Extension of Import Restrictions on Archaeological Objects and Ecclesiastical and Ritual Ethnological Materials From Cyprus; Correction, 45479-45480 [2012-18670]
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45479
Rules and Regulations
Federal Register
Vol. 77, No. 148
Wednesday, August 1, 2012
Bill
Conrad, Trade and Commercial
Regulations Branch, Regulations and
Rulings, Office of International Trade,
(202) 325–0268.
SUPPLEMENTARY INFORMATION:
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
FOR FURTHER INFORMATION CONTACT:
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
Background
DEPARTMENT OF HOMELAND
SECURITY
U.S. Customs and Border Protection
DEPARTMENT OF THE TREASURY
19 CFR Part 12
[CBP Dec. 12–13]
RIN 1515–AD90
Extension of Import Restrictions on
Archaeological Objects and
Ecclesiastical and Ritual Ethnological
Materials From Cyprus; Correction
U.S. Customs and Border
Protection, Department of Homeland
Security; Department of the Treasury.
ACTION: Final rule; correction; correcting
amendment.
AGENCY:
On July 13, 2012, U.S.
Customs and Border Protection (CBP)
published in the Federal Register a final
rule reflecting an extension of import
restrictions on certain archaeological
and ethnological materials from Cyprus
and announcing that the Designated List
of materials covered by the restrictions
has been revised. The Designated List
and the regulatory text in that document
contain language which is inadvertently
not consistent with the rest of the
document as to the historical period that
the import restrictions cover for
ecclesiastical and ritual ethnological
materials from Cyprus. This document
corrects the inconsistent language to
clarify that ecclesiastical and ritual
ethnological materials from Cyprus
representing the Byzantine and Post
Byzantine periods, dating from
approximately the 4th century A.D. to
1850 A.D., are subject to the import
restrictions.
sroberts on DSK5SPTVN1PROD with RULES
SUMMARY:
Effective Date: The corrections
set forth in this document are effective
on August 1, 2012.
DATES:
VerDate Mar<15>2010
15:45 Jul 31, 2012
Jkt 226001
On July 13, 2012, CBP published in
the Federal Register (77 FR 41266), as
CBP Decision Number 12–13, a final
rule reflecting an extension of import
restrictions on certain archaeological
and ethnological materials from Cyprus
and announcing that the Designated List
of materials covered by the restrictions
(also published with CBP Dec. 12–13)
has been revised to reflect that the
ethnological articles previously covered
under the list through the Byzantine
period (through approximately the 15th
century A.D.) are also covered if dating
through the Post-Byzantine period (to
1850 A.D.). The Designated List
contains a list of certain archaeological
materials and a list of certain
ethnological materials. The revisions
were limited to the list of ethnological
materials.
The rule also announced an
amendment to the list of ethnological
materials to clarify that certain mosaics
of stone and wall paintings (referred to
as ‘‘wall hangings’’ in CBP Dec. 12–13)
include those depicting images of Saints
along with those depicting images of
Christ, Archangels, and the Apostles.
The restrictions were extended for a
five-year period (through July 16, 2017)
pursuant to determinations of the State
Department under the terms of the
Convention on Cultural Property
Implementation Act in accordance with
the United Nations Educational,
Scientific and Cultural Organization
(UNESCO) Convention on the Means of
Prohibiting and Preventing the Illicit
Import, Export and Transfer of
Ownership of Cultural Property.
In CBP Dec. 12–13, the title of the
Designated List was erroneously
abbreviated where the Department of
State Web site is listed. This document
corrects the omission and clarifies that
the covered ecclesiastical and ritual
ethnological materials are those dating
to the Byzantine and Post-Byzantine
periods. In the list of ethnological
materials, CBP inadvertently retained
references to the Byzantine period. As
the list was revised to cover listed
ethnological materials if dating to the
PO 00000
Frm 00001
Fmt 4700
Sfmt 4700
Post-Byzantine period as well,
references to the Byzantine period in the
list are inconsistent and misleading.
This document corrects the oversight
and removes all references to the
Byzantine period in the list. In addition,
this document corrects the language in
Amendatory Instruction number 2 of
CBP Dec. 12–13 which imprecisely set
forth in the amended regulation the end
point of the time period applicable to
the ethnological materials covered by
the restrictions. This correction
remedies an inconsistency with the time
period which was correctly reflected in
the heading of the list of ethnological
materials found on page 41269 of the
published document (in the first
column).
