Special Local Regulations for Marine Events; Approaches to Annapolis Harbor, Spa Creek and Severn River, Annapolis, MD, 60558-60559 [E7-20976]
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Federal Register / Vol. 72, No. 206 / Thursday, October 25, 2007 / Rules and Regulations
because the distribution consists of assets of
the acquired corporation, the distribution
does not consist of an amount of T’s assets
that would result in a liquidation of T for
Federal income tax purposes, and the
transaction satisfies the requirements of
§ 1.368–1(d). Further, this paragraph (k)
describes the transfer of the acquired stock
from S–1 to S–2, but does not describe the
transfer of the acquired stock from S–2 to
PRS because such transfer causes T to cease
to be a member of the qualified group (as
defined in § 1.368–1(d)(4)(ii)). Therefore, the
characterization of this transaction must be
determined under the relevant provisions of
law, including the step transaction doctrine.
See § 1.368–1(a). The transaction fails to meet
the control requirement of a reorganization
described in section 368(a)(1)(B) because
immediately after the acquisition of the T
stock, the acquiring corporation does not
have control of T.
Example 6. Transfers of acquired assets to
members of the qualified group after a
reorganization under section 368(a)(1)(D). (i)
Facts. P owns all of the stock of T. Pursuant
to a plan of reorganization, T transfers all of
its assets to S–1 solely in exchange for S–1
stock, which T distributes to P, and S–1’s
assumption of T’s liabilities. In addition,
pursuant to the plan, S–1 transfers all of the
T assets to S–2, and S–2 transfers all of the
T assets to S–3.
(ii) Analysis. Under this paragraph (k), the
transaction, which otherwise qualifies as a
reorganization under section 368(a)(1)(D), is
not disqualified by the successive transfers of
all the T assets from S–1 to S–2 and from S–
2 to S–3 because the transfers are not
distributions described in paragraph (k)(1)(i)
of this section, the transfers consist of part or
all of the assets of the acquiring corporation,
the acquiring corporation does not terminate
its corporate existence in connection with the
transfers, and the transaction satisfies the
requirements of § 1.368–1(d).
Example 7. Transfer of stock of the
acquiring corporation to a member of the
qualified group after a reorganization under
section 368(a)(1)(A) by reason of section
368(a)(2)(D). (i) Facts. Pursuant to a plan of
reorganization, S–1 acquires all of the T
assets in the merger of T into S–1. In the
merger, the T shareholders receive solely P
stock. Also, pursuant to the plan, P transfers
all of the S–1 stock to S–4.
(ii) Analysis. Under this paragraph (k), the
transaction, which otherwise qualifies as a
reorganization under section 368(a)(1)(A) by
reason of section 368(a)(2)(D), is not
disqualified by the transfer of all of the S–
1 stock to S–4 because the transfer is not a
distribution described in paragraph (k)(1)(i)
of this section, the transfer consists of part or
all of the stock of the acquiring corporation,
the transfer does not cause S–1 to cease to
be a member of the qualified group (as
defined in § 1.368–1(d)(4)(ii)), the acquiring
corporation does not terminate its corporate
existence in connection with the transfer,
and the transaction satisfies the requirements
of § 1.368–1(d).
Example 8. Transfer of acquired assets to
a partnership after a reorganization under
section 368(a)(1)(A) by reason of section
368(a)(2)(D). (i) Facts. Pursuant to a plan of
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18:00 Oct 24, 2007
Jkt 214001
reorganization, S–1 acquires all of the T
assets in the merger of T into S–1. In the
merger, the T shareholders receive solely P
stock. In addition, pursuant to the plan, S–
1 transfers all of the T assets to PRS, a
partnership in which S–1 owns a 331⁄3percent interest. PRS continues T’s historic
business. S–1 does not perform active and
substantial management functions as a
partner with respect to PRS’s business.
(ii) Analysis. Under this paragraph (k), the
transaction, which otherwise qualifies as a
reorganization under section 368(a)(1)(A) by
reason of section 368(a)(2)(D), is not
disqualified by the transfer of T assets from
S–1 to PRS because the transfer is not a
distribution described in paragraph (k)(1)(i)
of this section, the transfer consists of part or
all of the assets of the acquiring corporation,
the acquiring corporation does not terminate
its corporate existence in connection with the
transfers, and the transaction satisfies the
requirements of § 1.368–1(d).
