FOIA Processing Fees, 39315-39316 [E7-13931]
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Federal Register / Vol. 72, No. 137 / Wednesday, July 18, 2007 / Rules and Regulations
However, because the basis of the additional
shares of T stock will be determined when
P has an excess loss account in its original
shares of T stock, under paragraph (d)(1) of
this section, the basis that P would otherwise
have in such additional shares will eliminate
the excess loss account in P’s original shares
of T stock such that each original share of T
stock will have a basis of $0 and each share
of T stock deemed received will have a basis
of $0.20. Then, under § 1.358–2(a)(2)(iii), the
T stock is deemed to be recapitalized in a
reorganization under section 368(a)(1)(E) in
which P receives 100 shares of T stock (those
shares P actually owns immediately after the
transfer) in exchange for those 100 shares of
T stock that P held immediately prior to the
transfer and those 150 shares of T stock P is
deemed to receive in the transfer. Under
§ 1.358–2(a)(2)(i), immediately after the
transfer, P holds 100 shares of T stock, 60 of
which take a basis of $0.50 each and 40 of
which take a basis of $0 each. In addition,
T takes a $1 basis in each share of S stock
under section 362. (If P had actually received
an additional 150 shares of T stock of the
same class, paragraph (d)(1) of this section
would apply to shift basis from such
additional T shares to P’s original T shares
because the basis of the additional T stock
would be determined when P had an excess
loss account in its original T shares. P would
have a basis of $0 in each of the original T
shares and a basis of $0.20 in each of the
additional T shares.)
(iii) Transfer of shares with an excess loss
account. The facts are the same as in
paragraph (i) of this Example 2, except that
P transfers T’s stock to S without receiving
additional S stock. The transfer is an
exchange described in both section 351 and
section 354. Under paragraph (c) of this
section, P’s transfer is treated as a disposition
of T’s stock. Under sections 351 and 354 and
paragraph (b)(2) of this section, P does not
recognize gain from the disposition. Under
§ 1.358–2(a)(2)(iii), P is deemed to have
received 100 shares of S stock of the same
class. Without regard to the application of
paragraph (d) of this section, P would have
a $1.20 excess loss account in each such
share. However, because P will have an
excess loss account in such shares and P
owns other shares of S stock of the same
class, under paragraph (d)(2) of this section,
the excess loss account that P would
otherwise have in such shares will decrease
P’s basis in its original shares of S’s stock
such that each such original share will have
a basis of $0.20 and each share deemed
received will have a basis of $0. Then, under
§ 1.358–2(a)(2)(iii), the S stock is deemed to
be recapitalized in a reorganization under
section 368(a)(1)(E) in which P receives 150
shares of S stock (those shares P actually
owns immediately after the transfer) in
exchange for those 150 shares of S stock that
P held immediately prior to the transfer and
those 100 shares of S stock that P is deemed
to receive in connection with the transfer.
Under § 1.358–2(a)(2)(i), immediately after
the transfer, P holds 150 shares of S stock,
90 of which take a basis of $0.33 each and
60 of which take a basis of $0 each. In
addition, S takes an excess loss account of
$1.20 in each share of T stock under section
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10:08 Jul 18, 2007
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362. (If P had actually received 100
additional shares of S stock of the same class,
paragraph (d)(2) of this section would apply
to shift basis from P’s original S stock
because P would have otherwise had an
excess loss account in such additional shares
and P owned other shares of S stock of the
same class. The excess loss account that P
would have otherwise had in such additional
shares would have decreased P’s basis in its
original shares of S’s stock. P would have had
a basis of $0.20 in each of the original shares
and a basis of $0 in each of the additional
shares.)
(iv) Intercompany merger—shares with
excess loss account retained. The facts are
the same as in paragraph (i) of this Example
2, except that S merges into T in a
reorganization described in section
368(a)(1)(A) (and in section 368(a)(1)(D)), and
P receives 150 additional shares of T stock
of the same class in the reorganization. Under
section 354, P does not recognize gain.
Without regard to the application of
paragraph (d) of this section, under section
358 and § 1.358–2(a)(2)(i), P would have a $1
basis in each such share. However, because
the basis of the additional shares of T stock
will be determined when P has an excess loss
account in its original shares of T stock,
under paragraph (d)(1) of this section, the
basis that P would otherwise have in such
additional shares eliminates the excess loss
account in P’s original shares of T stock such
that each original share of T stock has a basis
of $0 and each additional share of T stock has
a basis of $0.20.
