Petition Requesting Commission Action Regarding Crib Bumpers, 37836-37837 [2012-15328]
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37836
Federal Register / Vol. 77, No. 122 / Monday, June 25, 2012 / Proposed Rules
the Paperwork Reduction Act, 44 U.S.C.
3501–3520.
C. Regulatory Flexibility Act
We have examined the impacts of the
proposed rule under the Regulatory
Flexibility Act (5 U.S.C. 601–612). The
Regulatory Flexibility Act requires
agencies to analyze regulatory options
that would minimize any significant
impact of a rule on small entities.
Because the proposed rule would revoke
outdated regulatory requirements, the
Commission certifies that the proposed
rule would not have a significant
economic impact on a substantial
number of small entities.
§ 1500.18
[Amended]
2. Section 1500.18 is amended by
removing and reserving paragraph (a)(5).
§ 1500.47
[Removed]
3. Section 1500.47 is removed
entirely.
§ 1500.86
[Amended]
4. Section 1500.86 is amended by
removing and reserving paragraph (a)(6).
Dated: June 20, 2012.
Todd A. Stevenson,
Secretary, U.S. Consumer Product Safety
Commission.
[FR Doc. 2012–15409 Filed 6–22–12; 8:45 am]
BILLING CODE 6355–01–P
D. Environmental Considerations
This rule falls within the scope of the
Commission’s environmental review
regulation at 16 CFR 1021.5(c)(1), which
provides a categorical exclusion from
any requirement for the agency to
prepare an environmental assessment or
an environmental impact statement for
rules that revoke product safety
standards.
E. Executive Order 12988
According to Executive Order 12988
(February 5, 1996), agencies must state
in clear language the preemptive effect,
if any, of new regulations. The
preemptive effect of regulations such as
this proposal is stated in section 18 of
the FHSA. 15 U.S.C. 1261n.
F. Effective Date
The Commission is proposing that the
rule revoking 16 CFR 1500.18(a)(5),
1500.47, and 1500.86(a)(6) would
become effective 30 days after
publication of the final rule in the
Federal Register.
List of Subjects in 16 CFR Part 1500
Consumer protection, Hazardous
substances, Imports, Infants and
children, Labeling, Law enforcement,
Reporting and recordkeeping
requirements, Toys.
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For the reasons stated in the
preamble, and under the authority of 15
U.S.C. 1261–1262 and 5 U.S.C. 553, the
Consumer Product Safety Commission
proposes to amend 16 CFR part 1500 as
follows:
PART 1500—HAZARDOUS
SUBSTANCES AND ARTICLES;
ADMINISTRATION AND
ENFORCEMENT REGULATIONS
1. The authority citation for 16 CFR
part 1500 continues to read as follows:
Authority: 15 U.S.C. 1261–1278.
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CONSUMER PRODUCT SAFETY
COMMISSION
16 CFR Chapter II
[Docket No. CPSC–2012–0034]
Petition Requesting Commission
Action Regarding Crib Bumpers
U.S. Consumer Product Safety
Commission.
ACTION: Petition for rulemaking.
AGENCY:
The U.S. Consumer Product
Safety Commission (‘‘Commission’’) has
received a petition (CPSC–2012–0034),
requesting that the Commission initiate
rulemaking to distinguish and regulate
‘‘hazardous pillow-like’’ crib bumpers
from ‘‘non-hazardous traditional’’ crib
bumpers under sections 7 and 9 of the
Consumer Product Safety Act (‘‘CPSA’’).
The Commission invites written
comments concerning the petition.
DATES: The Office of the Secretary must
receive comments on the petition by
August 24, 2012.
ADDRESSES: You may submit comments,
identified by Docket No. CPSC–2012–
0034, by any of the following methods:
SUMMARY:
Electronic Submissions
Submit electronic comments in the
following way:
Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
To ensure timely processing of
comments, the Commission is no longer
accepting comments submitted by
electronic mail (email), except through
www.regulations.gov.
