading ``3. Acquisitions of Stock in Subsidiary SAG Members'', fifth 
line of the column, the language ``in sections B.4 and C.3.a.ii. of 
this'' is corrected to read ``in sections B.4. and C.3.a.ii. of this''.
    4. On page 26015, column 1, in the preamble, under the paragraph 
heading ``C. Acquisitions of a Trade or Business'', second line of the 
paragraph, the language ``provide that a trade or business'' is 
corrected to read ``provides that a trade or business''.
    5. On page 26015, column 3, in the preamble, under the paragraph 
heading ``1. Purpose of Section 355(b)(2)(C) and (D)'', second 
paragraph of the column, fourth line, the language ``using it assets--
instead of its stock, or'' is corrected to read ``using its assets--
instead of its stock, or''.
    6. On page 26016, column 2, in the preamble, under the paragraph 
heading ``i. Certain Acquisitions by the DSAG or CSAG'', last line of 
the first paragraph, the language ``assets to acquire the trade or 
business'' is corrected to read ``assets to acquire the trade or 
business.''.
    7. On page 26016, column 3, in the preamble, under the paragraph 
heading ``ii. Certain Acquisitions by a Distributee Corporation'', 
tenth line of the paragraph, the language ``section A.1 of this 
preamble, section'' is corrected to read ``section A.1. of this 
preamble, section''.
    8. On page 26017, column 2, in the preamble, under the paragraph 
heading ``i. Acquisitions in Exchange for Assets'', third paragraph of 
the column, first line, the language ``As discussed in section C.1 of 
this'' is corrected to read ``As discussed in section C.1. of this''.
    9. On page 26018, column 1, in the preamble, under the paragraph 
heading ``i. Acquisitions in Exchange for Assets'', fourth paragraph of 
the column, sixth line, the language ``and (D) are satisfied. Such an'' 
is corrected to read ``and (D) is satisfied. Such an''.
    10. On page 26019, column 3, in the preamble, under the paragraph 
heading ``c. Application of Section 355(b)(2)(C) and (D) to 
Predecessors'', second paragraph of the column, third line, the 
language ``singly-entity for purposes of section'' is corrected to read 
``single-entity for purposes of section''.
    11. On page 26025, column 1, in the preamble, under the paragraph 
heading ``J. Additional Requests for Comments'', eleventh line of the 
column, the language ``sections D.1.b. and D.2.c of this'' is corrected 
to read ``sections D.1.b. and D.2.c. of this''.
    12. On page 26025, column 2, in the preamble, under the paragraph 
heading ``J. Additional Requests for Comments'', fourth line from the 
bottom of second paragraph, the language ``example, Sec.  1.355-3(c) 
Example (9)'' is corrected to

[[Page 31022]]

read ``example, Sec.  1.355-3(c) Example 9''.


Sec.  1.355-3  [Corrected]

    13. On page 26026, column 2, Sec.  1.355-3(b)(1)(i), lines eight 
and nine of the paragraph, the language ``355(b)(1). Sections 
355(b)(2)(A) and (b)(3)(A) provide that a corporation is'' is corrected 
to read ``355(b)(1). Section 355(b)(2)(A) and (b)(3)(A) provides that a 
corporation is''.
    14. On page 26026, column 2, Sec.  1.355-3(b)(1)(i), seventh line 
from the bottom of the paragraph, the language ``sections solely as a 
result of'' is corrected to read ``section solely as a result of''.
    15. On page 26028, column 1, Sec.  1.355-3(b)(4)(i)(A), fourth line 
of the paragraph, the language ``Under sections 355(b)(2)(C) and 
(b)(3), a'' is corrected to read ``Under section 355(b)(2)(C) and 
(b)(3), a''.
    16. On page 26028, column 1, Sec.  1.355-3(b)(4)(i)(A), last line 
of the column, the language ``by reasons of such transactions'' is 
corrected to read ``by reason of such transactions''.
    17. On page 26030, column 2, Sec.  1.355-3(d)(1)(iv), third line, 
the language ``within the meeting of section 368(c).'' is corrected to 
read ``within the meaning of section 368(c).''.
    18. On page 26031, column 3, Sec.  1.355-3(d)(2) Example 9.(iii), 
fourth line from the bottom of paragraph, the language ``is engaged the 
active conduct of ATB2.'' is corrected to read ``is engaged in the 
active conduct of ATB2.''.
    19. On page 26033, column 2, Sec.  1.355-3(d)(2) Example 24., lines 
six through twelve, the language ``Partnership, each of X, Y, and Z 
satisfy the requirements of paragraph (b)(2)(v)(B) of this section. 
Accordingly, each of X, Y, and Z are attributed the trade or business 
assets and activities of Partnership, satisfy the requirements of 
paragraph (b)(2)(i) of this section, and are engaged in the active'' is 
corrected to read ``Partnership, each of X, Y, and Z satisfies the 
requirements of paragraph (b)(2)(v)(B) of this section. Accordingly, 
each of X, Y, and Z is attributed the trade or business assets and 
activities of Partnership, satisfies the requirements of paragraph 
(b)(2)(i) of this section, and is engaged in the active''.
    20. On page 26034, column 1, Sec.  1.355-3(d)(2) Example 27., sixth 
line from the bottom of paragraph, the language ``recognized. 
Accordingly, if the D were to'' is corrected to read ``recognized. 
Accordingly, if D were to''.
    21. On page 26034, column 1, Sec.  1.355-3(d)(2) Example 29., 
seventh line, the language ``under section 357(c) gain on the transfer 
of'' is corrected to read ``under section 357(c) on the transfer of''.
    22. On page 26034, column 2, Sec.  1.355-3(d)(2) Example 32., sixth 
line from the bottom of paragraph, the language ``neither ATB1 nor 
control of C were acquired'' is corrected to read ``neither ATB1 nor 
control of C was acquired''.
    23. On page 26034, column 3, Sec.  1.355-3(d)(2) Example 35., 
second line from the bottom of paragraph, the language ``distribution, 
it can rely on ATB1 to satisfy'' is corrected to read ``distribution, 
it could rely on ATB1 to satisfy''.
    24. On page 26034, column 3, Sec.  1.355-3(d)(2) Example 36., 
second line, the language ``reorganization and distributions. For 
more'' is corrected to read ``reorganization and distribution. For 
more''.
    25. On page 26035, column 2, Sec.  1.355-3(d)(2) Example 39., fifth 
line from the bottom of paragraph, the language ``The result would also 
be the same if prior to'' is corrected to read ``The result would be 
the same if prior to''.
    26. On page 26035, column 2, Sec.  1.355-3(d)(2) Example 40., 
fourth line from the bottom of paragraph, the language ``The result 
would be the same if P acquired'' is corrected to read ``The results 
would be the same if P acquired''.
    27. On page 26035, column 3, Sec.  1.355-3(d)(2) Example 42., third 
line of the column, the language ``distributes all the C stock, C could 
not rely'' is corrected to read ``distributes all the C stock, C cannot 
rely''.
    28. On page 26036, column 3, Sec.  1.355-3(d)(2) Example 50., 
fifteenth line from the bottom of paragraph, the language ``if X, 
instead if S, merged into D, S would'' is corrected to read ``if X, 
instead of S, merged into D, S would''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E7-10799 Filed 6-4-07; 8:45 am]
BILLING CODE 4830-01-P