Example 9. Sale of acquired assets to a
member of the qualified group after a
reorganization under section 368(a)(1)(C). (i)
Facts. Pursuant to a plan of reorganization,
T transfers all of its assets to S–1 in exchange
for P stock, which T distributes to its
shareholders, and S–1’s assumption of T’s
liabilities. In addition, pursuant to the plan,
S–1 sells all of the T assets to S–5 for cash
equal to the fair market value of those assets.
(ii) Analysis. Under this paragraph (k), the
transaction, which otherwise qualifies as a
reorganization under section 368(a)(1)(C), is
not disqualified by the sale of all of the T
assets from S–1 to S–5 because the transfer
is not a distribution described in paragraph
(k)(1)(i) of this section, the transfer consists
of part or all of the assets of the acquiring
corporation, the acquiring corporation does
not terminate its corporate existence in
connection with the transfers, and the
transaction satisfies the requirements of
§ 1.368–1(d).
(3) Effective/applicability date. This
paragraph (k) applies to transactions
occurring on or after October 25, 2007,
except that it does not apply to any
transaction occurring pursuant to a
written agreement which is binding
before October 25, 2007, and at all times
after that.
Kevin M. Brown,
Deputy Commissioner for Services and
Enforcement.
Approved: October 16, 2007.
Eric Solomon,
Assistant Secretary of the Treasury (Tax
Policy).
[FR Doc. E7–20863 Filed 10–24–07; 8:45 am]
BILLING CODE 4830–01–P
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DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 100
[Docket No. CGD05–07–098]
Special Local Regulations for Marine
Events; Approaches to Annapolis
Harbor, Spa Creek and Severn River,
Annapolis, MD
Coast Guard, DHS.
Notice of enforcement of
regulation.
AGENCY:
ACTION:
SUMMARY: The Coast Guard will enforce
special local regulations during the
Eastport Yacht Club Lights Parade on
the waters of Spa Creek, Annapolis
Harbor and the Severn River at
Annapolis, Maryland; from 4:30 p.m. to
9 p.m., December 8, 2007. This action is
necessary to control vessel traffic due to
the confined nature of the waterway and
expected vessel congestion during the
event. During the enforcement period,
the effect will be to restrict general
navigation in the regulated area for the
safety of event participants, spectators
and vessels transiting the event area.
DATES: The regulations in 33 CFR
100.511 will be enforced from 4:30 p.m.
to 9 p.m. on December 8, 2007.
FOR FURTHER INFORMATION CONTACT:
Ronald Houck, Marine Events
Coordinator, Commander, Coast Guard
Sector Baltimore, 2401 Hawkins Point
Road, Baltimore, MD 21226–1971, and
(410) 576–2674.
SUPPLEMENTARY INFORMATION: The Coast
Guard will enforce the special local
regulations for the Eastport Yacht Club
lighted boat parade on the waters of Spa
Creek and the Severn River at
Annapolis, Maryland in 33 CFR 100.511
on December 8, 2007 from 4:30 p.m.
until 9 p.m. These regulations can be
found in the May 24, 1989 issue of the
Federal Register (54 FR 22438).
The Eastport Yacht Club will sponsor
a lighted boat parade on the waters of
Spa Creek and the Severn River at
Annapolis, Maryland. The event will
consist of approximately 50 boats
traveling at slow speed along two
separate parade routes in Annapolis
Harbor. The participating boats will
range in length from 10 to 60 feet, and
each will be decorated with holiday
lights.
In order to ensure the safety of
participants, spectators and transiting
vessels, 33 CFR 100.511 will be in effect
for the duration of the event. Under
provisions of 33 CFR 100.511, vessels
may not enter the regulated area without
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Federal Register / Vol. 72, No. 206 / Thursday, October 25, 2007 / Rules and Regulations
permission from the Coast Guard Patrol
Commander. Spectator vessels may
anchor outside the regulated area but
may not block a navigable channel.
Because these restrictions will be in
effect for a limited period, they should
not result in a significant disruption of
maritime traffic. The Coast Guard may
be assisted by other Federal, State, or
local law enforcement agencies in
enforcing this regulation.
This notice is issued under authority
of 33 CFR 100.511 and 5 U.S.C. 552(a).
In addition to this notice, the maritime
community will be provided extensive
advance notification via the Local
Notice to Mariners, marine information
broadcasts, local radio stations and area
newspapers, so mariners can adjust
their plans accordingly. If the Captain of
the Port or Patrol Commander
determines that the regulated area need
not be enforced for the full duration
stated in this notice, he or she may use
a Broadcast Notice to Mariners to grant
general permission to enter the
regulated area.
