31868 Federal Register / Vol. 66, No. 114 / Wednesday, June 13, 2001 / Proposed Rules

approval of the Commissioner. See

§ 1.441–1. An electing S corporation

that wants to adopt any other taxable

year, must establish a business purpose

and obtain the approval of the

Commissioner under section 442.

(c) Change in taxable year. An S

corporation or electing S corporation

that wants to change its taxable year

must obtain the approval of the

Commissioner under section 442 or

make an election under section 444.

However, an S corporation or electing S

corporation may obtain automatic

approval for certain changes, including

a change to its required taxable year,

pursuant to administrative procedures

published by the Commissioner.

(d) Retention of taxable year. In

certain cases, an S corporation or

electing S corporation will be required

to change its taxable year unless it

obtains the approval of the

Commissioner under section 442, or

makes an election under section 444, to

retain its current taxable year. For

example, a corporation using a June 30

fiscal year that elects to be an S

corporation and, as a result, is required

to use the calendar year must obtain the

approval of the Commissioner to retain

its current fiscal year.

(e) Procedures for obtaining approval

or making a section 444 election—(1) In

general. See § 1.442–1(b) for procedures

to obtain the approval of the

Commissioner (automatically or

otherwise) to adopt, change, or retain a

taxable year. See §§ 1.444–1T and

1.444–2T for qualifications, and 1.444–

3T for procedures, for making an

election under section 444.

(2) Special rules for electing S

corporations. An electing S corporation

that wants to adopt, change to, or retain

a taxable year other than its required

taxable year must request approval of

the Commissioner on Form 2553

(Election by a Small Business

Corporation) when the election to be an

S corporation is filed pursuant to

section 1362(b) and § 1.1362–6. See

§ 1.1362–6(a)(2)(i) for the manner of

making an election to be an S

corporation. If such corporation receives

permission to adopt, change to, or retain

a taxable year other than its required

taxable year, the election to be an S

corporation will be effective. Denial of

the request renders the election

ineffective unless the corporation agrees

that, in the event the request to adopt,

change to, or retain a taxable year other

than its required taxable year is denied,

it will adopt, change to, or retain its

required taxable year or, if applicable,

make an election under section 444.

(f) Effective date. The rules of this

section are applicable for taxable years

ending on or after the date these

regulations are published in the Federal

Register as final regulations.

PART 5c—TEMPORARY INCOME TAX

REGULATIONS UNDER THE

ECONOMIC RECOVERY TAX ACT OF

1981

Par. 11. The authority citation for part

5c continues to read as follows:

Authority: 26 U.S.C. 168(f)(8)(G) and 7805.

§ 5c.442–1 [Removed]

Par. 12. Section 5c.442–1 is removed.

PART 5f—TEMPORARY INCOME TAX

REGULATIONS UNDER THE TAX

EQUITY AND FISCAL RESPONSIBILITY

ACT OF 1982

Par. 13. The authority citation for part

5f continues to read in part as follows:

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

§ 5f.442–1 [Removed]

Par. 14. Section 5f.442–1 is removed.

PART 18—TEMPORARY INCOME TAX

REGULATIONS UNDER THE

SUBCHAPTER S REVISION ACT OF

1982

Par. 15. The authority citation for part

18 continues to read as follows:

Authority: 26 U.S.C. 7805.

§ 18.1378–1 [Removed]

Par. 16. Section 18.1378–1 is

removed.

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

[FR Doc. 01–13536 Filed 6–12–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD05–00–046]

RIN 2115–AE46

Special Local Regulations for Marine

Events; Fireworks Displays, Patapsco

River, Baltimore, Maryland

AGENCY: Coast Guard, DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: The Coast Guard proposes to

establish permanent special local

regulations for fireworks displays to be

held over the waters of the Patapsco

River, Baltimore, Maryland. These

special local regulations are necessary to

provide for the safety of life on

navigable waters during the fireworks

displays. This action is intended to

temporarily restrict vessel traffic in the

Patapsco River to protect spectator craft

and other vessels transiting the event

area from the dangers associated with

the fireworks.

DATES: Comments and related material

must reach the Coast Guard on or before

August 13, 2001.

