Federal Register / Vol. 62, No. 19 / Wednesday, January 29, 1997 / Notices 4377

the C–11s, the requested 18-vessel

waiver would give APL a right to own

and/or operate a total of 24 foreign-flag

line haul vessels calling on U.S. ports.

2. APL states that the central purpose

of the MSA and the MSP is to preserve

and advance a U.S.-flag commercial

fleet, not only by providing necessary

financial assistance for the operation of

U.S.-flag vessels, but also by allowing

the operators of such vessels the

flexibility to structure their overall fleet

and services to be responsive and

competitive in the world marketplace.

APL argues that Congress recognized

that, in order to achieve this purpose,

ODS and MSP contractors must be free

to utilize foreign-flag vessels in close

and efficient conjunction with their

U.S.-flag services, as evidenced by the

dramatic amendments made to section

804 by section 5 of the MSA. APL

maintains that Congress also clearly

intended that, in this respect among

others, the principal operators in the

U.S. foreign trades should be placed on

a level playing field.

As noted above, for historical reasons

that are unrelated to current economic

and competitive realities, APL argues it

has wound up, under MARAD’s

interpretation of section 804(f)(2)(A),

with much less flexibility to efficiently

structure its services than its major U.S.

and foreign competitors. According to

APL, grant of the requested waiver

would rectify this situation, and carry

out the intent of Congress in enacting

the MSA.

3. APL maintains that, to the extent

the section 804 concepts of ‘‘good

cause’’ and ‘‘special circumstances’’

may have any continuing substance

following the amendments made to that

section by the MSA, they are clearly

present here:

a. Grant of the request would be

mutually beneficial to APL as an MSP

contractor and the U.S. Merchant

Marine.

b. The number of vessels for which a

waiver is requested is fair, given that (I)

it is far fewer than the 31 foreign-flag

line haul vessels on which APL

chartered substantial space on the date

of enactment of the MSA, as discussed

above, and (ii) it achieves parity with

APL’s major MSP competitors.

c. Given the expansive authority to

operate foreign-flag line haul vessels

that MARAD has recognized for SeaLand and Maersk, there can be no claim

that the requested waiver would injure

either of those MSP contractors (or any

other MSP contractor) in any way.

Moreover, given the limitations imposed

on the MSP funding that is essential to

vessel operations under the U.S. flag,

there is no possibility that U.S.-flag

operations could be performed in lieu of

the foreign-flag authorities herein

sought.

4. Finally, given the importance of the

requested waiver to APL as a MSP

contractor, and the compelling reasons

for grant of a waiver explained above,

APL requests that MARAD act promptly

on this application.

The application may be inspected in

the Office of the Secretary, Maritime

Administration. Any person, firm or

corporation having any interest in the

application for waiver pursuant to

section 804, and desiring to submit

comments concerning APL’s request

must by 5:00 PM (5 working days after

the date of publication) file comments

in triplicate to the Secretary, Maritime

Administration, Room 7210, Nassif

Building, 400 Seventh Street, SW.,

Washington, D.C. 20590. This notice is

published as a matter of discretion. The

Maritime Administrator will consider

any comments submitted and take such

action with respect thereto as may be

deemed appropriate.

Dated: January 23, 1997.

By Order of the Maritime Administrator.

Joel C. Richard,

Secretary, Maritime Administration.

[FR Doc. 97–2084 Filed 1–28–97; 8:45 am]

BILLING CODE 4910–81–P

DEPARTMENT OF THE TREASURY

Domestic Finance; Community

Adjustment and Investment Program,

Advisory Committee Open Meeting

The Department of the Treasury,

pursuant to the North American Free

Trade Agreement (‘‘NAFTA’’)

Implementation Act (Pub. L. No. 103–

182), established an advisory committee

(the ‘‘Advisory Committee’’) for the

community adjustment and investment

program (the ‘‘Program’’). The Program

will provide financing to businesses and

individuals in communities adversely

impacted by NAFTA to create new jobs.

The charter of the Advisory Committee

has been filed in accordance with the

Federal Advisory Committee Act of

October 6, 1972 (Pub. L. No. 92–463),

with the approval of the Secretary of the

Treasury.

The Advisory Committee consists of

nine members of the public, appointed

by the President, who collectively

represent: (1) community groups whose

constituencies include low-income

families; (2) scientific, professional,

business, nonprofit, or public interest

organizations or associations, which are

neither affiliated with, nor under the

direction of, a government; and (3) forprofit business interests.

The objectives of the Advisory

Committee are to: (1) provide informed

advice to the President regarding the

implementation of the Program; and (2)

review on a regular basis, the operation

of the Program, and provide the

President with the conclusions of its

review. Pursuant to Executive Order No.

12916, dated May 13, 1994, the

President established an interagency

committee to implement the Program

and to receive, on behalf of the

President, advice of the Advisory

Committee. The committee is chaired by

the Secretary of the Treasury.

A meeting of the Advisory Committee,

which will be open to the public, will

be held in Albuquerque, New Mexico at

the Doubletree Hotel, Ballroom Salon

III, 201 Marquette Avenue, N.W.,

Albuquerque, New Mexico 87104, from

9 a.m. to 4 p.m. on Wednesday,

February 12, 1997. The meeting room

will accommodate approximately 50

persons and seating is available on a

first-come, first-serve basis, unless space

has been reserved in advance. Due to

limited seating, prospective attendees

are encouraged to contact the person

listed below prior to February 5, 1997.

If you would like to have the Advisory

Committee consider a written statement,

material must be submitted to the U.S.

