Federal Register / Vol. 73, No. 18 / Monday, January 28, 2008 / Rules and Regulations 4695 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9369] 

RIN 1545–BG40 

Calculating and Apportioning the 

Section 11(b)(1) Additional Tax Under 

Section 1561 for Controlled Groups; 

Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correcting amendment. 

SUMMARY: This document contains a 

correction to temporary regulations (TD 

9369) that were published in the 

Federal Register on Wednesday, 

December 26, 2007 (72 FR 72929) 

affecting component members of a 

controlled group of corporations and 

consolidated groups filing life-nonlife 

Federal income tax returns. These 

regulations provide guidance for 

calculating and apportioning between 

component members any amount of 

additional tax and any reduction in the 

amount exempted from the alternative 

minimum tax. 

DATES: The correction is effective 

January 28, 2008. 

FOR FURTHER INFORMATION CONTACT: Grid 

Glyer, (202) 622–7930 (not a toll-free 

number). 

SUPPLEMENTARY INFORMATION: 

Background 

The temporary regulations (TD 9369) 

that are the subject of the correction are 

under sections 11, 55, 1502, 1561 and 

1563 of the Internal Revenue Code. 

Need for Correction 

As published, temporary regulations 

(TD 9369) contain an error that may 

prove to be misleading and is in need 

of clarification. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Correction of Publication 

■ Accordingly, 26 CFR part 1 is 

corrected by making the following 

amendment: 

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 1.1561–2T is amended 

by revising paragraph (b)(1) to read as 

follows: 

§ 1.1561–2T Special rules for allocating 

reductions to certain section 1561(a) taxbenefit items (temporary). 

* * * * * 

(b) * * * 

(1) Calculation. The alternative 

minimum taxable incomes for all the 

taxable years of the component 

members of a controlled group of 

corporations subjected to the same 

December 31st testing date shall be 

taken into account in calculating the 

reduction set forth in section 55(d)(3) to 

the amount exempted from the 

alternative minimum tax (the exemption 

amount). 

* * * * * 

LaNita Van Dyke, 

Chief, Publications and Regulations 

Branch,Legal Processing Division,Associate 

Chief Counsel,(Procedure and 

Administration). 

[FR Doc. E8–1367 Filed 1–25–08; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket No. USCG–2007–0128] 

RIN 1625–AA00 

Safety Zone; Molokini Crater, Maui, HI 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule; request for 

comments. 

SUMMARY: The Coast Guard is 

establishing a temporary safety zone 

around Molokini Crater, in waters south 

of the island of Maui, HI. This zone is 

necessary to protect rescue and security 

assets, air crews, and the general public 

from hazards associated with an 

explosive ordnance disposal (EOD) 

process scheduled to take place on 

Molokini Crater. Entry of persons or 

vessels into this safety zone is 

prohibited unless authorized by the 

Captain of the Port (COTP) Honolulu. 

DATES: This rule is effective from 

January 27, 2008 through February 8, 

2008. The Coast Guard will accept 

comments on this rule through February 

8, 2008. 

ADDRESSES: You may submit comments 

and related material, identified by Coast 

Guard docket number USCG–2007–

0128, by any of the four methods listed 

below. To avoid duplication, please use 

only one of the following methods: 

(1) Mail: Commanding Officer, U.S. 

Coast Guard Sector Honolulu, 400 Sand 

Island Parkway, Honolulu, Hawaii 

96819–4398. 

(2) Electronically: E-mail to 

Lieutenant (Junior Grade) Jasmin Parker 

at Jasmin.M.Parker@uscg.mil using the 

subject line ‘‘Comment—Molokini 

Safety Zone.’’

(3) Fax: (808) 522–8271. 

(4) Online: http:// 

www.regulations.gov. 

Documents indicated in this preamble 

as being available in the docket are part 

of docket USCG–2007–0128 and are 

available for inspection and copying at 

U.S. Coast Guard Sector Honolulu 

between 7 a.m. and 3:30 p.m., Monday 

through Friday, except Federal holidays. 

FOR FURTHER INFORMATION CONTACT: 

Lieutenant (Junior Grade) Jasmin Parker, 

U.S. Coast Guard Sector Honolulu at 

(808) 842–2600. 

SUPPLEMENTARY INFORMATION: 

Regulatory Information 

We did not publish a notice of 

proposed rulemaking (NPRM) for this 

temporary rule. Under 5 U.S.C. 

