Asset-Backed Securities Disclosure and Registration, 58674 [C1-2014-21375]
Download as PDF
<![CDATA[
58674
Federal Register / Vol. 79, No. 189 / Tuesday, September 30, 2014 / Rules and Regulations
mile away from the point of lift off. If
the departure involves a VFR to IFR
transition and does not meet the
requirements of § 135.613(b)(1), (there is
no ODP, and/or the IDF is more than 1
nautical mile from the point of lift off),
the VFR weather minimums required by
the class of airspace apply. If the flight
is within Class G airspace, refer to
§ 135.609; if it is within Class B, C, D,
or E airspace, refer to § 135.205.
Issued in Washington, DC, on September
24, 2014.
Michael J. Zenkovich,
Deputy Director, Flight Standards Service.
[FR Doc. 2014–23250 Filed 9–29–14; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF THE TREASURY
Alcohol and Tobacco Tax and Trade
Bureau
27 CFR Part 25
[Docket No. TTB–2012–0006; T.D. TTB–123;
Re: Notice No. 131 and T.D. TTB–109]
RIN 1513–AB94
Small Brewers Bond Reduction and
Requirement To File Tax Returns,
Remit Tax Payments and Submit
Reports Quarterly
Alcohol and Tobacco Tax and
Trade Bureau, Treasury.
ACTION: Final rule; Treasury decision.
AGENCY:
The Alcohol and Tobacco Tax
and Trade Bureau (TTB) is adopting as
a permanent regulatory change a flat
$1,000 penal sum for the brewer’s bond
for brewers whose excise tax liability is
reasonably expected to be not more than
$50,000 in a given calendar year and
who were liable for not more than
$50,000 in such taxes in the preceding
calendar year. TTB originally set forth
this change in a temporary rule issued
on December 7, 2012. In addition, TTB
is adopting as a final rule its proposal,
also issued on December 7, 2012, to
require small brewers to file Federal
excise tax returns, pay tax, and submit
reports of operations quarterly. TTB
expects these amendments to reduce the
regulatory burdens on such brewers,
reduce their administrative costs, and
create administrative efficiencies for
TTB.
SUMMARY:
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Parts 229, 230, 232, 239, 240,
243, and 249
[Release Nos. 33–9638; 34–72982; File No.
S7–08–10]
RIN 3235–AK37
Asset-Backed Securities Disclosure
and Registration
Correction
In rule document 2014–21375
appearing on pages 57184 through
57346 in the issue of Wednesday,
September 24, 2014, make the following
corrections:
§ 229.601
(Item 601) Exhibits [Corrected]
1. On page 57312, in ‘‘Exhibit Table’’,
in column‘‘10–Q’’, the entry
corresponding with number ‘‘(31)’’
should read ‘‘X’’.
■
Appendix to § 229.1125—Schedule AL
[Corrected]
2. On page 57328, in column three, on
lines 29–33, the entry for paragraph
‘‘(b)’’ should read ‘‘If the asset pool
includes asset-backed securities issued
after November 23, 2016, provide the
asset-level information specified in
§ 229.1111(h) for the assets backing each
security in the asset pool.’’
■
tkelley on DSK3SPTVN1PROD with RULES
[FR Doc. C1–2014–21375 Filed 9–29–14; 8:45 am]
BILLING CODE 1505–01–D
VerDate Sep<11>2014
16:10 Sep 29, 2014
Jkt 232001
This final rule is effective on
January 1, 2015.
FOR FURTHER INFORMATION CONTACT:
Ramona Hupp, Regulations and Rulings
Division, Alcohol and Tobacco Tax and
Trade Bureau, 1310 G Street NW., Box
12, Washington, DC 20005; telephone
202–453–1039, ext. 110, or email
BeerRegs@ttb.gov.
