Federal Register / Vol. 65, No. 15 / Monday, January 24, 2000 / Proposed Rules 3629

of Food and Drugs, 21 CFR part 801 is

amended as follows:

PART 801—LABELING

1. The authority citation for 21 CFR

part 801 continues to read as follows:

Authority: 21 U.S.C. 321, 331, 351, 352,

360i, 360j, 371, 374.

§ 801.410 [Amended]

2. Section 801.410 Use of impactresistant lenses in eyeglasses and

sunglasses is amended in paragraph

(d)(2) by removing ‘‘ASTM Method D

1415–68 ‘Test for International

Hardness of Vulcanized Rubber,’ ’’ and

by adding in its place ‘‘ASTM Method

D 1415–88, Standard Test Method for

Rubber Property—International

Hardness,’’; by removing ‘‘ASTM

Method D 412–68 ‘Tension Test of

Vulcanized Rubber,’’’ and by adding in

its place ‘‘ASTM Method D 412–97,

Standard Test Methods for Vulcanized

Rubber and Thermoplastic Rubbers and

Thermoplastic Elastomers—Tension,’’;

and by removing ‘‘1916 Race St.,

Philadelphia, PA 19103, or available for

inspection at the Office of the Federal

Register, 800 North Capitol Street, NW.,

suite 700, Washington, DC 20408).’’ and

by adding in its place ‘‘100 Barr Harbor

Dr., West Conshohocken, Philadelphia,

PA 19428, or available for inspection at

the Center for Devices and Radiological

Health’s Library, 9200 Corporate Blvd.,

Rockville, MD 10850, or at the Office of

the Federal Register, 800 North Capitol

St. NW., suite 700, Washington, DC.’’

§ 801.430 [Amended]

3. Section 801.430 User labeling for

menstrual tampons is amended in

paragraph (f)(2) by removing ‘‘(ASTM),

D 3492–83, ‘Standard Specification for

Rubber Contraceptives (Condoms)’ ’’ and

by adding in its place ‘‘(ASTM) D 3492–

96, ‘Standard Specification for Rubber

Contraceptives (Male Condoms)’ ’’; and

by revising the footnote to read ‘‘Copies

of the standard are available from the

American Society for Testing Materials,

100 Barr Harbor Dr., West

Conshohocken, PA 19428, or available

for inspection at the Center for Devices

and Radiological Health’s Library, 9200

Corporate Blvd., Rockville, MD 10850,

or at the Office of the Federal Register,

800 North Capitol St. NW., suite 700,

Washington, DC.’’

Dated: December 29, 1999.

Margaret M. Dotzel,

Acting Associate Commissioner for Policy.

[FR Doc. 00–1405 Filed 1–21–00; 8:45 am]

BILLING CODE 4160–01–F

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1

[REG–116048–99]

RIN 1545–AX63

Stock Transfer Rules: Supplemental

Rules

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice of proposed rulemaking

and notice of public hearing.

SUMMARY: This document proposes, by

cross-reference to temporary

regulations, amendments to the final

regulations concerning the Federal tax

treatment of certain exchanges subject to

section 367(b) of the Internal Revenue

Code (Code). The temporary regulations,

published in the Rules and Regulations

section of this issue of the Federal

Register, provide an election for certain

taxpayers engaged in certain exchanges

described in section 367(b). The

temporary regulations provide guidance

for taxpayers that make the specified

election in order to determine the extent

to which income must be included and

certain corresponding adjustments must

be made. The text of the temporary

regulations also serves as the text of the

proposed regulations. This document

also provides notice of a public hearing

on the proposed regulations.

DATES: Written comments must be

received by April 24, 2000. Requests to

speak (with outlines of oral comments)

at the public hearing scheduled for

April 20, 2000, must be submitted by

March 31, 2000.

ADDRESSES: Send submissions to:

CC:DOM:CORP:R (REG–116048–99),

room 5228, Internal Revenue Service,

POB 7604, Ben Franklin Station,

Washington, DC 20044. In the

alternative, submissions may be hand

delivered between the hours of 8 a.m.

and 5 p.m. to: CC:DOM:CORP:R (REG–

116048–99), Courier’s Desk, Internal

Revenue Service, 1111 Constitution

Avenue NW., Washington, DC.

