Modifications of Certain Derivative Contracts; Correction, 51878-51879 [2011-21180]

Download as PDF 51878 Federal Register / Vol. 76, No. 161 / Friday, August 19, 2011 / Rules and Regulations between 9 a.m. and 4 p.m., Monday through Friday. DEPARTMENT OF THE TREASURY 1. Petition from TearScience, Inc., August 6, 2010. Internal Revenue Service List of Subjects in 21 CFR Part 886 [TD 9538] Medical devices. Therefore, under the Federal Food, Drug, and Cosmetic Act and under authority delegated to the Commissioner of Food and Drugs, 21 CFR part 886 is amended as follows: PART 886—OPHTHALMIC DEVICES 1. The authority citation for 21 CFR part 886 continues to read as follows: ■ 2. Section 886.5200 is added to subpart F to read as follows: ■ wreier-aviles on DSKDVH8Z91PROD with RULES Eyelid thermal pulsation (a) Identification. An eyelid thermal pulsation system is an electricallypowered device intended for use in the application of localized heat and pressure therapy to the eyelids. The device is used in adult patients with chronic cystic conditions of the eyelids, including meibomian gland dysfunction (MGD), also known as evaporative dry eye or lipid deficiency dry eye. The system consists of a component that is inserted around the eyelids and a component to control the application of heat and pressure to the eyelids. (b) Classification. Class II (special controls). The special controls for this device are: (1) Appropriate analysis/testing should validate electromagnetic compatibility (EMC) and safety of exposure to non-ionizing radiation; (2) Design, description, and performance data should validate safeguards related to the temperature and pressure aspects of the device, including during fault conditions; (3) Performance data should demonstrate the sterility of patientcontacting components and the shelflife of these components; (4) The device should be demonstrated to be biocompatible; and (5) Performance data should demonstrate that any technological changes do not adversely effect safety and effectiveness. Dated: August 12, 2011. Nancy K. Stade, Deputy Director for Policy, Center for Devices and Radiological Health. [FR Doc. 2011–21195 Filed 8–18–11; 8:45 am] BILLING CODE 4160–01–P VerDate Mar<15>2010 13:34 Aug 18, 2011 Jkt 223001 RIN 1545–BK14 Modifications of Certain Derivative Contracts; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to final and temporary regulations. AGENCY: This document describes corrections to final and temporary regulations (TD 9538) that address when a transfer or assignment of certain derivative contracts does not result in an exchange to the nonassigning counterparty for purposes of § 1.1001– 1(a). These regulations were published in the Federal Register on Friday, July 22, 2011. DATES: This correction is effective on August 19, 2011, and is applicable on July 22, 2011. FOR FURTHER INFORMATION CONTACT: Andrea M. Hoffenson, (202) 622–3920 (not a toll-free number). SUPPLEMENTARY INFORMATION: SUMMARY: Authority: 21 U.S.C. 351, 360, 360c, 360e, 360j, 371. § 886.5200 system. 26 CFR Part 1 The final and temporary regulations that are the subject of this correction are under section 1001 of the Internal Revenue Code. Need for Correction As published July 22, 2011 (76 FR 43892), final and temporary regulations (TD 9538) contain errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication of the final and temporary regulations (TD 9538) which were the subject of FR Doc. 2011–18529 is corrected as follows: 1. On page 43892, column 3, in the preamble, under the paragraph heading ‘‘Explanation of Provisions’’, first paragraph of the column, lines 5, 6, and 7, the language ‘‘in securities or a clearinghouse transfers or assigns a derivative contract to another dealer in securities or’’ is corrected to read ‘‘or a clearinghouse transfers or assigns a derivative contract to another dealer or’’. 2. On page 43892, column 3, in the preamble, under the paragraph heading ‘‘Explanation of Provisions’’, first paragraph of the column, lines 12 and 13, the language ‘‘those described in Frm 00010 LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2011–21179 Filed 8–18–11; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9538] RIN 1545–BK14 Modifications of Certain Derivative Contracts; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: Background PO 00000 section 475(c)(2)(D), 475(c)(2)(E), or 475(c)(2)(F). In addition,’’ is corrected to read ‘‘those described in sections 475(c)(2)(D), 475(c)(2)(E), 475(c)(2)(F), 475(e)(2)(B), 475(e)(2)(C), or 475(e)(2)(D), or § 1.446–3(c)(1). In addition,’’. 3. On page 43892, column 3, in the preamble, under the paragraph heading ‘‘Special Analyses’’, the last line of the paragraph, the language ‘‘on their impact on small business.’’ is corrected to read ‘‘on their impact on small businesses.’’. Fmt 4700 Sfmt 4700 This document describes correcting amendments to final and temporary regulations (TD 9538) that address when a transfer or assignment of certain derivative contracts does not result in an exchange to the nonassigning counterparty for purposes. These regulations were published in the Federal Register on Friday, July 22, 2011. DATES: This correction is effective on August 19, 2011, and is applicable beginning July 22, 2011. FOR FURTHER INFORMATION CONTACT: Andrea M. Hoffenson, (202) 622–3920 (not a toll-free number). SUPPLEMENTARY INFORMATION: SUMMARY: Background The final and temporary regulations that are the subject of this correction are under section 1001 of the Internal Revenue Code. Need for Correction As published July 22, 2011 (76 FR 43892), the final and temporary regulations (TD 9538) contain errors that may prove to be misleading and are in need of clarification. E:\FR\FM\19AUR1.SGM 19AUR1 Federal Register / Vol. 76, No. 161 / Friday, August 19, 2011 / Rules and Regulations 51879 List of Subjects in 26 CFR Part 1 DEPARTMENT OF THE TREASURY Explanation of Provisions Income