Correction of Publication
Accordingly, the publication on July
13, 2012 of the final regulation (CBP
Dec. 12–13), which was the subject of
FR Doc. 2012–16989, is corrected as
follows:
Preamble:
1. In the first column on page 41267,
in the last paragraph that extends into
the second column, first sentence,
remove the words ‘‘and Ecclesiastical
and Ritual Ethnological Materials’’ and
add in their place the words ‘‘and
Byzantine and Post-Byzantine Period
Ecclesiastical and Ritual Ethnological
Materials’’;
2. In the first column on page 41269:
a. Under the heading ‘‘B. Lead,’’
remove the words ‘‘date to the
Byzantine period and’’, and
b. Under the heading ‘‘II. Wood,’’ in
the first sentence, remove the words
‘‘during the Byzantine period’’;
3. In the second column on page
41269:
a. Under the heading ‘‘V. Textiles—
Ritual Garments,’’ in the first sentence,
remove the words ‘‘from the Byzantine
period’’,
b. Under the heading ‘‘A. Wall
Mosaics,’’ in the first sentence, remove
the words ‘‘Dating to the Byzantine
period, wall mosaics’’ and add in their
place the words ‘‘Wall mosaics’’, and
c. Under the heading ‘‘VII. Frescoes/
Wall Paintings,’’ in the first sentence,
remove the words ‘‘the Byzantine
period’’.
Correcting amendment:
§ 12.104g(a)
[Amended]
4. In § 12.104g(a), the table of the list
of agreements imposing import
■
E:\FR\FM\01AUR1.SGM
01AUR1
45480
Federal Register / Vol. 77, No. 148 / Wednesday, August 1, 2012 / Rules and Regulations
restrictions on described articles of
cultural property of State Parties is
amended in the entry for Cyprus by, in
the column headed ‘‘Cultural Property,’’
removing the entry and adding in its
place the following entry:
‘‘Archaeological material of preClassical and Classical periods ranging
approximately from the 8th millennium
B.C. to 330 A.D. and ecclesiastical and
ritual ethnological material representing
the Byzantine and Post-Byzantine
periods ranging from approximately the
4th century A.D. to 1850 A.D.’’
Dated: July 26, 2012.
Harold M. Singer,
Director, Regulations and Disclosure Law
Division, U.S. Customs and Border Protection.
Heidi Cohen,
Senior Counsel for Regulatory Affairs, Office
of the Assistant General Counsel for General
Law, Ethics & Regulation, Department of the
Treasury.
[FR Doc. 2012–18670 Filed 7–31–12; 8:45 am]
BILLING CODE 9111–14–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9597]
RIN 1545–BF34
Deductions for Entertainment Use of
Business Aircraft
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulations.
AGENCY:
This document contains final
regulations relating to the use of
business aircraft for entertainment.
These final regulations affect taxpayers
that deduct expenses for entertainment,
amusement, or recreation provided to
specified individuals. The final
regulations reflect statutory
amendments under the American Jobs
Creation Act of 2004 (AJCA) and the
Gulf Opportunity Zone Act of 2005
(GOZA).
DATES: Effective Date: These regulations
are effective August 1, 2012.
Applicability Date: For dates of
applicability, see §§ 1.61–21(g)(14)(iii),
1.274–9(e), and 1.274–10(h).
FOR FURTHER INFORMATION CONTACT:
Michael Nixon (section 274), (202) 622–
4930; or Lynne A. Camillo (section 61),
(202) 622–6040 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
sroberts on DSK5SPTVN1PROD with RULES
SUMMARY:
Background
This document contains final
amendments to the Income Tax
VerDate Mar<15>2010
15:45 Jul 31, 2012
Jkt 226001
Regulations, 26 CFR part 1, relating to
the disallowance under section 274 of
the Internal Revenue Code (Code) of
deductions for the use of business
aircraft for entertainment.
On June 15, 2007, a notice of
proposed rulemaking (REG–147171–05)
regarding the use of business aircraft for
entertainment was published in the
Federal Register (72 FR 33169). Written
and electronic comments responding to
the notice of proposed rulemaking were
received. A public hearing on the
proposed regulations was held on
October 25, 2007. After consideration of
all the comments, the proposed
regulations are adopted as amended by
this Treasury decision. The comments
and revisions are discussed in the
preamble.
Explanation of Provisions and
Summary of Comments
1. Determination of Costs
a. Application of Disallowance to Fixed
Costs
The proposed regulations provide that
expenses subject to disallowance under
section 274(a) include variable costs
such as fuel and landing fees, and fixed
costs such as depreciation, hangar fees,
pilot salaries, and other items not
directly related to an individual flight.
