Update and Revision of Sections 1.381(c)(4)-1 and 1.381(c)(5)-1; Correction, 67878 [E7-23277]

Download as PDF 67878 Federal Register / Vol. 72, No. 231 / Monday, December 3, 2007 / Proposed Rules Commission would be temporary, pending completion of notice and comment rulemaking. Previous Federal Register Notices. Previous notices on the proposed FFMP appeared in the Federal Register on February 12, 2007 (72 FR 6509) and August 28, 2007 (72 FR 49268). In response to the February and August notices (and similar notices published in the state registers), the Commission received written and oral comments from more than 100 agencies, organizations, elected officials and private citizens. The decree parties in revising their agreement considered the broad range of public comments the Commission received. The Commission will consider these comments along with any and all additional comments received during the rulemaking process. Related Documents. All resolutions and dockets relating to operation of the New York City Delaware Basin reservoirs are available on the Commission’s Web site at www.drbc.net or upon request from the Delaware River Basin Commission, P.O. Box 7360, West Trenton, NJ 08628–0360. The DRBC Web site includes a link to the site of the U.S. Geological Survey, Office of the Delaware River Master, https:// water.usgs.gov/orh/nrwww/odrm/, which includes the decree parties’ September 26, 2007 agreement. Text of the Proposed Amendments. The text of the proposed Water Code amendments will be published on the DRBC Web site, www.drbc.net, on or before December 3, 2007. Dated: November 27, 2007. Pamela M. Bush, Commission Secretary. [FR Doc. E7–23383 Filed 11–30–07; 8:45 am] BILLING CODE 6360–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–151884–03] RIN 1545–BD81 Update and Revision of Sections 1.381(c)(4)–1 and 1.381(c)(5)–1; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking. yshivers on PROD1PC62 with PROPOSALS AGENCY: SUMMARY: This document contains corrections to a notice of proposed rulemaking (REG–151884–03) that was VerDate Aug<31>2005 14:41 Nov 30, 2007 Jkt 214001 published in the Federal Register on Friday, November 16, 2007, (72 FR 64545) providing guidance under sections 381(c)(4) and (c)(5) of the Internal Revenue Code relating to the accounting method or combination of methods, including the inventory method, to use after certain corporate reorganizations and tax-free liquidations. These proposed regulations clarify and simplify the existing regulations under sections 381(c)(4) and (c)(5). The regulations affect corporations that acquire the assets of other corporations in transactions described in section 381(a). 2. On page 64556, column 1, § 1.381(c)(5)–1(c)(2), Example 4.(ii), fourteenth line from the top of the column, the language ‘‘method on a cutoff basis as provided in’’ is corrected to read ‘‘method on a cut-off basis and will take into account the change in the inventory amount resulting from the valuing of the inventory at cost as required under section 472(d) as provided in’’. 3. On page 64557, column 2, § 1.381(c)(5)–1(e)(6)(ii)(B), fourteenth line of the paragraph, the language ‘‘having been acquired at average unit’’ is corrected to read ‘‘having been acquired at their average unit’’. FOR FURTHER INFORMATION CONTACT: Cynthia Grigsby, Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. E7–23277 Filed 11–30–07; 8:45 am] Cheryl Oseekey at (202) 622–4970 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The correction notice that is the subject of this document is under sections 381 and 446 of the Internal Revenue Code. Need for Correction As published, the notice of proposed rulemaking (REG–151884–03) contains errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication of proposed rulemaking (REG–151884–03), which was the subject of FR Doc. E7– 22411, is corrected as follows: § 1.381(c)(5)–1 [Corrected] 1. On page 64553, column 3, § 1.381(c)(5)–1(a)(2)(i), lines three through thirteen, the language ‘‘section 381(a) applies, if the acquiring corporation operates the trades or businesses of the parties to the section 381(a) transaction as separate and distinct trades or businesses after the date of the distribution or transfer, then the acquiring corporation generally must use the same accounting method(s) for inventory used by the distributor or transferor corporation(s) on the date of the section 381(a) transaction (carryover’’ is corrected to read ‘‘section 381(a) applies, if an acquiring corporation operates the trades or businesses of the parties to the section 381(a) transaction as separate and distinct trades or businesses after the date of distribution or transfer, then the acquiring corporation generally must use the same accounting method(s) for inventory used by the distributor or transferor corporation(s) on the date of distribution or transfer for the acquired trade or business (carryover’’. PO 00000 Frm 00015 Fmt 4702 Sfmt 4702 BILLING CODE 4830–01–P ENVIRONMENTAL PROTECTION AGENCY 40 CFR Part 52 [EPA–R03–OAR–2007–1000; FRL–8500–7] Approval and Promulgation of Air Quality Implementation Plans; Maryland; Amendments to the Control of Volatile Organic Compound Emissions From Portable Fuel Containers Environmental Protection Agency (EPA). ACTION: Proposed rule. AGENCY: SUMMARY: EPA is proposing to approve a State Implementation Plan (SIP) revision submitted by the State of Maryland. This SIP revision pertains to the control of emissions of volatile organic compounds from portable fuel containers. This action is being taken under the Clean Air Act (CAA). DATES: Written comments must be received on or before January 2, 2008. ADDRESSES: Submit your comments, identified by Docket ID Number EPA– R03–OAR–2007–1000 by one of the following methods: A. https://www.regulations.gov. Follow the on-line instructions for submitting comments. B. E-mail: fernandez.cristina@epa.gov. C. Mail: EPA–R03–OAR–2007–1000, Cristina Fernandez, Acting Chief, Air Quality Planning Branch, Mailcode 3AP21, U.S. Environmental Protection Agency, Region III, 1650 Arch Street, Philadelphia, Pennsylvania 19103. E:\FR\FM\03DEP1.SGM 03DEP1