taxes, Reporting and recordkeeping requirements. Internal Revenue Service Correction of Publication 26 CFR Parts 1 and 17 1. Introduction In general, interest on State or local bonds is excludable from gross income under section 103(a). Under section 103(b), however, interest on private activity bonds is excludable from gross income under section 103 only if the bond meets the requirements for a qualified bond under section 141(e) and other applicable requirements under section 103. Section 141(e) defines a qualified bond to include an exempt facility bond that meets certain requirements. Section 142(a) defines an exempt facility bond to mean any bond that is issued as part of an issue 95 percent or more of the net proceeds of which are to be used to provide an exempt facility specified in section 142(a). Section 142(a)(6) includes a solid waste disposal facility as one specified type of qualified exempt facility. In general, the Proposed Regulations addressed the requirements for solid waste disposal facilities under section 142(a)(6) for purposes of eligibility for tax-exempt private activity bond financing. The Proposed Regulations provided that a facility qualifies as a solid waste disposal facility if it processes solid waste in a qualified solid waste disposal process, performs preliminary functions, or is a functionally related or subordinate facility. The Proposed Regulations focused on eligible processes to dispose of solid waste, including a final disposal process, an energy conversion process, and a recycling process. The Proposed Regulations also provided a more developed definition of solid waste which focused on used materials and residual materials, with certain specific exclusions. The Proposed Regulations eliminated a ‘‘no-value’’ test from the solid waste definition under § 1.103– 8(f)(2)(ii)(b) of the Existing Regulations, which provides that material does not qualify as solid waste unless, on the issue date of the tax-exempt bonds used to provide the solid waste disposal facility, the property is useless, unused, unwanted, or discarded solid material ‘‘that has no market or other value at the place where the property is located’’ (No-Value Test). The Proposed Regulations also proposed various allocation and accounting rules based on existing principles for mixed-input facilities and mixed-use facilities. Overall, the Proposed Regulations implement a policy in favor of recycling through the use of solid waste disposal facilities. Commentators generally supported the approach taken towards solid waste [TD 9546] Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: RIN 1545–BD04 Definition of Solid Waste Disposal Facilities for Tax-Exempt Bond Purposes PART 1—INCOME TAXES Internal Revenue Service (IRS), Treasury. ACTION: Final regulations. Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ AGENCY: Authority: 26 U.S.C. 7805. * * * Par. 2. Section 1.1001–4T is amended by revising paragraphs (a)(1), (b)(1) and (b)(3) to read as follows: ■ § 1.1001–4T Modifications of certain derivative contracts (temporary). * * * * * (a) * * * (1) Both the party transferring or assigning its rights and obligations under the derivative contract and the party to which the rights and obligations are transferred or assigned are either a dealer or a clearinghouse; * * * * * (b) * * * (1) Dealer. For purposes of this section, a dealer is a taxpayer who meets the definition of a dealer in securities in section 475(c)(1) or is a dealer in commodities derivative contracts. * * * * * (3) Derivative contract. For purposes of this section, a derivative contract is a contract described in— (i) Section 475(c)(2)(D), 475(c)(2)(E), or 475(c)(2)(F) without regard to the last sentence of section 475(c)(2) referencing section 1256; (ii) Section 475(e)(2)(B), 475(e)(2)(C), or 475(e)(2)(D); or (iii) Section 1.446–3(c)(1). * * * * * wreier-aviles on DSKDVH8Z91PROD with RULES LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2011–21180 Filed 8–18–11; 8:45 am] BILLING CODE 4830–01–P VerDate Mar<15>2010 13:34 Aug 18, 2011 Jkt 223001 This document contains final regulations on the definition of solid waste disposal facilities for purposes of the rules applicable to tax-exempt bonds issued by State and local governments. These regulations provide guidance to State and local governments that issue tax-exempt bonds to finance solid waste disposal facilities and to taxpayers that use those facilities. DATES: Effective Date: These regulations are effective August 19, 2011. Applicability Date: For dates of applicability, see § 1.142(a)(6)–1(i). FOR FURTHER INFORMATION CONTACT: Timothy Jones, (202) 622–3980 (not a toll-free number). SUPPLEMENTARY INFORMATION: SUMMARY: Background This document amends the Income Tax Regulations (26 CFR part 1) under section 142 of the Internal Revenue Code (Code) to provide final rules for determining whether a facility is a solid waste disposal facility under section 142(a)(6). This document also removes certain existing regulations on this subject. On September 16, 2009, the IRS published a Notice of Proposed Rulemaking (REG–140492–02) in the Federal Register (74 FR 47500) (the Proposed Regulations). The Proposed Regulations under proposed § 1.142(a)(6)–1 would modify existing regulations under § 1.103–8(f)(2) of the Income Tax Regulations and § 17.1 of the temporary Income Tax Regulations (together, the Existing Regulations) on this subject. Public comments on the Proposed Regulations were received and a public hearing was held on January 5, 2010. After consideration of the public comments, the IRS and the Treasury Department adopt the Proposed Regulations, with revisions, as final regulations by this Treasury decision (the Final Regulations). Significant aspects of the public comments and the revisions made in the Final Regulations are discussed in this preamble. PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 E:\FR\FM\19AUR1.SGM 19AUR1

