Source of Income From Qualified Fails Charges, 76321-76322 [2010-30896]

Download as PDF Federal Register / Vol. 75, No. 235 / Wednesday, December 8, 2010 / Proposed Rules less than 1,000 feet over the waters within one nautical mile of any Island, except to engage in kelp bed surveys or to transport persons or supplies to or from an Island. Failure to maintain a minimum altitude of 1,000 feet above ground level over such waters is presumed to disturb marine mammals or seabirds. * * * * * Subpart H—Gulf of Farallones National Marine Sanctuary [FR Doc. 2010–30678 Filed 12–7–10; 8:45 am] 3. Amend § 922.82 by revising paragraph (a)(8) to read as follows: BILLING CODE 3510–NK–P § 922.82 Prohibited or otherwise regulated activities. (a) * * * (8) Disturbing marine mammals or seabirds by flying motorized aircraft at less than 1,000 feet over the waters within one nautical mile of the Farallon Islands, Bolinas Lagoon, or any ASBS, except to transport persons or supplies to or from the Islands or for enforcement purposes. Failure to maintain a minimum altitude of 1,000 feet above ground level over such waters is presumed to disturb marine mammals or seabirds. * * * * * Subpart M—Monterey Bay National Marine Sanctuary § 922.132 Prohibited or otherwise regulated activities. (a) * * * (6) Disturbing marine mammals or seabirds by flying motorized aircraft, except as necessary for valid law enforcement purposes, at less than 1,000 feet above any of the four zones within the Sanctuary described in Appendix B to this subpart. Failure to maintain a minimum altitude of 1,000 feet above ground level above any such zone is presumed to disturb marine mammals or seabirds. * * * * * Subpart O—Olympic Coast National Marine Sanctuary jlentini on DSKJ8SOYB1PROD with PROPOSALS 4. Amend § 922.152 by revising paragraph (a)(6) to read as follows: § 922.152 Prohibited or otherwise regulated activities. (a) * * * (6) Disturbing marine mammals or seabirds by flying motorized aircraft at less than 2,000 feet over the waters within one nautical mile of the Flattery Rocks, Quillayute Needles, or Copalis National Wildlife Refuges or within one 17:01 Dec 07, 2010 Jkt 223001 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–132724–10] RIN 1545–BJ78 Source of Income From Qualified Fails Charges Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. AGENCY: In the Rules and Regulations section of this Federal Register, the IRS and the Treasury Department are issuing temporary regulations (TD 9508) under section 863(a) of the Internal Revenue Code. These regulations set forth the source of income attributable to qualified fails charges. This action is necessary to provide guidance about the treatment of fails charges for purposes of sections 871 and 881, which generally require gross-basis taxation of foreign persons not otherwise subject to U.S. net-basis taxation and the withholding of such tax under sections 1441 and 1442. The text of the 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 March 8, 2011. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–132724–10), Room 5203, Internal Revenue Service, P.O. 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–132724– 10), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC, or sent electronically, via the Federal eRulemaking Portal at http:// SUMMARY: 4. Amend § 922.132 by revising paragraph (a)(6) to read as follows: VerDate Mar<15>2010 nautical mile seaward from the coastal boundary of the Sanctuary, except for activities related to Tribal timber operations conducted on reservation lands, or to transport persons or supplies to or from reservation lands as authorized by a governing body of an Indian Tribe. Failure to maintain a minimum altitude of 2,000 feet above ground level any over such waters is presumed to disturb marine mammals or seabirds. * * * * * PO 00000 Frm 00005 Fmt 4702 Sfmt 4702 76321 www.regulations.gov (IRS REG–132724– 10). FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, Sheila Ramaswamy or Anthony J. Marra, Office of Associate Chief Counsel (International) (202) 622–3870; concerning submissions of comments or a request for a public hearing, Richard Hurst at (202) 622–7180. SUPPLEMENTARY INFORMATION: Background and Explanation of Provisions The temporary regulations published in the Rules and Regulations section of this issue of the Federal Register provide guidance for the treatment of fails charges for purposes of sections 871, 881, 1441 and 1442 by establishing source rules for qualified fails charges that arise in the delivery-versuspayment market for Treasury securities. The text of those 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 these regulations do not impose a collection of information on small entities, the provisions of the Regulatory Flexibility Act (5 U.S.C. chapter 6) do not apply. Pursuant to section 7805(f) of the Internal Revenue Code, this notice of proposed rulemaking will be 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. In addition to the specific requests for comments made elsewhere in this preamble or the preamble to the temporary regulations, the IRS and the Treasury Department request comments on the clarity of the proposed regulations and how they can be made easier to understand. A public hearing may be scheduled if requested in writing by any person who timely E:\FR\FM\08DEP1.SGM 08DEP1 76322 Federal Register / Vol. 75, No. 235 / Wednesday, December 8, 2010 / Proposed Rules submitted written comments. If a public hearing is scheduled, notice of the date, time, and place of the hearing will be published in the Federal Register. Drafting Information The principal authors of these regulations are Sheila Ramaswamy and Anthony J. Marra, Office of the Associate Chief Counsel (International). However, other persons from the Office of Associate Chief Counsel (International) and the Treasury Department have participated in their development. