Application of Normalization Accounting Rules to Balances of Excess Deferred Income Taxes and Accumulated Deferred Investment Tax Credits of Public Utilities Whose Assets Cease To Be Public Utility Property; Correction, 18708 [E8-7226]

Download as PDF 18708 Federal Register / Vol. 73, No. 67 / Monday, April 7, 2008 / Rules and Regulations Actions Compliance Procedures (3) Remove the placard required by paragraph (e)(1) of this AD. Before further flight after the replacement of tail deice boot pneumatic supply tubes required by paragraph (e)(2) of this AD. The owner/operator holding at least a private pilot certificate as authorized by section 43.7 of the Federal Aviation Regulations (14 CFR 43.7) may remove the placard required in paragraph (e)(1) of this AD. Make an entry into the aircraft records showing compliance with these portions of the AD in accordance with section 43.9 of the Federal Aviation Regulations (14 CFR 43.9). Alternative Methods of Compliance (AMOCs) DEPARTMENT OF THE TREASURY (f) The Manager, Wichita Aircraft Certification Office (ACO), FAA, has the authority to approve AMOCs for this AD, if requested using the procedures found in 14 CFR 39.19. Send information to ATTN: Don Ristow, Aerospace Engineer, Wichita ACO, 1801 Airport Road, Room 100, Wichita, Kansas 67209; telephone: (316) 946–4120; fax: (316) 946–4107. Before using any approved AMOC on any airplane to which the AMOC applies, notify your appropriate principal inspector (PI) in the FAA Flight Standards District Office (FSDO), or lacking a PI, your local FSDO. Internal Revenue Service Related Information (g) Hawker Beechcraft Safety Communique No. 290, dated: February 2008, pertains to the subject of this AD. rfrederick on PROD1PC67 with RULES (h) You must use Hawker Beechcraft Mandatory Service Bulletin SB 30–3889, Issued: March 2008, to do the actions required by this AD, unless the AD specifies otherwise. (1) The Director of the Federal Register approved the incorporation by reference of this service information under 5 U.S.C. 552(a) and 1 CFR part 51. (2) For service information identified in this AD, contact Hawker Beechcraft Corporation, P.O. Box 85, Wichita, Kansas 67201–0085; telephone: (800) 429–5372 or (316) 676–3140. (3) You may review copies at the FAA, Central Region, Office of the Regional Counsel, 901 Locust, Kansas City, Missouri 64106; or at the National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: https://www.archives.gov/federal_register/ code_of_federal_regulations/ibr_ locations.html. Issued in Kansas City, Missouri, on March 27, 2008. John Colomy, Acting Manager, Small Airplane Directorate, Aircraft Certification Service. [FR Doc. E8–6959 Filed 4–4–08; 8:45 am] BILLING CODE 4910–13–P Need for Correction 26 CFR Part 1 As published, final regulations (TD 9387) contain an error that may prove to be misleading and is in need of clarification. [TD 9387] RIN 1545–-AY75 List of Subjects in 26 CFR Part 1 Application of Normalization Accounting Rules to Balances of Excess Deferred Income Taxes and Accumulated Deferred Investment Tax Credits of Public Utilities Whose Assets Cease To Be Public Utility Property; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. This document contains a correction to final regulations (TD 9387) that were published in the Federal Register on Thursday, March 20, 2008 (73 FR 14934), providing guidance on the normalization requirements applicable to public utilities that benefit (or have benefited) from accelerated depreciation methods or from the investment tax credit permitted under pre-1991 law. These regulations permit a utility whose assets cease, whether by disposition, deregulation, or otherwise, to be public utility property with respect to the utility (deregulated public utility property) to return to its ratepayers the normalization reserve for excess deferred income taxes (EDFIT) with respect to those assets and, in certain circumstances, also permit the return of part or all of the reserve for accumulated deferred investment tax credits (ADITC) with respect to those assets. This correction is effective April 7, 2008. FOR FURTHER INFORMATION CONTACT: Patrick Kirwan, (202) 622–3040 (not a toll-free number). SUPPLEMENTARY INFORMATION: DATES: Background The final regulations that are the subject of this document are under VerDate Aug<31>2005 15:06 Apr 04, 2008 Jkt 214001 Income taxes, Reporting and recordkeeping requirements. Correction of Publication Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment: I AGENCY: SUMMARY: Material Incorporated by Reference sections 46 and 168 of the Internal Revenue Code. PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 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 * * * I Par. 2. Section 1.46–6 is amended by revising paragraph (k)(2)(i) to read as follows: § 1.46–6 Limitation in case of certain regulated companies. * * * * * (k) * * * (2) * * * (i) Restoration of rate base reduction. A reduction in the taxpayer’s rate base on account of the credit with respect to public utility property that becomes deregulated public utility property is restored ratably during the period after the property becomes deregulated public utility property if the amount of the reduction remaining to be restored does not, at any time during the period, exceed the restoration percentage of the recoverable stranded cost of the property at such time. For this purpose — * * * * * LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E8–7226 Filed 4–4–08; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\07APR1.SGM 07APR1

Agencies

[Federal Register Volume 73, Number 67 (Monday, April 7, 2008)]
[Rules and Regulations]
[Page 18708]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7226]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9387]
RIN 1545--AY75


Application of Normalization Accounting Rules to Balances of 
Excess Deferred Income Taxes and Accumulated Deferred Investment Tax 
Credits of Public Utilities Whose Assets Cease To Be Public Utility 
Property; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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

SUMMARY: This document contains a correction to final regulations (TD 
9387) that were published in the Federal Register on Thursday, March 
20, 2008 (73 FR 14934), providing guidance on the normalization 
requirements applicable to public utilities that benefit (or have 
benefited) from accelerated depreciation methods or from the investment 
tax credit permitted under pre-1991 law. These regulations permit a 
utility whose assets cease, whether by disposition, deregulation, or 
otherwise, to be public utility property with respect to the utility 
(deregulated public utility property) to return to its ratepayers the 
normalization reserve for excess deferred income taxes (EDFIT) with 
respect to those assets and, in certain circumstances, also permit the 
return of part or all of the reserve for accumulated deferred 
investment tax credits (ADITC) with respect to those assets.

DATES: This correction is effective April 7, 2008.

FOR FURTHER INFORMATION CONTACT: Patrick Kirwan, (202) 622-3040 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this document are 
under sections 46 and 168 of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 9387) contain an error that may 
prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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


0
Par. 2. Section 1.46-6 is amended by revising paragraph (k)(2)(i) to 
read as follows:


Sec.  1.46-6  Limitation in case of certain regulated companies.

* * * * *
    (k) * * *
    (2) * * *
    (i) Restoration of rate base reduction. A reduction in the 
taxpayer's rate base on account of the credit with respect to public 
utility property that becomes deregulated public utility property is 
restored ratably during the period after the property becomes 
deregulated public utility property if the amount of the reduction 
remaining to be restored does not, at any time during the period, 
exceed the restoration percentage of the recoverable stranded cost of 
the property at such time.
    For this purpose --
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E8-7226 Filed 4-4-08; 8:45 am]
BILLING CODE 4830-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.