553(b)(B), the Coast Guard finds that 

good cause exists for not publishing an 

NPRM. It would be contrary to the 

public interest to delay implementing 

this temporary rule, as any delay might 

result in damage or injury to the public, 

vessels, and facilities in the area of 

Molokini Crater. For the same reasons, 

under 5 U.S.C. 553(d)(3), the Coast 

Guard finds that good cause exists for 

making this temporary rule effective less 

than 30 days after publication in the 

Federal Register. 

Although the Coast Guard has good 

cause to issue this temporary rule 

without first publishing a proposed rule, 

you are invited to submit postpromulgation comments and related 

material regarding this rule through 

February 8, 2008. All comments will be 

reviewed as they are received. Your 

comments will assist us in drafting 

future rules should they be necessary, 

and may cause us to change this 

temporary final rule before it expires. 

All comments received will be posted, 

without change, to http:// 

www.regulations.gov and will include 

any personal information you have 

provided. We have an agreement with 

the Department of Transportation (DOT) 

for their Docket Management Facility to 

process online submissions to Coast 

Guard dockets. You may review the 

Department of Transportation’s Privacy 

Act Statement in the Federal Register 

published on April 11, 2000 (65 FR 


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4696 Federal Register / Vol. 73, No. 18 / Monday, January 28, 2008 / Rules and Regulations 

19477), or you may visit http:// 

DocketsInfo.dot.gov. 

Background and Purpose 

During a cite survey on Molokini 

Crater, surveyors discovered three 

pieces of unexploded ordnance 

requiring disposal. The Coast Guard, in 

consultation with the U.S. Fish and 

Wildlife Service, the State of Hawaii, 

the City and County of Maui, the U.S. 

Navy, and the Federal Aviation 

Administration, has determined it is 

necessary to close the area in the 

vicinity of Molokini Crater in order to 

minimize the dangers that 

fragmentation, explosive arcs, and 

possible fires may present to persons 

and vessels. Should such an incident 

occur, or in the event that EOD 

personnel would require emergency 

assistance, rescuers must have 

immediate and unencumbered access to 

the area. Also, vessels operating in the 

area might otherwise distract EOD and 

rescue personnel. The Coast Guard, 

through this action, intends to promote 

the safety of personnel, vessels, and 

facilities in the area of Molokini Crater. 

Discussion of Rule 

This temporary safety zone 

encompasses all waters up to and 

within one nautical mile of the 

shoreline of Molokini Crater, from the 

surface of the water to the ocean floor. 

It is effective from January 27, 2008 

through February 8, 2008, but will be 

enforced for periods of ten hours or less 

on the effective dates. Unpredictable 

weather and sea states make a broad 

date and time range necessary to safely 

complete the EOD. Enforcement periods 

will be announced over marine band 

VHF channel 16 prior to enforcement to 

ensure ample public notification. In 

accordance with the general regulations 

in 33 CFR part 165, subpart C, no person 

or vessel is permitted to enter or remain 

in the zone except for support vessels/ 

aircraft and support personnel, or other 

vessels authorized by the Captain of the 

Port or his designated representatives. 

Vessels, aircraft, or persons in violation 

of this rule are subject to the penalties 

set forth in 33 U.S.C. 1232 and 50 U.S.C. 

192. 

Regulatory Evaluation 

This rule is not a ‘‘significant 

regulatory action’’ under § 3(f) of 

Executive Order 12866, Regulatory 

Planning and Review, and does not 

require an assessment of potential costs 

and benefits under § 6(a)(3) of that 

Order. The Office of Management and 

Budget has not reviewed it under that 

Order.The Coast Guard expects the 

economic impact of this rule to be so 

minimal that a full Regulatory 

Evaluation is unnecessary. This 

expectation is based on the limited 

duration of the zone and the limited 

geographic area affected by it. 

Small Entities 

Under the Regulatory Flexibility Act 

(5 U.S.C. 601–612), we have considered 

whether this rule will 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 rule will not have 

a significant economic impact on a 

substantial number of small entities. We 

expect that there will be little impact to 

small entities due to the narrowly 

tailored scope of this safety zone. 

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 (Pub. L. 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 this rule will affect your small 

business, organization, or governmental 

jurisdiction and you have questions 

concerning its provisions or options for 

compliance, please contact Lieutenant 

(Junior Grade) Jasmin Parker, U.S. Coast 

Guard Sector Honolulu at (808) 842–

2600. The Coast Guard will not retaliate 

against small entities that question or 

complain about this rule or any policy 

or action of the Coast Guard. 