Agencies

[Federal Register Volume 76, Number 161 (Friday, August 19, 2011)]
[Rules and Regulations]
[Pages 51878-51879]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-21180]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9538]
RIN 1545-BK14


Modifications of Certain Derivative Contracts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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

SUMMARY: This document describes correcting amendments to final and 
temporary regulations (TD 9538) that address when a transfer or 
assignment of certain derivative contracts does not result in an 
exchange to the nonassigning counterparty for purposes.
    These regulations were published in the Federal Register on Friday, 
July 22, 2011.

DATES: This correction is effective on August 19, 2011, and is 
applicable beginning July 22, 2011.

FOR FURTHER INFORMATION CONTACT: Andrea M. Hoffenson, (202) 622-3920 
(not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final and temporary regulations that are the subject of this 
correction are under section 1001 of the Internal Revenue Code.

Need for Correction

    As published July 22, 2011 (76 FR 43892), the final and temporary 
regulations (TD 9538) contain errors that may prove to be misleading 
and are in need of clarification.

[[Page 51879]]

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

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

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 1.1001-4T is amended by revising paragraphs (a)(1), 
(b)(1) and (b)(3) to read as follows:


Sec.  1.1001-4T  Modifications of certain derivative contracts 
(temporary).

* * * * *
    (a) * * *
    (1) Both the party transferring or assigning its rights and 
obligations under the derivative contract and the party to which the 
rights and obligations are transferred or assigned are either a dealer 
or a clearinghouse;
* * * * *
    (b) * * *
    (1) Dealer. For purposes of this section, a dealer is a taxpayer 
who meets the definition of a dealer in securities in section 475(c)(1) 
or is a dealer in commodities derivative contracts.
* * * * *
    (3) Derivative contract. For purposes of this section, a derivative 
contract is a contract described in--
    (i) Section 475(c)(2)(D), 475(c)(2)(E), or 475(c)(2)(F) without 
regard to the last sentence of section 475(c)(2) referencing section 
1256;
    (ii) Section 475(e)(2)(B), 475(e)(2)(C), or 475(e)(2)(D); or
    (iii) Section 1.446-3(c)(1).
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2011-21180 Filed 8-18-11; 8:45 am]
BILLING CODE 4830-01-P