33596 Federal Register / Vol. 63, No. 118 / Friday, June 19, 1998 / Proposed Rules

rules with respect to the section 367(b)

portion of the 1991 proposed

regulations, but generally only to the

extent that a particular transaction is

subject to both sections 367(a) and (b).

The final regulations do not address the

all earnings and profits amount.

The IRS and the Treasury Department

believe that issues regarding the all

earnings and profits amount should be

studied before final regulations are

promulgated. Moreover, the IRS and the

Treasury Department believe that the

final regulations concerning the all

earnings and profits amount should not

be subject to a special effective date.

Thus, this notice of proposed

rulemaking removes from the 1991

proposed regulations the special

(August 26, 1991) effective date rule for

the definition of the all earnings and

profits amount. When final regulations

under section 367(b) are issued with

respect to the all earnings and profits

amount, such regulations will have a

prospective effective date.

Special Analysis

It has been determined that this notice

of proposed rulemaking is not a

significant regulatory action as defined

in Executive Order 12866. Therefore, a

regulatory assessment is not required. It

has also been determined that this

regulation does not have a significant

impact on small entities because this

regulation, which only contains a

limited effective date rule, impacts only

U.S. corporations with investments in

foreign corporations. Thus, the

Regulatory Flexibility Act (5 U.S.C.

chapter 6) does not apply to these

regulations, and 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

Before these proposed regulations are

adopted as final regulations,

consideration will be given to any

written comments (a signed original and

eight (8) copies) that are submitted

timely to the Internal Revenue Service.

All comments will be available for

public inspection and copying.

Drafting Information

The principal author of these

proposed regulations is Philip L. Tretiak

of the Office of Associate Chief Counsel

(International), IRS. However, other

personnel from the IRS and the Treasury

Department participated in their

development.

List of Subjects in 26 CFR Part 1

Income tax, Reporting and

recordkeeping requirements.

Proposed Amendments to the

Regulations

Accordingly, 26 CFR part 1 is

proposed to be amended as follows:

PART 1—INCOME TAXES

Paragraph 1. The authority citation

for part 1 continues to read in part as

follows:

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

§ 1.367(b)–6 [Amended]

Par. 2. Section 1.367(b)–6, as

proposed to be added on Monday,

August 26, 1991 (56 FR 42015), is

amended by removing the last sentence

of paragraph (a).

Michael P. Dolan,

Deputy Commissioner of Internal Revenue.

[FR Doc. 98–15453 Filed 6–18–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD07–98–033]

RIN 2115–AE46

Special Local Regulations; St. Johns

River, Jacksonville, Florida

AGENCY: Coast Guard, DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: The Coast Guard is proposing

to amend the permanent special local

regulations for the Annual Greater

Jacksonville Kingfish Tournament, by

increasing the size of the No Wake Zone

on the waters of the St. Johns River and

establishing the annual date of the event

during the second full week of July. The

increased size of the zone is needed to

safeguard the increasingly larger

number of participants and other vessels

transiting the St. Johns River and Sisters

Creek during the Annual Greater

Jacksonville Kingfish Tournament.

Vessel operators should use minimum

speed in this area to avoid creating

wakes, unless otherwise authorized by

the Captain of the Port.

DATES: Comments must be received on

or before July 9, 1998.

ADDRESSES: Comments may be mailed to

Commander, U.S. Coast Guard Group

Mayport, 4200 Ocean Street, Mayport,

FL 32233, or may be delivered to the

operations office at the same address

between 7:30 a.m. and 3:30 p.m.,

Monday through Friday, except federal

holidays. Comments will become a part

of the public docket and will be

available for copying and inspection at

the same address.

FOR FURTHER INFORMATION CONTACT:

Ensign Gary Watson, Group Mayport,

Tel: (904) 247–7318.

SUPPLEMENTARY INFORMATION:

Request for Comments

The Coast Guard encourages

interested persons to participate in this

rulemaking by submitting written views,

data, or arguments. Persons submitting

comments should include their names,

addresses, identify this rulemaking

(CGD07–98–033), and the specific

section of this proposal to which their

comments apply, and give reasons for

each comment.