Community Adjustment and Investment

Program, Advisory Committee,

Department of the Treasury, 1500

Pennsylvania Avenue, NW, Room 3040,

Washington, DC 20220 no later than

February 5, 1997. If you have any

questions, please call Dan Decena at

(202)622–0637. (Please note that this

telephone number is not toll-free.)

Mozelle W. Thompson,

Principal Deputy Assistant Secretary,

Government Financial Policy.

[FR Doc. 97–2187 Filed 1–28–97; 8:45 am]

BILLING CODE 4510–25–P

Internal Revenue Service

Proposed Collection; Comment

Request for Form 8281

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice and request for

comments.

SUMMARY: The Department of the

Treasury, as part of its continuing effort

to reduce paperwork and respondent

burden, invites the general public and

other Federal agencies to take this

opportunity to comment on proposed

and/or continuing information

collections, as required by the
4378 Federal Register / Vol. 62, No. 19 / Wednesday, January 29, 1997 / Notices

Paperwork Reduction Act of 1995,

Public Law 104–13 (44 U.S.C.

3506(c)(2)(A)). Currently, the IRS is

soliciting comments concerning Form

8281, Information Return for Publicly

Offered Original Issue Discount

Instruments.

DATES: Written comments should be

received on or before March 31, 1997 to

be assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or

copies of the form and instructions

should be directed to Martha R. Brinson,

(202) 622–3869, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Information Return for Publicly

Offered Original Issue Discount

Instruments.

OMB Number: 1545–0887.

Form Number: Form 8281.

Abstract: Internal Revenue Code

section 1275(c)(2) requires the

furnishing of certain information to the

IRS by issuers of publicly offered debt

instruments having original issue

discount. Regulations section 1.1275–3

prescribes that Form 8281 shall be used

for this purpose. The information on

Form 8281 is used to update Publication

1212, List of Original Issue Discount

Instruments.

Current Actions: There are no changes

being made to the form at this time.

Type of Review: Extension of a

currently approved collection.

Affected Public: Business or other forprofit organizations.

Estimated Number of Respondents:

500.

Estimated Time Per Respondent: 5 hr.,

57 min.

Estimated Total Annual Burden

Hours: 2,975.

The following paragraph applies to all

of the collections of information covered

by this notice:

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless the collection of information

displays a valid OMB control number.

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.

Request for Comments

Comments submitted in response to

this notice will be summarized and/or

included in the request for OMB

approval. All comments will become a

matter of public record. Comments are

invited on: (a) Whether the collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information shall have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the collection of

information; (c) ways to enhance the

quality, utility, and clarity of the

information to be collected; (d) ways to

minimize the burden of the collection of

information on respondents, including

through the use of automated collection

techniques or other forms of information

technology; and (e) estimates of capital

or start-up costs and costs of operation,

maintenance, and purchase of services

to provide information.

Approved: January 22, 1997.

Garrick R. Shear,

IRS Reports Clearance Officer.

[FR Doc. 97–2073 Filed 1–28–97; 8:45 am]

BILLING CODE 4830–01–U

[INTL–485–89]

Proposed Collection; Comment

Request for Regulation Project

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice and request for

comments.

SUMMARY: The Department of the

Treasury, as part of its continuing effort

to reduce paperwork and respondent

burden, invites the general public and

other Federal agencies to take this

opportunity to comment on proposed

and/or continuing information

collections, as required by the

Paperwork Reduction Act of 1995,

Public Law 104–13 (44 U.S.C.

3506(c)(2)(A)). Currently, the IRS is

soliciting comments concerning an

existing final regulation, INTL–485–89

(TD 8400), Taxation of Gain or Loss

from Certain Nonfunctional Currency

Transactions (Section 988 Transactions)

(§§ 1.988–0 through 1.988–5).

DATES: Written comments should be

received on or before March 31, 1997 to

be assured of consideration.

ADDRESSES: Direct all written comments

to Garrick R. Shear, Internal Revenue

Service, room 5571, 1111 Constitution

Avenue NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or

copies of the regulation should be

directed to Carol Savage, (202) 622–

3945, Internal Revenue Service, room

5569, 1111 Constitution Avenue NW.,

Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

Title: Taxation of Gain or Loss from

Certain Nonfunctional Currency

Transactions (Section 988 Transactions).

OMB Number: 1545–1131.

Regulation Project Number: INTL–

485–89.

Abstract: Internal Revenue Code

sections 988(c)(1) (D) and (E) allow

taxpayers to make elections concerning

the taxation of exchange gain or loss on

certain foreign currency denominated

transactions. In addition, Code sections

988(a)(1)(B) and 988(d) require

taxpayers to identify transactions which

generate capital gain or loss or which

are hedges of other transactions. This

regulation provides guidance on making

the elections and complying with the

identification rules.

Current Actions: There is no change to

this existing regulation.

Type of Review: Extension of OMB

approval.

Affected Public: Individuals or

households and business or other forprofit organizations.

Estimated Number of Respondents:

5,000.

Estimated Time Per Respondent: 40

minutes.

Estimated Total Annual Burden

Hours: 3,333.

The following paragraph applies to all

of the collections of information covered

by this notice:

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless the collection of information

displays a valid OMB control number.

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.

Request for Comments

Comments submitted in response to

this notice will be summarized and/or

included in the request for OMB

approval. All comments will become a

matter of public record. Comments are

invited on: (a) whether the collection of

information is necessary for the proper

performance of the functions of the

agency, including whether the

information shall have practical utility;

(b) the accuracy of the agency’s estimate

of the burden of the collection of

information; (c) ways to enhance the

quality, utility, and clarity of the