Written Submissions
Submit written submissions in the
following way:
Mail/Hand delivery/Courier (for
paper, disk, or CD–ROM submissions),
preferably in five copies, to: Office of
the Secretary, U.S. Consumer Product
PO 00000
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Safety Commission, Room 820, 4330
East West Highway, Bethesda, MD
20814; telephone (301) 504–7923.
Instructions: All submissions received
must include the agency name and
docket number for this notice. All
comments received may be posted
without change, including any personal
identifiers, contact information, or other
personal information provided, to:
https://www.regulations.gov. Do not
submit confidential business
information, trade secret information, or
other sensitive or protected information
electronically. Such information should
be submitted in writing.
Docket: For access to the docket to
read background documents or
comments received, go to: https://
www.regulations.gov.
FOR FURTHER INFORMATION CONTACT:
Rockelle Hammond, Office of the
Secretary, U.S. Consumer Product
Safety Commission, Room 820, 4330
East West Highway, Bethesda, MD
20814; telephone (301) 504–6833.
SUPPLEMENTARY INFORMATION: The
Commission has received
correspondence from the Juvenile
Products Manufacturers Association
(JPMA), (‘‘petitioner’’), dated May 9,
2012, requesting that the Commission
initiate rulemaking to distinguish and
regulate ‘‘hazardous pillow-like’’ crib
bumpers from ‘‘non-hazardous
traditional’’ crib bumpers under
sections 7 and 9 of the Consumer
Product Safety Act (‘‘CPSA’’). The
Commission is docketing this request as
a petition under the Consumer Product
Safety Act. 15 U.S.C. 2056 and 2058.
Petitioner states that, despite
information to the contrary regarding
the safety of traditional crib bumpers,
some are advocating banning bumpers
altogether from the marketplace.
Petitioner believes that banning
traditional crib bumpers may lead to
caregivers adding unsafe soft bedding to
cribs to serve as a protective barrier
from the tight dimensions and hard
wooden surface of the crib slats.
Petitioner includes a third party review
of previous studies of crib bumper pads
as support of the fact that claims of
increased risk to infants from traditional
crib bumper use are unfounded.
Petitioner also includes a copy of
proposed ASTM performance
requirements that petitioner believes
provide a reasonable basis for a
mandatory crib bumper performance
standard.
By this notice, the Commission seeks
comments concerning this petition.
Interested parties may obtain a copy of
the petition by writing or calling the
Office of the Secretary, U.S. Consumer
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Federal Register / Vol. 77, No. 122 / Monday, June 25, 2012 / Proposed Rules
Product Safety Commission, Room 820,
4330 East West Highway, Bethesda, MD
20814; telephone (301) 504–7923. A
copy of the petition also will be made
available for viewing under ‘‘Supporting
and Related Materials’’ in
www.regulations.gov under this docket
number.
Dated: June 18, 2012.
Todd A. Stevenson,
Secretary, U.S. Consumer Product Safety
Commission.
[FR Doc. 2012–15328 Filed 6–22–12; 8:45 am]
BILLING CODE 6355–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–134935–11]
RIN 1545–BK55
Overall Foreign Loss Recapture on
Property Dispositions
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking.
AGENCY:
These proposed regulations
provide guidance regarding the
coordination of the rules for
determining high-taxed income with
capital gains adjustments and the
allocation and recapture of overall
foreign losses and overall domestic
losses, as well as the coordination of the
recapture of overall foreign losses on
certain dispositions of property and
other rules concerning overall foreign
losses and overall domestic losses.
These regulations affect individuals and
corporations claiming foreign tax
credits.
SUMMARY:
Written or electronic comments
and requests for a public hearing must
be received by August 24, 2012.
ADDRESSES: Send submissions to
CC:PA:LPD:PR (REG–134935–11), room
5203, Internal Revenue Service, PO 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–134935–11),
Courier’s desk, Internal Revenue
Service, 1111 Constitution Avenue NW.,
Washington, DC 20044, or sent
electronically, via the Federal
eRulemaking Portal at
www.regulations.gov (IRS REG–134935–
11).
FOR FURTHER INFORMATION CONTACT:
Concerning the regulations, Jeffrey L.