Commentators suggested that the final
regulations should limit expenses
subject to disallowance to the direct or
variable costs of a flight and exclude
fixed costs. The final regulations do not
adopt this comment because section
274(e)(2) does not explicitly
differentiate between fixed and variable
expenses and because such an
interpretation is contrary to
Congressional intent.
b. Charter Rate Safe Harbor
The proposed regulations requested
comments on whether, as an alternative
to determining actual expenses, the final
regulations should allow taxpayers to
determine the amount of expenses paid
or incurred for entertainment flights by
reference to charter rates. The proposed
regulations asked for specific comments
on the availability of substantiated
actual, published, undiscounted charter
rates charged to the general public by
companies that meet certain
requirements.
Commentators generally endorsed the
inclusion of a charter rate safe harbor in
the final regulations. They suggested
that the IRS establish rates either by
conducting a survey of average charter
rates by region or by authorizing
representatives of the industry to create
a charter rate reporting system. One
commentator suggested that if the IRS
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
does not establish charter rates,
individual taxpayers should be allowed
to determine charter rates.
Commentators also stated that a charter
rate safe harbor should include rates for
rentals of small piston aircraft, which
taxpayers use extensively for business
but normally are not chartered.
The difficulty of determining accurate
and reliable charter rates continues to be
an impediment to establishing a charter
rate safe harbor. Accordingly, the final
regulations do not include these rules.
However, the final regulations authorize
the IRS to adopt charter rate or other
safe harbors in future published
guidance, see § 601.601(d).
c. Depreciation
The proposed regulations permit a
taxpayer to elect to compute
depreciation expenses on a straight-line
basis for all of the taxpayer’s aircraft and
all taxable years for purposes of
calculating expenses subject to
disallowance, even if the taxpayer uses
another method to compute
depreciation for other purposes. The
proposed regulations provide a
transition rule for applying the straightline election to aircraft placed in service
in taxable years preceding the election,
which requires the taxpayer to apply the
straight-line method as if it had been
applied from the year the aircraft was
placed in service.
A commentator requested that the
final regulations allow a separate
election for each aircraft. The final
regulations do not allow an aircraft-byaircraft election. Requiring taxpayers to
make the election for all aircraft
appropriately balances the policies of
promoting business investment through
the allowance of additional first-year
depreciation and denying a tax benefit
for entertainment use of business
aircraft.
The commentator also suggested that
changing depreciation methods under
the transition rule may result in
disallowing more than 100 percent of
the cost of the aircraft. In response to
the comment, the final regulations
clarify that, in any taxable year, the
depreciation disallowance does not
exceed the amount of otherwise
allowable depreciation. Thus, the sum
of the allowable depreciation and the
depreciation disallowed will not exceed
100 percent of basis, regardless of the
taxable year a taxpayer makes the
straight-line election.
The final regulations provide
examples illustrating how taxpayers
determine depreciation and basis under
the election.
E:\FR\FM\01AUR1.SGM
01AUR1
]]>Agencies
[Federal Register Volume 77, Number 148 (Wednesday, August 1, 2012)]
[Rules and Regulations]
[Pages 45479-45480]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-18670]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
week.
========================================================================
Federal Register / Vol. 77, No. 148 / Wednesday, August 1, 2012 /
Rules and Regulations
[[Page 45479]]
DEPARTMENT OF HOMELAND SECURITY
U.S. Customs and Border Protection
DEPARTMENT OF THE TREASURY
19 CFR Part 12
[CBP Dec. 12-13]
RIN 1515-AD90
Extension of Import Restrictions on Archaeological Objects and
Ecclesiastical and Ritual Ethnological Materials From Cyprus;
Correction
AGENCY: U.S. Customs and Border Protection, Department of Homeland
Security; Department of the Treasury.
ACTION: Final rule; correction; correcting amendment.
-----------------------------------------------------------------------
SUMMARY: On July 13, 2012, U.S. Customs and Border Protection (CBP)
published in the Federal Register a final rule reflecting an extension
of import restrictions on certain archaeological and ethnological
materials from Cyprus and announcing that the Designated List of
materials covered by the restrictions has been revised. The Designated
List and the regulatory text in that document contain language which is
inadvertently not consistent with the rest of the document as to the
historical period that the import restrictions cover for ecclesiastical
and ritual ethnological materials from Cyprus. This document corrects
the inconsistent language to clarify that ecclesiastical and ritual
ethnological materials from Cyprus representing the Byzantine and Post
Byzantine periods, dating from approximately the 4th century A.D. to
1850 A.D., are subject to the import restrictions.
DATES: Effective Date: The corrections set forth in this document are
effective on August 1, 2012.
FOR FURTHER INFORMATION CONTACT: Bill Conrad, Trade and Commercial
Regulations Branch, Regulations and Rulings, Office of International
Trade, (202) 325-0268.