Agencies

[Federal Register Volume 72, Number 231 (Monday, December 3, 2007)]
[Proposed Rules]
[Page 67878]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-23277]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-151884-03]
RIN 1545-BD81


Update and Revision of Sections 1.381(c)(4)-1 and 1.381(c)(5)-1; 
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-151884-03) that was published in the Federal Register 
on Friday, November 16, 2007, (72 FR 64545) providing guidance under 
sections 381(c)(4) and (c)(5) of the Internal Revenue Code relating to 
the accounting method or combination of methods, including the 
inventory method, to use after certain corporate reorganizations and 
tax-free liquidations.
    These proposed regulations clarify and simplify the existing 
regulations under sections 381(c)(4) and (c)(5). The regulations affect 
corporations that acquire the assets of other corporations in 
transactions described in section 381(a).

FOR FURTHER INFORMATION CONTACT: Cheryl Oseekey at (202) 622-4970 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The correction notice that is the subject of this document is under 
sections 381 and 446 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-151884-03) 
contains errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of proposed rulemaking (REG-151884-
03), which was the subject of FR Doc. E7-22411, is corrected as 
follows:

Sec.  1.381(c)(5)-1 [Corrected]

    1. On page 64553, column 3, Sec.  1.381(c)(5)-1(a)(2)(i), lines 
three through thirteen, the language ``section 381(a) applies, if the 
acquiring corporation operates the trades or businesses of the parties 
to the section 381(a) transaction as separate and distinct trades or 
businesses after the date of the distribution or transfer, then the 
acquiring corporation generally must use the same accounting method(s) 
for inventory used by the distributor or transferor corporation(s) on 
the date of the section 381(a) transaction (carryover'' is corrected to 
read ``section 381(a) applies, if an acquiring corporation operates the 
trades or businesses of the parties to the section 381(a) transaction 
as separate and distinct trades or businesses after the date of 
distribution or transfer, then the acquiring corporation generally must 
use the same accounting method(s) for inventory used by the distributor 
or transferor corporation(s) on the date of distribution or transfer 
for the acquired trade or business (carryover''.
    2. On page 64556, column 1, Sec.  1.381(c)(5)-1(c)(2), Example 
4.(ii), fourteenth line from the top of the column, the language 
``method on a cut-off basis as provided in'' is corrected to read 
``method on a cut-off basis and will take into account the change in 
the inventory amount resulting from the valuing of the inventory at 
cost as required under section 472(d) as provided in''.
    3. On page 64557, column 2, Sec.  1.381(c)(5)-1(e)(6)(ii)(B), 
fourteenth line of the paragraph, the language ``having been acquired 
at average unit'' is corrected to read ``having been acquired at their 
average unit''.

Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E7-23277 Filed 11-30-07; 8:45 am]
BILLING CODE 4830-01-P
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