(v) Intercompany merger—shares with
excess loss account surrendered. The facts
are the same as in paragraph (i) of this
Example 2, except that T merges into S in a
reorganization described in section
368(a)(1)(A) (and in section 368(a)(1)(D)), and
P receives 100 additional shares of S stock of
the same class in the reorganization. Under
section 354 and paragraph (b)(2) of this
section, P does not recognize gain from the
disposition. Without regard to the
application of paragraph (d) of this section,
under section 358 and § 1.358–2(a)(2)(i), P
would have a $1.20 excess loss account in
each additional share of S stock received.
However, because P would have an excess
loss account in such shares and P owns other
shares of S stock of the same class, under
paragraph (d)(2) of this section, the excess
loss account that P would otherwise have in
such shares decreases P’s basis in its original
shares of S’s stock such that each original
share of S stock has a basis of $0.20 and each
additional share of S stock has a basis of $0.
*
*
*
*
*
(h) * * *
(2) * * *
(iv) Intercompany reorganizations.
Paragraphs (d) and (g) Example 2 of this
section apply to transactions occurring
on or after July 18, 2007. For
transactions occurring on or after
January 23, 2006, and before July 18,
2007, see § 1.1502–19T as contained in
26 CFR part 1 in effect April 1, 2007.
For transactions occurring before
January 23, 2006, see § 1.1502–19 as
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39315
contained in 26 CFR part 1 in effect
April 1, 2005.
*
*
*
*
*
§ 1.1502–19T
[Removed]
Par. 3. Section 1.1502–19T is
removed.
I Par. 4. Section 1.1502–80 is amended
by revising paragraph (c) to read as
follows:
I
§ 1.1502–80 Applicability of other
provisions of law.
*
*
*
*
*
(c) Deferral of section 165—(1)
General rule. Subsidiary stock is not
treated as worthless under section 165
until immediately before the earlier of
the time—
(i) The stock is worthless within the
meaning of § 1.1502–19(c)(1)(iii); or
(ii) The subsidiary for any reason
ceases to be a member of the group.
(2) Cross reference. See §§ 1.337(d)–2
and 1.1502–35 for additional rules
relating to loss on subsidiary stock.
(3) Effective/applicability date. This
paragraph (c) applies to taxable years for
which the original consolidated Federal
income tax return is due (without
extensions) after July 18, 2007.
However, taxpayers may apply this
paragraph (c) to taxable years beginning
on or after January 1, 1995.
*
*
*
*
*
§ 1.1502–80T
[Removed]
I Par. 5. Section 1.1502–80T is
removed.
Kevin M. Brown,
Deputy Commissioner for Services and
Enforcement.
Approved: July 10, 2007.
Eric Solomon,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. E7–13839 Filed 7–17–07; 8:45 am]
BILLING CODE 4830–01–P
CENTRAL INTELLIGENCE AGENCY
32 CFR Part 1900
FOIA Processing Fees
Central Intelligence Agency.
Final rule.
AGENCY:
ACTION:
SUMMARY: On January 8, 2007, the
Central Intelligence Agency submitted a
proposed rule for public comment on
Freedom of Information Act processing
fees to the Federal Register. The CIA
has reviewed and carefully considered
all of the comments that were submitted
in response to our proposal. As a result
of that review, the CIA hereby issues its
final rule on FOIA processing fees.
E:\FR\FM\18JYR1.SGM
18JYR1
39316
Federal Register / Vol. 72, No. 137 / Wednesday, July 18, 2007 / Rules and Regulations
EFFECTIVE DATE:
Central Intelligence Agency Act of 1949, as
amended (50 U.S.C. 403(g)).
July 18, 2007.
FOR FURTHER INFORMATION CONTACT:
Scott A. Koch, Information and Privacy
Coordinator, Central Intelligence
Agency, Washington, DC 20505 or by
telephone, 703–613–1287.
SUPPLEMENTARY INFORMATION: In the
January 8, 2007 edition of the Federal
Register, the CIA published a proposed
rule which reflected a zero-based review
of its public FOIA regulations on
processing fees. The proposed rule was
an expansive attempt to streamline our
administrative approach in order to
improve our processing of FOIA
requests. The proposed system
contained a number of innovative
features to make this new approach
workable. The CIA received comments
that supported some aspect of the
proposed rule, while also receiving
comments which were very critical of
other aspects of this approach. After a
review and consideration of all of the
comments, it was clear that there was no
way to reconcile the positive and
negative comments into a refinement of
our approach that was workable. We
concluded that if any features of the
proposed system were dropped, the
advantages would not outweigh the
disadvantages of adopting this system.