ADDRESSES: You may mail comments

and related material to Commander

(Aoax), Fifth Coast Guard District, 431

Crawford Street, Portsmouth, Virginia

23704–5004, hand-deliver them to

Room 119 at the same address between

9 a.m. and 2 p.m., Monday through

Friday, except Federal holidays, or fax

them to (757) 398–6203. Commander

(Aoax), Fifth Coast Guard District,

maintains the public docket for this

rulemaking. Comments and materials

received from the public as well as

documents indicated in this preamble as

being available in the docket, will

become part of this docket and will be

available for inspection or copying at

the above address between 9 a.m. and 2

p.m., Monday through Friday, except

Federal holidays.

FOR FURTHER INFORMATION CONTACT:

Chief Warrant Officer R. Houck, Marine

Events Coordinator, Commander, Coast

Guard Activities Baltimore, telephone

number (410) 576–2674.

SUPPLEMENTARY INFORMATION:

Request for Comments

We encourage you to participate in

this rulemaking by submitting

comments and related material. If you

do so, please include your name and

address, identify the docket number for

this rulemaking (CGD05–00–046),

indicate the specific section of this

document to which each comment

applies, and give the reason for each

comment. Please submit all comments

and related material in an unbound

format, no larger than 81⁄2 by 11 inches,

suitable for copying. If you would like

to know that your comments reached us,

please enclose a stamped, self-addressed

postcard or envelope. We will consider

all comments and material received

during the comment period. We may

change this proposed rule in view of

them.

Public Meeting

We do not now plan to hold a public

meeting. But you may submit a request

for a meeting by writing to the address

listed under ADDRESSES explaining why

one would be beneficial. If we

determine that one would aid this

rulemaking, we will hold one at a time

and place announced by a later notice

in the Federal Register.

Federal Register / Vol. 66, No. 114 / Wednesday, June 13, 2001 / Proposed Rules 31869

Background and Purpose

The Baltimore Office of Promotions

sponsors fireworks displays at various

times throughout the year over the

waters of the Patapsco River, Inner

Harbor and Northwest Harbor, near

Baltimore, Maryland. The events consist

of pyrotechnic displays fired from two

barges positioned in the Inner Harbor

and Northwest Harbor. A large fleet of

spectator vessels gathers nearby to

observe the fireworks. Due to the need

for vessel control during the fireworks

displays, vessel traffic would be

temporarily restricted to provide for the

safety of spectators and transiting

vessels.

Discussion of Proposed Rule

The Coast Guard proposes to establish

special local regulations on specified

waters of the Patapsco River. The

special local regulations would

temporarily restrict general navigation

in the event area during the fireworks.

Except for persons or vessels authorized

by the Coast Guard Patrol Commander,

no person or vessel may enter or remain

in the regulated area during the

enforcement time period. These

regulations are needed to control vessel

traffic during the fireworks displays to

enhance the safety of spectators and

transiting vessels.

Regulatory Evaluation

This proposed rule is not a

‘‘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. The Office

of Management and Budget has not

reviewed it 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).

We expect the economic impact of

this proposed rule to be so minimal that

a full Regulatory Evaluation under

paragraph 10e of the regulatory policies

and procedures of DOT is unnecessary.

Although this proposed rule will

prevent traffic from transiting a portion

of the Patapsco River during the events,

the economic effect of this regulation

will not be significant due to the limited

duration of the regulation and the

extensive advance notifications that will

be made to the maritime community via

the Local Notice to Mariners, marine

information broadcasts, and area

newspapers so mariners can adjust their

plans accordingly.

Small Entities

Under the Regulatory Flexibility Act

(5 U.S.C. 601–612), we considered

whether this proposed rule would have

a significant economic impact on a

substantial number of small entities.

The term ‘‘small entities’’ comprises

small businesses, not-for-profit

organizations that are independently

owned and operated and are not

dominant in their fields, and

governmental jurisdictions with

populations of less than 50,000.

The Coast Guard certifies under 5

U.S.C. 605(b) that this proposed rule

would not have a significant economic

impact on a substantial number of small

entities.

This proposed rule would affect the

owners or operators of vessels, some of

whom may be small entities, intending

to transit or anchor in the effected

portions of the Patapsco River during

the events.

Although this regulation would

prevent traffic from transiting or

anchoring in portions of the Patapsco

River during the event, the economic

effect of this regulation would not be

significant because of its limited

duration and the extensive advance

notifications that will be made to the

maritime community via the Local

Notice to Mariners, marine information

broadcasts, and area newspapers, so

mariners can adjust their plans

accordingly.

If you think that your business,

organization, or governmental

jurisdiction qualifies as a small entity

and that this rule would have a

significant economic impact on it,

please submit a comment (see

ADDRESSES) explaining why you think it

qualifies and how and to what degree

this rule would economically affect it.

