396 Federal Register / Vol. 60, No. 2 / Wednesday, January 4, 1995 / Proposed Rules

(7) Representatives of the FAA will

preside over the meeting. A panel of

FAA personnel involved in this issue

will be present.

(8) The meeting will be recorded by

a court reporter. A transcript of the

meeting and any material accepted by

the panel during the meeting will be

included in the public docket. Any

person who is interested in purchasing

a copy of the transcript should contact

the court reporter directly. This

information will be available at the

meeting.

(9) The FAA will review and consider

all material presented by participants at

the meeting. Position papers or material

presenting views or information related

to the proposed rule changes may be

accepted at the discretion of the

presiding officer and subsequently

placed in the public docket. The FAA

requests that persons participating in

the meeting provide 10 copies of all

materials to be presented for

distribution to the panel members; other

copies may be provided to the audience

at the discretion of the participant.

(10) Statements made by members of

the meeting panel are intended to

facilitate discussion of the issues or to

clarify issues. Any statement made

during the meeting by a member of the

panel is not intended to be, and should

not be construed as, a position of the

FAA.

(11) The meeting is designed to solicit

public views and more complete

information on the proposed rule

changes. Therefore, the meeting will be

conducted in an informal and

nonadversarial manner. No individual

will be subject to cross examination by

any other participant; however, panel

members may ask questions to clarify a

statement and to ensure a complete and

accurate record.

Issued in Washington, DC, on December

23, 1994.

William H. Hark,

Deputy Federal Air Surgeon.

[FR Doc. 95–76 Filed 1–3–95; 8:45 am]

BILLING CODE 4910–13–M

14 CFR Part 71

[Airspace Docket No. 94–ASO–25]

Proposed Establishment of Class E

Airspace at Hampton, GA

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: This notice proposes to

establish Class E airspace at Hamton,

GA. A GPS RWY 24 Standard

Instrument Approach Procedure (SIAP)

has been developed for the Clayton

County-Tara Field Airport. Controlled

airspace extending upward from 700

feet above the surface (AGL) is needed

to accommodate this SIAP and for

instrument flight rules (IFR) operations

at the airport. If approved, the operating

status of the airport will change from

VFR to include IFR operations

concurrent with publication of the

SIAP.

DATES: Comments must be received on

or before: February 9, 1995.

ADDRESSES: Send comments on the

proposal in triplicate to: Federal

Aviation Administration, Docket No.

94–ASO–25, Manager, System

Management Branch, ASO–530, P.O.

Box 20636, Atlanta, Georgia 30320.

The official docket may be examined

in the Office of the Assistant Chief

Counsel for Southern Region, Room 550,

1701 Columbia Avenue, College Park,

Georgia 30337, telephone (404) 305–

5586.

FOR FURTHER INFORMATION CONTACT:

Michael J. Powderly, System

Management Branch, Air Traffic

Division, Federal Aviation

Administration, P.O. Box 20636,

Atlanta, Georgia 30320; telephone (404)

305–5570.

SUPPLEMENTARY INFORMATION:

Comments Invited

Interested parties are invited to

participate in this proposed rulemaking

by submitting such written data, views

or arguments as they may desire.

Comments that provide the factual basis

supporting the views and suggestions

presented are particularly helpful in

developing reasoned regulatory

decisions on the proposal. Comments

are specifically invited on the overall

regulatory, aeronautical, economic,

environmental, and energy-related

aspects of the proposal.

Communications should identify the

airspace docket and be submitted in

triplicate to the address listed above.

Commenters wishing the FAA to

acknowledge receipt of their comments

on this notice must submit with those

comments a self-addressed, stamped

postcard on which the following

statement is made: ‘‘Comments to

Airspace Docket No. 94–ASO–25.’’ The

postcard will be date/time stamped and

returned to the commenter. All

communications received before the

special closing date for comments will

be considered before taking action on

the proposed rule. The proposal

contained in this notice may be changed

in the light of comments received. All

comments submitted will be available

for examination in the Office of the

Assistant Chief Counsel for Southern

Region, Room 550, 1701 Columbia

Avenue, College Park, Georgia 30337,

both before and after the closing date for

comments. A report summarizing each

substantive public contact with FAA

personnel concerned with this

rulemaking will be filed in the docket.

