Federal Register / Vol. 63, No. 18 /Wednesday, January 28, 1998 / Proposed Rules 4205

Comments and Public Hearing

Before these proposed regulations are

adopted as final regulations,

consideration will be given to any

comments that are submitted timely to

the IRS. All comments will be available

for public inspection and copying.

A public hearing has been scheduled

at 10 a.m. on Tuesday, May 26, 1998, in

room 2615, Internal Revenue Service,

1111 Constitution Avenue NW.,

Washington, DC. Because of access

restrictions, visitors will not be

admitted beyond the Internal Revenue

Building lobby more than 15 minutes

before the hearing starts.

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

apply to the hearing.

Persons that wish to present oral

comments at the hearing must submit

written comments by Tuesday, May 5,

1998 and submit an outline of the topics

to be discussed and the time to be

devoted to each topic (a signed original

and eight (8) copies) by Tuesday, May

5, 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.

Proposed Effective Date

These regulations are proposed to

apply to transactions occurring after

January 28, 1998, except that they do

not apply to any transaction occurring

pursuant to a written agreement which

is (subject to customary conditions)

binding on January 28, 1998, and at all

times thereafter.

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 1.368–1 is amended as

follows:

1. Revising paragraphs (e)(1)(ii)(A),

(e)(1)(ii)(B), (e)(2)(ii), and (f).

2. Adding paragraph (e)(6) Example

10 and Example 11.

The addition and revisions read as

follows:

§ 1.368–1 Purpose and scope of exception

of reorganization exchanges.

[The text of proposed paragraphs

(e)(1)(ii)(A) and (B), (e)(2)(ii), (e)(6)

Example 10 and Example 11, and (f) is

the same as the text of § 1.368–1T

published elsewhere in this issue of the

Federal Register].

Michael P. Dolan,

Deputy Commissioner of Internal Revenue.

[FR Doc. 98–1817 Filed 1–23–98; 12:15 pm]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG–251985–96]

RIN 1545–AU79

Source of Income From Sales of

Inventory Partly From Sources Within

a Possession of the United States;

Also, Source of Income Derived From

Certain Purchases From a Corporation

Electing Section 936; Hearing

Cancellation

AGENCY: Internal Revenue Service,

Treasury.

ACTION: Cancellation of notice of public

hearing on proposed regulations.

SUMMARY: This document provides

notice of cancellation of a public

hearing on proposed regulations

governing the source of income from

sales of inventory produced in the

United States and sold in a possession

of the United States or produced in a

possession of the United States and sold

in the United States.

DATES: The public hearing originally

scheduled for Thursday, January 29,

1998, beginning at 10:00 a.m. is

cancelled.

FOR FURTHER INFORMATION CONTACT:

Mike Slaughter of the Regulations Unit,

Assistant Chief Counsel (Corporate),

(202) 622–7190, (not a toll-free number).

SUPPLEMENTARY INFORMATION: The

subject of the public hearing is proposed

regulations under sections 863 and 936

of the Internal Revenue Code. A notice

of proposed rulemaking and notice of

public hearing appearing in the Federal

Register on Friday, October 10, 1997 (62

FR 52953), announced that the public

hearing on proposed regulations under

sections 863 and 936 of the Internal

Revenue Code would be held on

Thursday, January 29, 1998, beginning

at 10:00 a.m., in room 2615, Internal

Revenue Building, 1111 Constitution

Avenue, NW., Washington, D.C.

The public hearing scheduled for

Thursday, January 29, 1998, is

cancelled.

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief

Counsel (Corporate).

[FR Doc. 98–2013 Filed 1–27–98; 8:45 am]

BILLING CODE 4830–01–U

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 52

[OH58–1b; FRL–5954–5]

Approval and Promulgation of State

Implementation Plans; Ohio

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Proposed rule.

SUMMARY: The EPA proposes to approve

the ozone State Implementation Plan

(SIP) revision submitted by the State of

Ohio for the purpose of reducing

volatile organic compound (VOC)

emissions in the Ohio portion of the

Cincinnati-Hamilton area by 15 percent

by November 15, 1996. The plan and

regulations will help to protect the

public’s health and welfare by reducing

the emissions of VOCs that contribute to

the formation of ground-level ozone,

commonly known as urban smog. In the

Final Rules section of this Federal

Register, EPA is approving the State’s

SIP revision, as a direct final rule

without prior proposal because the

Agency views this as a noncontroversial

revision amendment and anticipates no

adverse comments. A detailed rationale

for the approval is set forth in the direct

final rule. If no adverse comments are

received in response to that direct final

rule no further activity is contemplated

in relation to this proposed rule. If EPA

receives significant adverse comments,

in writing, which have not been

addressed, the direct final rule will be

withdrawn and all public comments

received will be addressed in a

subsequent final rule based on this

proposed rule. The EPA will not

institute a second comment period on

this document.

DATES: Comments on this proposed rule

must be received on or before February

27, 1998.

ADDRESSES: Written comments should

be mailed to: J. Elmer Bortzer, Chief,

Regulation Development Section, Air

Programs Branch (AR–18J), United

States Environmental Protection

Agency, Region 5, 77 West Jackson

Boulevard, Chicago, Illinois 60604.