Qualified Zone Academy Bonds; Obligations of States and Political Subdivisions; Correction, 52470 [E7-18180]
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52470
Federal Register / Vol. 72, No. 178 / Friday, September 14, 2007 / Rules and Regulations
practicable shall be placed on the largest
of the authorized surfaces. However,
powered parachutes and weight-shiftcontrol aircraft must display marks at
least 3 inches high.
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Issued in Washington, DC, on July 30,
2007.
Marion C. Blakey,
Administrator.
[FR Doc. E7–18197 Filed 9–13–07; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9339]
RIN 1545–BG44
Qualified Zone Academy Bonds;
Obligations of States and Political
Subdivisions; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correction to final and
temporary regulations.
AGENCY:
SUMMARY: This document contains
corrections to final and temporary
regulations (TD 9339) that were
published in the Federal Register on
Monday, July 16, 2007 (72 FR 38767)
providing guidance to state and local
governments that issue qualified zone
academy bonds and to banks, insurance
companies, and other taxpayers that
hold those bonds on the program
requirements for qualified zone
academy bonds.
DATES: The correction is effective
September 14, 2007.
FOR FURTHER INFORMATION CONTACT:
Timothy L. Jones or Zoran Stojanovic,
(202) 622–3980 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations
that are the subject of this correction are
under section 1397E of the Internal
Revenue Code.
Need for Correction
rmajette on PROD1PC64 with RULES
As published, final and temporary
regulations (TD 9339) contain errors that
may prove to be misleading and are in
need of clarification.
Correction of Publication
Accordingly, the publication of the
final and temporary regulations (TD
9339), which was the subject of FR Doc.
E7–13665, is corrected as follows:
VerDate Aug<31>2005
14:52 Sep 13, 2007
Jkt 211001
1. On page 38767, column 3, in the
preamble, under the caption DATES:, line
4, the language ‘‘applicability, see
§ 1.1397E–1(m) of’’ is corrected to read
‘‘applicability, see § 1.1397E–1T(m) of’’.
2. On page 38768, column 3, in the
preamble, under the paragraph heading
‘‘C. Proceeds for Purposes of the Use
and Spending Requirements’’, line 3 of
the paragraph, the language ‘‘provisions
of QZAB provisions’’ is corrected to
read ‘‘QZAB provisions’’.
3. On page 38769, column 3, in the
preamble, under the paragraph heading
‘‘II. Maximum Term’’, lines 1 and 2 from
bottom of the fourth paragraph of the
column, the language ‘‘securities
(https://www.publicdebt.treas.gov).’’ is
corrected to read ‘‘securities (https://
www.treasurydirect.gov).’’.
4. On page 38772, column 1, in the
preamble, under the subparagraph
heading ‘‘3. Failure to Properly Use
Proceeds’’, third paragraph, the
language ‘‘The Temporary Regulations
retain these provisions.’’ is inserted at
the end of the paragraph.
5. On page 38774, column 1, in the
preamble, under the paragraph heading
‘‘Effective/Applicability Dates’’, last line
of the fourth paragraph, the language
‘‘§ 1.1379E(m),’’ is corrected to read
‘‘§ 1.1379E—1T(m).’’.
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. E7–18180 Filed 9–13–07; 8:45 am]
BILLING CODE 4830–01–P
requirements for qualified zone
academy bonds.
DATES: The correction is effective
September 14, 2007.
FOR FURTHER INFORMATION CONTACT:
Timothy L. Jones or Zoran Stojanovic,
(202) 622–3980 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations
that are the subject of this correction are
under section 1397E of the Internal
Revenue Code.
Need for Correction
As published, final and temporary
regulations (TD 9339) contain errors that
may prove to be misleading and are in
need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
amendments:
I
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 1.1397E–1T is
amended by revising paragraphs
(h)(2)(iii)(B), (h)(7)(ii)(D)(2)(ii), and
(h)(9)(i)(6) to read as follows:
I
DEPARTMENT OF THE TREASURY
§ 1.1397E–1T Qualified zone academy
bonds (temporary).