Collection of Information 

This rule calls for no new collection 

of information under the Paperwork 

Reduction Act of 1995 (44 U.S.C. 3501–

3520). 

Federalism 

A rule has implications for federalism 

under Executive Order 13132, 

Federalism, if it has a substantial direct 

effect on State or local governments and 

either preempts State law or imposes a 

substantial direct cost of compliance on 

them. We have analyzed this rule under 

that Order and have determined that it 

does not have implications for 

federalism. 

Unfunded Mandates Reform Act 

The Unfunded Mandates Reform Act 

of 1995 (2 U.S.C. 1531–1538) requires 

Federal agencies to assess the effects of 

their discretionary regulatory actions. In 

particular, the Act addresses actions 

that may result in the expenditure by a 

State, local, or tribal government, in the 

aggregate, or by the private sector of 

$100,000,000 or more in any one year. 

Though this rule will not result in such 

expenditure, we do discuss the effects of 

this rule elsewhere in this preamble. 

Taking of Private Property 

This proposed rule will not affect 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 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 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 create an environmental risk to 

health or risk to safety that may 

disproportionately affect children. 

Indian Tribal Governments 

This rule does not have tribal 

implications under Executive Order 

13175, Consultation and Coordination 

with Indian Tribal Governments, 

because it would not have a substantial 

direct effect on one or more Indian 

tribes, on the relationship between the 

Federal Government and Indian tribes, 

or on the distribution of power and 

responsibilities between the Federal 

Government and Indian tribes. 

Energy Effects 

We have analyzed this rule under 

Executive Order 13211, Actions 

Concerning Regulations That 

Significantly Affect Energy Supply, 

Distribution, or Use. We have 

determined that it is not a ‘‘significant 

energy action’’ under that order because 

it is not a ‘‘significant regulatory action’’

under Executive Order 12866 and is not 

likely to have a significant adverse effect 

on the supply, distribution, or use of 


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Federal Register / Vol. 73, No. 18 / Monday, January 28, 2008 / Rules and Regulations 4697 

energy. The Administrator of the Office 

of Information and Regulatory Affairs 

has not designated it as a significant 

energy action. Therefore, it does not 

require a Statement of Energy Effects 

under Executive Order 13211. 

Technical Standards 

The National Technology Transfer 

and Advancement Act (NTTAA) (15 

U.S.C. 272 note) directs agencies to use 

voluntary consensus standards in their 

regulatory activities unless the agency 

provides Congress, through the Office of 

Management and Budget, with an 

explanation of why using these 

standards is inconsistent with 

applicable law or otherwise impractical. 

Voluntary consensus standards are 

technical standards (e.g., specifications 

of materials, performance, design, or 

operation; test methods; sampling 

procedures; and related management 

systems practices) that are developed or 

adopted by voluntary consensus 

standards bodies. 

This rule does not use technical 

standards. Therefore, we did not 

consider the use of voluntary consensus 

standards. 

Environment 

We have analyzed this rule under 

Commandant Instruction M16475.1D, 

which guides the Coast Guard in 

complying with the National 

Environmental Policy Act of 1969 

(NEPA) (42 U.S.C. 4321–4370f), and 

have concluded that there are no factors 

in this case that limit the use of a 

categorical exclusion under section 

2.B.2 of the Instruction. Therefore, 

under figure 2–1, paragraph (34)(g) of 

the Commandant Instruction 

M16475.1D, this rule is categorically 

excluded from further environmental 

documentation. An ‘‘Environmental 

Analysis Checklist’’ and ‘‘Categorical 

Exclusion Determination’’ are available 

in the docket where indicated under 

ADDRESSES. 

List of Subjects in 33 CFR Part 165 

Harbors, Marine safety, Navigation 

(water), Reporting and record-keeping 

requirements, Security measures, 

Waterways. 

■ For the reasons discussed in the 

preamble, the Coast Guard amends 33 

CFR part 165 as follows: 

PART 165—REGULATED NAVIGATION 

AREAS AND LIMITED ACCESS AREAS 

■ 1. The authority citation for part 165 

continues to read as follows: 

Authority: 33 U.S.C. 1226, 1231; 46 U.S.C. 

