Modifications to Subpart F Treatment of Aircraft and Vessel Leasing Income, 38162-38163 [E8-14918]
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38162
Federal Register / Vol. 73, No. 129 / Thursday, July 3, 2008 / Proposed Rules
083, Am-Index: 01.a, dated February 26,
2008.
(4) For sailplanes that had P/Ns M476
replaced with P/Ns 10M–181 in compliance
with AD 2008–11–20: Before further flight
after the effective date of this AD, do a leak
test as specified in STEMME F & D Service
Bulletin A31–10–083, Am-Index: 01.a, dated
February 26, 2008.
(5) If a leak is found during the leak test
required in paragraph (f)(4) of this AD, before
further flight, repair the leak following an
FAA-approved procedure. The appropriate
maintenance manual contains these
procedures.
(6) For all sailplanes affected by this AD:
If no leak is found during the inspection
required in paragraph (f)(2) of this AD,
within the next 12 months after the effective
date of this AD, replace all P/Ns M476 in the
fuel system with P/Ns 10M–181. Do the
replacements following STEMME F & D
Service Bulletin A31–10–083, Am-Index:
01.a, dated February 26, 2008.
(7) Before further flight after doing the
replacement required in paragraph (f)(6) of
this AD, do a leak test as specified in
STEMME F & D Service Bulletin A31–10–
083, Am-Index: 01.a, dated February 26,
2008.
(8) If a leak is found during the leak test
required in paragraph (f)(7) of this AD, before
further flight, repair the leak following an
FAA-approved procedure. The appropriate
maintenance manual contains these
procedures.
(9) For all sailplanes affected by this AD:
After June 23, 2008 (the compliance date
retained from AD 2008–11–20), do not install
plastic ‘‘T’’ and ‘‘Y’’ shape connectors and P/
N M476 single-ear clamps in the fuel system.
FAA AD Differences
jlentini on PROD1PC65 with PROPOSALS
Note: This AD differs from the MCAI and/
or service information as follows: No
differences.
Other FAA AD Provisions
(g) The following provisions also apply to
this AD:
(1) Alternative Methods of Compliance
(AMOCs): The Manager, Standards Office,
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: Greg Davison, Aerospace Engineer,
FAA, Small Airplane Directorate, 901 Locust,
Room 301, Kansas City, Missouri 64106;
telephone: (816) 329–4130; fax: (816) 329–
409. 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.
(2) Airworthy Product: For any requirement
in this AD to obtain corrective actions from
a manufacturer or other source, use these
actions if they are FAA-approved. Corrective
actions are considered FAA-approved if they
are approved by the State of Design Authority
(or their delegated agent). You are required
to assure the product is airworthy before it
is returned to service.
(3) Reporting Requirements: For any
reporting requirement in this AD, under the
VerDate Aug<31>2005
16:19 Jul 02, 2008
Jkt 214001
provisions of the Paperwork Reduction Act
(44 U.S.C. 3501 et seq.), the Office of
Management and Budget (OMB) has
approved the information collection
requirements and has assigned OMB Control
Number 2120–0056.
Related Information
(h) Refer to MCAI European Aviation
Safety Agency (EASA) Emergency AD No.
2008–0053–E, dated March 5, 2008;
STEMME F & D Service Bulletin A31–10–
082, AM.-Index: 01.a, dated November 30,
2007; and STEMME F & D Service Bulletin
A31–10–083, Am-Index: 01.a, dated February
26, 2008, for related information.
Issued in Kansas City, Missouri, on June
27, 2008.
John Colomy,
Acting Manager, Small Airplane Directorate,
Aircraft Certification Service.
[FR Doc. E8–15177 Filed 7–2–08; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
SUPPLEMENTARY INFORMATION:
Internal Revenue Service
26 CFR Part 1
[REG–138355–07]
RIN 1545–BG98
Modifications to Subpart F Treatment
of Aircraft and Vessel Leasing Income
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking
by cross-reference to temporary
regulations and notice of proposed
rulemaking.
AGENCY:
SUMMARY: In the Rules and Regulations
section of this issue of the Federal
Register, the IRS is issuing temporary
regulations relating to the subpart F
treatment of aircraft and vessel leasing
income under sections 954 and 956 of
the Internal Revenue Code (Code) and
the transfer of tangible property
incorporated in aircraft and vessels that
are used predominantly outside the
United States under section 367 of the
Code. The regulations reflect statutory
changes made by section 415 of the
American Jobs Creation Act of 2004
(AJCA). In general, the regulations will
affect United States shareholders of
controlled foreign corporations that
derive income from the leasing of
aircraft or vessels in foreign commerce
and that transfer property subject to
these leases to a foreign corporation.
The text of those temporary regulations
also serves as the text of these proposed
regulations.
DATES: Written or electronic comments
and requests for a public hearing must
be received by October 1, 2008.
