79854 Federal Register / Vol. 85, No. 239 / Friday, December 11, 2020 / Rules and Regulations 

■ d. Revising paragraph 

(c)(7)(viii)(A)(4)(i). 

■ e. Redesignating paragraph 

(c)(8)(iii)(C)(2)(vii) as paragraph 

(c)(8)(iii)(C)(2)(vii). 

■ f. Removing ‘‘DE1Y’’ in paragraph 

(c)(8)(iii)(D)(6)(i) and adding in its place 

‘‘FDE1Y’’. 

■ g. Removing ‘‘CFC1X’’ in paragraph 

(c)(8)(iii)(D)(6)(iii) and adding in its 

place ‘‘CFC2X’’. 

The revisions read as follows: 

§ 1.951A–2 Tested income and tested loss. 

* * * * * 

(c) * * * 

(3) * * * 

(ii) * * * 

(B) * * * Therefore, for example, 

interest expense that is apportioned 

under the modified gross income 

method to a tentative gross tested 

income item of a lower-tier corporation 

under paragraph (c)(7)(iii)(A) of this 

section may be allocated and 

apportioned to the tested income of the 

upper-tier corporation or to the residual 

grouping, depending on whether the 

lower-tier corporation’s tentative gross 

tested income item is an item of gross 

tested income or is excluded from gross 

tested income under the high-tax 

exclusion. * * * 

* * * * * 

(7) * * * 

(iii) * * * 

(B) * * * 

(2) In the case of payments to a tested 

unit that is treated as a foreign branch 

under paragraph (c)(7)(iii)(B)(1) of this 

section, applying the principles of 

§ 1.904–6(a)(2)(ii) and (iii) as if the 

tested unit receiving the payment were 

a foreign branch owner (and as if the 

tested unit making the payment were a 

foreign branch); and 

* * * * * 

(viii) * * * 

(A) * * * 

(2) * * * 

(ii) Each United States shareholder 

that owns within the meaning of section 

958(a) (including both domestic 

partnerships that are United States 

shareholders that own stock within the 

meaning of section 958(a) without 

regard to § 1.951A–1(e)(1) and partners 

of a domestic partnership that are 

United States shareholders that are 

treated as owning stock withing the 

meaning of section 958(a) by reason of 

§ 1.951A–1(e)(1)) stock of the controlled 

foreign corporation as of the end of the 

CFC’s taxable year to which the election 

relates must file amended Federal 

income tax returns (or timely original 

federal income tax returns if a return 

has not yet been filed) reflecting the 

effect of such election (or revocation) for 

the U.S. shareholder inclusion year with 

or within which the CFC inclusion year 

ends as well as for any other taxable 

year in which the U.S. tax liability of 

the United States shareholder would be 

increased by reason of the election (or 

revocation) (or in the case of a 

partnership if any item reported by the 

partnership or any partnership-related 

item would change as a result of the 

election (or revocation)) within a single 

period no greater than six months 

within the 24-month period described 

in paragraph (c)(7)(viii)(A)(2)(i) of this 

section; and 

* * * * * 

(4) A United States shareholder that is 

a partner in a partnership that is also a 

United States shareholder in the 

controlled foreign corporation must 

generally file an amended return, as 

required under paragraph 

(c)(7)(viii)(A)(2)(ii) of this section, and 

must generally pay any additional tax 

owed as required under paragraph 

(c)(7)(viii)(A)(2)(iii) of this section. 

* * * 

(i) The partnership timely files an 

administrative adjustment request 

described in paragraph 

(c)(7)(viii)(A)(2)(i) or (ii) of this section, 

as applicable; and, 

* * * * * 

Crystal Pemberton, 

Senior Federal Register Liaison, Publications 

and Regulations Branch, Legal Processing 

Division, Associate Chief Counsel, (Procedure 

and Administration). 

[FR Doc. 2020–25371 Filed 12–10–20; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket Number USCG–2020–0641] 

RIN 1625–AA08 

Safety Zone; Lower Mississippi River, 

Natchez, MS 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone for 

all navigable waters of the Lower 

Mississippi River between Mile Marker 

(MM) 364.5 and MM 365.5. This action 

is necessary to provide for the safety of 

persons, vessels, and the marine 

environment during a fireworks display. 