Dated: October 15, 2007.
Fred M. Rosa, Jr.,
Rear Admiral, U.S. Coast Guard Commander,
Fifth Coast Guard District.
[FR Doc. E7–20976 Filed 10–24–07; 8:45 am]
BILLING CODE 4910–15–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. COTP Western Alaska–07–003]
RIN 1625–AA00
Safety Zone; Gulf of Alaska, Narrow
Cape, Kodiak Island, AK
Coast Guard, DHS.
Temporary final rule.
AGENCY:
rwilkins on PROD1PC63 with RULES
ACTION:
SUMMARY: The Coast Guard is
establishing a temporary safety zone in
the Gulf of Alaska, encompassing the
navigable waters in the vicinity of
Narrow Cape and Ugak Island. The zone
is needed to protect persons and vessels
operating in the vicinity of the safety
zone during a rocket launch from the
Alaska Aerospace Development
Corporation, Narrow Cape, Kodiak
Island facility. Entry of vessels or
persons into this zone is prohibited
unless specifically authorized by the
Commander, Seventeenth Coast Guard
District, the Coast Guard Captain of the
Port, Western Alaska, or their on-scene
representative. The intended effect of
this safety zone is to ensure the safety
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of human life and property during the
rocket launch.
DATES: This temporary final rule is
effective from 12 p.m. through 4 p.m.
September 28, 2007 through October 31,
2007. The safety zones will be enforced
each of these days from 12 p.m. through
4 p.m.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are available for inspection and
copying at Coast Guard Marine Safety
Detachment Kodiak, Kodiak, AK 99619.
Normal Office hours are 7:30 a.m. to 4
p.m., Monday through Friday, except
federal holidays.
FOR FURTHER INFORMATION CONTACT:
LCDR Patrick Lee, Marine Safety
Detachment, at (907) 486–5918.
SUPPLEMENTARY INFORMATION:
Regulatory History
We did not publish a notice of
proposed rulemaking (NPRM) for this
regulation. Under 5 U.S.C. 553(b)(8), the
Coast Guard finds that good cause exists
for not publishing an NPRM. Because
the hazardous condition is expected to
last for approximately four (4) hours of
each day, and because general
permission to enter the safety zone will
be given during non-hazardous times,
the impact of this rule on commercial
and recreational traffic is expected to be
minimal. Any delay encountered in this
regulation’s effective date would be
contrary to public interest because
immediate action is needed to protect
human life and property from possible
fallout from the rocket launch. The
parameters of the zone will not unduly
impair business and transits of vessels.
The Coast Guard will announce via
Broadcast Notice to Mariners the
anticipated date and time of each
launch and will grant general
permission to enter the safety zone
during those times in which the launch
does not pose a hazard to mariners.
Under 5 U.S.C. 553(d)(3), the Coast
Guard finds that good cause exists for
making this rule effective less than 30
days after publication in the Federal
Register. The process of scheduling a
rocket launch is uncertain due to
unforeseen delays such as weather that
can cause cancellation of the launch.
The Coast Guard attempts to publish a
final rule as close to the expected
launch date as possible; however, these
attempts often prove futile due to
frequent and unexpected re-scheduling.
Any delay encountered in this
regulation’s effective date would be
unnecessary and contrary to public
interest since immediate action is
needed to protect human life and
property from possible fallout from the
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60559
rocket launch. The parameters of the
zone will not unduly impair business
and transits of vessels. The Coast Guard
will announce via Broadcast Notice to
Mariners the anticipated date and time
of each launch and will grant general
permission to enter the safety zone
during those times in which the launch
does not pose a hazard to mariners.
Background and Purpose
The Alaska Aerospace Development
Corporation will launch an unmanned
rocket from their facility at Narrow
Cape, Kodiak Island, Alaska sometime
between 12 p.m. and 4 p.m. during a
five-day period between September 28,
2007 and October 31, 2007. The safety
zone is necessary to protect spectators
and transiting vessels from the potential
hazards associated with the launch. The
duration of the safety zone period will
allow time for proper surveillance to be
conducted to ensure the public is clear
of the hazard area prior to and
immediately following the rocket
launch. The Captain of the Port,
Western Alaska will terminate the safety
zone after rocket launch operations are
complete.
