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