Petition for Inclusion of the Arab-American Community in the Groups Eligible for MBDA Services, 34883-34884 [2012-14225]
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Federal Register / Vol. 77, No. 113 / Tuesday, June 12, 2012 / Proposed Rules
(b) Affected ADs
None.
(c) Applicability
This AD applies to The Boeing Company
Model 747–400, –400D, and –400F series
airplanes, certificated in any category, as
specified in Boeing Service Bulletin 747–
53A2784, Revision 1, dated September 14,
2011.
(d) Subject
Joint Aircraft System Component (JASC)/
Air Transport Association (ATA) of America
Code 53, Fuselage.
(e) Unsafe Condition
This AD was prompted by reports of crown
frame web cracking at left buttock line (LBL)
15.0, station (STA) 320. We are proposing
this AD to prevent complete fracture of the
crown frame assembly, and consequent
damage to the skin and in-flight
decompression of the airplane.
(f) Compliance
Comply with this AD within the
compliance times specified, unless already
done.
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(g) Crown Frame Web Measurement
At the applicable compliance time
specified in paragraph 1.E., ‘‘Compliance,’’ of
Boeing Service Bulletin 747–53A2784,
Revision 1, dated September 14, 2011, except
as specified in paragraph (k)(1) of this AD,
measure the thickness of the crown frame
web at station (STA) 320, in accordance with
the Accomplishment Instructions of Boeing
Service Bulletin 747–53A2784, Revision 1,
dated September 14, 2011. For airplanes with
a 0.136 to 0.145-inch-thick web, no further
action is required by this AD.
(h) Detailed Inspection and Web
Replacement With No Web Repair Doubler
For airplanes on which the web measures
0.078- to 0.083-inch thick during the
measurement required by paragraph (g) of
this AD, and on which repair doubler is not
installed: At the applicable time specified in
paragraph 1.E., ‘‘Compliance,’’ of Boeing
Service Bulletin 747–53A2784, Revision 1,
dated September 14, 2011, except as
specified in paragraph (k)(1) of this AD, do
a detailed inspection for cracks and a general
visual inspection for missing fasteners of the
crown frame web at STA 320; and do all
applicable related investigative and
corrective actions; in accordance with the
Accomplishment Instructions of Boeing
Service Bulletin 747–53A2784, Revision 1,
dated September 14, 2011, except as
specified in paragraph (k)(2) of this AD. Do
the applicable related investigative and
corrective actions at the applicable times in
paragraph 1.E., ‘‘Compliance,’’ of Boeing
Service Bulletin 747–53A2784, Revision 1,
dated September 14, 2011, except as
specified in paragraph (k)(1) of this AD.
Boeing Service Bulletin 747–53A2784,
Revision 1, dated September 14, 2011,
provides options for accomplishing the
actions that are required for airplanes on
which no cracking is found in the crown
frame web.
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(i) Detailed Inspection and Web
Replacement With Web Repair Doubler
For airplanes on which the web measures
0.078- to 0.083-inch thick during the
measurement required by paragraph (g) of
this AD, and on which a repair doubler is
installed: At the applicable compliance time
specified in paragraph 1.E., ‘‘Compliance,’’ of
Boeing Service Bulletin 747–53A2784,
Revision 1, dated September 14, 2011, except
as specified in paragraph (k)(1) of this AD, do
the actions specified in paragraphs (i)(1) and
(i)(2) of this AD, and do all applicable
corrective actions, in accordance with the
Accomplishment Instructions of Boeing
Service Bulletin 747–53A2784, Revision 1,
dated September 14, 2011, except as
provided by paragraph (k)(2) of this AD. Do
all applicable corrective actions before
further flight.
(1) Replace the web with a new web and
do all applicable related investigative
actions.
(2) Do a detailed inspection for cracks in
the upper or lower chord of the crown frame
web at STA 320.
