Federal Register / Vol. 80, No. 113 / Friday, June 12, 2015 / Rules and Regulations 33401 

■ b. Remove paragraph (j)(2); and 

■ c. Redesignate paragraph (j)(3) as 

paragraph (j)(2). 

The revision reads as follows: 

§ 61.3 Requirement for certificates, ratings 

and authorizations. 

* * * * * 

(j) * * * 

(1) Age limitation. No person who 

holds a pilot certificate issued under 

this part may serve as a pilot on a civil 

airplane of U.S. registry in the following 

operations if the person has reached his 

or her 60th birthday or, in the case of 

operations with more than one pilot, his 

or her 65th birthday: 

* * * * * 

■ 3. Amend § 61.77 as follows: 

■ A. Revise paragraph (e) introductory 

text; 

■ B. Remove paragraph (g); and 

■ C. Redesignate paragraphs (h) through 

(j) as paragraphs (g) through (i), 

respectively. 

The revision reads as follows: 

§ 61.77 Special purpose pilot 

authorization: Operation of a civil aircraft of 

the United States and leased by a non-U.S. 

citizen. 

* * * * * 

(e) Age limitation. No person who 

holds a special purpose pilot 

authorization issued under this part 

may serve as a pilot on a civil airplane 

of U.S. registry in the following 

operations if the person has reached his 

or her 60th birthday or, in the case of 

operations with more than one pilot, his 

or her 65th birthday: 

* * * * * 

PART 121—OPERATING 

REQUIREMENTS: DOMESTIC, FLAG, 

AND SUPPLEMENTAL OPERATIONS 

■ 4. The authority citation for part 121 

is revised to read as follows: 

Authority: 49 U.S.C. 106(f), 106(g), 40113, 

40119, 41706, 44101, 44701–44702, 44705, 

44709–44711, 44713, 44716–44717, 44722, 

44729, 44732, 46105; Pub. L. 111–216, 124 

Stat. 2348 (49 U.S.C. 44701 note); Pub. L. 

112–95, 126 Stat. 62 (49 U.S.C. 44732 note). 

■ 5. Amend § 121.383 by revising 

paragraphs (d) and (e) to read as follows: 

§ 121.383 Airman: Limitations on use of 

services. 

* * * * * 

(d) No certificate holder may use the 

services of any person as a pilot on an 

airplane engaged in operations under 

this part if that person has reached his 

or her 65th birthday. 

(e) No pilot may serve as a pilot in 

operations under this part if that person 

has reached his or her 65th birthday. 

Issued under authority provided by 49 

U.S.C. 106(f), 44701(a), and 44703 in 

Washington, DC, on June 3, 2015. 

Michael P. Huerta, 

Administrator. 

[FR Doc. 2015–14248 Filed 6–11–15; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2014–0744; Airspace 

Docket No. 14–ACE–5] 

Establishment of Class E Airspace; 

Tribune, KS 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule. 

SUMMARY: This action establishes Class 

E airspace at Tribune, KS. Controlled 

airspace is necessary to accommodate 

new Standard Instrument Approach 

Procedures (SIAPs) at Tribune 

Municipal Airport. The FAA is taking 

this action to enhance the safety and 

management of Instrument Flight Rules 

(IFR) operations for SIAPs at the airport. 

DATES: Effective 0901 UTC, August 20, 

2015. The Director of the Federal 

Register approves this incorporation by 

reference action under title 1, Code of 

Federal Regulations, part 51, subject to 

the annual revision of FAA Order 

7400.9 and publication of conforming 

amendments. 

ADDRESSES: FAA Order 7400.9Y, 

Airspace Designations and Reporting 

Points, and subsequent amendments can 

be viewed on line at http://

www.faa.gov/airtraffic/publications/. 

The Order is also available for 

inspection at the National Archives and 

Records Administration (NARA). For 

information on the availability of this 

material at NARA, call 202–741–6030, 

or go to http://www.archives.gov/

federal_register/code_of_federalregulations/ibr_locations.html. 

FAA Order 7400.9, Airspace 

Designations and Reporting Points, is 

published yearly and effective on 

September 15. For further information, 

you can contact the Airspace Policy and 

ATC Regulations Group, Federal 

Aviation Administration, 800 

Independence Avenue SW., 

Washington, DC 29591; telephone: 202– 

267–8783. 

FOR FURTHER INFORMATION CONTACT: 

Rebecca Shelby, Central Service Center, 

Operations Support Group, Federal 

Aviation Administration, Southwest 

Region, 2601 Meacham Blvd., Fort 

Worth, TX 76137; telephone: 817–321– 

7740. 

