71880 Federal Register / Vol. 76, No. 224 / Monday, November 21, 2011 / Rules and Regulations 

distributes the $100 of cash to J in 

liquidation. Pursuant to § 1.368–2(l), 

Corporation Y will be deemed to issue a 

nominal share of Corporation Y stock to 

Corporation X in addition to the $100 of cash 

actually exchanged for the Corporation X 

assets, and Corporation X will be deemed to 

distribute all of the consideration to J. J will 

have a basis of $50 in the nominal share of 

Corporation Y stock under section 358(a). 

(ii) Analysis. Under paragraph (a)(2)(iii) of 

this section, J is the actual shareholder of 

Corporation Y, the issuing corporation, 

deemed to receive the nominal share of 

Corporation Y stock described in § 1.368–2(l). 

Therefore, J must designate any share of 

Corporation Y stock to which the basis of $50 

in the nominal share of Corporation Y stock 

will attach. 

Example 16. (i) Facts. Each of Corporation 

X and Corporation Y has a single class of 

stock outstanding, all of which is owned by 

Corporation P. Corporation T has a single 

class of stock outstanding, all of which is 

owned by Corporation X. The corporations 

do not join in the filing of a consolidated 

return. Corporation X acquired 100 shares of 

Corporation T stock on Date 1 for $1.50 each. 

On Date 2, Corporation Y acquires the assets 

of Corporation T for $100 of cash, their fair 

market value, in a transaction described in 

§ 1.368–2(l). Pursuant to the terms of the 

exchange, Corporation T does not receive any 

Corporation Y stock. Corporation T 

distributes the $100 of cash to Corporation X 

in liquidation. Pursuant to § 1.368–2(l), 

Corporation Y will be deemed to issue a 

nominal share of Corporation Y stock to 

Corporation T in addition to the $100 of cash 

actually exchanged for the Corporation T 

assets, and Corporation T will be deemed to 

distribute all of the consideration to 

Corporation X. Corporation X will have a 

basis of $50 in the nominal share of 

Corporation Y stock under section 358(a). 

Corporation X will be deemed to distribute 

the nominal share of Corporation Y stock to 

Corporation P. Corporation X does not 

recognize the loss on the deemed distribution 

of the nominal share to Corporation P under 

section 311(a). Corporation P’s basis in the 

nominal share is zero, its fair market value, 

under section 301(d). 

(ii) Analysis. Corporation X is deemed to 

receive the nominal share of Corporation Y 

stock described in § 1.368–2(l). However, 

under paragraph (a)(2)(iii) of this section, 

Corporation X is not an actual shareholder of 

Corporation Y, the issuing corporation. 

Therefore, Corporation X cannot designate 

any share of Corporation Y stock to which 

the basis, if any, of the nominal share of 

Corporation Y stock will attach. Furthermore, 

Corporation P cannot designate a share of 

Corporation Y stock to which basis will 

attach because Corporation P receives the 

nominal share with a basis of zero. 

(d) Effective/applicability date. This 

section applies to exchanges and 

distributions of stock and securities 

occurring on or after November 21, 

2011. 

(e) Expiration date. This section 

expires on or before November 18, 2014. 

Approved: November 1, 2011. 

Steven T. Miller, 

Deputy Commissioner for Services and 

Enforcement. 

Emily S. McMahon, 

Acting Assistant Secretary of the Treasury 

(Tax Policy). 

[FR Doc. 2011–29799 Filed 11–18–11; 8:45 am] 

BILLING CODE 4830–01–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 26 

[EPA–HQ–OPP–2010–0785; FRL–9325–5] 

RIN 2070–AJ76 

Protections for Subjects in Human 

Research Involving Pesticides; 

Notification of Submission to the 

Secretary of Agriculture 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Notification of submission to 

the Secretary of Agriculture. 

SUMMARY: This document notifies the 

public that the Administrator of EPA 

has forwarded to the Secretary of the 

United States Department of Agriculture 

(USDA) a draft final rule as required by 

section 25(a) of the Federal Insecticide, 

Fungicide, and Rodenticide Act 

(FIFRA). 

ADDRESSES: EPA has established a 

docket for this action under docket 

identification (ID) number EPA–HQ– 

OPP–2010–0785. All documents in the 

docket are listed in the docket index 

available in http://www.regulations.gov. 

Although listed in the index, some 

information is not publicly available, 

e.g., Confidential Business Information 

(CBI) or other information whose 

disclosure is restricted by statute. 

Certain other material, such as 

copyrighted material, is not placed on 

the Internet and will be publicly 

available only in hard copy form. 

Publicly available docket materials are 

available in the electronic docket at 

http://www.regulations.gov, or, if only 

available in hard copy, at the OPP 

Regulatory Public Docket in Rm. S– 

4400, One Potomac Yard (South Bldg.), 

2777 S. Crystal Dr., Arlington, VA. The 

Docket Facility is open from 8:30 a.m. 

to 4 p.m., Monday through Friday, 

excluding legal holidays. The Docket 

Facility telephone number is (703) 305– 

5805. 