(j) Post-Replacement Repetitive Inspections
of Replaced Web
Following any web replacement required
by this AD, at the times specified in
paragraph 1.E., ‘‘Compliance,’’ of Boeing
Service Bulletin 747–53A2784, Revision 1,
dated September 14, 2011: Do a detailed
inspection for cracks of the web, upper
chord, lower chord, and lower chord splice,
and do all applicable corrective actions, in
accordance with the Accomplishment
Instructions of Boeing Service Bulletin 747–
53A2784, Revision 1, dated September 14,
2011, except as provided by paragraph (k)(2)
of this AD. Do all applicable corrective
actions before further flight. If no crack is
found, repeat the inspection thereafter at the
intervals specified in paragraph 1.E.,
‘‘Compliance,’’ of Boeing Service Bulletin
747–53A2784, Revision 1, dated September
14, 2011. Accomplishment of the inspections
required by AD 2009–19–05, Amendment
39–16022 (74 FR 48138, September 22, 2009),
terminates the requirements of this
paragraph.
(k) Exceptions to the Service Information
(1) Where Boeing Service Bulletin 747–
53A2784, Revision 1, dated September 14,
2011, specifies a compliance time ‘‘after the
original issue date of the service bulletin,’’
this AD requires compliance within the
specified compliance time after the effective
date of this AD.
(2) Where Boeing Service Bulletin 747–
53A2784, Revision 1, dated September 14,
2011, specifies to contact Boeing for
appropriate action, accomplish applicable
actions before further flight using a method
approved in accordance with the procedures
specified in paragraph (l) of this AD.
(l) Alternative Methods of Compliance
(AMOCs)
(1) The Manager, Seattle Aircraft
Certification Office (ACO), FAA, has the
authority to approve AMOCs for this AD, if
requested using the procedures found in 14
CFR 39.19. In accordance with 14 CFR 39.19,
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34883
send your request to your principal inspector
or local Flight Standards District Office, as
appropriate. If sending information directly
to the manager of the ACO, send it to the
attention of the person identified in the
Related Information section of this AD.
Information may be emailed to: 9-ANMSeattle-ACO-AMOC-Requests@faa.gov.
(2) Before using any approved AMOC,
notify your appropriate principal inspector,
or lacking a principal inspector, the manager
of the local flight standards district office/
certificate holding district office.
(3) An AMOC that provides an acceptable
level of safety may be used for any repair
required by this AD if it is approved by the
Boeing Commercial Airplanes Organization
Designation Authorization (ODA) that has
been authorized by the Manager, Seattle
ACO, to make those findings. For a repair
method to be approved, the repair must meet
the certification basis of the airplane, and the
approval must specifically refer to this AD.
(m) Related Information
(1) For more information about this AD,
contact Bill Ashforth, Aerospace Engineer,
Airframe Branch, ANM–120S, FAA, Seattle
ACO, 1601 Lind Avenue SW., Renton,
Washington 98057–3356; phone: 425–917–
6432; fax: 425–917–6590; email:
Bill.Ashforth@faa.gov.
(2) For service information identified in
this AD, contact Boeing Commercial
Airplanes, Attention: Data & Services
Management, P.O. Box 3707, MC 2H–65,
Seattle, Washington 98124–2207; telephone
206–544–5000, extension 1; fax 206–766–
5680; email me.boecom@boeing.com; Internet
https://www.myboeingfleet.com. You may
also review the referenced service
information in the docket at
www.regulations.gov (refer to Docket No.
FAA–2012–0498). You may review copies of
the referenced service information at the
FAA, Transport Airplane Directorate, 1601
Lind Avenue SW., Renton, Washington. For
information on the availability of this
material at the FAA, call 425–227–1221.
Issued in Renton, Washington, on May 31,
2012.
Michael Kaszycki,
Acting Manager, Transport Airplane
Directorate, Aircraft Certification Service.
[FR Doc. 2012–14253 Filed 6–11–12; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF COMMERCE
Minority Business Development
Agency
15 CFR Part 1400
[Docket No. 120517080–2132–02]
Petition for Inclusion of the ArabAmerican Community in the Groups
Eligible for MBDA Services
Minority Business
Development Agency, Commerce.
AGENCY:
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34884
Federal Register / Vol. 77, No. 113 / Tuesday, June 12, 2012 / Proposed Rules
Notice of proposed rulemaking
and request for comments; amendment.
