Time and Manner for Electing Capital Asset Treatment for Certain Self-Created Musical Works, 7503-7504 [E8-2307]

Download as PDF Federal Register / Vol. 73, No. 27 / Friday, February 8, 2008 / Proposed Rules of Dockets Management between 9 a.m. and 4 p.m., Monday through Friday. Please note that on January 15, 2008, the FDA Web site transitioned to the Federal Dockets Management System (FDMS). FDMS is a Government-wide, electronic docket management system. Electronic submissions will be accepted by FDA through FDMS only. List of Subjects in 21 CFR Part 880 Medical devices. Therefore, under the Federal Food, Drug, and Cosmetic Act and under authority delegated to the Commissioner of Food and Drugs, FDA proposes to amend 21 CFR part 880 as follows: PART 880—GENERAL HOSPITAL AND PERSONAL USE DEVICES and does not perform irreversible data compression, it is exempt from the premarket notification procedures in subpart E of part 807, subject to the limitations in § 880.9. When the device is indicated to be prescribed by a healthcare professional for use by a lay user, or performs irreversible data compression, or for over-the-counter use by a lay user, the device requires the submission and clearance of a premarket notification. Dated: January 25, 2008. Daniel G. Schultz, Director, Center for Devices and Radiological Health. [FR Doc. E8–2325 Filed 2–7–08; 8:45 am] BILLING CODE 4160–01–S 7503 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG–153589–06), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC, or sent electronically via the Federal eRulemaking Portal at www.regulations.gov (IRS REG– 153589–06). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulation, Jamie Kim, (202) 622–4950; concerning submission of comments or requesting a hearing, Richard.A.Hurst@irscounsel. treas.gov, (202) 622–7180 (not toll-free numbers). DEPARTMENT OF THE TREASURY SUPPLEMENTARY INFORMATION: Authority: 21 U.S.C. 351, 360, 360c, 360e, 360j, 371. Internal Revenue Service Background and Explanation of Provisions 2. Part 880 is amended in subpart G by adding § 880.6310 to read as follows: 26 CFR Part 1 § 880.6310 ebenthall on PRODPC61 with PROPOSALS 1. The authority citation for 21 CFR part 880 continues to read as follows: RIN 1545–BG34 Temporary regulation in the Rules and Regulations section of this issue of the Federal Register amends the Income Tax Regulations (26 CFR part 1) relating to section 1221(b)(3) of the Internal Revenue Code (Code). The temporary regulation provides rules regarding the time and manner for making an election under section 1221(b)(3) to treat the sale or exchange of certain musical compositions or copyrights in musical works as the sale or exchange of a capital asset. The text of the temporary regulation also serves as the text of this proposed regulation. The preamble to the temporary regulation explains the amendments. Medical Device Data System. (a) Identification. (1) A medical device data system (MDDS) is a device intended to provide one or more of the following uses: (i) The electronic transfer or exchange of medical device data from a medical device, without altering the function or parameters of any connected devices. (ii) The electronic storage and retrieval of medical device data from a medical device, without altering the function or parameters of connected devices. (iii) The electronic display of medical device data from a medical device, without altering the function or parameters of connected devices. (iv) The electronic conversion of medical device data from one format to another format in accordance with a preset specification. (2) Medical device data consists of numerical or other information available from a medical device in a form suitable for processing by computer. Medical device data can represent any type of information or knowledge, e.g., clinical values, alarm conditions, error messages. This identification does not include a device that creates diagnostic, decision support, or alarm functions. It also does not include the report-writing functions of a data system that allows for the manual input of data by practitioners. This identification does not include devices with any real time, active, or online patient monitoring. (b) Classification. Class I (general controls). When the device is indicated for use only by a healthcare professional VerDate Aug<31>2005 19:55 Feb 07, 2008 Jkt 214001 [REG–153589–06] Time and Manner for Electing Capital Asset Treatment for Certain SelfCreated Musical Works Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulation. AGENCY: SUMMARY: In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing a temporary regulation that provides the time and manner for making an election to treat the sale or exchange of musical compositions or copyrights in musical works created by the taxpayer (or received by the taxpayer from the works’ creator in a transferred basis transaction) as the sale or exchange of a capital asset. The temporary regulation reflects changes to the law made by the Tax Increase Prevention and Reconciliation Act of 2005 and the Tax Relief and Health Care Act of 2006. The temporary regulation affects taxpayers making the election under section 1221(b)(3) of the Internal Revenue Code (Code) to treat gain or loss from such a sale or exchange as capital gain or loss. The text of the temporary regulation also serves as the text of this proposed regulation. DATES: Written or electronic comments and requests for a public hearing must be received by May 8, 2008. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–153589–06), room PO 00000 Frm 00022 Fmt 4702 Sfmt 4702 Special Analyses It has been determined that this notice of proposed rulemaking is not a significant regulatory action as defined in Executive Order 12866. Therefore, a regulatory assessment is not required. It also has been determined that section 553(b) of the Administrative Procedure Act (5 U.S.C. chapter 5) does not apply to this regulation, and because the regulation does not impose a collection of information on small entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not apply. Pursuant to section 7805(f) of the Internal Revenue Code, this regulation has been submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on its impact on small business. Comments and Requests for a Public Hearing Before this proposed regulation is adopted as a final regulation, consideration will be given to any E:\FR\FM\08FEP1.SGM 08FEP1 7504 Federal Register / Vol. 73, No. 27 / Friday, February 8, 2008 / Proposed Rules written comments (a signed original and eight (8) copies) or electronic comments that are submitted timely to the IRS. The IRS and Treasury Department request comments on the clarity of the proposed rules and how they can be made easier to understand. All comments will be available for public inspection and copying. A public hearing will be scheduled if requested in writing by any person that timely submits written comments. If a public hearing is scheduled, notice of the date, time, and place for the public hearing will be published in the Federal Register. Drafting Information The principal author of these regulations is Jamie Kim of the Office of Associate Chief Counsel (Income Tax & Accounting). However, other personnel from the IRS and Treasury Department participated in their development. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Proposed Amendments to the Regulations Accordingly, 26 CFR part 1 is proposed to be amended as follows: PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * *. Par. 2. Section 1.1221–3 is added to read as follows: § 1.1221–3 Time and manner for electing capital asset treatment for certain selfcreated musical works. [The text of proposed § 1.1221–3 is the same as the text of § 1.1221–3T(a) through (d)(1) published elsewhere in this issue of the Federal Register.] Linda E. Stiff, Deputy Commissioner for Services and Enforcement. [FR Doc. E8–2307 Filed 2–7–08; 8:45 am] BILLING CODE 4830–01–P ENVIRONMENTAL PROTECTION AGENCY ebenthall on PRODPC61 with PROPOSALS 40 CFR Part 52 [EPA–R01–OAR–2007–1054; A–1–FRL– 8524–8] Approval and Promulgation of Air Quality Implementation Plans; Maine; Transportation Conformity Environmental Protection Agency (EPA). AGENCY: VerDate Aug<31>2005 17:33 Feb 07, 2008 Jkt 214001 ACTION: Proposed rule. SUMMARY: The EPA is proposing to approve a State Implementation Plan (SIP) revision submitted by the State of Maine. This revision establishes transportation conformity criteria and procedures related to interagency consultation and enforceability of certain transportation-related control measures and mitigation measures. The intended effect of this action is to approve State criteria and procedures to govern transportation conformity determinations. This action is being taken in accordance with the Clean Air Act. DATES: Written comments must be received on or before March 10, 2008. ADDRESSES: Submit your comments, identified by Docket ID No. EPA–R01– OAR–2007–1054 by one of the following methods: 1. https://www.regulations.gov: Follow the on-line instructions for submitting comments. 2. E-mail: arnold.anne@epa.gov. 3. Fax: (617) 918–0047. 4. Mail: ‘‘EPA–R01–OAR–2007– 1054’’, Anne Arnold, U.S. Environmental Protection Agency, EPA New England Regional Office, One Congress Street, Suite 1100 (mail code CAQ), Boston, MA 02114–2023. 5. Hand Delivery or Courier. Deliver your comments to: Anne Arnold, Manager, Air Quality Planning Unit, Office of Ecosystem Protection, U.S. Environmental Protection Agency, EPA New England Regional Office, One Congress Street, 11th floor, (CAQ), Boston, MA 02114–2023. Such deliveries are only accepted during the Regional Office’s normal hours of operation. The Regional Office’s official hours of business are Monday through Friday, 8:30 to 4:30, excluding legal holidays. Please see the direct final rule which is located in the Rules section of this Federal Register for detailed instructions on how to submit comments. FOR FURTHER INFORMATION CONTACT: Donald O. Cooke, Air Quality Unit, U.S. Environmental Protection Agency, EPA New England Regional Office, One Congress Street, Suite 1100 (CAQ), Boston, MA 02114–2023, telephone number (617) 918–1668, fax number (617) 918–0668, e-mail cooke.donald@epa.gov. SUPPLEMENTARY INFORMATION: In the Final Rules section of this Federal Register, EPA is approving the State’s SIP submittal as a direct final rule without prior proposal because the Agency views this as a noncontroversial PO 00000 Frm 00023 Fmt 4702 Sfmt 4702 submittal and anticipates no adverse comments. A detailed rationale for the approval is set forth in the direct final rule. If no adverse comments are received in response to this action rule, no further activity is contemplated. If EPA receives adverse comments, the direct final rule will be withdrawn and all public comments received will be addressed in a subsequent final rule based on this proposed rule. EPA will not institute a second comment period. Any parties interested in commenting on this action should do so at this time. Please note that if EPA receives adverse comment on an amendment, paragraph, or section of this rule and if that provision may be severed from the remainder of the rule, EPA may adopt as final those provisions of the rule that are not the subject of an adverse comment. For additional information, see the direct final rule which is located in the Rules section of this Federal Register. Dated: January 24, 2008. Ira W. Leighton, Acting Regional Administrator, EPA New England. [FR Doc. E8–2248 Filed 2–7–08; 8:45 am] BILLING CODE 6560–50–P ENVIRONMENTAL PROTECTION AGENCY 40 CFR Parts 52 and 70 [EPA–R07–OAR–2007–0829; FRL–8526–1] Approval and Promulgation of Implementation Plans and Operating Permits Program; State of Kansas Environmental Protection Agency (EPA). ACTION: Proposed rule. AGENCY: SUMMARY: EPA is proposing to approve a revision to the Kansas State Implementation Plan (SIP) for the purpose of revoking the Sulfur Compound Emissions rule and for the purpose of approving revisions to a Class I major source operating permit annual emissions inventory rule and several Class II minor source operating permits rules. EPA is also proposing to approve additional amendments adopted by KDHE on February 20, 1998 which pertain to the Class II operating permit rules. The rules were primarily revised to align the annual emission inventory reporting date deadline with the June 1 payment of applicable emissions fees. EPA’s proposed approval of these amendments would ensure consistency between the state and the Federally-approved rules. E:\FR\FM\08FEP1.SGM 08FEP1

