Federal Register / Vol. 62, No. 8 / Monday, January 13, 1997 / Proposed Rules 1705

than 500 hours and because A is a limited

partner under paragraph (h)(2) of this section

who owns a substantial interest with rights

and obligations that are identical to B’s rights

and obligations. In this example, B’s

distributive share is deemed to be a return on

B’s investment in LLC and not remuneration

for B’s service to LLC. Thus, B’s distributive

share attributable to B’s two LLC units is not

net earnings from self-employment under

section 1402(a)(13).

(iv) Distributive share included in net

earnings from self-employment. C’s

guaranteed payment of $10x is included in

C’s net earnings from self-employment under

section 1402(a). In addition, C’s distributive

share attributable to C’s LLC unit also is net

earnings from self-employment under section

1402(a) because C is not a limited partner

under paragraphs (h)(2), (h)(3), or (h)(4) of

this section. C is not treated as a limited

partner under paragraph (h)(2) of this section

because C has the authority under State’s law

to enter into a binding contract on behalf of

LLC and because C participates in LLC’s

trade or business for more than 500 hours

during the taxable year. Further, C is not

treated as a limited partner under paragraph

(h)(3) of this section because C does not hold

more than one class of interest in LLC.

Finally, C is not treated as a limited partner

under paragraph (h)(4) of this section because

C has the power to bind LLC. Thus, C’s

guaranteed payment and distributive share

both are included in C’s net earnings from

self-employment under section 1402(a).

(j) Effective date. Paragraphs (d), (e),

(f), (g), (h), and (i) are applicable

beginning with the individual’s first

taxable year beginning on or after the

date this section is published as a final

regulation in the Federal Register.

Margaret Milner Richardson,

Commissioner of Internal Revenue.

[FR Doc. 97–701 Filed 1–10–97; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE INTERIOR

Bureau of Land Management

43 CFR Part 3100

[WO–310–3110–02 1A]

Royalty Rate Reduction for Stripper Oil

Properties

AGENCY: Bureau of Land Management,

Interior.

ACTION: Review of regulations;

reopening of comment period.

SUMMARY: On November 4, 1996, the

Bureau of Land Management (BLM)

published a document in the Federal

Register announcing a review of the

royalty rate reducing reduction available

to producers of Federal stripper well

properties (61 FR 56651). The document

requested comments from the public on

the effectiveness of this program during

a 60-day period that ended on January

3, 1997. BLM has received numerous

requests from the public for additional

time to research this issue and is

reopening the comment period for an

additional 60 days.

DATES: Comments must be submitted on

or before March 14, 1997.

ADDRESSES: If you wish to comment you

may: (a) Hand-deliver comments to the

Bureau of Land Management,

Administrative Record, Room 401, 1620

L St., NW., Washington, DC; (b) Mail

comments to the Bureau of Land

Management, Administrative Record,

Room 401LS, 1849 C Street, NW,

Washington, DC 20240; or (c) Transmit

comments electronically via the Internet

to WOComment@wo.blm.gov. Please

include Attn: ‘‘Stripper Wells’’ and your

name and address in your message. If

you do not receive a confirmation from

the system that we have received your

Internet message, contact us directly at

(202) 452–5030.

You will be able to review comments

at BLM’s Regulatory Affairs office,

Room 401, 1620 L St., NW.,

Washington, D.C., during regular

business hours (7:45 a.m. to 4:15 p.m.)

Monday through Friday.

FOR FURTHER INFORMATION CONTACT:

Wayne Melton, Roswell (NM) District

Office, (505) 627–0254.

Dated: January 8, 1997.

Frank Bruno,

Regulatory Affairs Group.

[FR Doc. 97–738 Filed 1–10–97; 8:45 am]

BILLING CODE 4310–84–P

DEPARTMENT OF COMMERCE

National Oceanic and Atmospheric

Administration

50 CFR Parts 630 and 678

[I.D. 010297A]

Atlantic Swordfish Fishery; Atlantic

Shark Fishery; Public Hearings on

Draft Amendment 1 to the Fishery

Management Plan for Sharks of the

Atlantic Ocean

AGENCY: National Marine Fisheries

Service (NMFS), National Oceanic and

Atmospheric Administration (NOAA),

Commerce.

ACTION: Public hearings; request for

comments.

SUMMARY: The Highly Migratory Species

Management Division (HMS Division)

will convene 11 public hearings on

Draft Amendment 1 to the Fishery

Management Plan for Sharks of the

Atlantic Ocean (Shark FMP) and a

proposed limited access system for the

Atlantic swordfish fishery. Draft

Amendment 1 will address a limited

access system for the Atlantic shark

fishery. Draft Amendment 1 to Fishery

Management Plan for Atlantic

Swordfish (Swordfish FMP), which will

address a limited access system for that

fishery, will be published in early

January.

DATES: Written comments on Draft

Amendment 1 to the Shark FMP will be

accepted until February 28, 1997. Public

hearings will be held in January and

February. See SUPPLEMENTARY

INFORMATION for specific dates and times

of the hearings.