FOR FURTHER INFORMATION CONTACT: 

Kelly Sherman, Immediate Office of the 

Director (7501P), Office of Pesticide 

Programs, Environmental Protection 

Agency, 1200 Pennsylvania Ave., NW., 

Washington, DC 20460–0001; telephone 

number: (703) 305–8401; email address: 

sherman.kelly@epa.gov. 

SUPPLEMENTARY INFORMATION: 

I. Does this action apply to me? 

This action is directed to the public 

in general. It simply announces the 

submission of a draft final rule to the 

Secretary of USDA and does not 

otherwise affect any specific entities. 

This action may, however, be of 

particular interest to pesticide 

registrants (NAICS code 325320) who 

sponsor or conduct human research for 

pesticides, and to other entities that 

sponsor or conduct human research for 

pesticides (NAICS code 541710). Since 

other entities may also be interested, the 

Agency has not attempted to describe all 

the specific entities that may be 

interested in this action. If you have any 

questions regarding this action, consult 

the person listed under FOR FURTHER

INFORMATION CONTACT. 

II. What action is EPA taking? 

As described in the Agency’s semiannual Regulatory Agenda, the draft 

final rule would take final action with 

regard to the proposed rule issued on 

February 2, 2011 (76 FR 5735). The 

amendments would make no changes to 

the Common Rule or EPA’s codification 

of the Common Rule. EPA proposed 

these amendments as a result of a 

settlement agreement. 

Section 25(a)(2)(B) of FIFRA requires 

the EPA Administrator to provide the 

Secretary of USDA with a copy of any 

draft final rule at least 30 days before 

signing it in final form for publication 

in the Federal Register. The draft final 

rule is not available to the public until 

after it has been signed by EPA. If the 

Secretary of USDA comments in writing 

regarding the draft final rule within 15 

days after receiving it, the EPA 

Administrator shall include in the final 

rule, when published in the Federal 

Register, the comments of the Secretary 

of USDA, if requested by the Secretary 

of USDA, and the EPA Administrator’s 

response to those comments. If the 

Secretary of USDA does not comment in 

writing within 15 days after receiving 

the draft final rule, the EPA 

Administrator may sign the final rule for 

publication in the Federal Register any 

time after the 15-day period. 

III. Do any statutory and Executive 

Order reviews apply to this 

notification? 

No. This document is not a rule. It is 

merely a notification of submission to 

the Secretary of USDA. As such, none 


wreier-aviles on DSK3TPTVN1PROD with RULES
Federal Register / Vol. 76, No. 224 / Monday, November 21, 2011 / Rules and Regulations 71881 

of the regulatory assessment 

requirements apply to this document. 

IV. Will this notification be subject to 

the Congressional Review Act? 

No. This action is not a rule for 

purposes of the Congressional Review 

Act (CRA), 5 U.S.C. 804(3), and will not 

be submitted to Congress and the 

Comptroller General. EPA will submit 

the final rule to Congress and the 

Comptroller General as required by 

CRA. 

List of Subjects in 40 CFR Part 26 

Environmental protection, Human 

research, Pesticides. 

Dated: November 4, 2011. 

Steven Bradbury, 

Director, Office of Pesticide Programs. 

[FR Doc. 2011–29910 Filed 11–18–11; 8:45 am] 

BILLING CODE 6560–50–P 

ENVIRONMENTAL PROTECTION 

AGENCY 

40 CFR Part 52 

[VA202–5203; FRL–9490–3] 

Approval and Promulgation of Air 

Quality Implementation Plans; Virginia; 

Update to Materials Incorporated by 

Reference 

AGENCY: Environmental Protection 

Agency (EPA). 

ACTION: Final rule; administrative 

change. 

SUMMARY: EPA is updating the materials 

that are incorporated by reference (IBR) 

into the Virginia State Implementation 

Plan (SIP). The regulations affected by 

this update have been previously 

submitted by the Virginia Department of 

Environmental Quality (VA DEQ) and 

approved by EPA. This update affects 

the SIP materials that are available for 

public inspection at the National 

Archives and Records Administration 

(NARA), the Air and Radiation Docket 

and Information Center located at EPA 

Headquarters in Washington, DC, and 

the EPA Regional Office. 

DATES: Effective Date: This action is 

effective November 21, 2011. 

ADDRESSES: SIP materials which are 

incorporated by reference into 40 CFR 

part 52 are available for inspection at 

the following locations: Air Protection 

Division, U.S. Environmental Protection 

Agency, Region III, 1650 Arch Street, 

Philadelphia, Pennsylvania 19103; the 

Air and Radiation Docket and 

Information Center, U.S. Environmental 

Protection Agency, 1301 Constitution 

Avenue NW., Room Number 3334, EPA 

West Building, Washington, DC 20460; 

or the National Archives and Records 

Administration (NARA). For 

information on the availability of this 

material at NARA, call 202–741–6030, 

or go to: http://www.archives.gov/ 

federal_register/ 

code_of_federal_regulations/ 

ibr_locations.html. 

