Federal Register / Vol. 66, No. 100 / Wednesday, May 23, 2001 / Proposed Rules 28407

administrative work directly related to

the operations of the company, such as

gardeners or construction workers, plus

any wages paid for the assembly of

dutiable jewelry or for the repair of

dutiable jewelry to the extent that such

wages exceed the percentage set forth

above. No more than two insular

producers may have their wages

credited for their portion of the wages

paid for work on a single piece of

jewelry which entered the U.S. free of

duty under the program. Wages paid by

the two producers will be credited

proportionally provided both producers

demonstrate to the satisfaction of the

Secretaries that they worked on the

same piece of jewelry, the jewelry

received duty-free treatment into the

U.S., and the producers maintained

production and payroll records

sufficient for the Departments’

verification of the creditable wage

portion (see § 303.17(b)). * * *

* * * * *

§ 303.17 [Amended]

5. Section 303.17(b)(4) is amended by

adding ‘‘, or the certificate of origin for

the shipment, or, if a company did not

receive such documents from Customs,

a certification from the consignee that

the jewelry shipment received duty-free

treatment, or a certification from the

producer, if the producer can attest that

the jewelry shipment received duty-free

treatment’’ at the end of the paragraph.

6. Section 303.19(a)(1) is revised to

read as follows:

§ 303.19 Issuance and use of production

incentive certificates.

(a) Issuance of certificates. (1) The

total annual amount of the Certificate of

Entitlement, Form ITA–360, may be

divided and issued on a biannual basis.

The first portion of the total annual

certificate amount will be based on

reported duty-free shipments and

creditable wages paid during the first

six months of the calendar year, using

the formula in § 303.20(b). The

Departments require the receipt of the

data by July 31 for each producer who

wishes to receive an interim duty refund

certificate. The interim duty refund

certificate will be issued on or before

August 31 of the same year in which the

wages were earned unless the

Departments have unresolved questions.

The process of determining the total

annual amount of the duty refund will

remain the same. The completed annual

application (Form ITA–334P) shall be

received by the Departments on or

before January 31 and the annual

verification of data and calculation of

each producer’s total annual duty

refund, based on the verified data, will

continue to take place in February. Once

the calculations for each producer’s

duty refund has been completed, the

portion of the duty refund that has

already been issued to each producer

will be deducted from the total amount

of each producer’s annual duty refund

amount. The duty refund certificate will

continue to be issued by March 1 unless

the Departments have unresolved

questions.

* * * * *

Faryar Shirzad,

Assistant Secretary for Import

Administration, Department of Commerce.

Nikolao Pula,

Acting Director, Office of Insular Affairs,

Department of the Interior.

[FR Doc. 01–12861 Filed 5–22–01; 8:45 am]

BILLING CODE 3510–DS–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG–125237–00]

RIN 1545–AY60

Debt Instruments With Original Issue

Discount; Annuity Contracts; Hearing

Cancellation

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Cancellation of notice of public

hearing on proposed rulemaking.

SUMMARY: This document cancels the

public hearing on proposed regulations

relating to the federal income tax

treatment of annuity contracts issued by

certain insurance companies.

DATES: The public hearing originally

scheduled for Wednesday, May 30,

2001, at 10 a.m., is cancelled.

FOR FURTHER INFORMATION CONTACT:

LaNita Van Dyke of the Regulations

Unit, Office of Special Counsel

(Modernization & Strategic Planning),

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

SUPPLEMENTARY INFORMATION: A notice

of proposed rulemaking and notice of

public hearing that appeared in the

Federal Register on Friday, January 12,

2001 (66 FR 2852), announced that a

public hearing was scheduled for

Wednesday, May 30, 2001, at 10 a.m., in

room 4718, Internal Revenue Building,

1111 Constitution Avenue, NW.,

Washington, DC. The subject of the

public hearing is proposed regulations

under sections 163(e) and 1271 through

1275 of the Internal Revenue Code. The

public comment period for these

proposed regulations expired on April

12, 2001.

The notice of proposed rulemaking

and notice of public hearing, instructed

those interested in testifying at the

public hearing to submit a request to

speak and an outline of the topics to be

addressed. As of Wednesday, May 16,

2001, no one has requested to speak.

Therefore, the public hearing scheduled

for Wednesday, May 30, 2001, is

cancelled.

LaNita Van Dyke,

Acting Chief, Regulations Unit, Office of

Special Counsel (Modernization & Strategic

Planning).

[FR Doc. 01–12736 Filed 5–22–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG–106791–00]

RIN 1545–AY55

Liabilities Assumed in Certain

Corporate Transactions

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Cancellation of notice of public

hearing on proposed rulemaking.

SUMMARY: This document provides

notice of cancellation of a public

hearing on proposed regulations relating

to liabilities assumed in certain

corporate transactions.

DATES: The public hearing originally

scheduled for Thursday, May 31, 2001,

at 10 a.m., is cancelled.

FOR FURTHER INFORMATION CONTACT: Guy

R. Traynor of the Regulations Unit,

Office of Special Counsel, (202) 622–

7180 (not a toll-free number).

SUPPLEMENTARY INFORMATION: A notice

of proposed rulemaking and notice of

public hearing that appeared in the

Federal Register on January 4, 2001 (66

FR 748), announced that a public

hearing was scheduled for May 31, 2001

at 10 a.m., in room 4718, 1111

Constitution Avenue, NW., Washington,

DC. The subject of the public hearing is

proposed regulations under section 301

of the Internal Revenue Code. The

public comment period for these

regulations expired on May 10, 2001.

The notice of proposed rulemaking

and notice of public hearing, instructed

those interested in testifying at the

public hearing to submit a request to

speak and an outline of the topics to be

addressed. As of May 15, 2001, no one