ACTION:
On May 30, 2012, the
Minority Business Development Agency
(MBDA) published a notice of proposed
rulemaking and request for comments
regarding a petition received on January
11, 2012 from the American-Arab AntiDiscrimination Committee (ADC)
requesting formal designation of ArabAmericans as a minority group that is
socially or economically disadvantaged
pursuant to 15 CFR part 1400. The
Notice includes a thirty-day comment
deadline of June 29, 2012, but also states
that MBDA will make a decision on the
petition no later than June 27, 2012.
Due to the complexity of the subject
matter, the Department finds that it is
not practicable to complete an in depth
review of the issues involved in the
petition, give adequate consideration to
all comments, and make a reasoned
determination on the petition by June
27, 2012. Therefore, the Department has
determined that it is necessary to extend
the time in which it will make its
decision on the petition until July 30,
2012. This extension will not prejudice
the petitioner. The deadline for the
comments on the petition remains
unchanged, and continues to be June 29,
2012.
FOR FURTHER INFORMATION CONTACT: For
further information about this Notice,
contact Josephine Arnold, Minority
Business Development Agency, 1401
Constitution Avenue NW, Room 5053,
Washington, DC 20230, (202) 482–2332,
and jarnold@mbda.gov.
SUMMARY:
David Hinson,
National Director, Minority Business
Development Agency.
[FR Doc. 2012–14225 Filed 6–11–12; 8:45 am]
BILLING CODE 3510–21–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–134042–07]
RIN 1545–BG81
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Basis of Indebtedness of S
Corporations to Their Shareholders
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking
and notice of public hearing.
AGENCY:
This document contains
proposed regulations relating to basis of
indebtedness of S corporations to their
shareholders. These proposed
regulations provide that S corporation
SUMMARY:
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shareholders increase their basis of
indebtedness of the S corporation to the
shareholder only if the indebtedness is
bona fide. The proposed regulations
affect shareholders of S corporations.
This document also provides notice of
a public hearing on these proposed
regulations.
DATES: Written or electronic comments
must be received by September 10,
2012. Requests to speak and outlines of
topics to be discussed at the public
hearing scheduled for October 8, 2012,
must be received by September 10,
2012.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR (REG–134042–07), room
5203, Internal Revenue Service, PO Box
7604, Ben Franklin Station, Washington,
DC 20044. Submissions may be handdelivered Monday through Friday
between the hours of 8 a.m. and 4 p.m.
to CC:PA:LPD:PR (REG–134042–07),
Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue NW.,
Washington, DC, or sent electronically,
via the Federal eRulemaking Portal at
www.regulations.gov (IRS REG–134042–
07). The public hearing will be held in
the auditorium, Internal Revenue
Building, 1111 Constitution Avenue
NW., Washington, DC.
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations,
Caroline E. Hay at (202) 622–3070;
concerning the submissions of
comments, the hearing, and/or to be
placed on the building access list to
attend the hearing, Oluwafunmilayo
(Funmi) P. Taylor at (202) 622–7180
(not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
This document proposes amendments
to § 1.1366–2 of the Income Tax
Regulations. In addition, this document
proposes conforming changes to the
effective date rules provided in
§ 1.1366–5.
Under section 1366(d)(1) of the
Internal Revenue Code (Code), the
aggregate amount of losses and
deductions that a shareholder takes into
account for any taxable year cannot
exceed the sum of that shareholder’s
adjusted basis in stock and adjusted
basis of any indebtedness of the S
corporation to that shareholder. The
Senate Report discussing section 1374
(the predecessor statute to section 1366)
illustrates Congress’s intent to limit the
loss that a shareholder takes into
account to that shareholder’s investment
in the corporation; that is, to the
adjusted basis of the stock in the
corporation owned by the shareholder
and the adjusted basis of any
indebtedness of the corporation to the
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Fmt 4702
Sfmt 4702
shareholder. S. Rept. 1983, 85th Cong.,
2d Sess. 219–220 (1958) (1958–3 CB
922, 1141).