Since there was no support to proceed
with the proposed rule as originally
drafted, rather than implementing the
sweeping changes set forth in the
proposed rule, we have a more modest
change by simply adopting the
definition of ‘‘news media’’ contained in
the March 27, 1987, Office of
Management and Budget FOIA
Guidelines. Although, the CIA remains
confident in the adequacy and
sufficiency of its previous interpretation
of ‘‘news media’’ fee status, it has
concluded that it is preferable to avoid
sterile and unproductive technical
litigation and the associated diversion of
resources from more productive
pursuits that that entails.
2. In § 1900.02, revise paragraph (h)(3)
to read as follows:
I
§ 1900.02
Definitions.
*
*
*
*
*
(h) * * *
(3) Representative of the News Media
refers to any person actively gathering
news for an entity that is organized and
operated to publish or broadcast news to
the public. The term ‘‘news’’ means
information that is about current events
or that would be of current interest to
the public. Examples of news media
entities include television or radio
stations broadcasting to the public at
large, and publishers of periodicals (but
only in those instances when they can
qualify as disseminators of ‘‘news’’) who
make their products available for
purchase or subscription by the general
public. These examples are not intended
to be all-inclusive. Moreover, as
traditional methods of news delivery
evolve (e.g., electronic dissemination of
newspapers through
telecommunications services), such
alternative media would be included in
this category. In the case of ‘‘freelance’’
journalists, they may be regarded as
working for a news organization if they
can demonstrate a solid basis for
expecting publication through that
organization, even though not actually
employed by it. A publication contract
would be the clearest proof, but
agencies may also look to the past
publication record of a requestor in
making this determination:
*
*
*
*
*
Dated: July 9, 2007.
Edmund Cohen,
Chief of Information Management Services.
[FR Doc. E7–13931 Filed 7–17–07; 8:45 am]
BILLING CODE 6310–02–P
List of Subjects in 32 CFR Part 1900
DEPARTMENT OF HOMELAND
SECURITY
Classified information, Freedom of
Information.
Coast Guard
As stated in the preamble, the CIA is
amending 32 CFR part 1900 as follows:
33 CFR Part 165
PART 1900—PUBLIC ACCESS TO CIA
RECORDS UNDER THE FREEDOM OF
INFORMATION ACT (FOIA)
RIN 1625–AA00
cprice-sewell on PROD1PC71 with RULES
I
1. The authority citation for part 1900
continues to read as follows:
I
Authority: The Freedom of Information Act
(FOIA), as amended (5 U.S.C. 552); the CIA
Information Act of 1984 (50 U.S.C. 431); sec.
102 of the National Security Act of 1947, as
amended (50 U.S.C. 403); and sec. 6 of the
VerDate Aug<31>2005
10:08 Jul 18, 2007
Jkt 211001
[CGD09–07–055]
Safety Zone; Oswego Harborfest 2007,
Oswego, NY
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
SUMMARY: The Coast Guard is
establishing a temporary safety zone on
Lake Ontario, Oswego, NY. This zone is
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Frm 00016
Fmt 4700
Sfmt 4700
intended to restrict vessels from a
portion of Lake Ontario during the
Oswego Harborfest Fireworks display on
July 28, 2007. This temporary safety
zone is necessary to protect spectators
and vessels from the hazards associated
with fireworks displays.
This rule is effective from 9 p.m.
to 10 p.m. on July 28, 2007.
DATES:
Documents indicated in this
preamble as being available in the
docket, are part of docket CGD09–07–
055 and are available for inspection or
copying at U.S. Coast Guard Sector
Buffalo, 1 Fuhrmann Boulevard,
Buffalo, NY 14203 between 8 a.m. and
3 p.m., Monday through Friday, except
Federal holidays.
ADDRESSES:
LT
Tracy Wirth, U.S. Coast Guard Sector
Buffalo; (716) 843–9573.
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
Regulatory Information
We did not publish a notice of
proposed rulemaking (NPRM) for this
regulation. Under 5 U.S.C. 553(b)(B), the
Coast Guard finds that good cause exists
for not publishing an NPRM. The permit
application was not received in time to
publish an NPRM followed by a final
rule before the effective date. Under 5
U.S.C. 553(d)(3), good cause exists for
making this rule effective less than 30
days after publication in the Federal
Register. Delaying this rule would be
contrary to the public interest of
ensuring the safety of spectators and
vessels during this event and immediate
action is necessary to prevent possible
loss of life or property.
