Allocation and Apportionment of Interest Expense; Correction, 9844-9845 [2012-3855]
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9844
Federal Register / Vol. 77, No. 34 / Tuesday, February 21, 2012 / Rules and Regulations
mstockstill on DSK4VPTVN1PROD with RULES
additional petitions; one requesting an
administrative stay of action with an
embedded citizen petition and the other
requesting an administrative stay of
action. Each of the requests for an
administrative stay of action concern
FDA’s use of enforcement discretion
related to labeling of dietary
supplements, pending the publication of
a final rule.2 In addition, FDA received
numerous comments on the 2010
proposed rule requesting that FDA
extend the period of enforcement
discretion based on the 2003 letter until
publication of a final rule. FDA has
received new scientific data and
information, through comments to the
2010 proposed rule, or submitted with
petitions, relating to several of the
factors we set forth in the 2003 letter,
e.g., the possible health benefit of free
phytosterols in dietary supplements and
the minimum daily consumption
amount of phytosterols necessary to
achieve the claimed effect. We are
reviewing the comments and
information we received and do not
intend to make a determination as to the
daily phytosterols consumption amount
needed to achieve the claimed effect or
the eligibility of dietary supplements
containing free phytosterols to bear the
authorized health claim until the
publication of the final rule.
Based on the new data and
information currently under our review
that may be important, to our
2 FDA received a petition for an administrative
stay of action with an embedded citizen petition
from Pharmavite LLC (‘‘Pharmavite petition’’) dated
February 24, 2011, and a petition for an
administrative stay from Botanical Laboratories,
Inc. (‘‘Botanical petition’’), dated March 18, 2011
(Docket Nos. FDA–2000–P–0102, FDA–2000–P–
0133, and FDA–2006–P–0033). Specifically,
Pharmavite LLC requests FDA to stay its February
18, 2011, decision to discontinue enforcement
discretion for dietary supplements containing free
phytosterols that have been shown, through an
adequate and well-controlled clinical trial, to
reduce low density lipoprotein (LDL) and total
cholesterol, pending publication of a final rule for
the health claim. In a citizen petition embedded in
the petition for an administrative stay, Pharmavite
LLC also asked us to agree that: (1) A dietary
supplement produced by Pharmavite LLC has been
shown to effectively reduce LDL and total
cholesterol; (2) FDA will continue to exercise
enforcement discretion to permit this dietary
supplement to bear an appropriately worded claim
pursuant to the 2010 proposed regulation, pending
publication of a final rule addressing the health
claim; and (3) the final rule will allow those dietary
supplements containing free phytosterols that have
been shown through an adequate and wellcontrolled clinical trial to effectively reduce LDL
and total cholesterol to bear the claim. Botanical
Laboratories, Inc., requested that FDA stay its
February 18, 2011, decision to discontinue
enforcement discretion for dietary supplements
containing phytosterols in liquid form until the
issuance of a final rule for the health claim. We are
currently considering these petitions. This
document does not represent a decision on these
petitions, in whole or in part.
VerDate Mar<15>2010
16:13 Feb 17, 2012
Jkt 226001
consideration in deciding what
requirements to include in the final
rule, and the need to focus FDA’s
resources on other public health
priorities, we find it appropriate to
continue to extend our consideration of
the exercise of enforcement discretion
for the labeling of foods, including
dietary supplements, bearing a health
claim regarding phytosterols and risk of
CHD consistent with the 2003 letter,
until publication of the final rule.
Therefore, FDA is extending the
period during which it intends to
exercise enforcement discretion,
consistent with the factors set forth in
the 2003 letter, until publication of a
final rule for the phytosterols and risk
of CHD health claim. This document
does not change how FDA intends to
consider exercising its enforcement
discretion when claims are made
consistent with the proposed
requirements in the proposed rule.
Food, including dietary supplements,
bearing the health claim would be
required to comply with any revised
requirements established in the final
rule when the final rule becomes
effective.
ACTION:
Correcting amendment.
This document contains
corrections to the final regulations (TD
9571), which were published in the
Federal Register on January 17, 2012
(77 FR 2225) that provide guidance
regarding the allocation and
apportionment of interest expense.
SUMMARY:
This correction is effective on
February 21, 2012, and is applicable on
January 17, 2012.
DATES:
FOR FURTHER INFORMATION CONTACT:
Jeffrey L. Parry, (202) 622–3850 (not a
toll-free call).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations (TD 9571)
that are the subject of these corrections
are under section 864 of the Internal
Revenue Code.