Agencies

[Federal Register Volume 73, Number 27 (Friday, February 8, 2008)]
[Proposed Rules]
[Pages 7503-7504]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2307]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-153589-06]
RIN 1545-BG34


Time and Manner for Electing Capital Asset Treatment for Certain 
Self-Created Musical Works

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulation.

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

SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the IRS is issuing a temporary regulation that 
provides the time and manner for making an election to treat the sale 
or exchange of musical compositions or copyrights in musical works 
created by the taxpayer (or received by the taxpayer from the works' 
creator in a transferred basis transaction) as the sale or exchange of 
a capital asset. The temporary regulation reflects changes to the law 
made by the Tax Increase Prevention and Reconciliation Act of 2005 and 
the Tax Relief and Health Care Act of 2006. The temporary regulation 
affects taxpayers making the election under section 1221(b)(3) of the 
Internal Revenue Code (Code) to treat gain or loss from such a sale or 
exchange as capital gain or loss. The text of the temporary regulation 
also serves as the text of this proposed regulation.

DATES: Written or electronic comments and requests for a public hearing 
must be received by May 8, 2008.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-153589-06), room 
5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-
153589-06), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC, or sent electronically via the Federal 
eRulemaking Portal at www.regulations.gov (IRS REG-153589-06).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulation, 
Jamie Kim, (202) 622-4950; concerning submission of comments or 
requesting a hearing, Richard.A.Hurst@irscounsel.treas.gov, (202) 622-
7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background and Explanation of Provisions

    Temporary regulation in the Rules and Regulations section of this 
issue of the Federal Register amends the Income Tax Regulations (26 CFR 
part 1) relating to section 1221(b)(3) of the Internal Revenue Code 
(Code). The temporary regulation provides rules regarding the time and 
manner for making an election under section 1221(b)(3) to treat the 
sale or exchange of certain musical compositions or copyrights in 
musical works as the sale or exchange of a capital asset. The text of 
the temporary regulation also serves as the text of this proposed 
regulation. The preamble to the temporary regulation explains the 
amendments.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866. Therefore, a regulatory assessment is not required. It also has 
been determined that section 553(b) of the Administrative Procedure Act 
(5 U.S.C. chapter 5) does not apply to this regulation, and because the 
regulation does not impose a collection of information on small 
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not 
apply. Pursuant to section 7805(f) of the Internal Revenue Code, this 
regulation has been submitted to the Chief Counsel for Advocacy of the 
Small Business Administration for comment on its impact on small 
business.

Comments and Requests for a Public Hearing

    Before this proposed regulation is adopted as a final regulation, 
consideration will be given to any

[[Page 7504]]

written comments (a signed original and eight (8) copies) or electronic 
comments that are submitted timely to the IRS. The IRS and Treasury 
Department request comments on the clarity of the proposed rules and 
how they can be made easier to understand. All comments will be 
available for public inspection and copying. A public hearing will be 
scheduled if requested in writing by any person that timely submits 
written comments. If a public hearing is scheduled, notice of the date, 
time, and place for the public hearing will be published in the Federal 
Register.

Drafting Information

    The principal author of these regulations is Jamie Kim of the 
Office of Associate Chief Counsel (Income Tax & Accounting). However, 
other personnel from the IRS and Treasury Department participated in 
their development.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Proposed Amendments to the Regulations

    Accordingly, 26 CFR part 1 is proposed to be amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *.

    Par. 2. Section 1.1221-3 is added to read as follows:


Sec.  1.1221-3  Time and manner for electing capital asset treatment 
for certain self-created musical works.

    [The text of proposed Sec.  1.1221-3 is the same as the text of 
Sec.  1.1221-3T(a) through (d)(1) published elsewhere in this issue of 
the Federal Register.]

Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
 [FR Doc. E8-2307 Filed 2-7-08; 8:45 am]
BILLING CODE 4830-01-P
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