Chapter 701; 50 U.S.C. 191, 195; 33 CFR 

1.05–1, 6.04–1, 6.04–6, and 160.5; Pub. L. 

107–295, 116 Stat. 2064; Department of 

Homeland Security Delegation No. 0170.1. 

■ 2. Add § 165.T14–165 to read as 

follows: 

§ 165.T14–165 Safety Zone; Molokini 

Crater, Maui, HI. 

(a) Location. The following is a safety 

zone: All waters up to and within 1 

nautical mile of the shoreline of 

Molokini Crater, from the surface of the 

water to the ocean floor. 

(b) Effective Dates. This rule is 

effective from January 27, 2008 through 

February 8, 2008. 

(c) Suspension of Enforcement. The 

Coast Guard will suspend enforcement 

of the safety zone described in this 

section whenever explosive ordinance 

disposal work is not being performed in 

the vicinity. Advance notice of 

enforcement periods and suspension of 

enforcement will be announced over 

marine band VHF channel 16. 

(d) Regulations. In accordance with 

the general regulations in 33 CFR part 

165, Subpart C, no person or vessel may 

enter or remain in the zone except for 

support vessels/aircraft and support 

personnel, or other vessels authorized 

by the Captain of the Port or his 

designated representatives. 

(e) Penalties. Vessels or persons 

violating this rule are subject to the 

penalties set forth in 33 U.S.C. 1232 and 

50 U.S.C. 192. 

Dated: January 10, 2008. 

B.A. Compagnoni, 

Captain, U.S. Coast Guard, Captain of the 

Port Honolulu. 

[FR Doc. 08–354 Filed 1–23–08; 4:28 pm] 

BILLING CODE 4910–15–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Federal Emergency Management 

Agency 

44 CFR Part 64 

[Docket No. FEMA–8009] 

Suspension of Community Eligibility 

AGENCY: Federal Emergency 

Management Agency, DHS. 

ACTION: Final rule. 

SUMMARY: This rule identifies 

communities, where the sale of flood 

insurance has been authorized under 

the National Flood Insurance Program 

(NFIP), that are scheduled for 

suspension on the effective dates listed 

within this rule because of 

noncompliance with the floodplain 

management requirements of the 

program. If the Federal Emergency 

Management Agency (FEMA) receives 

documentation that the community has 

adopted the required floodplain 

management measures prior to the 

effective suspension date given in this 

rule, the suspension will not occur and 

a notice of this will be provided by 

publication in the Federal Register on a 

subsequent date. 

DATES: Effective Dates: The effective 

date of each community’s scheduled 

suspension is the third date (‘‘Susp.’’) 

listed in the third column of the 

following tables. 

ADDRESSES: If you want to determine 

whether a particular community was 

suspended on the suspension date, 

contact the appropriate FEMA Regional 

Office. 

FOR FURTHER INFORMATION CONTACT: 

David Stearrett, Mitigation Directorate, 

Federal Emergency Management 

Agency, 500 C Street, SW., Washington, 

DC 20472, (202) 646–2953. 

SUPPLEMENTARY INFORMATION: The NFIP 

enables property owners to purchase 

flood insurance which is generally not 

otherwise available. In return, 

communities agree to adopt and 

administer local floodplain management 

aimed at protecting lives and new 

construction from future flooding. 

Section 1315 of the National Flood 

Insurance Act of 1968, as amended, 42 

U.S.C. 4022, prohibits flood insurance 

coverage as authorized under the NFIP, 

42 U.S.C. 4001 et seq.; unless an 

appropriate public body adopts 

adequate floodplain management 

measures with effective enforcement 

measures. The communities listed in 

this document no longer meet that 

statutory requirement for compliance 

with program regulations, 44 CFR part 

59. Accordingly, the communities will 

be suspended on the effective date in 

the third column. As of that date, flood 

insurance will no longer be available in 

the community. However, some of these 

communities may adopt and submit the 

required documentation of legally 

enforceable floodplain management 

measures after this rule is published but 

prior to the actual suspension date. 

These communities will not be 

suspended and will continue their 

eligibility for the sale of insurance. A 

notice withdrawing the suspension of 

the communities will be published in 

the Federal Register. 

In addition, FEMA has identified the 

Special Flood Hazard Areas (SFHAs) in 

these communities by publishing a 

Flood Insurance Rate Map (FIRM). The 

date of the FIRM, if one has been 

published, is indicated in the fourth 

column of the table. No direct Federal 


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