Federal Register / Vol. 77, No. 79 / Tuesday, April 24, 2012 / Rules and Regulations 24381 

No public hearing on the 2009 section 

1248 regulations was requested or held 

and no written comments were 

received. This Treasury decision adopts 

the 2009 section 1248 regulations, with 

one modification to remove a deadwood 

provision, as final regulations under 

section 1248(a). This Treasury decision 

also removes the temporary regulations 

under section 1248(a). 

Explanation of Provisions 

The final regulations provide that gain 

recognized under section 301(c)(3) on 

the receipt of a distribution of property 

from a foreign corporation with respect 

to its stock shall be treated for purposes 

of section 1248(a) as gain from the sale 

or exchange of the stock of such 

corporation. For purposes of section 

1248(a), a sale or exchange also includes 

a distribution that gives rise to gain with 

respect to stock under section 302(a) or 

331(a). The final regulations ensure that 

the earnings and profits of lower-tier 

foreign subsidiaries described in section 

1248(c)(2) are taken into account when 

gain is recognized with respect to stock 

of a controlled foreign corporation. 

The 2009 section 1248 regulations 

incorporated a provision from the prior 

final regulations under section 1248 

providing that section 1248(a) applies to 

gain recognized with respect to stock 

under section 331(a)(2) by reason of a 

partial liquidation of a corporation. The 

final regulations remove the reference to 

partial liquidations under section 

331(a)(2) in order to reflect amendments 

made in 1982 by the Tax Equity and 

Fiscal Responsibility Act of 1982 

(Public Law 97–248, 96 Stat. 324 

(1982)), which repealed section 

331(a)(2) and provided new rules 

regarding redemptions in partial 

liquidation under section 302. See 

section 302(b)(4) and (e). 

Special Analyses 

It has been determined that this 

Treasury decision is not a significant 

regulatory action as defined in 

Executive Order 12866. Therefore, a 

regulatory assessment is not required. It 

also has been determined that 5 U.S.C. 

553(b) and (d) do not apply to these 

regulations. Pursuant to the Regulatory 

Flexibility Act (5 U.S.C. 601 et seq.), it 

is hereby certified that this rule will not 

have a significant economic impact on 

a substantial number of small entities. 

These regulations primarily will affect 

large domestic corporations. Thus, the 

number of affected small entities will 

not be substantial. Pursuant to section 

7805(f) of the Internal Revenue Code, 

the notice of proposed rulemaking 

preceding this regulation was submitted 

to the Chief Counsel for Advocacy of the 

Small Business Administration for 

comments on its impact on small 

business. 

Drafting Information 

The principal author of these 

regulations is Ryan A. Bowen of the 

Office of Associate Chief Counsel 

(International). However, other 

personnel from the IRS and the Treasury 

Department participated in their 

development. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Adoption of Amendments to the 

Regulations 

Accordingly, 26 CFR part 1 is 

amended as follows: 

PART 1—INCOME TAXES 

■ Paragraph 1. The authority citation 

for part 1 continues to read as follows: 

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

■ Par. 2. Section 1.1248–1 is amended 

by: 

■ 1. Revising paragraphs (b) and (g)(2). 

■ 2. Removing paragraph (h). 

The revisions read as follows. 

§ 1.1248–1 Treatment of gain from certain 

sales or exchanges of stock in certain 

foreign corporations. 

* * * * * 

(b) Sale or exchange. For purposes of 

section 1248(a), the term sale or 

exchange includes the receipt of a 

distribution which is treated as in 

exchange for stock under section 302(a) 

(relating to distributions in redemption 

of stock) or section 331(a) (relating to 

distributions in complete liquidation of 

a corporation). For purposes of section 

1248(a), gain recognized by a 

shareholder under section 301(c)(3) in 

connection with a distribution of 

property by a corporation with respect 

to its stock shall be treated as gain from 

the sale or exchange of stock of such 

corporation. 

* * * * * 

(g) * * * 

(2) Paragraph (b) of this section 

applies to distributions that occur on or 

after February 10, 2009. 

§ 1.1248–1T [Removed] 

■ Par. 3. Section 1.1248–1T is removed. 

Steven T. Miller, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: April 13, 2012. 

