Federal Register / Vol. 62, No. 208 / Tuesday, October 28, 1997 / Proposed Rules 55773

and liabilities to its single owner in

liquidation of the association.

(iv) Disregarded entity to an

association. If an eligible entity that is

disregarded as an entity separate from

its owner elects under paragraph

(c)(1)(i) of this section to be classified as

an association, the following is deemed

to occur: The owner of the eligible

entity contributes all of the assets and

liabilities of the entity to the association

in exchange for stock of the association.

(2) Effect of elective changes. The tax

treatment of a change in the

classification of an entity for federal tax

purposes by election under paragraph

(c)(1)(i) of this section is determined

under all relevant provisions of the

Internal Revenue Code and general

principles of tax law, including the step

transaction doctrine.

(3) Timing of election. An election

under paragraph (c)(1)(i) of this section

that changes the classification of an

eligible entity for federal tax purposes is

treated as occurring at the start of the

day for which the election is effective.

Any transactions that are deemed to

occur under this paragraph (g) as a

result of a change in classification are

treated as occurring immediately before

the close of the day before the election

is effective. For example, if an election

is made to change the classification of

an entity from an association to a

partnership effective on January 1, the

deemed transactions specified in

paragraph (g)(1)(ii) of this section

(including the liquidation of the

association) are treated as occurring

immediately before the close of

December 31 and must be reported by

the owners of the entity on December

31. As a result, the last day of the

association’s taxable year will be

December 31 and the first day of the

partnership’s taxable year will be

January 1.

(4) Effective date. This paragraph (g)

applies to elections that are filed on or

after the date the final regulations are

published in the Federal Register.

(h) Effective date—(1) In general.

Except as otherwise provided in this

section, the rules of this section are

applicable as of January 1, 1997.

* * * * *

Michael P. Dolan,

Acting Commissioner of Internal Revenue.

[FR Doc. 97–28165 Filed 10–27–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 208

RIN 1510–AA56

Management of Federal Agency

Disbursements: Hearing in Los

Angeles, CA

AGENCY: Financial Management Service,

Fiscal Service, Treasury.

ACTION: Proposed rule; notice of public

hearing.

SUMMARY: This document schedules an

additional public hearing on proposed

regulations relating to the government’s

use of electronic funds transfer to make

all Federal payments, with the

exception of tax refunds, after January 1,

1999.

DATES: There will be a public hearing in

Los Angeles on Tuesday, December 9,

1997 beginning at 9:00 a.m. Requests to

testify at the hearing and outlines of

testimony must be received by

December 1.

ADDRESSES: The public hearing in Los

Angeles will be held at the Federal

Reserve Bank. The Bank is located at

950 S. Grand Avenue, Los Angeles,

California, 90015.

Send requests to testify and outlines

of testimony to Martha ThomasMitchell. See FOR FURTHER INFORMATION

CONTACT.

FOR FURTHER INFORMATION CONTACT:

Martha Thomas-Mitchell at (202) 874–

6757 or at Internet address

martha.thomasmitchell@fms.sprint.com. The following

toll free number is also available for

registration information and inquiries:

1–800–344–0218 (hours of operation are

7:00 a.m.—5:00 p.m. Pacific Standard

Time). For general information on the

proposed regulation, contact Robyn

Schulhof at (202) 874–6754 or Diana

Shevlin at (202) 874–7032.

SUPPLEMENTARY INFORMATION: A notice

of proposed rulemaking appearing in

the Federal Register on September 16,

1997 (62 FR 48714) announced that

three public hearings would be held in

Dallas, New York City, and Baltimore.

This notice adds an additional hearing

in Los Angeles.

Dated: October 23, 1997.

Michael T. Smokovich,

Deputy Commissioner.

[FR Doc. 97–28523 Filed 10–27–97; 8:45 am]

BILLING CODE 4810–35–P

DEPARTMENT OF HEALTH AND

HUMAN SERVICES

Health Care Financing Administration

42 CFR Chapter IV

[HCFA–1007–N]

Medicare Program; Meetings of the

Negotiated Rulemaking Committee on

the Provider-sponsored Organization

Solvency Standards

AGENCY: Health Care Financing

Administration (HCFA), HHS.

ACTION: Notice of meetings.

SUMMARY: In accordance with section

10(a) of the Federal Advisory Committee

Act, this notice announces the dates and

locations for the second through sixth

meetings of the Negotiated Rulemaking

Committee on the provider-sponsored

organization (PSO) solvency standards.

The purpose of this committee is to

negotiate the development of an interim

final rule establishing solvency

standards for provider-sponsored

organizations under Part C of the

Medicare program, as statutorilymandated by the Balanced Budget Act

of 1997. These meetings are open to the

public.

DATES: The five scheduled meetings will

be held on November 12–14, 1997;

December 3–5, 1997; January 6–8, 1998;

January 27–29, 1998; and February 18–

20, 1998. The hours of the meetings are

9:00 a.m. to 5:00 p.m. on the first two

days of each meeting and 8:00 a.m. to

3:00 p.m. on the third day of each

meeting.

ADDRESSES:

• November 12, 13, and 14, 1997, at

The Phoenix Park Hotel, 520 N. Capitol

St., NW, Washington, DC 20001; (202)

638–6900;

• December 3, 4, and 5, 1997, at the

Holiday Inn Capitol, 550 C St., SW,

Washington, DC 20024; (202) 479–4000;

• January 6, 7, and 8, 1998, at The

Phoenix Park Hotel at the above

address;

• January 27, 28, and 29, 1998, at The

Phoenix Park Hotel; and

• February 18, 19, and 20, 1998, at

The Phoenix Park Hotel.

FOR FURTHER INFORMATION: Inquiries

regarding these meetings should be

addressed to Maureen Miller, Health

Care Financing Administration, Center

for Health Plans and Providers, Room

S3–21–17, 7500 Security Boulevard,

Baltimore, Maryland 21244, (410) 786–

1097.