Assistance for Small Entities

Under section 213(a) of the Small

Business Regulatory Enforcement

Fairness Act of 1996 (Public Law 104–

121), we want to assist small entities in

understanding this proposed rule so that

they can better evaluate its effects on

them and participate in the rulemaking.

If the proposed rule would affect your

small business, organization, or

governmental jurisdiction and you have

questions concerning its provisions or

options for compliance, please contact

the address listed under ADDRESSES.

Small businesses may send comments

on the actions of Federal employees

who enforce, or otherwise determine

compliance with, Federal regulations to

the Small Business and Agriculture

Regulatory Enforcement Ombudsman

and the Regional Small Business

Regulatory Fairness Boards. The

Ombudsman evaluates these actions

annually and rates each agency’s

responsiveness to small business. If you

wish to comment on actions by

employees of the Coast Guard, call 1–

888–REG–FAIR (1–888–734–3247).

Collection of Information

This proposed rule calls for no new

collection of information under the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501–3520).

Federalism

We have analyzed this proposed rule

under Executive Order 13132 and have

determined that this rule does not have

implications for federalism under that

Order.

Unfunded Mandates Reform Act

The Unfunded Mandates Reform Act

of 1995 (2 U.S.C. 1531–1538) governs

the issuance of Federal regulations that

require unfunded mandates. An

unfunded mandate is a regulation that

requires a State, local, or tribal

government or the private sector to

incur direct costs without the Federal

Government’s having first provided the

funds to pay those costs. This proposed

rule will not impose an unfunded

mandate.

Taking of Private Property

This proposed rule would not effect a

taking of private property or otherwise

have taking implications under

Executive Order 12630, Governmental

Actions and Interference with

Constitutionally Protected Property

Rights.

Civil Justice Reform

This proposed rule meets applicable

standards in sections 3(a) and 3(b)(2) of

Executive Order 12988, Civil Justice

Reform, to minimize litigation,

eliminate ambiguity, and reduce

burden.

Protection of Children

We have analyzed this proposed rule

under Executive Order 13045,

Protection of Children from

Environmental Health Risks and Safety

Risks. This rule is not an economically

significant rule and does not concern an

environmental risk to health or risk to

safety that may disproportionately affect

children.

Environment

We prepared an ‘‘Environmental

Assessment’’ in accordance with

Commandant Instruction M16475.1C,

and determined that this proposed rule

will not significantly affect the quality

of the human environment. The

‘‘Environmental Assessment’’ and

‘‘Finding of No Significant Impact’’ is

available in the docket where indicated

under ADDRESSES.

31870 Federal Register / Vol. 66, No. 114 / Wednesday, June 13, 2001 / Proposed Rules

List of Subjects in 33 CFR Part 100

Marine safety, Navigation (water),

Reporting and recordkeeping

requirements, Waterways.

For the reasons discussed in the

preamble, the Coast Guard proposes to

amend 33 CFR part 100 as follows:

PART 100—MARINE EVENTS

1. The authority citation for part 100

continues to read as follows:

Authority: 33 U.S.C. 1233 through 1236; 49

CFR 1.46; 33 CFR 100.35.

2. Section 100.526 is added to read as

follows:

§ 100.526 Fireworks Displays, Patapsco

River, Baltimore, Maryland.

(a) Definitions—(1) Inner Harbor

Regulated Area. The Inner Harbor

Regulated Area is defined as the waters

of the Patapsco River enclosed within

the arc of a circle with a radius of 400

feet and with its center located at

latitude 39°16.9′ N, longitude

076°36.3′ W. All coordinates

reference Datum NAD 1983.

(2) Northwest Harbor Regulated Area.

The Northwest Harbor Regulated Area is

defined as the waters of the Patapsco

River enclosed within the arc of a circle

with a radius of 500 feet and with its

center located at latitude 39°16.6’ N,

longitude 076°35.8′ W. All coordinates

reference Datum NAD 1983.

(3) 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 Activities Baltimore.

(4) Official Patrol. The Official Patrol

is any vessel assigned or approved by

Commander, Coast Guard Activities

Baltimore with a commissioned,

warrant, or petty officer of the Coast

Guard on board and displaying a Coast

Guard ensign.

(b) Special Local Regulations. (1)

Except for persons or vessels authorized

by the Coast Guard Patrol Commander,

no person or vessel may enter or remain

in the Inner Harbor Regulated Area or

the Northwest Harbor Regulated Area.

