7188 Federal Register / Vol. 62, No. 32 / Tuesday, February 18, 1997 / Proposed Rules

attorney, accountant or agent of the

issuer; or

(b) An agent or representative of any

person specified in paragraph (a) of this

section.

Dated: February 11, 1997.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–3845 Filed 2–14–97; 8:45 am]

BILLING CODE 8010–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 20

[REG–209830–96]

RIN 1545–AU27

Estate and Gift Tax Marital Deduction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice of proposed rulemaking

by cross-reference to temporary

regulations and notice of public hearing.

SUMMARY: In the Rules and Regulations

section of this issue of the Federal

Register, the IRS is issuing temporary

regulations relating to the estate tax

marital deduction to conform the Estate

Tax Regulations to recent court

decisions. The text of those temporary

regulations also serves as the text of

these proposed regulations. This

document also provides notice of a

public hearing on these proposed

regulations.

DATES: Comments must be received by

May 19, 1997. Outlines of topics to be

discussed at the public hearing

scheduled for June 3, 1997, at 10 a.m.

must be received by May 13, 1997.

ADDRESSES: Send submissions to:

CC:DOM:CORP:R (REG–209830–96),

room 5228, Internal Revenue Service,

POB 7604, Ben Franklin Station,

Washington, DC 20044. Submissions

may also be hand delivered between the

hours of 8 a.m. and 5 p.m. to:

CC:DOM:CORP:R (REG–209830–96),

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 on the

IRS Home Page, or by submitting

comments directly to the IRS internet

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

taxll regs/comments.html. The public

hearing will be held in the

Commissioner’s Conference Room, room

3313, Internal Revenue Building, 1111

Constitution Avenue NW., Washington,

DC.

FOR FURTHER INFORMATION CONTACT:

Concerning the regulations, Susan B.

Hurwitz, (202) 622–3090; concerning

submissions and the hearing,

Evangelista Lee, (202) 622–7190 (not

toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

Temporary regulations in the Rules

and Regulations section of this issue of

the Federal Register amend the Estate

Tax Regulations (26 CFR part 20)

relating to sections 2044 and 2056. The

temporary regulations conform the

estate tax marital deduction regulations

to recent court decisions in Estate of

Clayton v. Commissioner, 976 F.2d 1486

(5th Cir. 1992), rev’g 97 T.C. 327 (1991);

Estate of Robertson v. Commissioner, 15

F.3d 779 (8th Cir. 1994), rev’g 98 T.C.

678 (1992); Estate of Spencer v.

Commissioner, 43 F.3d 226 (6th Cir.

1995), rev’g T.C. Memo. 1992-579; and

Estate of Clack v. Commissioner, 106

T.C. 131 (1996).

The text of those temporary

regulations also serves as the text of

these proposed regulations. The

preamble to the temporary regulations

explains the temporary regulations.

Special Analyses

It has been determined that this notice

of proposed rulemaking is not a

significant regulatory action as defined

in EO 12866. Therefore, a regulatory

assessment is not required. It has also

been determined that section 553(b) of

the Administrative Procedure Act (5

U.S.C. chapter 5) does not apply to these

regulations and, because these

regulations do not impose on small

entities a collection of information

requirement, the Regulatory Flexibility

Act (5 U.S.C. chapter 6) does not apply.

Therefore, a Regulatory Flexibility

Analysis is not required. Pursuant to

section 7805(f) of the Internal Revenue

Code, this notice of proposed

rulemaking will be submitted to the

Chief Counsel for Advocacy of the Small

Business Administration for comment

on its impact on small business.

Comments and Public Hearing

Before these proposed regulations are

adopted as final regulations,

consideration will be given to any

comments that are submitted timely (in

the manner described in ADDRESSES) to

the IRS. All comments will be available

for public inspection and copying.

A public hearing has been scheduled

for June 3, 1997, at 10 a.m. in the

Commissioner’s Conference Room, room

3313, Internal Revenue Building, 1111

Constitution Avenue NW., Washington,

DC. Because of access restrictions,

visitors will not be admitted beyond the

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 comments by May 19, 1997

and submit an outline of the topics to

be discussed and the time to be devoted

to each topic by May 13, 1997.

