Federal Register / Vol. 63, No. 3 / Tuesday, January 6, 1998 / Proposed Rules 453

Authority: 15 U.S.C. 79t.

Title: Rule 26 (Financial statement

and recordkeeping requirements for

registered holding companies and

subsidiaries).

Citation: 17 CFR 250.26.

Authority: 15 U.S.C. 79e, 79f, 79j, 79l,

79m, 79n, 79q and 79t.

Title: Rule 27 (Classification accounts

prescribed for utility companies not

already subject thereto).

Citation: 17 CFR 250.27.

Authority: 15 U.S.C. 79e, 79f, 79j, 79l,

79m, 79n, 79q and 79t.

Title: Rule 28 (Inconsistent financial

statements).

Citation: 17 CFR 250.28.

Authority: 15 U.S.C. 79n.

Title: Rule 47 (Exemption of public

utility subsidiaries as to certain

securities issued to the Rural

Electrification Administration).

Citation: 17 CFR 250.47.

Authority: 15 U.S.C. 79m.

Title: Rule 48 (Certain exemptions in

connection with appliance sales and

loans to officers or employees).

Citation: 17 CFR 250.48.

Authority: 15 U.S.C. 79i, 79f, 79e(b),

79i(c) and 79m.

Title: Rule 49 (Certain exemptions

granted to non-utility subsidiaries).

Citation: 17 CFR 250.49.

Authority: 15 U.S.C. 79f, 79b and 79i.

Title: Rule 51 (Acquisitions pursuant

to preliminary agreements and

invitation for tenders).

Citation: 17 CFR 250.51.

Authority: 15 U.S.C. 79i.

Title: Rule 60 (Meaning of word

‘‘authorization’’).

Citation: 17 CFR 250.60.

Authority: 15 U.S.C. 79k and 791.

Title: Rule 61 (Solicitations other than

in connection with a reorganization or

transaction which is the subject of an

application or declaration).

Citation: 17 CFR 250.61.

Authority: 15 U.S.C. 78n.

Title: Rule 62 (Solicitations in

connection with reorganization of

transaction which is the subject of an

application or declaration).

Citation: 17 CFR 250.62.

Authority: 15 U.S.C. 79b.

Title: Rule 70 (Exemptions from

section 17(c) of the Public Utility

Holding Company Act).

Citation: 17 CFR 250.70.

Authority: 15 U.S.C. 79q(c), 79t(a),

79f(c), 79g, 79d and 79t.

Title: Rule 0–2 (Consent to service of

process to be furnished by non-resident

investment advisers and by non-resident

investment general partners or

managing agents of investment

advisers).

Citation: 17 CFR 275.0–2.

Authority: 15 U.S.C. 80b–11.

Title: Form 4–R (Irrevocable

appointment of agent for service of

process, pleadings and other papers by

individual non-resident investment

adviser).

Citation: 17 CFR 279.4.

Authority: 15 U.S.C. 80b–11.

Title: Form 5–R (Irrevocable

appointment of agent for service of

process, pleadings and other papers by

corporation non-resident investment

adviser).

Citation: 17 CFR 279.5.

Authority: 15 U.S.C. 80b–11.

Title: Form 6–R (Irrevocable

appointment of agent for service of

process, pleadings and other papers by

partnership non-resident investment

adviser).

Citation: 17 CFR 279.6.

Authority: 15 U.S.C. 80b–11.

Title: Form 7–R (Irrevocable

appointment of agent for service of

process, pleadings and other papers by

non-resident general partner of an

investment adviser).

Citation 17 CFR 279.7.

Authority: 15 U.S.C. 80b–11.

The Commission invites public

comment on both the list and the rules

to be reviewed.

Dated: December 29, 1997.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–157 Filed 1–5–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG–121755–97]

RIN 1545–AV86

Reorganizations; Nonqualified

Preferred Stock

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice of proposed rulemaking

by cross-reference to temporary

regulations and notice of public hearing.