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Proposed Amendment 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. 863(a) and 7805 * * * Par. 2. Section 1.863–10 is added to read as follows: § 1.863–10 Source of income from a qualified fails charge. [The text of proposed § 1.863–10 is the same as the text of § 1.863–10T published elsewhere in this issue of the Federal Register]. Steven T. Miller, Deputy Commissioner for Services and Enforcement. [FR Doc. 2010–30896 Filed 12–7–10; 8:45 am] BILLING CODE 4830–01–P Public Participation and Request for Comments We encourage you to participate in this rulemaking by submitting comments and related materials. All comments received will be posted, without change to http:// www.regulations.gov and will include any personal information you have provided. DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 117 [Docket No. USCG–2010–1029] RIN 1625–AA09 jlentini on DSKJ8SOYB1PROD with PROPOSALS Drawbridge Operation Regulation; Fox River, Oshkosh, WI Coast Guard, DHS. Notice of proposed rulemaking. AGENCY: ACTION: The Coast Guard proposes to establish remote drawbridge operating procedures for the Canadian National Railway Bridge across the Fox River at Mile 55.72 at Oshkosh, Wisconsin. This SUMMARY: VerDate Mar<15>2010 17:01 Dec 07, 2010 Jkt 223001 proposed rule is intended to establish standard bridge operating conditions for both vessel and train traffic while allowing the bridge to be remotely operated. DATES: Comments and related material must reach the Coast Guard on or before January 7, 2011. ADDRESSES: You may submit comments identified by docket number USCG– 2010–1029 using any one of the following methods: (1) Federal eRulemaking Portal: http://www.regulations.gov. (2) Fax: 202–493–2251. (3) Mail: Docket Management Facility (M–30), U.S. Department of Transportation, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590– 0001. (4) Hand delivery: Same as mail address above, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The telephone number is 202–366–9329. To avoid duplication, please use only one of these four methods. See the ‘‘Public Participation and Request for Comments’’ portion of the SUPPLEMENTARY INFORMATION section below for instructions on submitting comments. FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed rule, call or e-mail Mr. Lee D. Soule, Bridge Management Specialist, U.S. Coast Guard; telephone 216–902–6085, e-mail lee.d.soule@uscg.mil, or fax 216– 902–6088. If you have questions on viewing or submitting material to the docket, call Renee V. Wright, Program Manager, Docket Operations, telephone 202–366–9826. SUPPLEMENTARY INFORMATION: Submitting Comments If you submit a comment, please include the docket number for this rulemaking (USCG–2010–1029), indicate the specific section of this document to which each comment applies, and provide a reason for each suggestion or recommendation. You may submit your comments and material online (http:// www.regulations.gov), or by fax, mail or PO 00000 Frm 00006 Fmt 4702 Sfmt 4702 hand delivery, but please use only one of these means. If you submit a comment online via http:// www.regulations.gov, it will be considered received by the Coast Guard when you successfully transmit the comment. If you fax, hand deliver, or mail your comment, it will be considered as having been received by the Coast Guard when it is received at the Docket Management Facility. We recommend that you include your name and a mailing address, an e-mail address, or a phone number in the body of your document so that we can contact you if we have questions regarding your submission. To submit your comment online, go to http://www.regulations.gov, click on the ‘‘submit a comment’’ box, which will then become highlighted in blue. In the ‘‘Document Type’’ drop down menu select ‘‘Proposed Rules’’ and insert ‘‘USCG–2010–1029’’ in the ‘‘Keyword’’ box. Click ‘‘Search’’ then click on the balloon shape in the ‘‘Actions’’ column. If you submit your comments by mail or hand delivery, submit them in an unbound format, no larger than 8c by 11 inches, suitable for copying and electronic filing. If you submit them by mail and would like to know that they reached the Facility, please enclose a stamped, self-addressed postcard or envelope. We will consider all comments and material received during the comment period and may change the rule based on your comments. Viewing Comments and Documents To view comments, as well as documents mentioned in this preamble as being available in the docket, go to http://www.regulations.gov, click on the ‘‘read comments’’ box, which will then become highlighted in blue. In the ‘‘Keyword’’ box insert ‘‘USCG–2010– 1029’’ and click ‘‘Search.’’ Click the ‘‘Open Docket Folder’’ in the ‘‘Actions’’ column. You may also visit the Docket Management Facility in Room W12–140 on the ground floor of the Department of Transportation West Building, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. We have an agreement with the Department of Transportation to use the Docket Management Facility. Privacy Act Anyone can search the electronic form of comments received into any of our dockets by the name of the individual submitting the comment (or signing the comment, if submitted on behalf of an association, business, labor union, etc.). You may review a Privacy Act notice regarding our public dockets E:\FR\FM\08DEP1.SGM 08DEP1