Parry, (202) 622–3850; concerning
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DATES:
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14:54 Jun 22, 2012
Jkt 226001
submissions of comments,
Oluwafunmilayo (Funmi) Taylor, (202)
622–7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background and Explanation of
Provisions
1. High-Taxed Income
Section 904(d)(2)(F) of the Internal
Revenue Code (Code) provides that
certain high-taxed income that would
otherwise be passive income will be
treated as general category income if the
foreign taxes paid or accrued, and
deemed paid or accrued, with respect to
such income exceed the highest rate of
tax specified in section 1 or section 11,
whichever applies, multiplied by the
amount of such income. Section 1.904–
4(c) provides detailed rules for
determining whether income is hightaxed, including rules for testing income
based on subgroups within passive
income and allocating expenses, losses
and other deductions to that income.
Questions have arisen regarding the
coordination of these rules with the
capital gains adjustments under section
904(b) and loss allocations and loss
account recapture under section 904(f)
and (g). The proposed regulations at
§ 1.904–4(c) clarify that the
determination as to whether income is
high-taxed is made before taking into
account any adjustments under section
904(b) or any allocation of losses or
recapture of loss accounts under section
904(f) and (g). The Treasury Department
and the IRS believe these ordering rules
are consistent with the use in section
904(d)(2)(F) of the highest statutory U.S.
tax rate, rather than the taxpayer’s precredit effective U.S. tax rate, to
determine whether income is hightaxed.
2. Dispositions of Property Under
Section 904(f)(3)
Section 904(f)(3) provides that if a
taxpayer disposes of certain property
used or held for use predominantly
without the United States in a trade or
business, gain is recognized on that
disposition and treated as foreign source
income, regardless of whether the gain
would otherwise be recognized, to the
extent of any overall foreign loss
account in the separate category of
foreign source taxable income generated
by the property. Section 1.904(f)–2(d)
provides separate rules for dispositions
in which gain is recognized irrespective
of section 904(f)(3) and dispositions in
which the gain would not otherwise be
recognized.
Questions have arisen regarding the
coordination of overall foreign loss
recapture under section 904(f)(3) with
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37837
other provisions of section 904(f) and
(g). Accordingly, these proposed
regulations revise the ordering rules
under § 1.904(g)–3 that generally
provide for the coordination of section
904(f) and (g) to include specific
references for taking into account
overall foreign loss recapture under
section 904(f)(3).
In the case of dispositions in which
gain is recognized irrespective of section
904(f)(3), the overall foreign loss
recapture is included in Step Five along
with other general overall foreign loss
recapture.
Dispositions in which the gain would
not otherwise be recognized are
addressed separately. Section 1.904(f)–
2(d)(4)(i) provides, in part, that where
gain would not otherwise be recognized
on a disposition, the amount of gain that
will be recognized under section
904(f)(3) is equal to the balance in the
applicable foreign loss account after
taking into account any amounts
recaptured from the account from other
recognized income for the year (as well
as certain other adjustments). In other
words, the additional amount of income
to be recognized can only be determined
after the first seven steps of the ordering
rules in § 1.904(g)–3 have been
completed. Accordingly, a new Step
Eight is added to those ordering rules to
address the recognition of the additional
income under section 904(f)(3) and the
corresponding recapture of the
applicable overall foreign loss account.
New Step Eight also provides that if the
additional recognition of gain increases
the allowable amount of the net
operating loss deduction, then the
recapture of the overall foreign loss
account occurs first before the
additional net operating loss carryover
is taken into account to offset all or a
portion of that gain. The Treasury
Department and the IRS believe priority
should be given to the additional
recapture of the overall foreign loss
account pursuant to section 904(f)(3)
before any net operating loss carryover
reduces that gain. This is because the
primary reason for recognizing the
otherwise unrecognized gain is to
recapture the overall foreign loss
account.
Proposed Effective Date
The regulations, as proposed, will
apply to any taxable year ending on or
after the date of publication of a
Treasury decision adopting these rules
as final regulations in the Federal
Register.