Availability of NPRM’s

Any person may obtain a copy of this

Notice of Proposed Rulemaking (NPRM)

by submitting a request to the Federal

Aviation Administration, Manager,

System Management Branch, ASO–530,

Air Traffic Division, P.O. Box 20636,

Atlanta, Georgia 30320.

Communications must identify the

notice number of this NPRM. Persons

interested in being placed on a mailing

list for future NPRM’s should also

request a copy of Advisory Circular No.

11–2A which describes the application

procedure.

The Proposal

The FAA is considering an

amendment to part 71 of the Federal

Aviation Regulations (14 CFR part 71) to

establish Class E airspace extending

upward from 700 feet above the surface

(AGL) at Hampton, GA, to accommodate

a GPS RWY 24 SIAP and for IFR

operations at the Clayton County-Tara

Field Airport. If approved, the operating

status of the airport would change from

VFR to include IFR operations

concurrent with publication of the

SIAP. Designations for Class E airspace

extending upward from 700 feet or more

above the surface are published in

Paragraph 6005 of FAA Order 7400.9B

dated July 18, 1994 and effective

September 16, 1994 which is

incorporated by reference in CFR 71.1.

The Class E airspace designation listed

in this document would be published

subsequently in the Order.

The FAA has determined that this

proposed regulation only involves an

established body of technical

regulations for which frequent and

routine amendments are necessary to

keep them operationally current. It,

therefore, (1) is not a ‘‘significant

regulatory action’’ under Executive

Order 12866; (2) is not a ‘‘significant

rule’’ under DOT Regulatory Policies

and Procedures (44 FR 11034; February

26, 1979); and (3) does not warrant

preparation of a regulatory evaluation as

the anticipated impact is so minimal.

Since this is a routine matter that will

only affect air traffic procedures and air

navigation, it is certified that this rule,

when promulgated, will not have a

significant economic impact on a

substantial number of small entities
Federal Register / Vol. 60, No. 2 / Wednesday, January 4, 1995 / Proposed Rules 397

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (Air).

The Proposed Amendment

In consideration of the foregoing, the

Federal Aviation Administration

proposes to amend 14 CFR part 71 as

follows:

PART 71—[AMENDED]

1. The authority citation for 14 CFR

part 71 continues to read as follows:

Authority: 49 U.S.C. app. 1348(a), 1354(a),

1510; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389; 49 U.S.C. 106(g): 14 CFR

11.69.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of the Federal Aviation

Administration Order 7400.9B, Airspace

Designations and Reporting Points,

dated July 18, 1994 and effective

September 16, 1994, is amended as

follows:

Paragraph 6005 Class E airspace areas

extending upward from 700 feet above the

surface of the earth.

* * * * *

ASO GA E5 Hampton, GA [New]

Clayton County—Tara Field Airport, GA

(Lat. 33°23′21′′ N, long. 84°19′55′′ W)

That airspace extending upward from 700

feet above the surface within a 6.8-mile

radius of Clayton County—Tara Field

Airport; excluding that airspace within the

Atlanta, GA, Peachtree City, GA, and Griffin,

GA, Class E airspace areas.

* * * * *

Issued in College Park, Georgia, on

December 16, 1994.

Walter E. Denley,

Acting Manager, Air Traffic Division,

Southern Region.

[FR Doc. 95–00077 Filed 1–3–95; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[FI–42–94]

RIN 1545–AS85

Mark to Market for Dealers in

Securities

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice of proposed rulemaking

and notice of public hearing.

