Federal Register / Vol. 87, No. 128 / Wednesday, July 6, 2022 / Proposed Rules 40167 

(i) Alternative Methods of Compliance 

(AMOCs) 

(1) The Manager, International Validation 

Branch, FAA, has the authority to approve 

AMOCs for this AD, if requested using the 

procedures found in 14 CFR 39.19. In 

accordance with 14 CFR 39.19, send your 

request to your principal inspector or local 

Flight Standards District Office, as 

appropriate. If sending information directly 

to the manager of the International Validation 

Branch, send it to the attention of the person 

identified in paragraph (j)(2) of this AD. 

Information may be emailed to: 9-AVS-AIR730-AMOC@faa.gov. 

(2) Before using any approved AMOC, 

notify your appropriate principal inspector, 

or lacking a principal inspector, the manager 

of the local flight standards district office/ 

certificate holding district office. 

(j) Related Information 

(1) For EASA AD 2022–0016–E, contact 

EASA, Konrad-Adenauer-Ufer 3, 50668 

Cologne, Germany; telephone +49 221 8999 

000; email ADs@easa.europa.eu; internet 

www.easa.europa.eu. You may find the 

EASA material on the EASA website at 

https://ad.easa.europa.eu. You may view this 

material at the FAA, Office of the Regional 

Counsel, Southwest Region, 10101 Hillwood 

Pkwy., Room 6N–321, Fort Worth, TX 76177. 

For information on the availability of this 

material at the FAA, call (817) 222–5110. 

This material may be found in the AD docket 

at https://www.regulations.gov by searching 

for and locating Docket No. FAA–2022–0808. 

(2) For more information about this AD, 

contact Kristin Bradley, COS Program 

Manager, COS Program Management Section, 

Operational Safety Branch, FAA, 10101 

Hillwood Pkwy., Fort Worth, TX 76177; 

telephone (817) 222–5110; email 

Kristin.Bradley@faa.gov. 

Issued on June 29, 2022. 

Christina Underwood, 

Acting Director, Compliance & Airworthiness 

Division, Aircraft Certification Service. 

[FR Doc. 2022–14325 Filed 7–5–22; 8:45 am] 

BILLING CODE 4910–13–P 

DEPARTMENT OF JUSTICE 

Drug Enforcement Administration 

21 CFR Part 1308 

[Docket No. DEA–623] 

Schedules of Controlled Substances: 

Placement of 4-hydroxy-N,Ndiisopropyltryptamine (4-OH-DiPT), 5- 

methoxy-alpha-methyltryptamine (5- 

MeO-AMT), 5-methoxy-N-methyl-Nisopropyltryptamine (5-MeO-MiPT), 5- 

methoxy-N,N-diethyltryptamine (5- 

MeO-DET), and N,Ndiisopropyltryptamine (DiPT) in 

Schedule I; Announcement of Hearing 

AGENCY: Drug Enforcement 

Administration, Department of Justice. 

ACTION: Notice of hearing on proposed 

rulemaking. 

SUMMARY: This is notice that the Drug 

Enforcement Administration will hold a 

hearing with respect to the proposed 

placement of five tryptamine 

hallucinogens, as identified in the 

proposed rule, in schedule I of the 

Controlled Substances Act. The control 

of the five tryptamines was initially 

proposed in a Notice of Proposed 

Rulemaking published in the Federal 

Register on January 14, 2022. 

DATES: Interested persons desiring to 

participate in this hearing must provide 

written notice of desired participation 

as set out below, on or before August 5, 

2022. 

The hearing will commence on 

August 22, 2022, at 9 a.m. ET at the DEA 

Hearing Facility, 1550 Crystal Drive, 

Suite 901, Arlington, Virginia 22202. 

ADDRESSES: To ensure proper handling 

of notification, please reference ‘‘Docket 

No. DEA–623’’ on all correspondence. 

Written notification sent via regular or 

express mail should be sent to Drug 

Enforcement Administration, Attn: 

Hearing Clerk, Office of the 

Administrative Law Judges, 8701 

Morrissette Drive, Springfield, Virginia 

22152. Electronic notification should be 

sent to ECF-DEA@dea.gov, with a copy 

simultaneously sent to: 

DEA.Registration.Litigation@dea.gov. 

FOR FURTHER INFORMATION CONTACT: 

Hearing Clerk, Office of the 

Administrative Law Judges, 8701 

Morrissette Drive, Springfield, Virginia 

22152; Telephone: (571) 362–8188. 