Special Analyses
It has been determined that this notice
of proposed rulemaking is not a
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Agencies
[Federal Register Volume 77, Number 122 (Monday, June 25, 2012)]
[Proposed Rules]
[Pages 37836-37837]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-15328]
-----------------------------------------------------------------------
CONSUMER PRODUCT SAFETY COMMISSION
16 CFR Chapter II
[Docket No. CPSC-2012-0034]
Petition Requesting Commission Action Regarding Crib Bumpers
AGENCY: U.S. Consumer Product Safety Commission.
ACTION: Petition for rulemaking.
-----------------------------------------------------------------------
SUMMARY: The U.S. Consumer Product Safety Commission (``Commission'')
has received a petition (CPSC-2012-0034), requesting that the
Commission initiate rulemaking to distinguish and regulate ``hazardous
pillow-like'' crib bumpers from ``non-hazardous traditional'' crib
bumpers under sections 7 and 9 of the Consumer Product Safety Act
(``CPSA''). The Commission invites written comments concerning the
petition.
DATES: The Office of the Secretary must receive comments on the
petition by August 24, 2012.
ADDRESSES: You may submit comments, identified by Docket No. CPSC-2012-
0034, by any of the following methods:
Electronic Submissions
Submit electronic comments in the following way:
Federal eRulemaking Portal: https://www.regulations.gov. Follow the
instructions for submitting comments.
To ensure timely processing of comments, the Commission is no
longer accepting comments submitted by electronic mail (email), except
through www.regulations.gov.
Written Submissions
Submit written submissions in the following way:
Mail/Hand delivery/Courier (for paper, disk, or CD-ROM
submissions), preferably in five copies, to: Office of the Secretary,
U.S. Consumer Product Safety Commission, Room 820, 4330 East West
Highway, Bethesda, MD 20814; telephone (301) 504-7923.
Instructions: All submissions received must include the agency name
and docket number for this notice. All comments received may be posted
without change, including any personal identifiers, contact
information, or other personal information provided, to: https://www.regulations.gov. Do not submit confidential business information,
trade secret information, or other sensitive or protected information
electronically. Such information should be submitted in writing.
Docket: For access to the docket to read background documents or
comments received, go to: https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: Rockelle Hammond, Office of the
Secretary, U.S. Consumer Product Safety Commission, Room 820, 4330 East
West Highway, Bethesda, MD 20814; telephone (301) 504-6833.
SUPPLEMENTARY INFORMATION: The Commission has received correspondence
from the Juvenile Products Manufacturers Association (JPMA),
(``petitioner''), dated May 9, 2012, requesting that the Commission
initiate rulemaking to distinguish and regulate ``hazardous pillow-
like'' crib bumpers from ``non-hazardous traditional'' crib bumpers
under sections 7 and 9 of the Consumer Product Safety Act (``CPSA'').
The Commission is docketing this request as a petition under the
Consumer Product Safety Act. 15 U.S.C. 2056 and 2058. Petitioner states
that, despite information to the contrary regarding the safety of
traditional crib bumpers, some are advocating banning bumpers
altogether from the marketplace. Petitioner believes that banning
traditional crib bumpers may lead to caregivers adding unsafe soft
bedding to cribs to serve as a protective barrier from the tight
dimensions and hard wooden surface of the crib slats. Petitioner
includes a third party review of previous studies of crib bumper pads
as support of the fact that claims of increased risk to infants from
traditional crib bumper use are unfounded. Petitioner also includes a
copy of proposed ASTM performance requirements that petitioner believes
provide a reasonable basis for a mandatory crib bumper performance
standard.
By this notice, the Commission seeks comments concerning this
petition. Interested parties may obtain a copy of the petition by
writing or calling the Office of the Secretary, U.S. Consumer
[[Page 37837]]
Product Safety Commission, Room 820, 4330 East West Highway, Bethesda,
MD 20814; telephone (301) 504-7923. A copy of the petition also will be
made available for viewing under ``Supporting and Related Materials''
in www.regulations.gov under this docket number.
Dated: June 18, 2012.
Todd A. Stevenson,
Secretary, U.S. Consumer Product Safety Commission.
[FR Doc. 2012-15328 Filed 6-22-12; 8:45 am]
BILLING CODE 6355-01-P