Federal Register / Vol. 63, No. 127 /Thursday, July 2, 1998 /Rules and Regulations 36181

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

Par. 2. In § 1.460–0, the entry for

§ 1.460–6 is amended by adding entries

for paragraphs (i) and (j) and the entry

for § 1.460–6T is removed to read as

follows:

§ 1.460–0 Outline of regulations under

section 460.

* * * * *

§ 1.460–6 Look-back method.

* * * * *

(i) [Reserved].

(j) Election not to apply look-back method

in de minimis cases.

* * * * *

Par. 3. In § 1.460–6, paragraph (i) is

added and reserved and paragraph (j) is

added to read as follows:

§ 1.460–6 Look-back method.

* * * * *

(i) [Reserved].

(j) Election not to apply look-back

method in de minimis cases. Section

460(b)(6) provides taxpayers with an

election not to apply the look-back

method to long-term contracts in de

minimis cases, effective for contracts

completed in taxable years ending after

August 5, 1997. To make an election, a

taxpayer must attach a statement to its

timely filed original federal income tax

return (including extensions) for the

taxable year the election is to become

effective or to an amended return for

that year, provided the amended return

is filed on or before March 31, 998. This

statement must have the legend

‘‘NOTIFICATION OF ELECTION

UNDER SECTION 460(b)(6)’’; provide

the taxpayer’s name and identifying

number and the effective date of the

election; and identify the trades or

businesses that involve long-term

contracts. An election applies to all

long-term contracts completed during

and after the taxable year for which the

election is effective. An election may

not be revoked without the

Commissioner’s consent. For taxpayers

who elected to use the delayed

reapplication method under paragraph

(e) of this section, an election under this

paragraph (j) automatically revokes the

election to use the delayed reapplication

method for contracts subject to section

460(b)(6). A consolidated group of

corporations, as defined in § 1.1502–

1(h), is subject to consistency rules

analogous to those in paragraph (e)(2) of

this section and in paragraph

(d)(4)(ii)(C) of this section (concerning

election to use simplified marginal

impact method).

§ 1.460–6T [Removed]

Par. 4. Section 1.460–6T is removed.

PART 602—OMB CONTROL NUMBERS

UNDER THE PAPERWORK

REDUCTION ACT

Par. 5. The authority citation for part

602 continues to read as follows:

Authority: 26 U.S.C. 7805.

Par. 6. In § 602.101, paragraph (c) is

amended by:

1. Removing the following entry from

the table:

§ 602.101 OMB Control numbers.

* * * * *

(c) * * *

CFR part or section where

identified and described

Current

OMB control No.

* * * * *

1.460–6T ................................... 1545–1572

* * * * *

2. Revising the entry for § 1.460–6 to

read as follows:

§ 602.101 OMB Control numbers.

* * * * *

(c) * * *

CFR part or section where

identified and described

Current

OMB control No.

* * * * *

1.460–6 ..................................... 1545–1031

1545–1572

* * * * *

Michael P. Dolan,

Deputy Commissioner of Internal Revenue.

Approved: June 12, 1998.

Donald C. Lubick,

Assistant Secretary of the Treasury.

[FR Doc. 98–17697 Filed 7–1–98; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD07–98–008]

RIN 2115–AE46

Special Local Regulations; Around

Alone Sailboat Race, Charleston, SC

AGENCY: Coast Guard, DOT.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is

establishing temporary special local

regulations creating a regulated area in

the coastal waters off Charleston, SC, for

the Around Alone single-handed

sailboat race, sponsored by Great

Adventure, Ltd. These regulations will

prohibit entry into the regulated area by

non-participating vessels during the

event. These regulations are necessary

to provide for the safety of life on

navigable waters because of the

expected presence of numerous

spectator craft.

DATES: This regulation is effective from

10 a.m. (EDT) until 2 p.m. (EDT) on

September 26, 1998.

FOR FURTHER INFORMATION CONTACT:

LTJG S. Brisco, Project Manager, Coast

Guard Group Charleston at (803) 724–

7628.

SUPPLEMENTARY INFORMATION:

Regulatory History

The Coast Guard published a Notice

of Proposed Rulemaking in the Federal

Register on March 30, 1998 (63 FR

15115). No comments were received

during the comment period.

Background and Purpose

These regulations are needed to

provide for the safety of life during the

start of the Around Alone 1998–99

sailing race. These regulations are

intended to promote safe navigation

offshore Charleston Harbor immediately

before, during, and after the start of the

race, by controlling the traffic entering,

exiting, and traveling within the

regulated area. The anticipated

concentration of commercial traffic,

spectator vessels, and participating

vessels associated with the race poses a

safety concern which is addressed in

these proposed safety regulations.

The regulated area will encompass a

trapezoidal area south of Charleston

Harbor entrance lighted buoy 7 (LLNR

2405). Four conspicuous markers will

indicate the corners of the regulated

area. These regulations prohibit the

movement of spectator vessels and other

non-participants within the regulated

area on September 26, 1998, between 10

a.m. and 2 p.m., at the discretion of the

Coast Guard Patrol Commander.