Entry of persons or vessels into this 

zone is prohibited unless authorized by 

the Captain of the Port Sector Lower 

Mississippi River or a designated 

representative. 

DATES: This rule is effective from 4 p.m. 

through 7 p.m. on December 31, 2020. 

ADDRESSES: To view documents 

mentioned in this preamble as being 

available in the docket, go to https://

www.regulations.gov, type USCG–2020– 

0641 in the ‘‘SEARCH’’ box and click 

‘‘SEARCH.’’ Click on Open Docket 

Folder on the line associated with this 

rule. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions on this rule, call or 

email MSTC Lindsey Swindle, Sector 

Lower Mississippi River, U.S. Coast 

Guard; telephone 901–521–4813, email 

Lindsey.M.Swindle@uscg.mil. 

SUPPLEMENTARY INFORMATION: 

I. Table of Abbreviations 

CFR Code of Federal Regulations 

COTP Captain of the Port 

DHS Department of Homeland Security 

FR Federal Register 

NPRM Notice of proposed rulemaking 

§ Section 

U.S.C. United States Code 

II. Background Information and 

Regulatory History 

The Coast Guard is issuing this 

temporary rule without prior notice and 

opportunity to comment pursuant to 

authority under section 4(a) of the 

Administrative Procedure Act (APA) (5 

U.S.C. 553(b)). This provision 

authorizes an agency to issue a rule 

without prior notice and opportunity to 

comment when the agency for good 

cause finds that those procedures are 

‘‘impracticable, unnecessary, or contrary 

to the public interest.’’ Under 5 U.S.C. 

553(b)(B), the Coast Guard finds that 

good cause exists for not publishing a 

notice of proposed rulemaking (NPRM) 

with respect to this rule because it is 

impracticable. We must establish this 

safety zone by December 31, 2020, and 

lack sufficient time to provide a 

reasonable comment period and then 

consider those comments before issuing 

this rule. The NPRM process would 

delay the establishment of the safety 

zone until after the date of the event and 

compromise public safety 

Under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this rule effective less than 30 

days after publication in the Federal 

Register. Delaying the effective date of 

this rule would be impracticable 

because immediate action is necessary 

to protect persons and property from the 

potential hazards associated with the 

fireworks display. 


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Federal Register / Vol. 85, No. 239 / Friday, December 11, 2020 / Rules and Regulations 79855 

III. Legal Authority and Need for Rule 

The Coast Guard is issuing this rule 

under authority in 46 U.S.C. 70034 

(previously 33 U.S.C. 1231). The 

Captain of the Port Sector Lower 

Mississippi River (COTP) has 

determined that potential hazards 

associated with the fireworks display 

located at mile marker (MM) 365.0 on 

the Lower Mississippi River and 

scheduled for 4 p.m. on December 31, 

2020, would be a safety concern for all 

persons and vessels on the Lower 

Mississippi River between MM 364.5 

and MM 365.5 from 4 p.m. through 7 

p.m. on December 31, 2020. Hazards 

associated with the firework displays 

include accidental discharge of 

fireworks, dangerous projectiles, and 

falling hot embers or other debris. This 

rule is necessary to ensure the safety of 

persons, vessels, and the marine 

environment on these navigable waters 

before, during, and after the fireworks. 

IV. Discussion of the Rule 

This rule establishes a temporary 

safety zone from 4 p.m. through 7 p.m. 

on December 31, 2020. The safety zone 

will cover all navigable waters of the 

Lower Mississippi River from MM 364.5 

to MM 365.5. The duration of this safety 

zone is intended to ensure the safety of 

waterway users on these navigable 

waters before, during, and after the 

scheduled fireworks display. 

Entry of persons or vessels into this 

safety zone is prohibited unless 

authorized by the COTP or a designated 

representative. A designated 

representative is a commissioned, 

warrant, or petty officer of the U.S. 