Agencies

[Federal Register Volume 75, Number 235 (Wednesday, December 8, 2010)]
[Proposed Rules]
[Pages 76321-76322]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-30896]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-132724-10]
RIN 1545-BJ78


Source of Income From Qualified Fails Charges

AGENCY: Internal Revenue Service (IRS), Treasury.

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

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

SUMMARY: In the Rules and Regulations section of this Federal Register, 
the IRS and the Treasury Department are issuing temporary regulations 
(TD 9508) under section 863(a) of the Internal Revenue Code. These 
regulations set forth the source of income attributable to qualified 
fails charges. This action is necessary to provide guidance about the 
treatment of fails charges for purposes of sections 871 and 881, which 
generally require gross-basis taxation of foreign persons not otherwise 
subject to U.S. net-basis taxation and the withholding of such tax 
under sections 1441 and 1442. The text of the 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 March 8, 2011.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-132724-10), Room 
5203, Internal Revenue Service, P.O. 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-
132724-10), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC, or sent electronically, via the Federal 
eRulemaking Portal at http://www.regulations.gov (IRS REG-132724-10).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Sheila Ramaswamy or Anthony J. Marra, Office of Associate Chief Counsel 
(International) (202) 622-3870; concerning submissions of comments or a 
request for a public hearing, Richard Hurst at (202) 622-7180.

SUPPLEMENTARY INFORMATION: 

Background and Explanation of Provisions

    The temporary regulations published in the Rules and Regulations 
section of this issue of the Federal Register provide guidance for the 
treatment of fails charges for purposes of sections 871, 881, 1441 and 
1442 by establishing source rules for qualified fails charges that 
arise in the delivery-versus-payment market for Treasury securities. 
The text of those 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 
these regulations do not impose a collection of information on small 
entities, the provisions of the Regulatory Flexibility Act (5 U.S.C. 
chapter 6) do not apply. Pursuant to section 7805(f) of the Internal 
Revenue Code, this notice of proposed rulemaking will be 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. In addition to the specific requests for comments made elsewhere 
in this preamble or the preamble to the temporary regulations, the IRS 
and the Treasury Department request comments on the clarity of the 
proposed regulations and how they can be made easier to understand. A 
public hearing may be scheduled if requested in writing by any person 
who timely

[[Page 76322]]

submitted written comments. If a public hearing is scheduled, notice of 
the date, time, and place of the hearing will be published in the 
Federal Register.

Drafting Information

    The principal authors of these regulations are Sheila Ramaswamy and 
Anthony J. Marra, Office of the Associate Chief Counsel 
(International). However, other persons from the Office of Associate 
Chief Counsel (International) and the Treasury Department have 
participated in their development.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Proposed Amendment 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. 863(a) and 7805 * * *
    Par. 2. Section 1.863-10 is added to read as follows:


Sec.  1.863-10  Source of income from a qualified fails charge.

    [The text of proposed Sec.  1.863-10 is the same as the text of 
Sec.  1.863-10T published elsewhere in this issue of the Federal 
Register].

Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2010-30896 Filed 12-7-10; 8:45 am]
BILLING CODE 4830-01-P