SUMMARY: This document contains

proposed regulations relating to the

mark-to-market method of accounting

for securities that is required to be used

by a dealer in securities. The proposed

regulations address the relationship

between mark-to-market accounting and

the accrual of stated interest and

discount and the amortization of

premium and between mark-to-market

accounting and the tax treatment of bad

debts. They also provide rules relating

to certain dispositions and acquisitions

of securities required to be marked to

market, the exemption from mark-tomarket treatment of securities in certain

securitization transactions, and the

identification requirements for

obtaining exemption from mark-tomarket treatment. Finally, these

proposed regulations provide guidance

relating to the exclusion of REMIC

residual interests from the definition of

security and to the relationship between

the mark-to-market provisions and the

integrated transaction rules in the

proposed regulations on debt

instruments with contingent payments.

This document also provides notice of

a public hearing on these proposed

regulations.

DATES: Written comments must be

received by April 4, 1995. Outlines of

oral comments to be presented at a

public hearing scheduled for May 3,

1995, at 10 a.m. must be received by

April 4, 1995.

ADDRESSES: Send submissions to:

CC:DOM:CORP:T:R (FI–42–94), room

5228, Internal Revenue Service, POB

7604, Ben Franklin Station, Washington,

DC 20044. In the alternative,

submissions may be hand delivered

between the hours of 8 a.m. and 5 p.m.

to: CC:DOM:CORP:T:R (FI–42–94),

Courier’s Desk, Internal Revenue

Service, 1111 Constitution Avenue NW,

Washington, DC.

The public hearing will be held in the

Internal Revenue Auditorium, 7400

Corridor, Internal Revenue Building,

1111 Constitution Ave., NW,

Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT:

Concerning § 1.475(c)–2(a)(4), Carol A.

Schwartz, (202) 622–3920; concerning

other sections of the regulations, Robert

B. Williams, (202) 622–3960, or JoLynn

Ricks, (202) 622–3920; concerning

submissions and the hearing, Michael

Slaughter, (202) 622–7190 (not toll-free

numbers).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information

contained in this notice of proposed

rulemaking has been submitted to the

Office of Management and Budget for

review in accordance with the

Paperwork Reduction Act (44 U.S.C.

3504(h)). Comments on the collection of

information should be sent to the Office

of Management and Budget, Attn: Desk

Officer for the Department of the

Treasury, Office of Information and

Regulatory Affairs, Washington, DC

20503, with copies to the Internal

Revenue Service, Attn: IRS Reports

Clearance Officer, PC:FP, Washington,

DC 20224.

The collection of information is in

§ 1.475(b)–4. The information required

to be recorded under § 1.475(b)–4 is

required by the IRS to determine

whether exemption from mark-tomarket treatment is properly claimed.

This information will be used to make

that determination upon audit of

taxpayers’ books and records. The likely

recordkeepers are businesses or other

for-profit institutions.

Estimated total annual recordkeeping

burden: 2,500 hours.

The estimated annual burden per

recordkeeper varies from 15 minutes to

3 hours, depending on individual

circumstances, with an estimated

average of 1 hour.

Estimated number of recordkeepers:

2,500.

Background

Section 475 of the Internal Revenue

Code requires mark-to-market

accounting for dealers in securities,

broadly defined. Section 475 was added

by section 13223 of the Revenue

Reconciliation Act of 1993 (Pub. L. 103–

66, 107 Stat. 481), and is effective for all

taxable years ending on or after

December 31, 1993.

On December 29, 1993, temporary

regulations (T.D. 8505, 58 FR 68747)

and cross-reference proposed

regulations (FI–72–93, 58 FR 68798)

were published to furnish guidance on

several issues, including the scope of

exemptions from the mark-to-market

requirements, certain transitional issues

relating to the scope of exemptions, and

the meaning of the statutory terms

‘‘dealer in securities’’ and ‘‘held for

investment.’’ This notice contains

proposed regulations that supplement,

and in a few cases revise, the proposed

regulations that were published last

December.

Explanation of Provisions

Stated Interest, Discount, and Premium

The proposed regulations contained

in this notice provide rules for taking

into account interest (including original

issue discount (OID) and market

discount), premium, and certain gains