Alternatively, taxpayers may submit

comments electronically via the Internet

by selecting the ‘‘Tax Regs’’ option of

the IRS Home Page, or by submitting

comments directly to the IRS Internet

site at: http://www.irs.ustreas.gov/prod/

tax—regs/regslist.html. The public

hearing will be held in room 2615,

Internal Revenue Building, 1111

Constitution Avenue, NW., Washington,

DC.

FOR FURTHER INFORMATION CONTACT:

Concerning the regulations, Mark D.

Harris, (202) 622–3860 (not a toll-free

number); concerning submissions and

the hearing, Guy Traynor, (202) 622–

7180 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information

contained in this notice of proposed

rulemaking has been submitted to the

Office of Management and Budget for

review in accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. 3507(d)). Comments on the

collection of information should be sent

to the Office of Management and

Budget, Attn: Desk Officer for the

Department of the Treasury, Office of

Information and Regulatory Affairs,

Washington, DC 20503, with copies to

the Internal Revenue Service, Attn: IRS

Reports Clearance Officer, OP:FS:FP,

Washington, DC 20224. Comments on

the collection of information should be

received by March 24, 2000. Comments

are specifically requested concerning:

Whether the proposed collection of

information is necessary for the proper

performance of the functions of the

Internal Revenue Service, including

whether the information will have

practical utility;

The accuracy of the estimated burden

associated with the proposed collection

of information (see below);

How the quality, utility, and clarity of

the information to be collected may be

enhanced;

How the burden of complying with

the proposed collection of information

may be minimized, including through

the application of automated collection

techniques or other forms of information

technology; and

Estimates of capital or start-up costs

and costs of operation, maintenance,

and purchase of service to provide

information.

The collection of information in this

proposed regulation is in § 1.367(b)–

3(b)(4). This information is required to

properly make an election to include an

amount in income that is different than

the inclusion currently required under

§ 1.367(b)–3 of the final regulations.

This information will be used to verify

proper compliance with the section

367(b) regulations, including that the

election provided herein was made and

that the required adjustments will be

made by all parties to the section 367(b)

transaction. The collection of

information is mandatory. The likely

respondents are businesses or other forprofit institutions.

Estimated total annual reporting

burden: 85 hours.

3630 Federal Register / Vol. 65, No. 15 / Monday, January 24, 2000 / Proposed Rules

Estimated average annual burden

hours per respondent: 4 hours, 15

minutes.

Estimated number of respondents: 20

Estimated annual frequency of

responses: once

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless it displays a valid control

number assigned by the Office of

Management and Budget.

Books or records relating to a

collection of information must be

retained as long as their contents may

become material in the administration

of any internal revenue law. Generally,

tax returns and tax return information

are confidential, as required by 26

U.S.C. 6103.

Background

Temporary regulations in the Rules

and Regulations section of this issue of

the Federal Register amend the Income

Tax Regulations (26 CFR part 1) relating

to section 367(b). The temporary

regulations contain rules that provide an

election for certain taxpayers engaged in

certain exchanges described in section

367(b).

The text of those temporary

regulations also serves as the text of

these proposed regulations. The

preamble to the temporary regulations

explains the proposed regulations.

Proposed Effective Date

Except as otherwise specified, these

regulations are proposed to apply to

section 367(b) exchanges that occur on

or after the date final regulations are

published in the Federal Register.

Special Analyses

It has been determined that these

regulations are not a significant

regulatory action as defined in

Executive Order 12866. Therefore, a

regulatory assessment is not required. It

is hereby certified that the collection of

information contained in these

regulations will not have a significant

economic impact on a substantial

number of small entities. This

certification is based upon the fact that

the number of section 367(b) exchanges

that require reporting under these

regulations is estimated to be only 20

per year. Therefore, a Regulatory

Flexibility Analysis under the

Regulatory Flexibility Act (5 U.S.C.

chapter 6) is not required.