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 the proposed

regulations is Susan B. Hurwitz, Office

of Assistant Chief Counsel

(Passthroughs and Special Industries).

However, other personnel from the IRS

and the Treasury Department

participated in their development.

List of Subjects in 26 CFR Part 20

Estate taxes, Reporting and

recordkeeping requirements.

Proposed Amendments to the

Regulations

Accordingly, 26 CFR part 20 is

proposed to be amended as follows:

PART 20—ESTATE TAX; ESTATES OF

DECEDENTS DYING AFTER AUGUST

16, 1954

Paragraph 1. The authority citation

for part 20 continues to read in part as

follows:

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

Par. 2. In § 20.2044–1, paragraph (e)

Example 8 is added to read as follows:

§ 20.2044–1 Certain property for which

marital deduction was previously allowed.

[The text of paragraph (e) Example 8

as proposed is the same as the text of

§ 20.2044–1T(e) Example 8 published

elsewhere in this issue of the Federal

Register].

Par. 3. Section 20.2056(b)–7 is

amended to read as follows:

§ 20.2056(b)–7 Election with respect to life

estate for surviving spouse.

[The text of paragraphs (d)(3), and (h)

Example 6 is the same as the text of

§ 20.2056(b)–7T(d)(3) (ii), and (h)

Example 6 published elsewhere in this

issue of the Federal Register].
Federal Register / Vol. 62, No. 32 / Tuesday, February 18, 1997 / Proposed Rules 7189

Par. 4. Section 20.2056(b)–10 is

revised to read as follows:

§ 20.2056(b)–10 Effective dates.

Except as specifically provided in

§§ 20.2056(b)–5(c)(3)(ii) and (iii),

20.2056(b)–7T(d)(3), 20.2056(b)–7(e)(5),

and 20.2056(b)–8(b), the provisions of

§§ 20.2056(b)–5(c), 20.2056(b)–7,

20.2056(b)–8, and 20.2056(b)–9 are

effective with respect to estates of

decedents dying after March 1, 1994.

With respect to decedents dying on or

before March 1, 1994, the executor of

the decedent’s estate may rely on any

reasonable interpretation of the

statutory provisions. For these purposes,

the provisions of §§ 20.2056(b)–5(c),

20.2056(b)–7, 20.2056(b)–8, and

20.2056(b)–9 (as well as project LR–

211–76 (1984–1 C.B. 598), see

§ 601.601(d)(2)(ii)(b) of this chapter), are

considered a reasonable interpretation

of the statutory provisions.

Margaret Milner Richardson,

Commissioner of Internal Revenue.

[FR Doc. 97–3399 Filed 2–14–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE INTERIOR

Minerals Management Service

30 CFR Parts 206 and 208

RIN 1010–AC09

Establishing Oil Value for Royalty due

on Federal Leases, and on Sale of

Federal Royalty Oil

AGENCY: Minerals Management Service,

Interior.

ACTION: Proposed rule; notice of

extension of public comment period.

SUMMARY: The Minerals Management

Service (MMS) hereby gives notice that

it is extending the public comment

period on a Notice of proposed rule,

which was published in the Federal

Register on January 24, 1997, (62 FR

3742). The proposed rule would amend

the regulations governing the valuation

for royalty purposes of oil produced

from Federal leases. In response to

requests for additional time, MMS will

extend the comment period from March

25, 1997, to April 28, 1997.

DATE: Comments must be submitted on

or before April 28, 1997.

ADDRESSES: Written comments,

suggestions, or objections regarding this

proposed amendment should be sent to

the following addresses.

For comments sent via the U.S. Postal

Service use: Minerals Management

Service, Royalty Management Program,

Rules and Publications Staff, P.O. Box

25165, MS 3101, Denver, Colorado

80225–0165.