Internal Revenue Service
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26 CFR Part 1
[TD 9339]
RIN 1545–BG44
Qualified Zone Academy Bonds;
Obligations of States and Political
Subdivisions; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
SUMMARY: This document contains
corrections to final and temporary
regulations (TD 9339) that were
published in the Federal Register on
Monday, July 16, 2007 (72 FR 38767)
providing guidance to state and local
governments that issue qualified zone
academy bonds and to banks, insurance
companies, and other taxpayers that
hold those bonds on the program
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
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(h) * * *
(2) * * *
(iii) * * *
(B) The expenditure of at least 95
percent of the proceeds from the sale of
the issue for a qualified purpose with
respect to a qualified zone academy will
continue to proceed with due diligence.
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(7) * * *
(ii) * * *
(D) * * *
(2) * * *
(ii) The first date on which an action
is taken that causes the issuer to fail
actually to use at least 95 percent of the
proceeds of the issue for a qualified
purpose with respect to a qualified zone
academy.
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(9) * * *
(i) * * *
(6) Certain defeasance escrow
earnings. With respect to a defeasance
E:\FR\FM\14SER1.SGM
14SER1
]]>Agencies
[Federal Register Volume 72, Number 178 (Friday, September 14, 2007)]
[Rules and Regulations]
[Page 52470]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18180]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9339]
RIN 1545-BG44
Qualified Zone Academy Bonds; Obligations of States and Political
Subdivisions; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to final and temporary regulations.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to final and temporary
regulations (TD 9339) that were published in the Federal Register on
Monday, July 16, 2007 (72 FR 38767) providing guidance to state and
local governments that issue qualified zone academy bonds and to banks,
insurance companies, and other taxpayers that hold those bonds on the
program requirements for qualified zone academy bonds.
DATES: The correction is effective September 14, 2007.
FOR FURTHER INFORMATION CONTACT: Timothy L. Jones or Zoran Stojanovic,
(202) 622-3980 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations that are the subject of this
correction are under section 1397E of the Internal Revenue Code.
Need for Correction
As published, final and temporary regulations (TD 9339) contain
errors that may prove to be misleading and are in need of
clarification.
Correction of Publication
Accordingly, the publication of the final and temporary regulations
(TD 9339), which was the subject of FR Doc. E7-13665, is corrected as
follows:
1. On page 38767, column 3, in the preamble, under the caption
DATES:, line 4, the language ``applicability, see Sec. 1.1397E-1(m)
of'' is corrected to read ``applicability, see Sec. 1.1397E-1T(m)
of''.
2. On page 38768, column 3, in the preamble, under the paragraph
heading ``C. Proceeds for Purposes of the Use and Spending
Requirements'', line 3 of the paragraph, the language ``provisions of
QZAB provisions'' is corrected to read ``QZAB provisions''.
3. On page 38769, column 3, in the preamble, under the paragraph
heading ``II. Maximum Term'', lines 1 and 2 from bottom of the fourth
paragraph of the column, the language ``securities (https://
www.publicdebt.treas.gov).'' is corrected to read ``securities (https:/
/www.treasurydirect.gov).''.
4. On page 38772, column 1, in the preamble, under the subparagraph
heading ``3. Failure to Properly Use Proceeds'', third paragraph, the
language ``The Temporary Regulations retain these provisions.'' is
inserted at the end of the paragraph.
5. On page 38774, column 1, in the preamble, under the paragraph
heading ``Effective/Applicability Dates'', last line of the fourth
paragraph, the language ``Sec. 1.1379E(m),'' is corrected to read
``Sec. 1.1379E--1T(m).''.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-18180 Filed 9-13-07; 8:45 am]
BILLING CODE 4830-01-P