The Coast Guard will announce via
Broadcast Notice to Mariners the
anticipated date and time of the launch
and will grant general permission to
enter the safety zone during those times
in which a launch schedule does not
pose a hazard to mariners. Because the
hazardous situation is expected to last
for approximately four (4) hours each
day during the five-day launch window
period, and because general permission
to enter the safety zone will be given
during non-hazardous times, the impact
of this rule on commercial and
recreational traffic is expected to be
minimal.
Discussion of Rule
From the latest information received
from the Alaska Aerospace
Development Corporation, the launch
window is scheduled for four (4) hours
during a five-day period between
September 28, 2007 and October 31,
2007. The size and duration of the safety
zone has been set to protect the public
from potential hazards associated with
the launch. The Pacific Range Support
Team has identified a launch area
exclusion zone from the area north of
Narrow Cape to a point south of Ugak
Island along the launch trajectory. The
COTP will enforce a single safety zone
in support of their exclusion zone. The
established safety zone includes the
navigable waters in the vicinity of
Narrow Cape and Ugak Island, within
the boundaries defined by a line drawn
from a point located at 57°29.8′ North,
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]]>Agencies
[Federal Register Volume 72, Number 206 (Thursday, October 25, 2007)]
[Rules and Regulations]
[Pages 60558-60559]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20976]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOMELAND SECURITY
Coast Guard
33 CFR Part 100
[Docket No. CGD05-07-098]
Special Local Regulations for Marine Events; Approaches to
Annapolis Harbor, Spa Creek and Severn River, Annapolis, MD
AGENCY: Coast Guard, DHS.
ACTION: Notice of enforcement of regulation.
-----------------------------------------------------------------------
SUMMARY: The Coast Guard will enforce special local regulations during
the Eastport Yacht Club Lights Parade on the waters of Spa Creek,
Annapolis Harbor and the Severn River at Annapolis, Maryland; from 4:30
p.m. to 9 p.m., December 8, 2007. This action is necessary to control
vessel traffic due to the confined nature of the waterway and expected
vessel congestion during the event. During the enforcement period, the
effect will be to restrict general navigation in the regulated area for
the safety of event participants, spectators and vessels transiting the
event area.
DATES: The regulations in 33 CFR 100.511 will be enforced from 4:30
p.m. to 9 p.m. on December 8, 2007.
FOR FURTHER INFORMATION CONTACT: Ronald Houck, Marine Events
Coordinator, Commander, Coast Guard Sector Baltimore, 2401 Hawkins
Point Road, Baltimore, MD 21226-1971, and (410) 576-2674.
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the special
local regulations for the Eastport Yacht Club lighted boat parade on
the waters of Spa Creek and the Severn River at Annapolis, Maryland in
33 CFR 100.511 on December 8, 2007 from 4:30 p.m. until 9 p.m. These
regulations can be found in the May 24, 1989 issue of the Federal
Register (54 FR 22438).
The Eastport Yacht Club will sponsor a lighted boat parade on the
waters of Spa Creek and the Severn River at Annapolis, Maryland. The
event will consist of approximately 50 boats traveling at slow speed
along two separate parade routes in Annapolis Harbor. The participating
boats will range in length from 10 to 60 feet, and each will be
decorated with holiday lights.
In order to ensure the safety of participants, spectators and
transiting vessels, 33 CFR 100.511 will be in effect for the duration
of the event. Under provisions of 33 CFR 100.511, vessels may not enter
the regulated area without
[[Page 60559]]
permission from the Coast Guard Patrol Commander. Spectator vessels may
anchor outside the regulated area but may not block a navigable
channel. Because these restrictions will be in effect for a limited
period, they should not result in a significant disruption of maritime
traffic. The Coast Guard may be assisted by other Federal, State, or
local law enforcement agencies in enforcing this regulation.
This notice is issued under authority of 33 CFR 100.511 and 5
U.S.C. 552(a). In addition to this notice, the maritime community will
be provided extensive advance notification via the Local Notice to
Mariners, marine information broadcasts, local radio stations and area
newspapers, so mariners can adjust their plans accordingly. If the
Captain of the Port or Patrol Commander determines that the regulated
area need not be enforced for the full duration stated in this notice,
he or she may use a Broadcast Notice to Mariners to grant general
permission to enter the regulated area.
Dated: October 15, 2007.
Fred M. Rosa, Jr.,
Rear Admiral, U.S. Coast Guard Commander, Fifth Coast Guard District.
[FR Doc. E7-20976 Filed 10-24-07; 8:45 am]
BILLING CODE 4910-15-P