For comments via courier or overnight

delivery service use: Minerals

Management Service, Royalty

Management Program, Rules and

Publications Staff, MS 3101, Building

85, Denver Federal Center, Room A–

212, Denver, Colorado 80225–0165.

FOR FURTHER INFORMATION CONTACT:

David S. Guzy, Chief, Rules and

Publications Staff, phone (303) 231–

3432, FAX (303) 231–3194, e-Mail

DavidlGuzy@smtp.mms.gov.

Dated: February 10, 1997.

Lucy R. Querques,

Associate Director for Royalty Management.

[FR Doc. 97–3908 Filed 2–14–97; 8:45 am]

BILLING CODE 4310–MR–P

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 914

[SPATS No. IN–136–FOR; Amendment No.

95–4]

Indiana Regulatory Program

AGENCY: Office of Surface Mining

Reclamation and Enforcement (OSM),

Interior.

ACTION: Proposed rule; public comment

period and opportunity for public

hearing.

SUMMARY: OSM is announcing receipt of

a proposed amendment to the Indiana

regulatory program (hereinafter the

‘‘Indiana program’’) under the Surface

Mining Control and Reclamation Act of

1977 (SMCRA). The proposed

amendment consists of revisions to

Indiana’s regulation pertaining to repair

or compensation for material damage

resulting from subsidence caused by

underground coal mining operations

and to replacement of water supplies

adversely impacted by coal mining

operations. The amendment is intended

to revise the Indiana program to be

consistent with the corresponding

Federal regulations.

DATES: Written comment must be

received by 4:00 p.m., e.s.t., March 20,

1997. If requested, a public hearing on

the proposed amendment will be held

on March 16, 1997. Requests to speak at

the hearing must be received by 4:00

p.m., e.s.t., on March 5, 1997.

ADDRESSES: Written comment and

requests to speak at the hearing should

be mailed or hand delivered to Ronald

F. Griffin, Acting Director, Indianapolis

Field Office, at the address listed below.

Copies of the Indiana program, the

proposed amendment, a listing of any

scheduled public hearings, and all

written comments received in response

to this document will be available for

public review at the addresses listed

below during normal business hours,

Monday through Friday, excluding

holidays. Each requester may receive

one free copy of the proposed

amendment by contacting OSM’s

Indianapolis Field Office.

Ronald F. Griffin, Acting Director,

Indianapolis Field Office, Office of

Surface Mining Reclamation and

Enforcement, Minton-Capehart

Federal Building, 575 North

Pennsylvania Street, Room 301,

Indianapolis, Indiana 46204–1521,

Telephone: (317) 226–6700.

Indiana Department of Natural

Resources, 402 West Washington

Street, Room C256, Indianapolis,

Indiana 46204, Telephone: (317) 232–

1547.

FOR FURTHER INFORMATION CONTACT:

Ronald F. Griffin, Acting Director,

Indianapolis Field Office, Telephone:

(317) 226–6700.

SUPPLEMENTARY INFORMATION:

I. Background on the Indiana Program

On July 29, 1982, the Secretary of the

Interior conditionally approved the

Indiana program. Background

information on the Indiana program,

including the Secretary’s findings, the

disposition of comments, and the

conditions of approval can be found in

the July 26, 1982, Federal Register (47

FR 32107). Subsequent actions

concerning the conditions of approval

and program amendments can be found

at 30 CFR 914.10, 914.15, and 914.16.

II. Description of the Proposed

Amendment

By letter dated January 14, 1997

(Administrative Record No. IND–1551),

the Indiana Department of Natural

Resources (IDNR) submitted to proposed

amendment to its program pursuant to

SMCRA. Indiana submitted the

proposed amendment in response to a

May 20, 1996, letter (Administrative

Record No. IND–1540) that OSM sent to

Indiana in accordance with 30 CFR

732.17(c). Indiana proposes to amend

the following regulations of the Indiana

Administrative Code (IAC) pertaining to

repair or compensation for material

damage resulting from subsidence and

to replacement of water supplies.

1. 310 IAC 12–0.5 Definitions

a. Indiana proposes to add a

definition at 310 IAC 12–0.5–39.5 for