Regulatory Evaluation

This rule is not a major 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 been exempted from review

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
36182 Federal Register / Vol. 63, No. 127 /Thursday, July 2, 1998 /Rules and Regulations

expects the economic impact of this rule

to be so minimal that a full Regulatory

Evaluation under paragraph 10(e) of the

regulatory policies and procedures of

DOT is unnecessary. The regulations

will only be in effect for approximately

4 hours on September 26, 1998.

Small Entities

Under the Regulatory Flexibility Act

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

must consider whether this rule will

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 5 U.S.C. 605(b) that this rule will

not have a significant economic impact

on a substantial number of small entities

because the regulated area would be in

effect for only 4 hours in a limited area

outside Charleston harbor.

Collection of Information

This rule contains no collection of

information requirements under the

Paperwork Reduction Act (44 U.S.C.

3501 et seq.)

Federalism

The Coast Guard has analyzed this

action in accordance with the principles

and criteria contained in Executive

Order 12612 and has determined that

this rule 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 determined pursuant figure 2–

1, paragraph #34(h) of Commandant

Instruction M16475.1C, that this

proposal is categorically excluded from

further environmental documentation.

A Categorical Exclusion Determination

is available in the docket for inspection

and copying.

List of Subjects in 33 CFR Part 100

Marine safety, Navigation (water),

Reporting and recordkeeping

requirements, Waterways.

Temporary Regulations

In consideration of the foregoing, the

Coast Guard amends 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; 40 CFR 1.46 and

33 CFR 100.35

2. A new section 100.35T–07–008 is

added to read as follows:

§ 100.35T–07–008 Around Alone 1998–99

Sailing Race; Charleston, SC.

(a) Definitions:

(1) Regulated area. The regulated area

includes the waters off Charleston, SC,

in an area bounded by four corner

points located at 32–42.72N, 79–

47.64W; 32–42.09N, 79–46.96W; 32–

41.61N, 79–47.28W; and 32–41.78N,

79–48.27W. All coordinates reference

Datum: NAD 83. These four points will

be conspicuously marked with four

markers.

(2) Coast Guard Patrol Commander.

The Coast Guard Patrol Commander is

a commissioned, warrant, or petty

officer of the Coast Guard who has been

designated by the Commander, Coast

Guard Group Charleston, SC.

(b) Special Local Regulations.

(1) Entry into the regulated area by

other than event participants is

prohibited, unless otherwise authorized

by the Coast Guard Patrol Commander.

(2) The Coast Guard Patrol

Commander may delay, modify, or

cancel the race as conditions or

circumstances require. The Coast Guard

Patrol Commander shall monitor the

start of the race with the race

committee, to allow for a window of

opportunity for the race participants to

depart the harbor with minimal

interference with inbound or outbound

commercial traffic.

(3) Spectator and other nonparticipating vessels may only follow

the participants out of Charleston

Harbor to the race starting area if they

maintain a minimum distance of 500

yards behind the last participant, at the

discretion of the Patrol Commander.

Upon completion of the start of the race

and when the last race participant has

passed the outermost boundary of the

regulated area, all vessels may resume

normal operations.

(c) Date. This section becomes

effective at 10 a.m. and terminates at 2

p.m. EDT on September 26, 1998.

Dated: June 24, 1998.

Norman T. Saunders,

Rear Admiral, U.S. Coast Guard Commander,

Seventh Coast Guard District.

[FR Doc. 98–17651 Filed 7–1–98; 8:45 am]

BILLING CODE 4910–15–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD08–98–034]

RIN 2115–AE46

Special Local Regulations; Head of the

Ohio, Allegheny River Mile 0.0–3.3

AGENCY: Coast Guard, DOT.

ACTION: Notice of implementation.

SUMMARY: This notice implements 33

CFR 100.201, ‘‘Annual marine events

within the Second Coast Guard

District’’, Table One, number 79, listed

as ‘‘Head of the Ohio’’. In 1996, the

Second Coast Guard District was

disestablished, and the Eighth District

boundaries were expanded to include

the prior Second District area of

responsibility. The Eighth District

Commander now exercises authority

over the combined geographical region.

61 FR 29958 (June 13, 1996). This event

will be held on October 3, 1998 at

Pittsburgh, Pennsylvania.

Implementation of section 33 CFR

100.201 (Table One, 79) is necessary to

provide for the safety of life on

navigable waters during the event.

DATES: 33 CFR 100.201 (Table One, 79)

is effective from 7 a.m. until 6 p.m. on

October 3, 1998.

FOR FURTHER INFORMATION CONTACT:

LT T.J. Ferring, Marine Safety Office,

Pittsburgh, PA, Tel: (412) 644–5808.

SUPPLEMENTARY INFORMATION: The Head

of the Ohio is a river festival sponsored

by the Pittsburgh Mercy Foundation.

These special local regulations permit

the Coast Guard to control vessel traffic

in order to ensure the safety of

spectators and participants. Spectators

will be able to view the event from areas

designated by the sponsor. Nonparticipating vessels will be able to

transit the area during breaks between

scheduled events.

Dated: June 11, 1998.

A.L. Gerfin, Jr.,

Captain, U.S. Coast Guard Commander, 8th

Coast Guard Dist. Acting.

[FR Doc. 98–17650 Filed 7–1–98; 8:45 am]

BILLING CODE 4910–15–M