Background and Purpose
This temporary safety zone is
necessary to ensure the safety of vessels
and spectators from hazards associated
with a fireworks display. Based on
accidents that have occurred in other
Captain of the Port Zones, and the
explosive hazards of fireworks, the
Captain of the Port Buffalo has
determined that fireworks launches
proximate to watercraft pose a
significant risk to public safety and
property. The likely combination of
large numbers of recreation vessels,
congested waterways, darkness
punctuated by bright flashes of light,
alcohol use, and debris falling into the
water could easily result in serious
injuries or fatalities. Establishing a
safety zone to control vessel movement
around the location of the launch
platform will help ensure the safety of
persons and property at these events
and help minimize the associated risks.
E:\FR\FM\18JYR1.SGM
18JYR1
]]>Agencies
[Federal Register Volume 72, Number 137 (Wednesday, July 18, 2007)]
[Rules and Regulations]
[Pages 39315-39316]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-13931]
=======================================================================
-----------------------------------------------------------------------
CENTRAL INTELLIGENCE AGENCY
32 CFR Part 1900
FOIA Processing Fees
AGENCY: Central Intelligence Agency.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: On January 8, 2007, the Central Intelligence Agency submitted
a proposed rule for public comment on Freedom of Information Act
processing fees to the Federal Register. The CIA has reviewed and
carefully considered all of the comments that were submitted in
response to our proposal. As a result of that review, the CIA hereby
issues its final rule on FOIA processing fees.
[[Page 39316]]
EFFECTIVE DATE: July 18, 2007.
FOR FURTHER INFORMATION CONTACT: Scott A. Koch, Information and Privacy
Coordinator, Central Intelligence Agency, Washington, DC 20505 or by
telephone, 703-613-1287.
SUPPLEMENTARY INFORMATION: In the January 8, 2007 edition of the
Federal Register, the CIA published a proposed rule which reflected a
zero-based review of its public FOIA regulations on processing fees.
The proposed rule was an expansive attempt to streamline our
administrative approach in order to improve our processing of FOIA
requests. The proposed system contained a number of innovative features
to make this new approach workable. The CIA received comments that
supported some aspect of the proposed rule, while also receiving
comments which were very critical of other aspects of this approach.
After a review and consideration of all of the comments, it was clear
that there was no way to reconcile the positive and negative comments
into a refinement of our approach that was workable. We concluded that
if any features of the proposed system were dropped, the advantages
would not outweigh the disadvantages of adopting this system.
Since there was no support to proceed with the proposed rule as
originally drafted, rather than implementing the sweeping changes set
forth in the proposed rule, we have a more modest change by simply
adopting the definition of ``news media'' contained in the March 27,
1987, Office of Management and Budget FOIA Guidelines. Although, the
CIA remains confident in the adequacy and sufficiency of its previous
interpretation of ``news media'' fee status, it has concluded that it
is preferable to avoid sterile and unproductive technical litigation
and the associated diversion of resources from more productive pursuits
that that entails.
List of Subjects in 32 CFR Part 1900
Classified information, Freedom of Information.
0
As stated in the preamble, the CIA is amending 32 CFR part 1900 as
follows:
PART 1900--PUBLIC ACCESS TO CIA RECORDS UNDER THE FREEDOM OF
INFORMATION ACT (FOIA)
0
1. The authority citation for part 1900 continues to read as follows:
Authority: The Freedom of Information Act (FOIA), as amended (5
U.S.C. 552); the CIA Information Act of 1984 (50 U.S.C. 431); sec.
102 of the National Security Act of 1947, as amended (50 U.S.C.
403); and sec. 6 of the Central Intelligence Agency Act of 1949, as
amended (50 U.S.C. 403(g)).
0
2. In Sec. 1900.02, revise paragraph (h)(3) to read as follows:
Sec. 1900.02 Definitions.
* * * * *
(h) * * *
(3) Representative of the News Media refers to any person actively
gathering news for an entity that is organized and operated to publish
or broadcast news to the public. The term ``news'' means information
that is about current events or that would be of current interest to
the public. Examples of news media entities include television or radio
stations broadcasting to the public at large, and publishers of
periodicals (but only in those instances when they can qualify as
disseminators of ``news'') who make their products available for
purchase or subscription by the general public. These examples are not
intended to be all-inclusive. Moreover, as traditional methods of news
delivery evolve (e.g., electronic dissemination of newspapers through
telecommunications services), such alternative media would be included
in this category. In the case of ``freelance'' journalists, they may be
regarded as working for a news organization if they can demonstrate a
solid basis for expecting publication through that organization, even
though not actually employed by it. A publication contract would be the
clearest proof, but agencies may also look to the past publication
record of a requestor in making this determination:
* * * * *
Dated: July 9, 2007.
Edmund Cohen,
Chief of Information Management Services.
[FR Doc. E7-13931 Filed 7-17-07; 8:45 am]
BILLING CODE 6310-02-P
