Federal Register / Vol. 62, No. 51 / Monday, March 17, 1997 / Rules and Regulations 12541

result of damage to natural resources

located in the coastal zone, in which

case the assistance may be used to pay

100 percent of the costs. * * *

Acquisition awards for the acquisition

of lands or waters, or interest therein,

for any one Reserve may not exceed an

amount equal to 50 percent of the cost

of the lands, waters, and interests

therein or $5,000,000, whichever

amount is less, except when the

financial assistance is provided from

amounts recovered as a result of damage

to natural resources located in the

coastal zone, in which case the

assistance may be used to pay 100

percent of the costs. * * *

5. Paragraph (c) of § 921.32 is

amended by revising the second

sentence to read as follows:

§ 921.32 Operation and management:

Implementation of the management plan.

* * * * *

(c) * * * Federal funds provided

pursuant to this section may not exceed

70 percent of the total cost of operating

and managing the Reserve for any one

year, except when the financial

assistance is provided from amounts

recovered as a result of damage to

natural resources located in the coastal

zone, in which case the assistance may

be used to pay 100 percent of the

costs. * * *

* * * * *

6. Paragraph (b) of § 921.50 is

amended by revising the last sentence to

read as follows:

§ 921.50 General.

* * * * *

(b) * * * Federal funds provided

under this subpart may not exceed 70

percent of the total cost of the project,

consistent with § 921.81(e)(4)

(‘‘allowable costs’’), except when the

financial assistance is provided from

amounts recovered as a result of damage

to natural resources located in the

coastal zone, in which case the

assistance may be used to pay 100

percent of the costs.

7. Paragraph (b) of § 921.60 is

amended by revising the last sentence to

read as follows:

§ 921.60 General.

* * * * *

(b) * * * Federal funds provided

under this subpart may not exceed 70

percent of the total cost of the project,

consistent with § 921.81(e)(4)

(‘‘allowable costs’’), except when the

financial assistance is provided from

amounts recovered as a result of damage

to natural resources located in the

coastal zone, in which case the

assistance may be used to pay 100

percent of the costs.

* * * * *

8. Paragraph (b) of § 921.70 is

amended by revising the last sentence to

read as follows:

§ 921.70 General.

* * * * *

(b) * * * Federal funds provided

under this subpart may not exceed 70

percent of the total cost of the project,

consistent with § 921.81(e)(4)

(‘‘allowable costs’’), except when the

financial assistance is provided from

amounts recovered as a result of damage

to natural resources located in the

coastal zone, in which case the

assistance may be used to pay 100

percent of the costs.

* * * * *

PART 923—COASTAL ZONE

MANAGEMENT PROGRAM

REGULATIONS

9. The authority citation for part 923

is revised to read as follows:

Authority: 16 U.S.C. 1451 et seq.; 31 U.S.C.

6506; 42 U.S.C. 3334; Sections 923.92 and

923.94 are also issued under E.O. 12372, July

14, 1982, 3 CFR 1982 Comp. p. 197, as

amended by E.O. 12416, April 8, 1983, 3 CFR

1983 Comp. p. 186.

10. Section 923.121 is amended by

adding a sentence at the end of

paragraph (a) and revising paragraph (g)

to read as follows:

§ 923.121 General.

(a) * * * This subpart also allows use

of section 309 funds for implementation

of program changes for up to two fiscal

years following the fiscal year in which

a program change was approved.

* * * * *

(g) Grants awarded under section 309

may be used:

(1) To support up to 100 percent of

the allowable costs of approved projects

under section 309 of the CZMA, as

amended; or

(2) To implement program changes

approved by the Secretary for up to two

fiscal years following the fiscal year in

which a program change was approved.

* * * * *

11. Section 923.122 is amended by

adding paragraph (b)(9) to read as

follows:

§ 923.122 Objectives.

* * * * *

(b) * * *

(9) Adoption of procedures and

policies to evaluate and facilitate the

siting of public and private aquaculture

facilities in the coastal zone, which will

enable States to formulate, administer,

and implement strategic plans for

marine aquaculture.

PART 930—FEDERAL CONSISTENCY

WITH APPROVED COASTAL

MANAGEMENT PROGRAMS

12. The authority citation for part 930

is revised to read as follows:

Authority: 16 U.S.C. 1451 et seq.

§ 930.130 [Amended]

13. Section 930.130 is amended by

removing paragraph (b) and

redesignating paragraphs (c) and (d) as

paragraphs (b) and (c) respectively.

[FR Doc. 97–6581 Filed 3–14–97; 8:45 am]

BILLING CODE 3510–08–M

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8677]

RIN 1545–AU35

Consolidated Returns—Limitations on

the Use of Certain Losses and

Deductions; Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to final and

temporary regulations.

SUMMARY: This document contains a

correction to final and temporary

regulations [TD 8677] which were

published in the Federal Register on

Thursday, June 27, 1996 (61 FR 33321).

The final and temporary regulations

relate to the deductions and losses of

members and also to the carryover and

carryback of losses to consolidated and

separate return years and to the built-in

deduction rules.

EFFECTIVE DATE: June 27, 1996.

FOR FURTHER INFORMATION CONTACT:

Diana Fulton at (202) 622–7550 (not a

toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final and temporary regulations

that are the subject of this correction are

under section 1502 of the Internal

Revenue Code.

Need for Correction

As published, the final and temporary

regulations contain an error which may

prove to be misleading and is in need

of clarification.

Correction of Publication

Accordingly, the publication of the

final and temporary regulations [TD
12542 Federal Register / Vol. 62, No. 51 / Monday, March 17, 1997 / Rules and Regulations

8677] which are the subject of FR Doc.