FOR FURTHER INFORMATION CONTACT: 

Harold A. Frankford, (215) 814–2108 or 

by email at frankford.harold@epa.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The SIP is a living document which 

the State revises as necessary to address 

its unique air pollution problems. 

Therefore, EPA, from time to time, must 

take action on SIP revisions containing 

new and/or revised regulations as being 

part of the SIP. On May 22, 1997 (62 FR 

27968), EPA revised the procedures for 

incorporating by reference Federallyapproved SIPs, as a result of 

consultations between EPA and the 

Office of the Federal Register (OFR). The 

description of the revised SIP 

document, IBR procedures and 

‘‘Identification of plan’’ format are 

discussed in further detail in the May 

22, 1997 Federal Register document. On 

April 21, 2000 (65 FR 21315), EPA 

published a Federal Register action 

beginning the new IBR procedure for 

Virginia. On September 8, 2004 (69 FR 

54216), November 3, 2005 (70 FR 

66769), July 16, 2007 (72 FR 38920), and 

July 13, 2009 (74 FR 33332) as corrected 

on December 18, 2009 (74 FR 67077), 

EPA published updates to the IBR 

material for Virginia. 

Since the publication of the last IBR 

update, EPA has approved the following 

regulatory changes to the following 

Virginia regulations: 

A. Added Regulations 

1. 9VAC5 Chapter 30 (Ambient Air 

Quality Standards), Sections 5–30– 

15, 5–30–56, and 5–30–66. 

2. 9VAC5 Chapter 40 (Existing 

Stationary Sources), Part II 

(Emission Standards), Article 51 

(Stationary Sources Subject to Caseby-Case Control Technology 

Determinations). 

3. 9VAC5 Chapter 85 (Permits for 

Stationary Sources of Pollutants 

Subject to Regulation), Parts I 

(Applicability), III (Prevention of 

Significant Deterioration Permit 

Actions), and IV (State Operating 

Permit Actions). 

4. 9VAC5 Chapter 130 (Regulation for 

Open Burning), Part I (General 

Provisions), Sections 5–130–10 

through 5–130–50. 

5. 9VAC5 Chapter 151 (Transportation 

Conformity). 

6. 9VAC5 Chapter 220 (Opacity 

Variance for Rocket Testing 

Operations Atlantic Research 

Corporation’s Orange County 

Facility). 

B. Revised Regulations 

1. 9VAC5 Chapter 10 (General 

Definitions), Section 5–10–20. 

2. 9VAC5 Chapter 30 (Ambient Air 

Quality Standards), Sections 5–30– 

15, 5–30–55, 5–30–60, 5–30–70, 

and 5–30–80. 

3. 9VAC5 Chapter 40 (Existing 

Stationary Sources), Part I (Special 

Provisions), Section 5–40–20. 

4. 9VAC5 Chapter 40, Part II (Emission 

Standards), Article 4 (Emission 

Standards for General Process 

Operations), Section 5–40–250. 

5. 9VAC5 Chapter 50 (New and 

Modified Stationary Sources), Part I 

(Special Provisions), section 5–50– 

20. 

6. 9VAC5 Chapter 80 (Permits for 

Stationary Sources), Article 8 

(Permits-Major Stationary Sources 

and Major Modifications Located in 

Prevention of Significant 

Deterioration Areas), Sections 5– 

80–1615 and 5–80–1665. 

7. The following regulations in 9VAC5 

Chapter 140 (Regulation for 

Emission Trading): 

a. Part I (NOX Budget Trading Program), 

Article 1 (NOX Budget Trading 

Program General Provisions), 

Sections 5–140–1010, 5–140–1020, 

and 5–140–1060. 

b. Part II (NOX Annual Trading 

Program), Article 1 (CAIR NOX

Annual Trading Program General 

Provisions), Sections 5–140–2010 

and 5–140–2020. 

c. Part III (NOX Ozone Season Trading 

Program), Article 1 (NOX Ozone 

Season Trading Program General 

Provisions), Sections 5–140–3010 

and 5–140–3020. 

d. Part IV (SO2 Annual Trading 

Program), Article 5 (CAIR SO2

Allowance Allocations), Section 5– 

140–3400. 

C. Removed Regulations 

1. 9VAC5 Chapter 40 (Existing 

Stationary Sources), Part II 

(Emission Standards), Article 4 

(Emission Standards for General 

Process Operations), Sections 5–40– 

300, 5–40–310A.–E., and 5–40–311. 

2. 9VAC5 Chapter 40, Part II, Article 40 

(Emission Standards for Open 

Burning)-entire article. 

II. EPA Action 

In this action, EPA is doing the 

following: 


wreier-aviles on DSK3TPTVN1PROD with RULES