Emily S. McMahon, 

Acting Assistant Secretary of the Treasury 

(Tax Policy). 

[FR Doc. 2012–9760 Filed 4–23–12; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket No. USCG–2011–1159] 

RIN 1625–AA87 

Security Zone; Passenger Vessel 

SAFARI EXPLORER Arrival/Departure, 

Kaunakakai Harbor, Molokai, HI 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary interim rule; 

reopening of comment period. 

SUMMARY: The Coast Guard is reopening 

the comment period for the temporary 

interim rule that established a 

temporary security zone for Kaunakakai 

Harbor, including the entrance channel 

and offshore area adjacent to the 

channel’s entrance during the arrival 

and departure of the Passenger Vessel 

Safari Explorer in Kaunakakai Harbor, 

Molokai, Hawaii. The effective period 

for this temporary security zone began 

on January 19, 2012 and ends on May 

15, 2012. The Coast Guard held informal 

public meetings regarding the interim 

rule. Following the public meetings, the 

Coast Guard prepared a written synopsis 

of the public comments received at the 

public meetings. This synopsis may be 

viewed at http://www.regulations.gov 

under docket number USCG–2011– 

1159. During this additional comment 

period, the Coast Guard invites 

comments on how the temporary 

interim rule can be improved. 

DATES: The Coast Guard will consider 

all comments that we receive on or 

before May 7, 2012. 

ADDRESSES: You may submit written 

comments identified by docket number 

USCG–2011–1159 using any one of the 

following methods: 

(1) Federal eRulemaking Portal: 

http://www.regulations.gov. 

(2) Fax: 202–493–2251. 

(3) Mail: Docket Management Facility 

(M–30), U.S. Department of 

Transportation, West Building Ground 

mstockstill on DSK4VPTVN1PROD with RULES

24382 Federal Register / Vol. 77, No. 79 / Tuesday, April 24, 2012 / Rules and Regulations 

Floor, Room W12–140, 1200 New Jersey 

Avenue SE., Washington, DC 20590– 

0001. 

(4) Hand delivery: Same as mail 

address above, between 9 a.m. and 

5 p.m., Monday through Friday, except 

Federal holidays. The telephone number 

is 202–366–9329. 

To avoid duplication, please use only 

one of these four methods. Our online 

docket for this rulemaking is available 

on the Internet at http://www.

regulations.gov under docket number 

USCG–2011–1159. 

FOR FURTHER INFORMATION CONTACT: If 

you have questions concerning the 

meeting or the proposed rule, please call 

or email Lieutenant Commander Scott 

Whaley, U.S. Coast Guard; telephone 

808–522–8264, email Scott.O.Whaley@

uscg.mil. If you have questions on 

viewing or submitting material to the 

docket, call Renee V. Wright, Program 

Manager, Docket Operations, telephone 

202–366–9826. 

SUPPLEMENTARY INFORMATION: On 

January 13, 2012, we published in the 

Federal Register (77 FR 2019), a 

temporary interim rule that established 

a temporary security zone for 

Kaunakakai Harbor, including the 

entrance channel and offshore area 

adjacent to the channel’s entrance 

during the arrival and departure of the 

Passenger Vessel Safari Explorer in 

Kaunakakai Harbor, Molokai, Hawaii. 

Comments on the interim rule were 

required to be received on or before 

February 3, 2012. We are reopening the 

comment period on Docket No. 2011– 

1159. This action will allow interested 

persons additional time to review and 

submit comments on the synopsis of 

comments that the Coast Guard 

prepared based on the comments 

received during public meetings. We 

will consider comments received on or 

before May 7, 2012. 

Dated: April 6, 2012. 

J.M. Nunan, 

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

Port Honolulu. 

[FR Doc. 2012–9718 Filed 4–23–12; 8:45 am] 

BILLING CODE 9110–04–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[EPA–R04–OAR–2009–0140(b); FRL–9662– 

3] 

Approval and Promulgation of Air 

Quality Implementation Plans; North 

Carolina; Annual Emissions Reporting 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Direct final rule. 