96–15823 is corrected as follows:

§ 1.1502–13 [Corrected]

On page 33323, the twentieth entry in

the table is corrected to read as follows:

Affected section Remove Add

* * * * * * *

1.1502–13(h)(2), Example 2(b) .......................................................................................................................... 1.1502–22(c) 1.1502–22T

* * * * * * *

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief

Counsel (Corporate).

[FR Doc. 97–6676 Filed 3–14–97; 8:45 am]

BILLING CODE 4830–01–U

26 CFR Part 20

[TD 8714]

RIN 1545–AU81

Estate and Gift Tax Marital Deduction;

Correction

AGENCY: Internal Revenue Service,

Treasury.

ACTION: Correction to temporary

regulations.

SUMMARY: This document contains

corrections to temporary regulations (TD

8714) which were published in the

Federal Register on Tuesday, February

18, 1997 (62 FR 7156). The temporary

regulations relate to the estate and gift

tax marital deductions.

EFFECTIVE DATE: February 18, 1997.

FOR FURTHER INFORMATION CONTACT:

Susan Hurwitz, (202) 622–3090 (not a

toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are

subject to these corrections are under

sections 2044 and 2056 of the Internal

Revenue Code.

Need for Correction

As published, the temporary

regulations (TD 8714) contain errors

which may prove to be misleading and

are in need of clarification.

Correction of Publication

Accordingly, the publication of the

temporary regulations (TD 8714) which

are the subject of FR Doc. 97–3398 is

corrected as follows:

1. On page 7156, column 2, in the

preamble under the paragraph heading

‘‘Effective Date’’, lines 2 and 3, the

language ‘‘case of qualified terminable

interest property elections made after

February’’ is corrected to read ‘‘case of

estates of decedents whose estate tax

returns are due after February’’.

§ 20.2056(b)–10T [Corrected]

2. On page 7157, column 1,

§ 20.2056(b)–10T, lines 4 and 5, the

language ‘‘estates of decedents dying

after March 1, 1994. For further

guidance, see’’ is corrected to read

‘‘estates of decedents whose estate tax

returns are due after February 18, 1997.

For further guidance, see’’.

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief

Counsel (Corporate).

[FR Doc. 97–6675 Filed 3–14–97; 8:45 am]

BILLING CODE 4830–01–U

PENSION BENEFIT GUARANTY

CORPORATION

29 CFR Parts 4003, 4007, 4011, 4041,

4041A, 4043, and 4050

Disaster Relief in Response to Severe

Weather in the Midwest and South

AGENCY: Pension Benefit Guaranty

Corporation.

ACTION: Notice of disaster relief.

SUMMARY: The Pension Benefit Guaranty

Corporation is waiving certain penalties

and extending certain deadlines in

response to the major disasters declared

by the President of the United States on

account of severe weather in the

Midwest and South.

FOR FURTHER INFORMATION CONTACT:

Harold J. Ashner, Assistant General

Counsel, Office of the General Counsel,

Suite 340, Pension Benefit Guaranty

Corporation, 1200 K Street, NW.,

Washington, DC 20005, 202–326–4024

(202–326–4179 for TTY and TDD).

(These are not toll-free numbers.)

SUPPLEMENTARY INFORMATION: The

Pension Benefit Guaranty Corporation

administers the pension plan

termination insurance program under

title IV of the Employee Retirement

Income Security Act of 1974, as

amended (29 U.S.C. 1001 et seq.). Under

ERISA and the PBGC’s regulations, a

number of deadlines must be met in

order to avoid the imposition of

penalties or other consequences.

On March 2, 4, 5, 6, and 7, 1997, the

President of the United States issued

declarations, under the Disaster Relief

Act of 1974, as amended (42 U.S.C. 5121

et seq.), that major disasters exist

because of recent severe weather in the

Midwest and South. When this notice

was prepared, the following counties

had been designated by the Federal

Emergency Management Agency

(pursuant to 44 CFR 206.40(b)) as areas

affected by these disasters:

• In the state of Arkansas: Baxter,

Clark, Clay, Cross, Greene, Hempstead,

Hot Spring, Jackson, Lee, Lincoln,

Lonoke, Mississippi, Nevada, Newton,

Poinsett, Pulaski, Saline, and White;

• In the state of Indiana: Clark,

Crawford, Dearborn, Floyd, Harrison,

Jefferson, Ohio, Perry, Posey, Spencer,

Switzerland, Vanderburgh, and Warrick;

• In the state of Kentucky: Bath,

Boone, Bourbon, Boyd, Bracken,

Breckinridge, Bullitt, Caldwell,

Campbell, Carroll, Carter, Christian,

Daviess, Elliott, Fleming, Franklin,

Gallatin, Grant, Greenup, Hancock,

Hardin, Harrison, Henderson, Henry,

Hopkins, Jefferson, Kenton, Lewis,

Mason, McLean, Meade, Menifee,

Nelson, Nicholas, Ohio, Oldham, Owen,

Pendleton, Powell, Scott, Shelby,

Spencer, Trimble, and Washington;

• In the state of Ohio: Adams,

Athens, Brown, Clermont, Gallia,

Hamilton, Hocking, Jackson, Lawrence,

Meigs, Monroe, Pike, Ross, Scioto,

Vinton, and Washington;

• In the state of Tennessee: Carroll,

Cheatham, Dyer, Madison, McNairy,

Montgomery, and Obion; and

• In the state of West Virginia:

Braxton, Cabell, Calhoun, Clay, Gilmer,

Jackson, Kanawha, Lincoln, Mason,

Putnam, Roane, Tyler, Wayne, Wetzel,

Wirt, and Wood.

The PBGC is providing relief from

certain deadlines and penalties. In

general, this relief is applicable with

respect to plans for which the

administrator’s or sponsor’s principal

place of business, or the office of a

service provider, bank, insurance

company, or other person maintaining