SUMMARY: In the Rules and Regulations

section of this issue of the Federal

Register, the IRS and Treasury

Department are issuing a temporary

regulation under section 356(e) of the

Internal Revenue Code (Code) relating to

the receipt of nonqualified preferred

stock in certain exchanges. The

temporary regulation provides guidance

on when nonqualified preferred stock

(as defined in section 351(g)(2)) will not

be treated as stock or securities for

purposes of sections 354, 355, and 356.

The guidance also addresses the

treatment of the receipt of a right to

acquire nonqualified preferred stock.

The temporary regulation provides that

in certain circumstances the terms stock

and securities will not include

nonqualified preferred stock, or a right

to acquire such stock, when received in

exchange for stock or rights to acquire

stock. The text of the temporary

regulation also serves as the text of this

proposed regulation. This document

also provides notice of a public hearing

on this proposed regulation.

DATES: Written comments must be

received by April 6, 1998. Requests to

appear and outlines of topics to be

discussed at the public hearing

scheduled for May 5, 1998, at 10 a.m.

must be received by April 14, 1998.

ADDRESSES: Send submissions to:

CC:DOM:CORP:R [REG–121755–97],

room 5226, Internal Revenue Service,

POB 7604, Ben Franklin Station,

Washington, DC 20044. Submissions

may be hand delivered between the

hours of 8 a.m. and 5 p.m. to:

CC:DOM:CORP:R [REG–121755–97],

Courier’s Desk, Internal Revenue

Service, 1111 Constitution Avenue NW,

Washington, DC. Alternatively,

taxapayers may submit comments

electronically via the Internet by

selecting the ‘‘Tax Regs’’ option on the

IRS Home Page or by submitting

comments directly to the IRS Internet

site at: http://www.irs.ustreas.gov/prod/

taxlregs/comments.html. The public

hearing will be held in room 2615,

Internal Revenue Building, 1111

Constitution Avenue NW, Washington,

DC 20224.

FOR FURTHER INFORMATION CONTACT:

Concerning the proposed regulation,

Michael J. Danbury, (202) 622–7750;

concerning submissions and the public

hearing, LaNita Van Dyke, (202) 622–

7180 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

A temporary regulation in the Rules

and Regulations section of this issue of

the Federal Register amends the Income

Tax Regulations (26 CFR part 1) relating

to section 356 by adding § 1.356–6T.

The text of that temporary regulation

also serves as the text of this proposed

regulation. The preamble to the

temporary regulation explains the

reason for the addition.
454 Federal Register / Vol. 63, No. 3 / Tuesday, January 6, 1998 / Proposed Rules

Special Analyses

It has been determined that this notice

of proposed rulemaking is not a

significant regulatory action as defined

in EO 12866. Therefore, a regulatory

assessment is not required. It has also

been determined that section 553(b) of

the Administrative Procedure Act (5

U.S.C. chapter 5) does not apply to this

regulation. Because the regulation does

not impose a collection of information

on small entities, the Regulatory

Flexibility Act (5 U.S.C. chapter 6) does

not apply. Pursuant to section 7805(f) of

the 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 and Public Hearing

Before this proposed regulation is

adopted as a final regulation,

consideration will be given to any

written comments (a signed original and

eight (8) copies) that are submitted

timely to the IRS. All comments will be

available for public inspection and

copying.

A public hearing has been scheduled

for May 5, 1998, at 10 a.m. in room

2615, Internal Revenue Building, 1111

Constitution Ave., NW, Washington,

DC. Because of access restrictions,

visitors will not be admitted beyond the

building lobby more than 15 minutes

before the hearing starts.

The rules of 26 CFR 601.601(a)(3)

apply to the hearing.

Persons who wish to present oral

comments at the hearing must submit

written comments by April 6, 1998 and

submit an outline of the topics to be

discussed and the time to be devoted to

each topic (signed original and eight (8)

copies) by April 14, 1998.

A period of 10 minutes will be

allotted to each person for making

comments.

An agenda showing the scheduling of

the speakers will be prepared after the

deadline for receiving outlines has

passed. Copies of the agenda will be

available free of charge at the hearing.