SUPPLEMENTARY INFORMATION: 

Background 

On January 14, 2022, the Drug 

Enforcement Administration (DEA) 

published a Notice of Proposed 

Rulemaking (NPRM) in the Federal 

Register (87 FR 2376) to place five 

tryptamine substances in schedule I of 

the Controlled Substances Act (CSA) (21 

U.S.C. 801, et seq.). Specifically, in this 

NPRM, DEA proposed to schedule the 

following five controlled substances in 

schedule I of the CSA, including their 

salts, isomers, and salts of isomers 

whenever the existence of such salts, 

isomers, and salts of isomers is possible 

within the specific chemical 

designation: 

• 4-Hydroxy-N,Ndiisopropyltryptamine (4-OH-DiPT), 

• 5-Methoxy-alphamethyltryptamine 

(5-MeO-AMT), 

• N-Isopropyl-5-Methoxy-NMethyltryptamine (5-MeO-MiPT), 

• N,N-Diethyl-5-methoxytryptamine 

(5-MeO-DET), and 

• N,N-Diisopropyltryptamine (DiPT). 

The proposal in the NPRM to place 

these substances in schedule I was 

based primarily on the scientific and 

medical evaluations and 

recommendations provided by the 

Department of Health and Human 

Services (HHS) to DEA. In those 

submissions to DEA, HHS concluded 

that these five substances meet the 

criteria for placement in schedule I as 

they all have a high potential for abuse, 

no currently medical use in treatment in 

the United States, and a lack of accepted 

safety for use under medical 

supervision. DEA is bound by the 

recommendations of HHS as to 

scientific and medical matters. 

The NPRM invited interested persons 

to submit comments, objections, and 

requests for a hearing on or before 

February 14, 2022, and received 589 

comments and multiple requests for a 

hearing. In requesting a hearing, the 

requestors stated that their intention is 

to present factual information and 

expert opinion concerning the 

significance and reliability of the 

medical, scientific, and other bases that 

DEA provided in support of the 

proposed scheduling of the five 

tryptamine substances. 

Hearing Notification 

In response to these requests, 

pursuant to 21 U.S.C. 811(a), 21 CFR 

1308.44, and 21 CFR 1316.47, DEA is 

convening a hearing on the NPRM. 

Accordingly, notice is hereby given that 

a hearing in connection with this 

proposed scheduling action will 

commence on August 22, 2022, at 9 a.m. 

ET at the DEA Hearing Facility, 1550 

Crystal Drive, Suite 901, Arlington, 

Virginia 22202. The hearing will be 

conducted pursuant to the provisions of 

5 U.S.C. 556 and 557, and 21 CFR 

1308.41–1308.45, and 1316.41–1316.68. 

Every interested person (defined by 

21 CFR 1300.01(b) as ‘‘any person 

adversely affected or aggrieved by any 

rule or proposed rule issuable’’ under 21 

U.S.C. 811) who wishes to participate in 

the hearing shall file either by mail or 

email a written notice of intention to 

participate. If filing via mail, the written 

notice must be filed with the Hearing 

Clerk, Office of the Administrative Law 

Judges, Drug Enforcement 

Administration, 8701 Morrissette Drive, 

Springfield, VA 22152, and must be 

received on or before August 5, 2022. If 

filing electronically, the written notice 

must be filed with the Office of the 

Administrative Law Judges at ECFDEA@dea.gov, with a copy 

simultaneously sent to DEA counsel at 

DEA.Registration.Litigation@dea.gov, on 

or before 11:59 p.m. Eastern Time on 


jspears on DSK121TN23PROD with PROPOSALS1
40168 Federal Register / Vol. 87, No. 128 / Wednesday, July 6, 2022 / Proposed Rules 

August 5, 2022. Further, each notice of 

intention to participate must be in the 

form prescribed in 21 CFR 1316.48. No 

person who has previously filed a 

request for hearing need now file a 

notice of intention to participate. 

Signing Authority 

This document of the Drug 

Enforcement Administration was signed 

on June 30, 2022, by Administrator 

Anne Milgram. That document with the 

original signature and date is 

maintained by DEA. For administrative 

purposes only, and in compliance with 

requirements of the Office of the Federal 

Register, the undersigned DEA Federal 

Register Liaison Officer has been 

authorized to sign and submit the 

document in electronic format for 

publication, as an official document of 

DEA. This administrative process in no 

way alters the legal effect of this 

document upon publication in the 

Federal Register. 

Heather Achbach, 

Federal Register Liaison Officer, Drug 

Enforcement Administration. 

[FR Doc. 2022–14372 Filed 7–5–22; 8:45 am] 

BILLING CODE 4410–09–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[REG–130675–17] 

RIN 1545–BO06 

Definition of Foreign Currency 

Contract Under Section 1256 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice of proposed rulemaking. 

SUMMARY: This document contains 

proposed regulations that define the 

term ‘‘foreign currency contract’’ under 

section 1256 of the Internal Revenue 

Code (the ‘‘Code’’) to include only 

foreign currency forward contracts. The 

proposed regulations affect certain 

holders of foreign currency options. 

DATES: Written or electronic comments 

and requests for a public hearing must 

be received by September 6, 2022. 