Coast Guard assigned to units under the 

operational control of USCG Sector 

Lower Mississippi River. Persons or 

vessels seeking to enter the safety zones 

must request permission from the COTP 

or a designated representative on VHF– 

FM channel 16 or by telephone at 901– 

521–4822. If permission is granted, all 

persons and vessels shall comply with 

the instructions of the COTP or 

designated representative. The COTP or 

a designated representative will inform 

the public of the enforcement times and 

date for this safety zone through 

Broadcast Notices to Mariners (BNMs), 

Local Notices to Mariners (LNMs), and/ 

or Marine Safety Information Bulletins 

(MSIBs) as appropriate. 

V. Regulatory Analyses 

We developed this rule after 

considering numerous statutes and 

Executive orders related to rulemaking. 

Below we summarize our analyses 

based on a number of these statutes and 

Executive orders, and we discuss First 

Amendment rights of protestors. 

A. Regulatory Planning and Review 

Executive Orders 12866 and 13563 

direct agencies to assess the costs and 

benefits of available regulatory 

alternatives and, if regulation is 

necessary, to select regulatory 

approaches that maximize net benefits. 

Executive Order 13771 directs agencies 

to control regulatory costs through a 

budgeting process. This rule has not 

been designated a ‘‘significant 

regulatory action,’’ under Executive 

Order 12866. Accordingly, this rule has 

not been reviewed by the Office of 

Management and Budget (OMB), and 

pursuant to OMB guidance it is exempt 

from the requirements of Executive 

Order 13771. 

This regulatory action determination 

is based on the size, location, and 

duration of the safety zone. Vessel 

traffic will be prohibited from entering 

this safety zone, which will impact a 

one-mile stretch of Lower Mississippi 

River for three hours on one evening. 

Moreover, the Coast Guard will issue a 

Broadcast Notice to Mariners via VHF– 

FM marine channel 16 about the safety 

zone, and the rule allows vessels to seek 

permission to enter the zone. 

B. Impact on Small Entities 

The Regulatory Flexibility Act of 

1980, 5 U.S.C. 601–612, as amended, 

requires Federal agencies to consider 

the potential impact of regulations on 

small entities during rulemaking. The 

term ‘‘small entities’’ comprises small 

businesses, not-for-profit organizations 

that are independently owned and 

operated and are not dominant in their 

fields, and governmental jurisdictions 

with populations of less than 50,000. 

The Coast Guard certifies under 5 U.S.C. 

605(b) that this rule will not have a 

significant economic impact on a 

substantial number of small entities. 

While some owners or operators of 

vessels intending to transit the safety 

zone may be small entities, for the 

reasons stated in section V.A above, this 

rule will not have a significant 

economic impact on any vessel owner 

or operator. 

Under section 213(a) of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996 (Pub. L. 104–121), 

we want to assist small entities in 

understanding this rule. If the rule 

would affect your small business, 

organization, or governmental 

jurisdiction and you have questions 

concerning its provisions or options for 

compliance, please call or email the 

person listed in the FOR FURTHER

INFORMATION CONTACT section. 

Small businesses may send comments 

on the actions of Federal employees 

who enforce, or otherwise determine 

compliance with, Federal regulations to 

the Small Business and Agriculture 

Regulatory Enforcement Ombudsman 

and the Regional Small Business 

Regulatory Fairness Boards. The 

Ombudsman evaluates these actions 

annually and rates each agency’s 

responsiveness to small business. If you 

wish to comment on actions by 

employees of the Coast Guard, call 1– 

888–REG–FAIR (1–888–734–3247). The 

Coast Guard will not retaliate against 

small entities that question or complain 

about this rule or any policy or action 

of the Coast Guard. 

C. Collection of Information 

This rule will not call for a new 

collection of information under the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3501–3520). 

D. Federalism and Indian Tribal 

Governments 

A rule has implications for federalism 

under Executive Order 13132, 

Federalism, if it has a substantial direct 

effect on the States, on the relationship 

between the National Government and 

the States, or on the distribution of 

power and responsibilities among the 

various levels of government. We have 

analyzed this rule under that Order and 

have determined that it is consistent 

with the fundamental federalism 

principles and preemption requirements 

described in Executive Order 13132. 