Section 1.1366–2 provides rules
relating to limitations on deduction of
passthrough items of an S corporation to
its shareholder. Under § 1.1366–2(a)(1),
a shareholder’s aggregate amount of
losses and deductions taken into
account under § 1.1366–1(a)(2), (3), and
(4) for any taxable year of the S
corporation cannot exceed that
shareholder’s adjusted basis in stock in
the corporation and adjusted basis of
any indebtedness of the corporation to
that shareholder. These proposed
amendments to the regulations provide
that, in order to increase a shareholder’s
basis of indebtedness, a loan must
represent bona fide indebtedness of the
S corporation that runs directly to the
shareholder. These proposed regulations
also reaffirm that a shareholder acting as
guarantor of S corporation indebtedness
does not create or increase basis of
indebtedness simply by becoming a
guarantor.
Explanation of Provisions
Section 1366(d)(1) provides that a
shareholder can take into account losses
and deductions to the extent of the
adjusted basis of the shareholder’s stock
and the adjusted basis of any
indebtedness of the S corporation to the
shareholder (basis of indebtedness). The
Code does not define basis of
indebtedness, but several court cases
involving passthrough losses from an S
corporation interpret section 1366 to
require an investment in the S
corporation that constitutes ‘‘an actual
economic outlay’’ by the shareholder to
create basis of indebtedness. See, for
example, Maloof v. Comm’r, 456 F.3d
645, 649–650 (6th Cir. 2006); Spencer v.
Comm’r, 110 T.C. 62, 78–79 (1998), aff’d
without published opinion, 194 F.3d
1324 (11th Cir. 1999); Hitchins v.
Comm’r, 103 T.C. 711, 715 (1994); Perry
v. Comm’r, 54 T.C. 1293, 1296 (1970).
Often, the cases involve attempts by an
S corporation shareholder to obtain
basis of indebtedness by borrowing from
another person—typically, a related
entity—and then lending the proceeds
to the S corporation (a back-to-back loan
transaction). Alternatively, an S
corporation shareholder might seek to
restructure an existing loan of the S
corporation into a back-to-back loan by
assuming the S corporation’s liability on
the loan and creating a commensurate
obligation from the S corporation to the
shareholder. Disputes continue to arise
concerning when a back-to-back loan
gives rise to an actual economic outlay,
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]]>Agencies
[Federal Register Volume 77, Number 113 (Tuesday, June 12, 2012)]
[Proposed Rules]
[Pages 34883-34884]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14225]
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DEPARTMENT OF COMMERCE
Minority Business Development Agency
15 CFR Part 1400
[Docket No. 120517080-2132-02]
Petition for Inclusion of the Arab-American Community in the
Groups Eligible for MBDA Services
AGENCY: Minority Business Development Agency, Commerce.
[[Page 34884]]
ACTION: Notice of proposed rulemaking and request for comments;
amendment.
-----------------------------------------------------------------------
SUMMARY: On May 30, 2012, the Minority Business Development Agency
(MBDA) published a notice of proposed rulemaking and request for
comments regarding a petition received on January 11, 2012 from the
American-Arab Anti-Discrimination Committee (ADC) requesting formal
designation of Arab-Americans as a minority group that is socially or
economically disadvantaged pursuant to 15 CFR part 1400. The Notice
includes a thirty-day comment deadline of June 29, 2012, but also
states that MBDA will make a decision on the petition no later than
June 27, 2012.
Due to the complexity of the subject matter, the Department finds
that it is not practicable to complete an in depth review of the issues
involved in the petition, give adequate consideration to all comments,
and make a reasoned determination on the petition by June 27, 2012.
Therefore, the Department has determined that it is necessary to extend
the time in which it will make its decision on the petition until July
30, 2012. This extension will not prejudice the petitioner. The
deadline for the comments on the petition remains unchanged, and
continues to be June 29, 2012.
FOR FURTHER INFORMATION CONTACT: For further information about this
Notice, contact Josephine Arnold, Minority Business Development Agency,
1401 Constitution Avenue NW, Room 5053, Washington, DC 20230, (202)
482-2332, and jarnold@mbda.gov.
David Hinson,
National Director, Minority Business Development Agency.
[FR Doc. 2012-14225 Filed 6-11-12; 8:45 am]
BILLING CODE 3510-21-P