PO 00000
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Fmt 4702
Sfmt 4702
Send submissions to:
CC:PA:LPD:PR (REG–138355–07),
Internal Revenue Service, PO Box 7604,
Ben Franklin Station, Washington, DC
20044. Submissions may be hand
delivered between the hours of 8 a.m.
and 4 p.m. to CC:PA:LPD:PR (REG–
138355–07), Courier’s Desk, Internal
Revenue Service, 1111 Constitution
Avenue, NW., Washington, DC., or sent
electronically, via the Federal
eRulemaking Portal at https://
www.regulations.gov (IRS–REG–
138355–07).
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations
under section 367, John H. Seibert, at
(202) 622–3860; concerning the
proposed regulations under section 954
or 956, Paul J. Carlino at (202) 622–
3840; concerning submissions of
comments or a public hearing, Richard
Hurst, at (202) 622–7180 (not toll-free
numbers).
ADDRESSES:
Background and Explanation of
Provisions
Temporary regulations in this issue of
the Federal Register provide guidance
under section 367 of the Code, relating
to the nonrecognition of gain on certain
property transferred to a foreign
corporation if the property is used by
the foreign corporation in the active
conduct of a trade or business outside
of the United States. The regulations
also provide guidance under section 954
relating to the determination of whether
rents derived from leasing an aircraft or
vessel in foreign commerce will be
treated as derived in the active conduct
of a trade or business under section
954(c)(2)(A), and section 956, relating to
whether an aircraft or vessel used in the
transportation of persons or property in
foreign commerce is excluded from U.S.
property. The text of the temporary
regulations also serves as the text of
these proposed regulations. The
preamble to the temporary regulations
explains the temporary regulations and
these proposed regulations.
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
has also been determined that section
553(b) of the Administrative Procedure
Act (5 U.S.C. chapter 5) does not apply
to these regulations, and because the
proposed regulation does not impose a
collection of information on small
entities, the Regulatory Flexibility Act
(5 U.S.C. Ch. 6) does not apply.
E:\FR\FM\03JYP1.SGM
03JYP1
Federal Register / Vol. 73, No. 129 / Thursday, July 3, 2008 / Proposed Rules
Pursuant to section 7805(f) of the 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 these proposed regulations are
adopted as final regulations,
consideration will be given to any
written (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 authors of these
regulations are John H. Seibert and Paul
J. Carlino, Office of Associate Chief
Counsel (International). 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. In § 1.367(a)–2 is added to read
as follows:
jlentini on PROD1PC65 with PROPOSALS
§ 1.367(a)–2 Exception for transfers of
property for use in the active conduct of a
trade or business.
[The text of the proposed § 1.367(a)–
2 is the same as the text for § 1.367(a)–
2T(a) through (e)(2) published
elsewhere in this issue of the Federal
Register.]
Par. 3. In § 1.367(a)–4 is added to read
as follows:
§ 1.367(a)–4 Special rules applicable to
specified transfers of property (temporary).
[The text of the proposed § 1.367(a)–
4 is the same as the text for § 1.367(a)–
VerDate Aug<31>2005
16:19 Jul 02, 2008
Jkt 214001
4T(a) through (i)(1) published elsewhere
in this issue of the Federal Register.]
Par. 4. In § 1.367(a)–5 is added to read
as follows:
§ 1.367(a)–5 Property subject to section
367(a)(1) regardless of use in trade or
business.
[The text of the proposed § 1.367(a)–
5 is the same as the text for § 1.367(a)–
5T(a) through (f)(3)(ii) published
elsewhere in this issue of the Federal
Register.]
Par. 5. Section 1.954–2(c)(2)(ii),
(c)(2)(v) and (c)(3) Example 6 and (i) are
revised to read as follows:
§ 1.954–2 Foreign personal holding
company income.
*
*
*
*
*
(c) * * *
(2) * * *
(ii) [The text of the proposed
amendment to § 1.954–2(c)(2)(ii) is the
same as the text of § 1.954–2T(c)(2)(ii)
published elsewhere in this issue of the
Federal Register.]
*
*
*
*
*
(v) [The text of the proposed
amendment to § 1.954–2(c)(2)(v) is the
same as the text for § 1.954–2T(c)(2)(v)
published elsewhere in this issue of the
Federal Register.]
(vi) [The text of the proposed
amendment to § 1.954–2(c)(2)(vi) is the
same as the text for § 1.954–2T(c)(2)(vi)
published elsewhere in this issue of the
Federal Register.]
(vii) [The text of the proposed
amendment to § 1.954–2(c)(2)(vii) is the
same as the text for § 1.954–2T(c)(2)(vii)
published elsewhere in this issue of the
Federal Register.]