SUPPLEMENTARY INFORMATION: 

Authority for This Rulemaking 

The FAA’s authority to issue rules 

regarding aviation safety is found in 

Title 49 of the United States Code. 

Subtitle I, Section 106 describes the 

authority of the FAA Administrator. 

Subtitle VII, Aviation Programs, 

describes in more detail the scope of the 

agency’s authority. This rulemaking is 

promulgated under the authority 

described in Subtitle VII, Part A, 

Subpart I, Section 40103. Under that 

section, the FAA is charged with 

prescribing regulations to assign the use 

of airspace necessary to ensure the 

safety of aircraft and the efficient use of 

airspace. This regulation is within the 

scope of that authority as it amends 

Class E airspace at Tribune Municipal 

Airport, Tribune, KS. 

History 

On November 20, 2014, the FAA 

published in the Federal Register a 

notice of proposed rulemaking (NPRM) 

to establish Class E airspace extending 

upward from 700 feet above the surface 

at Tribune Municipal Airport, Tribune, 

KS, (79 FR 69072). Interested parties 

were invited to participate in this 

rulemaking effort by submitting written 

comments on the proposal to the FAA. 

No comments were received. 

Class E airspace designations are 

published in Paragraphs 6005, of FAA 

Order 7400.9Y, dated August 6, 2014, 

and effective September 15, 2014, which 

is incorporated by reference in 14 CFR 

71.1. The Class E airspace designations 

listed in this document will be 

published subsequently in the Order. 

Availability and Summary of 

Documents for Incorporation by 

Reference 

This document amends FAA Order 

7400.9Y, airspace Designations and 

Reporting Points, dated August 6, 2014, 

and effective September 15, 2014. FAA 

Order 7400.9Y is publicly available as 

listed in the ADDRESSES section of this 

final rule. FAA Order 7400.9Y lists 

Class A, B, C, D, and E airspace areas, 

air traffic service routes, and reporting 

points. 

The Rule 

This action amends Title 14, Code of 

Federal Regulations (14 CFR), Part 71 by 

establishing Class E airspace extending 

upward from 700 feet above the surface 

within a 6.5-mile radius of Tribune 

Municipal Airport, Tribune, KS, to 

accommodate new Standard Instrument 


asabaliauskas on DSK5VPTVN1PROD with RULES
33402 Federal Register / Vol. 80, No. 113 / Friday, June 12, 2015 / Rules and Regulations 

Approach Procedures at the airport. The 

FAA is taking this action to enhance the 

safety and management of IFR 

operations at the airport. 

Regulatory Notices and Analyses 

The FAA has determined that this 

regulation only involves an established 

body of technical regulations for which 

frequent and routine amendments are 

necessary to keep them operationally 

current. Therefore, this regulation: (1) Is 

not a ‘‘significant regulatory action’’ 

under Executive Order 12866; (2) is not 

a ‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26, 1979); and (3) 

does not warrant preparation of a 

regulatory evaluation as the anticipated 

impact is so minimal. Since this is a 

routine matter that only affects air traffic 

procedures and air navigation, it is 

certified that this rule, when 

promulgated, does not have a significant 

economic impact on a substantial 

number of small entities under the 

criteria of the Regulatory Flexibility Act. 

Environmental Review 

The FAA has determined that this 

action qualifies for categorical exclusion 

under the National Environmental 

Policy Act in accordance with FAA 

Order 1050.1E. ‘‘Environmental 

Impacts: Policies and Procedures,’’ 

paragraph 311a. This airspace action is 

not expected to cause any potentially 

significant environmental impacts, and 

no extraordinary circumstances exist 

that warrant preparation of an 

environmental assessment. 

List of Subjects in 14 CFR Part 71 

Airspace, Incorporation by reference, 

Navigation (air). 

Adoption of the Amendment 

In consideration of the foregoing, the 

Federal Aviation Administration 

amends 14 CFR part 71 as follows: 

PART 71—DESIGNATION OF CLASS A, 

B, C, D, AND E AIRSPACE AREAS; AIR 

TRAFFIC SERVICE ROUTES; AND 

REPORTING POINTS 

■ 1. The authority citation for part 71 

continues to read as follows: 

Authority: 49 U.S.C. 106(f), 106(g); 40103, 

40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, 

1959–1963 Comp., p. 389. 