SUPPLEMENTARY INFORMATION:
Background
On July 13, 2012, CBP published in the Federal Register (77 FR
41266), as CBP Decision Number 12-13, a final rule reflecting an
extension of import restrictions on certain archaeological and
ethnological materials from Cyprus and announcing that the Designated
List of materials covered by the restrictions (also published with CBP
Dec. 12-13) has been revised to reflect that the ethnological articles
previously covered under the list through the Byzantine period (through
approximately the 15th century A.D.) are also covered if dating through
the Post-Byzantine period (to 1850 A.D.). The Designated List contains
a list of certain archaeological materials and a list of certain
ethnological materials. The revisions were limited to the list of
ethnological materials.
The rule also announced an amendment to the list of ethnological
materials to clarify that certain mosaics of stone and wall paintings
(referred to as ``wall hangings'' in CBP Dec. 12-13) include those
depicting images of Saints along with those depicting images of Christ,
Archangels, and the Apostles. The restrictions were extended for a
five-year period (through July 16, 2017) pursuant to determinations of
the State Department under the terms of the Convention on Cultural
Property Implementation Act in accordance with the United Nations
Educational, Scientific and Cultural Organization (UNESCO) Convention
on the Means of Prohibiting and Preventing the Illicit Import, Export
and Transfer of Ownership of Cultural Property.
In CBP Dec. 12-13, the title of the Designated List was erroneously
abbreviated where the Department of State Web site is listed. This
document corrects the omission and clarifies that the covered
ecclesiastical and ritual ethnological materials are those dating to
the Byzantine and Post-Byzantine periods. In the list of ethnological
materials, CBP inadvertently retained references to the Byzantine
period. As the list was revised to cover listed ethnological materials
if dating to the Post-Byzantine period as well, references to the
Byzantine period in the list are inconsistent and misleading. This
document corrects the oversight and removes all references to the
Byzantine period in the list. In addition, this document corrects the
language in Amendatory Instruction number 2 of CBP Dec. 12-13 which
imprecisely set forth in the amended regulation the end point of the
time period applicable to the ethnological materials covered by the
restrictions. This correction remedies an inconsistency with the time
period which was correctly reflected in the heading of the list of
ethnological materials found on page 41269 of the published document
(in the first column).
Correction of Publication
Accordingly, the publication on July 13, 2012 of the final
regulation (CBP Dec. 12-13), which was the subject of FR Doc. 2012-
16989, is corrected as follows:
Preamble:
1. In the first column on page 41267, in the last paragraph that
extends into the second column, first sentence, remove the words ``and
Ecclesiastical and Ritual Ethnological Materials'' and add in their
place the words ``and Byzantine and Post-Byzantine Period
Ecclesiastical and Ritual Ethnological Materials'';
2. In the first column on page 41269:
a. Under the heading ``B. Lead,'' remove the words ``date to the
Byzantine period and'', and
b. Under the heading ``II. Wood,'' in the first sentence, remove
the words ``during the Byzantine period'';
3. In the second column on page 41269:
a. Under the heading ``V. Textiles--Ritual Garments,'' in the first
sentence, remove the words ``from the Byzantine period'',
b. Under the heading ``A. Wall Mosaics,'' in the first sentence,
remove the words ``Dating to the Byzantine period, wall mosaics'' and
add in their place the words ``Wall mosaics'', and
c. Under the heading ``VII. Frescoes/Wall Paintings,'' in the first
sentence, remove the words ``the Byzantine period''.
Correcting amendment:
Sec. 12.104g(a) [Amended]
0
4. In Sec. 12.104g(a), the table of the list of agreements imposing
import
[[Page 45480]]
restrictions on described articles of cultural property of State
Parties is amended in the entry for Cyprus by, in the column headed
``Cultural Property,'' removing the entry and adding in its place the
following entry: ``Archaeological material of pre-Classical and
Classical periods ranging approximately from the 8th millennium B.C. to
330 A.D. and ecclesiastical and ritual ethnological material
representing the Byzantine and Post-Byzantine periods ranging from
approximately the 4th century A.D. to 1850 A.D.''
Dated: July 26, 2012.
Harold M. Singer,
Director, Regulations and Disclosure Law Division, U.S. Customs and
Border Protection.
Heidi Cohen,
Senior Counsel for Regulatory Affairs, Office of the Assistant General
Counsel for General Law, Ethics & Regulation, Department of the
Treasury.
[FR Doc. 2012-18670 Filed 7-31-12; 8:45 am]
BILLING CODE 9111-14-P