The Coast Guard will consider all

comments received during the comment

period. The regulations may be changed

in view of the comments received. The

Coast Guard plans no public hearing.

Persons may request a public hearing by

writing to the address under ADDRESSES

and stating why a hearing would be

beneficial. The comment period of

twenty days is justified because the

persons affected by this rulemaking are

within the greater Jacksonville area and

additional efforts are being made to

notify that community of the

rulemaking so they may be able to

comment within the shortened period.

Background and Purpose

The event requiring this regulation is

the Annual Greater Jacksonville

Kingfish Tournament, which will be

held annually during the second full

week in July. It will begin in 1998 on

July 14 in the Sisters Creek Marina,

Sisters Creek, Jacksonville, Florida, at 6

a.m. and terminate at 4 p.m. each day

until July 19. Due to the large number

of participants and spectator craft, a

larger No Wake Zone has been proposed

on the waters of the St. Johns River

lying between the eastern boundary

formed by St. Johns River Lighted Buoy

7 position 30–23.56N, 081–23.04W, and

Lighted Buoy 8 position 30–24.03N,

081–23.01W, and the western boundary

formed by Lighted Buoy 25 position 30–

23.40N, 081–28.26W, and Short Cut

Light 26 position 30–23.46N, 081–

28.16W with the northern and southern

boundaries formed by the banks of the

St. Johns River and extended north from

the boundary formed by the St. Johns

River and the Intracoastal Waterway,

Sisters Creek, to Lighted Buoy 83 on the
Federal Register / Vol. 63, No. 118 / Friday, June 19, 1998 / Proposed Rules 33597

Intracoastal Waterway. The zone is

needed to safeguard vessels transiting in

the St. Johns River and Sisters Creek

during this event. This event will occur

annually and the date and times will be

published in the Federal Register and in

a Local Notice to Mariners. During each

of these events, local law enforcement

agents will be on scene to assist in

enforcing the No Wake Zone and to

monitor vessel traffic. This regulation is

issued pursuant to 33 U.S.C. 1233

through 1236 as set out in the authority

citation for all of Part 100.

Regulatory Evaluation

This proposed rule is not a significant

regulatory action under section 3(f) of

Executive Order 12866 and does not

require an assessment of potential costs

and benefits under section 6(a)(3) of that

order. It has not been reviewed by the

Office of Management and Budget under

that order. It is not significant under the

regulatory policies and procedures of

the Department of Transportation (DOT)

(44 FR 11040: February 26, 1979). The

Coast Guard expects the economic

impact of this proposed rule to be so

minimal that a full Regulatory

Evaluation under paragraph 10e of the

regulatory policies and procedures of

DOT is unnecessary. Only a small

amount of recreational and fishing

vessel traffic is expected to be disrupted

by the increased size of the No Wake

Zone.

Small Entities

Under the Regulatory Flexibility Act

(5 U.S.C. 601 et seq.), the Coast Guard

must consider whether this proposed

rule would have a significant economic

impact on a substantial number of small

entities. ‘‘Small entities’’ include small

businesses, not-for-profit organizations

that are independently owned and

operated and are not dominant in their

field and governmental jurisdictions

with populations of less than 50,000.

Therefore, the Coast Guard certifies

under 605(b) that this proposed rule

would not have a significant economic

impact on a substantial number of small

entities because the No Wake Zone will

only be in effect in a limited area for

approximately 60 hours each year.

Collection of Information

This proposed rule contains no

collection of information requirements

under the Paperwork Reduction Act (44

U.S.C. 3501 et seq.).

Federalism

This proposed action has been

analyzed in accordance with the

principles and criteria contained in

Executive Order 12612, and it has been

determined that the rulemaking does

not have sufficient federalism

implications to warrant the preparation

of a Federalism Assessment.