SUPPLEMENTARY INFORMATION:
DATES:
Background
TTB Authority
Chapter 51 of the Internal Revenue
Code of 1986 (IRC) pertains to the
taxation of distilled spirits, wines, and
beer (see title 26 of the United States
Code (U.S.C.), chapter 51 (26 U.S.C.
chapter 51)). With regard to beer, IRC
section 5051 (26 U.S.C. 5051) imposes a
Federal excise tax on all beer brewed or
produced, and removed for
consumption or sale, within the United
States, or imported into the United
States. The rate of the Federal excise tax
on beer is $18 for every barrel
PO 00000
Frm 00020
Fmt 4700
Sfmt 4700
containing not more than 31 gallons,
and a like rate for any other quantity or
for fractional parts of a barrel, with an
exception that the rate of tax is $7 a
barrel for the first 60,000 barrels of beer
for a domestic brewer that does not
produce more than 2 million barrels of
beer in a calendar year. Section 5054 (26
U.S.C. 5054) provides that, in general,
the tax imposed on beer under section
5051 shall be determined at the time the
beer is removed for consumption or
sale, and shall be paid by the brewer in
accordance with section 5061 (26 U.S.C.
5061).
Section 5061 pertains to the time and
method for submitting tax returns and
payment of the applicable excise taxes.
Section 5061 states that Federal excise
taxes on distilled spirits, wines, and
beer shall be collected on the basis of a
return, and that the Secretary of the
Treasury (the Secretary) shall, by
regulation, prescribe the period or event
for which such return shall be filed.
Section 5061(d)(1) generally requires
that the excise taxes owed on alcohol
beverages, including beer, withdrawn
under bond be paid no later than the
14th day after the last day of the
semimonthly period during which the
withdrawal occurs. Under a special rule,
September has three return periods
(section 5061(d)(5)), resulting in a total
of 25 returns due each year. Section
5061(d)(4) provides an exception to the
semimonthly rule for taxpayers who
reasonably expect to be liable for not
more than $50,000 in alcohol excise
taxes in a calendar year and who were
liable for not more than $50,000 in the
preceding calendar year. Under this
provision, such taxpayers may pay the
excise taxes on alcohol beverages
withdrawn under bond on a quarterly
basis.
Section 5401(b) (26 U.S.C. 5401(b))
provides that all brewers shall obtain a
bond to insure the payment of any taxes
owed. The amount of such bond shall be
‘‘in such reasonable penal sum’’ as
prescribed by the Secretary in
regulations ‘‘as necessary to protect and
insure collection of the revenue.’’
Section 5415 of the IRC (26 U.S.C.
5415) requires brewers to keep records
and to make true and accurate ‘‘returns’’
of their brewing and associated
operations at the times and for such
periods as the Secretary prescribes by
regulation. The implementing
regulations refer to these ‘‘returns’’ as
‘‘reports’’ of operations.
The Alcohol and Tobacco Tax and
Trade Bureau (TTB) administers chapter
51 of the IRC and its implementing
regulations pursuant to section 1111(d)
of the Homeland Security Act of 2002,
codified at 6 U.S.C. 531(d). The
E:\FR\FM\30SER1.SGM
30SER1
]]>Agencies
[Federal Register Volume 79, Number 189 (Tuesday, September 30, 2014)]
[Rules and Regulations]
[Page 58674]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: C1-2014-21375]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 229, 230, 232, 239, 240, 243, and 249
[Release Nos. 33-9638; 34-72982; File No. S7-08-10]
RIN 3235-AK37
Asset-Backed Securities Disclosure and Registration
Correction
In rule document 2014-21375 appearing on pages 57184 through 57346
in the issue of Wednesday, September 24, 2014, make the following
corrections:
Sec. 229.601 (Item 601) Exhibits [Corrected]
0
1. On page 57312, in ``Exhibit Table'', in column``10-Q'', the entry
corresponding with number ``(31)'' should read ``X''.
Appendix to Sec. 229.1125--Schedule AL [Corrected]
0
2. On page 57328, in column three, on lines 29-33, the entry for
paragraph ``(b)'' should read ``If the asset pool includes asset-backed
securities issued after November 23, 2016, provide the asset-level
information specified in Sec. 229.1111(h) for the assets backing each
security in the asset pool.''
[FR Doc. C1-2014-21375 Filed 9-29-14; 8:45 am]
BILLING CODE 1505-01-D