Need for Correction
As published, the temporary
regulations contain errors that may
prove to be misleading and are in need
of clarification.
III. Reference
List of Subjects 26 CFR Part 1
The following reference has been
placed on display in the Division of
Dockets Management (see ADDRESSES)
and may be seen by interested persons
between 9 a.m. and 4 p.m. Monday
through Friday.
Income taxes, Reporting and
recordkeeping requirements.
1. Center for Food Safety and Applied
Nutrition, Food and Drug
Administration, Letter of Enforcement
Discretion from FDA to Cargill Health &
Food Technologies, Docket No. FDA–
2000–P–0102, document ID DRAFT–
0059 (formerly 2000P–1275/LET3) and
Docket No. FDA–2000–P–0133,
document ID DRAFT–0127 (formerly
2000P–1276/LET4), February 14, 2003.
Dated: February 15, 2012.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2012–3940 Filed 2–17–12; 8:45 am]
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendments:
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 * * *
§ 1.861–9T
[Corrected]
Par. 2. Section 1.861–9T is amended
by revising paragraph (l) to read as
follows:
■
§ 1.861–9T Allocation and apportionment
of interest expense (temporary).
BILLING CODE 4160–01–P
*
Internal Revenue Service
*
*
*
*
(l) Expiration date. The applicability
date of paragraphs (e)(2), (e)(3), and
(h)(4) expires on January 13, 2015.
26 CFR Part 1
§ 1.861–11T
[TD 9571]
■
DEPARTMENT OF THE TREASURY
Par. 3. Section 1.861–11T is amended
by revising paragraph (i) to read as
follows:
RIN 1545–BJ84
Allocation and Apportionment of
Interest Expense; Correction
Internal Revenue Service (IRS),
Treasury.
AGENCY:
PO 00000
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[Corrected]
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§ 1.861–11T Special rules for allocating
and apportioning interest expense of an
affiliated group of corporations (temporary).
*
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21FER1
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Federal Register / Vol. 77, No. 34 / Tuesday, February 21, 2012 / Rules and Regulations
(i) Expiration date. The applicability
date of paragraph (d)(6)(ii) expires on
January 13, 2015.
Robin R. Jones,
Federal Register Liaison Officer, Publications
and Regulations Branch, Legal Processing
Division, Associate Chief Counsel, Procedure
and Administration.
[FR Doc. 2012–3855 Filed 2–17–12; 8:45 am]
BILLING CODE 4830–01–P
26 CFR Part 1
[TD 9567]
RIN 1545–BK17
Reporting of Specified Foreign
Financial Assets; Correction
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
This document contains
corrections to final regulations (TD
9567), which were published in the
Federal Register on Monday, December
19, 2011, relating to the reporting of
specified foreign financial assets.
DATES: Effective date: This correction is
effective February 21, 2012, and is
applicable beginning December 19,
2011.
FOR FURTHER INFORMATION CONTACT:
Joseph S. Henderson, (202) 622–3880
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
The final regulations that are the
subject of these corrections are under
section 6038 of the Internal Revenue
Code.
mstockstill on DSK4VPTVN1PROD with RULES
Need for Correction
As published on December 19, 2011
(76 FR 78561), final regulation (TD
9567), contains errors which may prove
to be misleading and are in need of
clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendments.
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 * * *
VerDate Mar<15>2010
16:13 Feb 17, 2012
■
Par. 2. Section 1.6038D–2T is
amended by:
■ 1. Revising the last sentence of
paragraph (b)(3).
■ 2. Revising, in paragraph (d), the
subject heading and fifth sentence of
paragraph (2)(i) in the Example.
The revisions read as follows:
§ 1.6038D–7T Exceptions from the
reporting of certain assets under section
6038D (temporary).
■
*
Internal Revenue Service
Jkt 226001
Par. 5. Section 1.6038D–7T is
amended by revising paragraphs
(a)(1)(i)(C) and (b) introductory text to
read as follows:
PART 1—[CORRECTED]
§ 1.6038D–2T Requirement to report
specified foreign financial assets
(temporary).
DEPARTMENT OF THE TREASURY
9845
*
*
*
*
(b) * * *
(3) * * * See § 1.6038D–5T(f) for
rules to determine the maximum value
of an interest in a foreign trust or estate.
*
*
*
*
*
(d) * * *
Example. * * *
(2) * * *
(i) Married specified individuals filing
separate annual returns. * * * See
§ 1.6038D–5T(b) regarding the
maximum value of a jointly owned and
specified foreign financial asset to be
reported by a specified person,
including a married specified
individual, that is a joint owner of an
asset. * * *
*
*
*
*
*
■ Par. 3. Section 1.6038D–4T is
amended by revising paragraph (a)(9) to
read as follows:
§ 1.6038D–4T Information required to be
reported (temporary).