Environmental Assessment

The Coast Guard has considered the

environmental impact of this proposal

and has concluded under Figure 2–1,

paragraph (34)(h) of Commandant

Instruction M16475.1C, that this action

is categorically excluded from further

environmental documentation. A

Categorical Exclusion Determination

and Environmental Analysis checklist

will be completed during the comment

period.

List of Subjects in 33 CFR Part 100

Marine safety, Navigation (water),

Reporting and recordkeeping

requirements, Waterways.

Proposed Regulations

In consideration of the foregoing, the

Coast Guard proposes to amend Part 100

of Title 33, Code of Federal Regulations,

as follows:

PART 100—[AMENDED]

1. The Authority citation for Part 100

continues to read as follows:

Authority: 33 U.S.C. 1233, 49 CFR 1.46 and

33 CFR 100.35.

2. Revise § 100.710 to read as follows:

§ 100.710 Annual Greater Jacksonville

Kingfish Tournament; Jacksonville, Florida.

(a) Regulated area. A regulated area is

established for the waters of the St.

Johns River lying between a eastern

boundary formed by St. Johns River

Lighted Buoy 7 (LLNR (7145) position

30–23.56N, 081–23.04W, and Lighted

Buoy 8 (LLNR 7150) position 30–

24.03N, 081–23.01W, and the western

boundary formed by Lighted Buoy 25

(LLNR 7305) position 30–23.40N, 081–

28.26W, and Short Cut Light 26 (LLNR

7310) position 30–23.46N, 081–28.16W

with the northern and southern

boundaries formed by the banks of the

St. Johns River and extended north from

the boundary formed by the St. Johns

River and the Intracoastal Waterway,

Sisters Creek, to Lighted Buoy 83 (LLNR

38330) on the Intracoastal Waterway.

(b) Regulations. Vessels operating in

the regulated area must operate at No

Wake Speed.

(c) Dates. This section is effective

annually during the second full week of

July. Coast Guard Group Mayport will

issue a Local Notice to Mariners each

year announcing future specific times

and dates of the event. In 1998, the

event will occur from July 14 to July 19

from 6 a.m. to 4 p.m. each day.

N.T. Saunders,

Rear Admiral, U.S. Coast Guard, Commander,

Seventh Coast Guard District.

[FR Doc. 98–16241 Filed 6–18–98; 8:45 am]

BILLING CODE 4910–14–M

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 81

[ID 21–7001; FRL–6113–4]

Designation of Areas for Air Quality

Planning Purposes: State of Idaho and

the Fort Hall Indian Reservation

AGENCY: Environmental Protection

Agency.

ACTION: Notice of proposed rulemaking.

SUMMARY: In this action, the

Environmental Protection Agency (EPA)

proposes to revise the designation for

particulate matter with an aerodynamic

diameter of less than a nominal 10

microns (PM–10) for the Power-Bannock

Counties PM–10 nonattainment area by

creating two distinct nonattainment

areas that together cover the identical

geographic area as the original

nonattainment area. The revised areas

would be divided at the boundary

between State lands and the Fort Hall

Indian Reservation, with one revised

area comprised of State lands and the

other revised area comprised of lands

within the exterior boundary of the Fort

Hall Indian Reservation. The

redesignation is based upon a request

from the State of Idaho, which is

supported by monitoring and modeling

information. Both areas would retain

PM–10 nonattainment designations and

classification as moderate PM–10

nonattainment areas as a result of this

proposed action.

In a concurrent notice of proposed

rulemaking published today, EPA is

proposing to make a finding that the

proposed PM–10 nonattainment area

within the exterior boundary of the Fort

Hall Indian Reservation failed to attain

the National Ambient Air Quality

Standards (NAAQS) for PM–10 by the

applicable attainment date. Such a

finding would, by operation of law,

result in the reclassification of the

proposed PM–10 nonattainment area

within the Fort Hall Indian Reservation

to a serious PM–10 nonattainment area.

EPA recently established a new

standard for particulate matter with a

diameter equal to or less than 2.5

microns and also revised the existing

PM–10 standards. Today’s proposal,