Drafting Information: The principal

author of this regulation is Michael J.

Danbury of the Office of Assistant Chief

Counsel (Corporate). However, other

personnel from the IRS and Treasury

Department participated in its

development.

List of Subjects in 26 CFR Part 1

Income taxes, 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 * * *

Par 2. Section 1.356–6 is added to

read as follows:

§ 1.356–6 Rules for treatment of

nonqualified preferred stock as ‘‘other

property.’’

[The text of this proposed section is

the same as the text of § 1.356–6T

published elsewhere in this issue of the

Federal Register.]

Michael P. Dolan,

Deputy Commissioner of Internal Revenue.

[FR Doc. 98–18 Filed 1–5–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE INTERIOR

Office of Surface Mining Reclamation

and Enforcement

30 CFR Part 936

[SPATS No. OK–024–FOR]

Oklahoma Regulatory Program

AGENCY: Office of Surface Mining

Reclamation and Enforcement (OSM),

Interior.

ACTION: Proposed rule; public comment

period and opportunity for public

hearing.

SUMMARY: OSM is announcing receipt of

a proposed amendment to the Oklahoma

regulatory program (hereinafter the

‘‘Oklahoma program’’) under the

Surface Mining Control and

Reclamation Act of 1977 (SMCRA). The

proposed amendment consists of

revisions to and/or additions of

regulations pertaining to definitions;

reclamation plan: siltation structures,

impoundments, banks, dams, and

embankments; permit variances from

approximate original contour restoration

requirements; small operator assistance;

bond release applications; hydrologic

balance: siltation structures; disposal of

excess spoil: preexisting benches; coal

mine waste: general requirements; state

inspections and monitoring; and request

for hearing. The amendment is intended

to revise the Oklahoma program to be

consistent with the corresponding

Federal regulations.

This document set forth the times and

locations that the Oklahoma program

and proposed amendment to that

program are available for public

inspection, the comment period during

which interested persons may submit

written comments on the proposed

amendment, and the procedures that

will be followed regarding the public

hearing, if one is requested.

DATES: Written comments must be

received by 4:00 p.m., c.s.t., February 5,

1998. If requested, a public hearing on

the proposed amendment will be held

on February 2, 1998. Requests to speck

at the hearing must be received by 4:00

p.m., c.s.t., on January 21, 1998.

ADDRESSES: Written comments and

requests to speak at the hearing should

be mailed or hand delivered to Michael

C. Wolfrom, Director, Tulsa Field Office,

at the address listed below.

Copies of the Oklahoma program, the

proposed amendment, a listing of any

scheduled public hearings, and all

written comments received in response

to this document will be available for

public review at the addresses listed

below during normal business hours,

Monday through Friday, excluding

holidays. Each requester may receive

one free copy of the proposed

amendment by contacting OSM’s Tulsa

Field Office.

Michael C. Wolfrom, Director, Tulsa

Field Office, Office of Surface Mining

Reclamation and Enforcement, 5100

East Skelly Drive, Suite 470, Tulsa,

Oklahoma 74135–6547, Telephone:

(918) 581–6430.

Oklahoma Department of Mines, 4040

N. Lincoln Blvd., Suite 107,

Oklahoma City, Oklahoma 73105,

Telephone: (405) 521–3859.

FOR FURTHER INFORMATION CONTACT:

Michael C. Wolfrom, Director, Tulsa

Field Office, Telephone: (918) 581–

6430.

SUPPLEMENTARY INFORMATION:

I. Background on the Oklahoma

Program

On January 19, 1981, the Secretary of

the Interior conditionally approved the

Oklahoma program. Background

information on the Oklahoma program,

including the Secretary’s findings, the

disposition of comments, and the

conditions of approval can be found in

the January 19, 1981, Federal Register

(46 FR 4902). Subsequent actions

concerning the conditions of approval

and program amendments can be found

at 30 CFR 936.15 and 936.16.

II. Description of the Proposed

Amendment

By letter dated December 18, 1997

(Administrative Record No. OK–981),

Oklahoma submitted a proposed