§ 71.1 [Amended] 

■ 2. The incorporation by reference in 

14 CFR 71.1 of FAA Order 7400.9Y, 

Airspace Designations and Reporting 

Points, dated August 6, 2014, and 

effective September 15, 2014, is 

amended as follows: 

Paragraph 6005 Class E Airspace areas 

extending upward from 700 feet or more 

above the surface of the earth. 

* * * * * 

ACE KS E5 Tribune, KS [New] 

Tribune Municipal Airport, KS 

(Lat. 38°27′05′′ N., long. 101°45′00′′ W.) 

That airspace extending upward from 700 

feet above the surface within a 6.5-mile 

radius of Tribune Municipal Airport. 

Issued in Fort Worth, TX, on June 5, 2015. 

Christopher L. Southerland, 

Acting Manager, Operations Support Group, 

ATO Central Service Center. 

[FR Doc. 2015–14287 Filed 6–11–15; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9722] 

RIN 1545–BM35 

Partnership Transactions Involving 

Equity Interests of a Partner 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Final and temporary 

regulations. 

SUMMARY: This document contains final 

and temporary regulations that prevent 

a corporate partner from avoiding 

corporate-level gain through 

transactions with a partnership 

involving equity interests of the partner. 

These regulations affect partnerships 

and their partners. The text of these 

temporary regulations serves as the text 

of proposed regulations (REG–149518– 

03) published in the Proposed Rules 

section in this issue of the Federal 

Register. 

DATES: Effective Date: These regulations 

are effective on June 12, 2015. 

Applicability Date: For dates of 

applicability, see §§ 1.337(d)–3T(i) and 

1.732–1T(c)(5). 

FOR FURTHER INFORMATION CONTACT: 

Concerning the final and temporary 

regulations, Kevin I. Babitz, (202) 317– 

6852. 

SUPPLEMENTARY INFORMATION: 

Background 

The General Utilities Doctrine and Its 

Repeal 

In General Utilities & Operating Co. v. 

Helvering, 296 U.S. 200 (1935), the 

Supreme Court held that corporations 

generally could distribute appreciated 

property to their shareholders without 

the recognition of any corporate level 

gain (the General Utilities doctrine). 

Beginning in 1969, Congress enacted a 

series of exceptions to the General 

Utilities doctrine, starting with certain 

non-liquidating distributions of 

depreciable property. In the Tax Equity 

and Fiscal Responsibility Act of 1982, 

Public Law 97–248, 96 Stat. 324, 

Congress enacted current section 311(b) 

(originally designated as section 311(d)), 

which required a corporation to 

recognize gain on appreciated property 

distributed to a shareholder in 

redemption of shares. In 1984, Congress 

enacted legislation that required gain 

recognition for all non-liquidating 

distributions. Finally, as part of the Tax 

Reform Act of 1986, Public Law 99–514, 

100 Stat. 2085, (the Act), Congress 

repealed what remained of the General 

Utilities doctrine by enacting section 

336(a) of the Internal Revenue Code 

(Code) to apply gain and loss 

recognition to liquidating distributions. 

Under current law, sections 311(b) and 

336(a) of the Code require a corporation 

that distributes appreciated property to 

its shareholders to recognize gain 

determined as if the property were sold 

to the shareholders for its fair market 

value. Additionally, section 631 of the 

Act added section 337(d) to the Code to 

permit the Secretary to prescribe 

regulations that are necessary or 

appropriate to carry out the purposes of 

the General Utilities repeal, ‘‘including 

regulations to ensure that [the repeal of 

the General Utilities doctrine] may not 

be circumvented through the use of any 

provision of law or regulations.’’ 

1992 Proposed Regulations 

After the enactment of sections 311(b) 

and 337(d), the Treasury Department 

and the IRS became aware of 

transactions in which taxpayers used a 

partnership to postpone or avoid 

completely gain generally required to be 

recognized under section 311(b). In one 

example of this transaction, a 

corporation entered into a partnership 

and contributed appreciated property. 

The partnership then acquired stock of 

that corporate partner, and later made a 

liquidating distribution of this stock to 

the corporate partner. Under section 

731(a), the corporate partner did not 

recognize gain on the partnership’s 

distribution of its stock. By means of 

this transaction, the corporation had 

disposed of the appreciated property it 

formerly held and had acquired its own 

stock, permanently avoiding its gain in 

the appreciated property. If the 

corporation had directly exchanged the 

appreciated property for its own stock, 

section 311(b) would have required the 


asabaliauskas on DSK5VPTVN1PROD with RULES