ADDRESSES: Written comments should

be sent to William T. Hogarth, Acting

Chief, HMS Division, Office of

Sustainable Fisheries F/SF1, 1315 EastWest Highway, Silver Spring, MD 20910

(FAX: 301–713–1917). Clearly mark the

outside of the envelope ‘‘Limited Access

Comments.’’ Copies of the proposed rule

and draft amendment 1 to the Shark

FMP, which includes an environmental

assessment and regulatory impact

review, are available from Margo

Schulze at the same address. Public

hearings will be held in Maine,

Massachusetts, Rhode Island, New York,

New Jersey, North Carolina, Florida, and

Louisiana. See SUPPLEMENTARY

INFORMATION for locations of the

hearings.

FOR FURTHER INFORMATION CONTACT:

Margo Schulze, Fishery Biologist, or

James Chambers, Fishery Management

Specialist, HMS Division, 301–713–

2347.

SUPPLEMENTARY INFORMATION: Issues that

will be addressed in Draft Amendment

1 to the Shark FMP include: Proposed

implementation of a two-tiered permit

system consisting of directed and

incidental permits for the commercial

fishery, eligibility criteria for these

permits based on historical

participation, transferability provisions,

the permitting process, upgrading

restrictions, ownerships limits, and an

incidental permit catch limit. Draft

Amendment 1 to the Swordfish FMP

will be published in early January and

will address similar issues to those in

Draft Amendment 1 to the Shark FMP.

A complete description of the

measures, including the purpose and

need for the proposed action, is

contained in the proposed rule

published December 27, 1996 (61 FR

68202), and is not repeated here. Copies

of the proposed rule and Draft
1706 Federal Register / Vol. 62, No. 8 / Monday, January 13, 1997 / Proposed Rules

Amendment 1 to the Shark FMP may be

obtained by writing (see ADDRESSES) or

calling one of the contact persons (see

FOR FURTHER INFORMATION CONTACT).

To accommodate people unable to

attend a hearing or wishing to provide

additional comments, NMFS also

solicits written comments on the

proposed rule.

The public hearings are scheduled as

follows:

1. Thursday, January 30, 1997—North

Carolina Aquarium (Auditorium),

Airport Road, Manteo, NC 27954, (919)

473–3494, 7:00 p.m.–10:00 p.m.

2. Monday, February 3, 1997—

Barnegat Light Firehouse, 10th and

Boulevard Streets, Long Beach Island,

Barnegat Light, NJ 08006, (609) 494–

1280, 7:00 p.m.–10:00 p.m.

3. Wednesday, February 5, 1997—

Holiday Inn (Highland Room), 81

Riverside Street (exit 8 off Maine

Turnpike), Portland, ME 04103, (207)

774–5601, 7:00 p.m.–10:00 p.m.

4. Thursday, February 6, 1997—City

Hall (Commission Chambers, 1st floor),

100 North Andrews Avenue, Ft.

Lauderdale, FL 33301, (954) 761–5002,

3:00 p.m.–6:00 p.m.

5. Thursday, February 6, 1997—

Holiday Inn at the Crossings (Ballroom),

(near T.F. Green Airport), 801

Greenwich Avenue (exit 12A off I–95),

Warwick, RI 02886, (401) 732–6000,

7:00 p.m.- 10:00 p.m.

6. Friday, February 7, 1997—Monroe

County Public Library (Auditorium),

700 Fleming Street, Key West, FL 33040,

(305) 292–3595, 3:00 p.m.–6:00 p.m.

7. Friday, February 7, 1997—Fire

Hall, 12 Flamingo Avenue, Montauk,

NY 11954, (516) 668–5695, 7:00 p.m.–

10:00 p.m.

8. Thursday, February 13, 1997—

Madeira Beach City Hall (Auditorium),

300 Municipal Drive, Madeira Beach, FL

33708, (813) 391–9951, 7:00 p.m.–10:00

p.m.

9. Friday, February 14, 1997—City

Hall (Commission Meeting Rm, 2nd

floor), 9 Harrison Avenue (Route 231),

Panama City, FL 32401, (904) 872–3010,

2:00 p.m.–5:00 p.m.

10. Saturday, February 15, 1997—

Quality Inn Midtown (Napoleon Room),

3900 Tulane Avenue, New Orleans, LA

70119, (504) 486–5541, 3:00 p.m.–6:00

p.m.

11. Wednesday, February 19, 1997—

NOAA, First Floor Conference Room

(1W611), Silver Spring Metro Center

Building 4, 1305 East-West Highway,

Silver Spring, MD 20910, (301) 713–

2227, 10:00 a.m.–12:00 p.m.

Special Accommodations

These meetings are physically

accessible to people with disabilities.

Requests for sign language

interpretation or other auxiliary aids

should be directed to Margo Schulze

(see ADDRESSES) at least 15 days before

the hearing date.

Dated: January 7, 1997.

Bruce Morehead,

Acting Director, Office of Sustainable

Fisheries, National Marine Fisheries Service.

[FR Doc. 97–698 Filed 1–7–97; 4:59 pm]

BILLING CODE 3510–22–F