(a) * * *
(9) The foreign currency exchange rate
and, if the source of such rate is other
than as described in § 1.6038D–5T(c)(1),
the source of the rate used to determine
the specified foreign financial asset’s
U.S. dollar value, including maximum
value; and
*
*
*
*
*
■ Par. 4. Section 1.6038D–5T is
amended by revising paragraph (c)(1).
§ 1.6038D–5T
(temporary).
Valuation guidelines
*
*
*
*
*
(c) * * *
(1) In general. Except as provided in
paragraph (c)(2) of this section, the U.S.
Treasury Department’s Financial
Management Service foreign currency
exchange rate is to be used to convert
the value of a specified foreign financial
asset into U.S. dollars for purposes of
determining the aggregate value of
specified foreign financial assets in
which a specified person has an interest
and determining the maximum value of
a specified foreign financial asset.
*
*
*
*
*
PO 00000
Frm 00009
Fmt 4700
Sfmt 4700
(a) * * *
(1) * * *
(i) * * *
(C) Form 8621, ‘‘Return by a
Shareholder of a Passive Foreign
Investment Company or Qualified
Electing Fund’’;
*
*
*
*
*
(b) Owner of certain trusts. A
specified person that is treated as an
owner of any portion of a domestic trust
under sections 671 through 678 is not
required to file Form 8938 to report any
specified foreign financial asset held by
the trust if the trust is—
*
*
*
*
*
Guy R. Traynor,
Federal Register Liaison, Legal Processing
Division, Publication and Regulations Br.,
Procedure & Administration.
[FR Doc. 2012–3935 Filed 2–17–12; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9567]
RIN 1545–BK17
Reporting of Specified Foreign
Financial Assets; Correction
Internal Revenue Service (IRS).
Final rule; correction.
AGENCY:
ACTION:
This document contains
corrections to final regulations (TD
9567), which were published in the
Federal Register on Monday, December
19, 2011, relating to reporting of
specified foreign financial assets.
DATES: Effective Date: This correction is
effective February 21, 2012, and is
applicable beginning December 19,
2011.
SUMMARY:
FOR FURTHER INFORMATION CONTACT:
Joseph S. Henderson, (202) 622–3880
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the
subject of these corrections are under
section 6038 of the Internal Revenue
Code.
E:\FR\FM\21FER1.SGM
21FER1
]]>Agencies
[Federal Register Volume 77, Number 34 (Tuesday, February 21, 2012)]
[Rules and Regulations]
[Pages 9844-9845]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-3855]
=======================================================================
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9571]
RIN 1545-BJ84
Allocation and Apportionment of Interest Expense; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to the final regulations
(TD 9571), which were published in the Federal Register on January 17,
2012 (77 FR 2225) that provide guidance regarding the allocation and
apportionment of interest expense.
DATES: This correction is effective on February 21, 2012, and is
applicable on January 17, 2012.
FOR FURTHER INFORMATION CONTACT: Jeffrey L. Parry, (202) 622-3850 (not
a toll-free call).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations (TD 9571) that are the subject of these
corrections are under section 864 of the Internal Revenue Code.
Need for Correction
As published, the temporary regulations contain errors that may
prove to be misleading and are in need of clarification.
List of Subjects 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 * * *
Sec. 1.861-9T [Corrected]
0
Par. 2. Section 1.861-9T is amended by revising paragraph (l) to read
as follows:
Sec. 1.861-9T Allocation and apportionment of interest expense
(temporary).
* * * * *
(l) Expiration date. The applicability date of paragraphs (e)(2),
(e)(3), and (h)(4) expires on January 13, 2015.
Sec. 1.861-11T [Corrected]
0
Par. 3. Section 1.861-11T is amended by revising paragraph (i) to read
as follows:
Sec. 1.861-11T Special rules for allocating and apportioning interest
expense of an affiliated group of corporations (temporary).
* * * * *
[[Page 9845]]
(i) Expiration date. The applicability date of paragraph (d)(6)(ii)
expires on January 13, 2015.
Robin R. Jones,
Federal Register Liaison Officer, Publications and Regulations Branch,
Legal Processing Division, Associate Chief Counsel, Procedure and
Administration.
[FR Doc. 2012-3855 Filed 2-17-12; 8:45 am]
BILLING CODE 4830-01-P