Also, this rule does not have tribal 

implications under Executive Order 

13175, Consultation and Coordination 

with Indian Tribal Governments, 

because it does not have a substantial 

direct effect on one or more Indian 

tribes, on the relationship between the 

Federal Government and Indian tribes, 

or on the distribution of power and 

responsibilities between the Federal 

Government and Indian tribes. 

E. Unfunded Mandates Reform Act 

The Unfunded Mandates Reform Act 

of 1995 (2 U.S.C. 1531–1538) requires 

Federal agencies to assess the effects of 

their discretionary regulatory actions. In 

particular, the Act addresses actions 

that may result in the expenditure by a 

State, local, or tribal government, in the 

aggregate, or by the private sector of 

$100,000,000 (adjusted for inflation) or 

more in any one year. Though this rule 

will not result in such an expenditure, 

we do discuss the effects of this rule 

elsewhere in this preamble. 


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79856 Federal Register / Vol. 85, No. 239 / Friday, December 11, 2020 / Rules and Regulations 

F. Environment 

We have analyzed this rule under 

Department of Homeland Security 

Directive 023–01, Rev. 1, associated 

implementing instructions, and 

Environmental Planning COMDTINST 

5090.1 (series), which guide the Coast 

Guard in complying with the National 

Environmental Policy Act of 1969 (42 

U.S.C. 4321–4370f), and have 

determined that this action is one of a 

category of actions that do not 

individually or cumulatively have a 

significant effect on the human 

environment. This rule involves a safety 

zone that will prohibit entry on a onemile stretch of the Lower Mississippi 

River for three hours on one evening. It 

is categorically excluded from further 

review under paragraph L60(a) of 

Appendix A, Table 1 of UDHS 

Instruction Manual 023–01–001–01, 

Rev. 1. A Record of Environmental 

Consideration supporting this 

determination is available in the docket. 

For instructions on locating the docket, 

see the ADDRESSES section of this 

preamble. 

G. Protest Activities 

The Coast Guard respects the First 

Amendment rights of protesters. 

Protesters are asked to call or email the 

person listed in the FOR FURTHER

INFORMATION CONTACT section to 

coordinate protest activities so that your 

message can be received without 

jeopardizing the safety or security of 

people, places or vessels. 

List of Subjects in 33 CFR Part 165 

Harbors, Marine safety, Navigation 

(water), Reporting and recordkeeping 

requirements, Security measures, 

Waterways. 

For the reasons discussed in the 

preamble, the Coast Guard amends 33 

CFR part 165 as follows: 

PART 165—REGULATED NAVIGATION 

AREAS AND LIMITED ACCESS 

AREAS. 

■ 1. The authority citation for part 165 

continues to read as follows: 

Authority: 46 U.S.C. 70034, 70051; 33 CFR 

1.05–1; 6.04–1, 6.04–6, and 160.5; 

Department of Homeland Security Delegation 

No. 0170.1. 

■ 2. Add § 165.T08–0641 to read as 

follows: 

§ 165.T08–0641 Safety Zone; Lower 

Mississippi River, Natchez, MS. 

(a) Location. The following area is a 

safety zone: All navigable waters of the 

Lower Mississippi River from Mile 

Marker (MM) 364.5 through MM 365.5. 

(b) Regulations. (1) Under the general 

safety zone regulations in subpart C of 

this part, you may not enter the safety 

zone described in paragraph (a) of this 

section unless authorized by the Captain 

of the Port Sector Lower Mississippi 

River (COTP) or the COTP’s designated 

representative. 

(2) To seek permission to enter, 

contact the COTP or the COTP’s 

representative via VHF–FM channel 16 

or by telephone at 901–521–4822. Those 

in the safety zone must comply with all 

lawful orders or directions given to 

them by the COTP or the COTP’s 

designated representative. 