(3) * * *
Example 6. [The text of the proposed
amendment to § 1.954–2(c)(3) Example
6 is the same as the text for § 1.954–
2T(c)(3) Example 6 published elsewhere
in this issue of the Federal Register.]
(i) [The text of the proposed
amendment to § 1.954–2(c)(3)(i) is the
same as the text for § 1.954–2T(c)(3)(i)
published elsewhere in this issue of the
Federal Register.]
Par. 6. Section 1.956–2(b)(1)(vi) and
(e) are revised to read as follows:
§ 1.956–2 Definition of United States
Property.
*
*
*
*
*
(b) * * *
(1) * * *
(vi) [The text of the proposed
amendment to § 1.956–2(b)(1)(vi) is the
same as the text for § 1.956–2T(b)(1)(vi)
published elsewhere in this issue of the
Federal Register.]
*
*
*
*
*
(e) [The text of the proposed
amendment to § 1.956–2(e) is the same
PO 00000
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Fmt 4702
Sfmt 4702
38163
as the text of § 1.956–2T(e) published
elsewhere in this issue of the Federal
Register].
Linda E. Stiff,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. E8–14918 Filed 7–2–08; 8:45 am]
BILLING CODE 4830–01–P
ENVIRONMENTAL PROTECTION
AGENCY
40 CFR Part 52
[EPA–R09–OAR–2008–0337; FRL–8565–1]
Revisions to the California State
Implementation Plan, South Coast Air
Quality Management District
Environmental Protection
Agency (EPA).
ACTION: Proposed rule.
AGENCY:
SUMMARY: EPA is proposing to approve
revisions to the South Coast Air Quality
Management District (SCAQMD) portion
of the California State Implementation
Plan (SIP). These revisions concern
oxides of nitrogen (NOX) and oxides of
sulfur (SOX) emissions from facilities
emitting 4 tons or more per year of NOX
or SOX in the year 1990 or in any
subsequent year under the SCAQMD’s
Regional Clean Air Incentives Market
(RECLAIM) program. We are approving
local rules that regulate these emission
sources under the Clean Air Act as
amended in 1990 (CAA or the Act).
DATES: Any comments on this proposal
must arrive by August 4, 2008.
ADDRESSES: Submit comments,
identified by docket number EPA–R09–
OAR–2008–0337, by one of the
following methods:
1. Federal eRulemaking Portal: https://
www.regulations.gov. Follow the on-line
instructions.
2. E-mail: steckel.andrew@epa.gov.
3. Mail or deliver: Andrew Steckel
(Air–4), U.S. Environmental Protection
Agency Region IX, 75 Hawthorne Street,
San Francisco, CA 94105–3901.
Instructions: All comments will be
included in the public docket without
change and may be made available
online at https://www.regulations.gov,
including any personal information
provided, unless the comment includes
Confidential Business Information (CBI)
or other information whose disclosure is
restricted by statute. Information that
you consider CBI or otherwise protected
should be clearly identified as such and
should not be submitted through https://
www.regulations.gov or e-mail. https://
www.regulations.gov is an ‘‘anonymous
access’’ system, and EPA will not know
E:\FR\FM\03JYP1.SGM
03JYP1
]]>Agencies
[Federal Register Volume 73, Number 129 (Thursday, July 3, 2008)]
[Proposed Rules]
[Pages 38162-38163]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-14918]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-138355-07]
RIN 1545-BG98
Modifications to Subpart F Treatment of Aircraft and Vessel
Leasing Income
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations and notice of proposed rulemaking.
-----------------------------------------------------------------------
SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations relating to
the subpart F treatment of aircraft and vessel leasing income under
sections 954 and 956 of the Internal Revenue Code (Code) and the
transfer of tangible property incorporated in aircraft and vessels that
are used predominantly outside the United States under section 367 of
the Code. The regulations reflect statutory changes made by section 415
of the American Jobs Creation Act of 2004 (AJCA). In general, the
regulations will affect United States shareholders of controlled
foreign corporations that derive income from the leasing of aircraft or
vessels in foreign commerce and that transfer property subject to these
leases to a foreign corporation. The text of those temporary
regulations also serves as the text of these proposed regulations.