Pursuant to section 7805(f) of the

Code, these proposed regulations will be

submitted to the Chief Counsel for

Advocacy of the Small Business

Administration for comment on their

impact.

Comments and Public Hearing

Before these proposed regulations are

adopted as final regulations,

consideration will be given to any

written comments (preferably a signed

original and eight (8) copies) that are

submitted timely to the IRS. The IRS

and Treasury request comments on the

clarity of the proposed regulation and

how it may be made easier to

understand. All comments will be

available for public inspection and

copying.

A public hearing has been scheduled

for April 20, 2000, beginning at 10 a.m.,

in room 2615, Internal Revenue

Building, 1111 Constitution Avenue

NW., Washington, DC. Because of access

restrictions, visitors will not be

admitted beyond the Internal Revenue

Building lobby more than 15 minutes

before the hearing starts.

The rules of 26 CFR 601.601(a)(3)

apply to the hearing.

Persons that wish to present oral

comments at the hearing must submit

timely written comments and an outline

of the topics to be discussed and the

time to be devoted to each topic by

(preferably a signed original and eight

(8) copies) March 31, 2000. However,

comments not to be presented at the

hearing must be submitted by April 24,

2000.

A period of 10 minutes will be

allotted to each person for making

comments.

An agenda showing the scheduling of

the speakers will be prepared after the

deadline for receiving outlines has

passed. Copies of the agenda will be

available free of charge at the hearing.

Drafting Information: The principal

author of these regulations is Mark

Harris of the Office of Associate Chief

Counsel (International). However, other

personnel from the IRS and Treasury

Department participated in their

development.

Proposed Amendments to the

Regulations

Accordingly, 26 CFR part 1 is

proposed to be amended as follows:

Income taxes, Reporting and

recordkeeping requirements.

PART 1—INCOME TAXES

Paragraph 1. The authority citation for

part 1 continues to read in part as

follows:

Authority: 26 U.S.C. 7805 * * *

Par. 2. Section 1.367(b)–3 is amended

by adding paragraph (b)(4) to read as

follows:

§ 1.367(b)–3 Repatriation of foreign

corporate assets in certain nonrecognition

transactions.

* * * * *

(b) * * *

(4) [The text of this proposed addition

is the same as the text of § 1.367(b)–

3T(b)(4) published elsewhere in this

issue of the Federal Register].

John M. Dalrymple,

Acting Deputy Commissioner of Internal

Revenue.

[FR Doc. 00–1378 Filed 1–21–00; 8:45 am]

BILLING CODE 4830–01–U

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Parts 52 and 81

[OH–132; KY–116; KY–84; FRL–6527–7]

Approval and Promulgation of

Implementation Plans and Designation

of Areas for Air Quality Planning

Purposes; Ohio and Kentucky

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Proposed rule.

SUMMARY: The EPA proposes to

determine that the Cincinnati-Hamilton

moderate ozone nonattainment area

(Cincinnati-Hamilton area) has attained

the public health-based 1-hour ozone

National Ambient Air Quality Standard

(NAAQS). If EPA takes final action on

this proposal, the Cincinnati-Hamilton

area will be redesignated to attainment

of the 1-hour ozone NAAQS. The

Cincinnati-Hamilton area includes the

Ohio Counties of Hamilton, Butler,

Clermont, and Warren and the Kentucky

Counties of Boone, Campbell, and

Kenton. This proposed determination is

based on three years of complete,

quality-assured, ambient air monitoring

data for the 1996 to 1998 ozone seasons

that demonstrate that the ozone NAAQS

has been attained in the area.

Preliminary ozone monitoring data for

1999 continue to show the area attaining

the ozone NAAQS. On the basis of this

determination, EPA is also determining

that certain attainment demonstration

requirements, along with certain other

related requirements, of part D of Title

1 of the Clean Air Act (CAA) are not

applicable to the Cincinnati-Hamilton

area.

The EPA is also proposing to approve

the State of Ohio Environmental

Protection Agency’s (OEPA) and the

Commonwealth of Kentucky Natural

Resources and Environmental

Protection Cabinet (Cabinet) requests to

redesignate the Cincinnati-Hamilton