(c) Enforcement period. This section 

will be enforced 4 p.m. through 7 p.m. 

on December 31, 2020. Periods of 

activation will be promulgated by 

Broadcast Notice to Mariners. 

Dated: December 2, 2020. 

R.S. Rhodes, 

Captain, U.S. Coast Guard, Captain of the 

Port Sector Lower Mississippi River. 

[FR Doc. 2020–26866 Filed 12–10–20; 8:45 am] 

BILLING CODE 9110–04–P 

DEPARTMENT OF EDUCATION 

34 CFR parts 600, 602, 668, 673, 674, 

682, and 685 

Federal Student Aid Programs 

(Student Assistance General 

Provisions, Federal Perkins Loan 

Program, William D. Ford Federal 

Direct Loan Program, and FederalWork Study Programs) 

AGENCY: Office of Postsecondary 

Education, Department of Education. 

ACTION: Updated waivers and 

modifications of statutory and 

regulatory provisions. 

SUMMARY: The Secretary is issuing 

updated waivers and modifications of 

statutory and regulatory provisions 

governing the Federal student financial 

aid programs under the authority of the 

Higher Education Relief Opportunities 

for Students Act of 2003 (HEROES Act 

or Act). The HEROES Act requires the 

Secretary to publish, in a document in 

the Federal Register, the waivers or 

modifications of statutory or regulatory 

provisions applicable to the student 

financial assistance programs under title 

IV of the Higher Education Act of 1965, 

as amended (HEA), to assist individuals 

who are performing qualifying military 

service, and individuals who are 

affected by a disaster, war, or other 

military operation or national 

emergency, as described in the 

SUPPLEMENTARY INFORMATION section of 

this document. On March 13, 2020, 

President Trump declared a national 

emergency based on the COVID–19 

outbreak. (Proclamation on Declaring a 

National Emergency Concerning the 

Novel Coronavirus Disease (COVID–19) 

Outbreak, available at https://

www.whitehouse.gov/presidentialactions/proclamation-declaringnational-emergency-concerning-novelcoronavirus-disease-covid-19-

outbreak/). 

DATES: Effective December 11, 2020. The 

waivers and modifications in this 

document expire as noted within each 

of the provisions below, unless 

extended by the Secretary in a 

document published in the Federal 

Register. 

FOR FURTHER INFORMATION CONTACT: 

Barbara Hoblitzell, by telephone: (202) 

453–7583 or by email: 

Barbara.Hoblitzell@ed.gov, or Gregory 

Martin, by telephone: (202) 453–7535 or 

by email: Gregory.Martin@ed.gov. 

If you use a telecommunications 

device for the deaf (TDD) or text 

telephone (TTY), call the Federal Relay 

Service (FRS), toll free, at 1–800–877– 

8339. 

SUPPLEMENTARY INFORMATION: 

The Secretary is issuing these waivers 

and modifications under the authority 

of the HEROES Act, as codified at 20 

U.S.C. 1098bb(a)(2), which authorizes 

the Secretary to waive or modify any 

statutory or regulatory provision 

applicable to the Federal student 

financial assistance programs under title 

IV of the HEA, 20 U.S.C. 1070 et seq., 

as the Secretary deems necessary in 

connection with a war or other military 

operation or national emergency to 

affected individuals who are recipients 

of Federal student financial assistance 

under title IV of the HEA, institutions of 

higher education (IHEs), eligible 

lenders, guaranty agencies, and other 

entities participating in the Federal 

student assistance programs under title 

IV of the HEA that are located in areas 

that are declared disaster areas by any 

Federal, State, or local official in 

connection with a national emergency, 

or whose operations are significantly 

affected by such a disaster. These 

entities may be granted temporary relief 

from requirements that are rendered 

infeasible or unreasonable by a national 

emergency, including due diligence 

requirements and reporting deadlines. 

In 20 U.S.C. 1098bb(b)(1), the 

HEROES Act further provides that 

section 437 of the General Education 

Provisions Act (20 U.S.C. 1232) and 

section 553 of the Administrative 

Procedure Act (5 U.S.C. 553) do not 

apply to the contents of this document. 


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