DATES: Written or electronic comments and requests for a public hearing
must be received by October 1, 2008.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-138355-07), Internal
Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC
20044. Submissions may be hand delivered between the hours of 8 a.m.
and 4 p.m. to CC:PA:LPD:PR (REG-138355-07), Courier's Desk, Internal
Revenue Service, 1111 Constitution Avenue, NW., Washington, DC., or
sent electronically, via the Federal eRulemaking Portal at https://
www.regulations.gov (IRS-REG-138355-07).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations
under section 367, John H. Seibert, at (202) 622-3860; concerning the
proposed regulations under section 954 or 956, Paul J. Carlino at (202)
622-3840; concerning submissions of comments or a public hearing,
Richard Hurst, at (202) 622-7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of Provisions
Temporary regulations in this issue of the Federal Register provide
guidance under section 367 of the Code, relating to the nonrecognition
of gain on certain property transferred to a foreign corporation if the
property is used by the foreign corporation in the active conduct of a
trade or business outside of the United States. The regulations also
provide guidance under section 954 relating to the determination of
whether rents derived from leasing an aircraft or vessel in foreign
commerce will be treated as derived in the active conduct of a trade or
business under section 954(c)(2)(A), and section 956, relating to
whether an aircraft or vessel used in the transportation of persons or
property in foreign commerce is excluded from U.S. property. The text
of the temporary regulations also serves as the text of these proposed
regulations. The preamble to the temporary regulations explains the
temporary regulations and these proposed regulations.
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 has also
been determined that section 553(b) of the Administrative Procedure Act
(5 U.S.C. chapter 5) does not apply to these regulations, and because
the proposed regulation does not impose a collection of information on
small entities, the Regulatory Flexibility Act (5 U.S.C. Ch. 6) does
not apply.
[[Page 38163]]
Pursuant to section 7805(f) of the 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 these proposed regulations are adopted as final regulations,
consideration will be given to any written (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 authors of these regulations are John H. Seibert and
Paul J. Carlino, Office of Associate Chief Counsel (International).
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. In Sec. 1.367(a)-2 is added to read as follows:
Sec. 1.367(a)-2 Exception for transfers of property for use in the
active conduct of a trade or business.
[The text of the proposed Sec. 1.367(a)-2 is the same as the text
for Sec. 1.367(a)-2T(a) through (e)(2) published elsewhere in this
issue of the Federal Register.]
Par. 3. In Sec. 1.367(a)-4 is added to read as follows:
Sec. 1.367(a)-4 Special rules applicable to specified transfers of
property (temporary).
[The text of the proposed Sec. 1.367(a)-4 is the same as the text
for Sec. 1.367(a)-4T(a) through (i)(1) published elsewhere in this
issue of the Federal Register.]
Par. 4. In Sec. 1.367(a)-5 is added to read as follows:
Sec. 1.367(a)-5 Property subject to section 367(a)(1) regardless of
use in trade or business.
[The text of the proposed Sec. 1.367(a)-5 is the same as the text
for Sec. 1.367(a)-5T(a) through (f)(3)(ii) published elsewhere in this
issue of the Federal Register.]
Par. 5. Section 1.954-2(c)(2)(ii), (c)(2)(v) and (c)(3) Example 6
and (i) are revised to read as follows:
Sec. 1.954-2 Foreign personal holding company income.
* * * * *
(c) * * *
(2) * * *
(ii) [The text of the proposed amendment to Sec. 1.954-2(c)(2)(ii)
is the same as the text of Sec. 1.954-2T(c)(2)(ii) published elsewhere
in this issue of the Federal Register.]
* * * * *
(v) [The text of the proposed amendment to Sec. 1.954-2(c)(2)(v)
is the same as the text for Sec. 1.954-2T(c)(2)(v) published elsewhere
in this issue of the Federal Register.]
(vi) [The text of the proposed amendment to Sec. 1.954-2(c)(2)(vi)
is the same as the text for Sec. 1.954-2T(c)(2)(vi) published
elsewhere in this issue of the Federal Register.]
(vii) [The text of the proposed amendment to Sec. 1.954-
2(c)(2)(vii) is the same as the text for Sec. 1.954-2T(c)(2)(vii)
published elsewhere in this issue of the Federal Register.]
(3) * * *
Example 6. [The text of the proposed amendment to Sec. 1.954-
2(c)(3) Example 6 is the same as the text for Sec. 1.954-2T(c)(3)
Example 6 published elsewhere in this issue of the Federal Register.]
(i) [The text of the proposed amendment to Sec. 1.954-2(c)(3)(i)
is the same as the text for Sec. 1.954-2T(c)(3)(i) published elsewhere
in this issue of the Federal Register.]
Par. 6. Section 1.956-2(b)(1)(vi) and (e) are revised to read as
follows:
Sec. 1.956-2 Definition of United States Property.
* * * * *
(b) * * *
(1) * * *
(vi) [The text of the proposed amendment to Sec. 1.956-2(b)(1)(vi)
is the same as the text for Sec. 1.956-2T(b)(1)(vi) published
elsewhere in this issue of the Federal Register.]
* * * * *
(e) [The text of the proposed amendment to Sec. 1.956-2(e) is the
same as the text of Sec. 1.956-2T(e) published elsewhere in this issue
of the Federal Register].
Linda E. Stiff,
Deputy Commissioner for Services and Enforcement.
[FR Doc. E8-14918 Filed 7-2-08; 8:45 am]
BILLING CODE 4830-01-P