(2) The operator of any vessel in these

areas shall:

(i) Stop the vessel immediately when

directed to do so by any official patrol.

(ii) Proceed as directed by any official

patrol.

(c) Effective Dates: This section is

effective:

(1) Annually from 8:30 p.m. on July

4 until 9:30 p.m. on July 4; and

(2) Annually from 11:45 p.m. on

December 31 until 12:45 a.m. on January

1.

(d) Rain Dates: If the July 4 fireworks

display is cancelled for the evening due

to inclement weather, then this section

is effective between 8:30 p.m. and 9:30

p.m. on July 5. If the December 31

fireworks display is cancelled for the

evening due to inclement weather, then

this section is effective from 11:45 p.m.

on January 1 until 12:45 a.m. on January

2. Notice of the effective period will be

given via Marine Safety Radio Broadcast

on VHF–FM marine band radio,

Channel 22 (157.1 MHz).

Dated: 23 May 2001.

J.E. Shkor,

Vice Admiral, U.S. Coast Guard Commander,

Fifth Coast Guard District.

[FR Doc. 01–14819 Filed 6–12–01; 8:45 am]

BILLING CODE 4910–15–U

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 165

[CGD11–01–008]

RIN 2115–AA97

Security Zone; Naval Supply Center

Pier, San Diego Bay, CA

AGENCY: Coast Guard, DOT.

ACTION: Notice of proposed rulemaking.

SUMMARY: The Coast Guard proposes to

create a permanent security zone around

the Naval Supply Center Pier at Naval

Base, San Diego, at the request of the

U.S. Navy. The establishment of this

security zone is needed to ensure the

physical protection of naval vessels

moored at the Naval Supply Center Pier.

DATES: Comments must be received on

or before August 13, 2001.

ADDRESSES: Comments may be mailed to

LTJG Erin Calvert, U.S. Coast Guard

Marine Safety Office, 2716 North Harbor

Drive, San Diego, CA, 92101–1064, (619)

683–6477. The Marine Safety Office

maintains the public docket for this

rulemaking. Comments and material

received from the public, as well as

documents indicated in this preamble as

being available in the docket, will

become part of this docket and will be

available for inspection and copying at

the Marine Safety Office between 7:30

a.m. and 4 p.m., Monday through

Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT:

Lieutenant Patricia Springer, Vessel

Traffic Management Section, 11th Coast

Guard District, telephone (510) 437–

2951; e-mail pspringer@d11.uscg.mil.

SUPPLEMENTARY INFORMATION:

Request for Comments

Interested persons are invited to

participate in this proposed rulemaking

by submitting written views, data, or

any other materials to the address listed

under ADDRESSES. Persons submitting

comments should include their names

and addresses, identify the docket

number for this rulemaking, the specific

section of the proposal to which their

comments apply, and give reasons for

each comment. The Coast Guard

requests that all comments and

attachments be submitted in an

unbound format suitable for copying

and electronic filing. If this is not

practical, a second copy of any bound

materials is requested. Persons wanting

acknowledgment of receipt of comments

should enclose a stamped, selfaddressed postcard or envelope. The

Coast Guard will consider all comments

received during the comment period

and may change this proposal in view

of the comments.

No public hearing is planned, but one

may be held if written requests for a

hearing are received and it is

determined that the opportunity to

make oral presentations will aid in the

rulemaking process. Persons may

request a public hearing by writing to

the address listed above in ADDRESSES.

The request should include reasons why

a hearing would be beneficial. If it

determines that the opportunity for oral

presentations will aid this rulemaking,

the Coast Guard will hold a public

hearing at a time and place announced

by a later notice in the Federal Register.

Background and Purpose

The Coast Guard proposes to create a

permanent security zone around the

Naval Supply Center Pier at Naval Base,

San Diego. The security zone consists of

the waters of San Diego Bay extending

approximately 100 feet out from the

north, west, and south sides of the

Naval Supply Center Pier.

Currently, there is a restricted area

around the Naval Supply Center Pier, 33

CFR 334.870(d). The Navy believes that

this restricted area, by itself, is

insufficient to adequately safeguard its

vessels. The Navy has been reviewing

all aspects of its anti-terrorism and force

protection posture in response to the

attack on the USS COLE. The creation

of this security zone will safeguard

vessels moored at the Naval Supply

Center Pier and waterside facilities from

destruction, loss, or injury from

sabotage or other subversive acts,

accidents, or other causes of a similar

nature. The creation of this security

zone will also prevent recreational and

commercial craft from interfering with