SUMMARY: EPA is taking direct final 

action to approve a portion of a state 

implementation plan (SIP) revision 

submitted on January 31, 2008, by the 

State of North Carolina, through the 

North Carolina Division of Air Quality 

(NCDAQ), to meet the emissions 

statements requirement for Charlotte, 

North Carolina. EPA is approving the 

addition of Cabarrus, Lincoln, Rowan, 

and Union Counties in their entireties 

and Davidson Township and Coddle 

Creek Township in Iredell County to the 

annual emissions reporting requirement 

into the North Carolina SIP. This action 

is being taken pursuant to section 110 

and section 182 of the Clean Air Act 

(CAA or Act). 

DATES: This direct final rule is effective 

June 25, 2012 without further notice, 

unless EPA receives adverse comment 

by May 24, 2012. If EPA receives such 

comments, it will publish a timely 

withdrawal of the direct final rule in the 

Federal Register and inform the public 

that the rule will not take effect. 

ADDRESSES: Submit your comments, 

identified by Docket ID Number, ‘‘EPA– 

R04–OAR–2009–0140,’’ by one of the 

following methods: 

1. www.regulations.gov: Follow the 

on-line instructions for submitting 

comments. 

2. Email: benjamin.lynorae@epa.gov. 

3. Fax: 404–562–9019. 

4. Mail: ‘‘EPA–R04–OAR–2009– 

0140,’’ Regulatory Development Section, 

Air Planning Branch, Air, Pesticides and 

Toxics Management Division, U.S. 

Environmental Protection Agency, 

Region 4, 61 Forsyth Street SW., 

Atlanta, Georgia 30303–8960. 

5. Hand Delivery or Courier: Ms. 

Lynorae Benjamin, Chief, Regulatory 

Development Section, Air Planning 

Branch, Air, Pesticides and Toxics 

Management Division, U.S. 

Environmental Protection Agency, 

Region 4, 61 Forsyth Street SW., 

Atlanta, Georgia 30303–8960. Such 

deliveries are only accepted during the 

Regional Office’s normal hours of 

operation. The Regional Office’s official 

hours of business are Monday through 

Friday, 8:30 a.m. to 4:30 p.m., excluding 

federal holidays. 

Instructions: Direct your comments to 

Docket ID Number, ‘‘EPA–R04–OAR– 

2009–0140.’’ EPA’s policy is that all 

comments received will be included in 

the public docket without change and 

may be made available online at 

www.regulations.gov, including any 

personal information provided, unless 

the comment includes information 

claimed to be Confidential Business 

Information (CBI) or other information 

whose disclosure is restricted by statute. 

Do not submit through 

www.regulations.gov or email, 

information that you consider to be CBI 

or otherwise protected. The 

www.regulations.gov Web site is an 

‘‘anonymous access’’ system, which 

means EPA will not know your identity 

or contact information unless you 

provide it in the body of your comment. 

If you send an email comment directly 

to EPA without going through 

www.regulations.gov, your email 

address will be automatically captured 

and included as part of the comment 

that is placed in the public docket and 

made available on the Internet. If you 

submit an electronic comment, EPA 

recommends that you include your 

name and other contact information in 

the body of your comment and with any 

disk or CD–ROM you submit. If EPA 

cannot read your comment due to 

technical difficulties and cannot contact 

you for clarification, EPA may not be 

able to consider your comment. 

Electronic files should avoid the use of 

special characters, any form of 

encryption, and be free of any defects or 

viruses. For additional information 

about EPA’s public docket visit the EPA 

Docket Center homepage at http:// 

www.epa.gov/epahome/dockets.htm. 

Docket: All documents in the 

electronic docket are listed in the 

www.regulations.gov index. Although 

listed in the index, some information is 

not publicly available, i.e., CBI or other 

information whose disclosure is 

restricted by statute. Certain other 

material, such as copyrighted material, 

is not placed on the Internet and will be 

publicly available only in hard copy 

form. Publicly available docket 

materials are available either 

electronically in www.regulations.gov or 

in hard copy at the Regulatory 

Development Section, Air Planning 

Branch, Air, Pesticides and Toxics 

Management Division, U.S. 

Environmental Protection Agency, 

Region 4, 61 Forsyth Street SW., 

Atlanta, Georgia 30303–8960. EPA 

requests that if at all possible, you 

contact the person listed in the FOR

FURTHER INFORMATION CONTACT section to 

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