ADDRESSES: Commenters are strongly 

encouraged to submit public comments 

electronically. Submit electronic 

submissions via the Federal 

eRulemaking Portal at 

www.regulations.gov (indicate IRS and 

REG–130675–17) by following the 

online instructions for submitting 

comments. Once submitted to the 

Federal eRulemaking Portal, comments 

cannot be edited or withdrawn. The IRS 

expects to have limited personnel 

available to process public comments 

that are submitted on paper through 

mail. Until further notice, any 

comments submitted on paper will be 

considered to the extent practicable. 

The Department of the Treasury 

(‘‘Treasury Department’’) and the IRS 

will publish for public availability any 

comment submitted electronically, and 

to the extent practicable on paper, to its 

public docket. 

Send paper submissions to: 

CC:PA:LPD:PR (REG–130675–17), room 

5203, Internal Revenue Service, P.O. 

Box 7604, Ben Franklin Station, 

Washington, DC 20044. 

A public hearing will be scheduled if 

requested in writing by any person that 

timely submits written comments. If a 

public hearing is scheduled, notice of 

the date, time, and place for the public 

hearing will be published in the Federal 

Register. For those requesting to speak 

during the hearing, send an outline of 

topic submissions electronically via the 

Federal eRulemaking Portal at 

www.regulations.gov (indicate IRS and 

REG–130675–17). 

FOR FURTHER INFORMATION CONTACT: 

Concerning the regulations, D. Peter 

Merkel or Karen Walny at (202) 317– 

6938; concerning submissions of 

comments or requests for a public 

hearing, Regina L. Johnson at (202) 317– 

5177 (not toll-free numbers) or by 

sending an email to publichearings@

irs.gov. 

SUPPLEMENTARY INFORMATION: 

Background 

This document contains proposed 

regulations that would provide that the 

term foreign currency contract as 

defined in section 1256(g)(2) of the Code 

applies only to a foreign currency 

forward contract. 

I. Statutory Development of Section 

1256 

A. Section 1256 Generally 

Section 1256(a)(1) provides that each 

section 1256 contract held by a taxpayer 

at the close of the taxable year is treated 

as sold for its fair market value on the 

last business day of that taxable year 

(and any gain or loss is taken into 

account for the taxable year). Section 

1256(a)(2) provides that proper 

adjustment must be made in the amount 

of any gain or loss subsequently realized 

to take into account the gain or loss 

previously recognized under section 

1256(a)(1). Generally, section 1256(a)(3) 

provides that any gain or loss on a 

section 1256 contract is treated as 60 

percent long-term capital gain or loss 

and 40 percent short-term capital gain 

or loss (‘‘60/40 treatment’’). 

Section 1256(b)(1) defines a section 

1256 contract as any regulated futures 

contract, any foreign currency contract, 

any nonequity option, any dealer equity 

option, and any dealer securities futures 

contract. Section 1256(b)(2) excludes 

the following contracts from the 

definition of a section 1256 contract: (1) 

any securities futures contract or option 

on such a contract unless it is a dealer 

securities futures contract, or (2) any 

interest rate swap, currency swap, basis 

swap, interest rate cap, interest rate 

floor, commodity swap, equity swap, 

equity index swap, credit default swap, 

or similar agreement. 

Section 1256(g)(2)(A) defines the term 

foreign currency contract as a contract 

that (1) requires delivery of, or the 

settlement of which depends on the 

value of, a foreign currency which is a 

currency in which positions are also 

traded through regulated futures 

contracts, (2) is traded in the interbank 

market, and (3) is entered into at arm’s 

length at a price determined by 

reference to the price in the interbank 

market. Section 1256(g)(2)(B) grants the 

Secretary authority to prescribe 

regulations as may be necessary or 

appropriate to carry out the purposes of 

the foreign currency contract definition, 

including the authority to exclude any 

contract or type of contract from that 

definition if it would be inconsistent 

with those purposes. 

Section 1256(g)(3) defines the term 

nonequity option as any listed option 

(generally, an option traded on or 

subject to the rules of a qualified board 

or exchange) that is not an equity 

option. 

Section 1256(f)(2) provides that 60/40 

treatment does not apply to gain or loss 

that otherwise would be ordinary. 

Section 988(a)(1) provides that if a 

futures contract, forward contract, 

option, or similar financial instrument 

is a section 988 transaction, the gains 

and losses from the transaction are 

treated as ordinary, absent an election 

for certain transactions. However, 

regulated futures contracts and 

nonequity options that are marked-tomarket under section 1256 are not 

section 988 transactions unless a 

taxpayer makes an election to treat the 

contract as a section 988 transaction. 

See section 988(c)(1)(D)(i) and (ii). 

B. Scope of Section 1256 When Enacted 

in 1981 

When it was enacted in 1981, section 

1256 applied only to regulated futures 

contracts, including regulated futures 

contracts involving foreign currency. 


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