Federal Register / Vol. 60, No. 247 / Tuesday, December 26, 1995 / Proposed Rules 66771

is successfully dedicating significant

resources to this effort.

The Board, with the concurrence of

the Office of Management and Budget,

has determined that this is not a

significant regulatory action under

Executive Order 12866; therefore, no

regulatory impact analysis is required.

There are no information collections

associated with this rule.

List of Subjects in 20 CFR Parts 211

Pensions, Railroad employees,

Railroad retirement.

For the reasons set out in the

preamble, chapter II of title 20 of the

Code of Federal Regulations is proposed

to be amended as follows:

PART 211—[AMENDED]

1. The authority citation for part 211

continues to read as follows:

Authority: 45 U.S.C. 231(f).

2. Part 211 is amended by adding a

new § 211.16 to read as follows:

§ 211.16 Finaility of records of

compensation.

(a) Time limit for corrections to

records of compensation. The Board’s

record of the compensation reported as

paid to an employee for a given period

shall be conclusive as to amount, or if

no compensation was reported for such

period, then as to the employee’s having

received no compensation for such

period, unless the error in the amount

of compensation or the failure to make

return of the compensation is called to

the attention of the Board within four

years after the date on which the

compensation was required to be

reported to the Board as provided for in

§ 209.6 of this chapter.

(b) Correction after 4 years. Subject to

paragraph (c) of this section, the Board

may correct a report of compensation

after the time limit set forth in

paragraph (a) of this section for one of

the following reasons:

(1) Where the compensation was

posted as the result of fraud;

(2) Where the compensation was

posted for the wrong person or the

wrong period;

(3) Where the earnings were

erroneously reported to the Social

Security Administration in the good

faith belief by the employer or employee

that such earnings were not covered

under the Railroad Retirement Act and

there is a final decision of the Board

under part 259 of this chapter that such

employer or employee was covered

under the Railroad Retirement Act

during the period in which the earnings

were paid;

(4) Where a determination pertaining

to the coverage under the Railroad

Retirement Act of an individual,

partnership, or company as an

employer, is retroactive; and

(5) Where a record of compensation

could not otherwise be corrected under

this part and where in the judgment of

the three-member Board that heads the

Railroad Retirement Board failure to

make a correction would be inequitable.

(c) Limitation on crediting service. No

employee may be credited with service

months or tier II compensation beyond

the four year period referred to in

paragraph (a) of this section unless the

employee establishes to the satisfaction

of the Board that all employment taxes

imposed by sections 3201, 3211, and

3221 of title 26 of the Internal Revenue

Code have been paid with respect to the

compensation and service.

Dated: December 15, 1995.

By Authority of the Board.

Beatrice Ezerski,

Secretary to the Board.

[FR Doc. 95–31064 Filed 12–22–95; 8:45 am]

BILLING CODE 7905–01–M

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[INTL–0009–95]

RIN 1545–AT42

Certain Transfers of Domestic Stock or

Securities by U.S. Persons to Foreign

Corporations

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Notice of proposed rulemaking

by cross-reference to temporary

regulations and notice of public hearing.

SUMMARY: In the Rules and Regulations

section of this issue of the Federal

Register, the IRS is issuing temporary

regulations revising the rules under

section 367(a) with respect to certain

transfers of stock or securities of

domestic corporations by United States

persons pursuant to the corporate

organization, reorganization or

liquidation provisions of the Internal

Revenue Code. The text of those

temporary regulations also serves as the

text of these proposed regulations. This

document also provides notice of a

public hearing on these proposed

regulations.

DATES: Written comments must be

received by March 25, 1996. Outlines of

topics to be discussed at the public

hearing scheduled for April 11, 1996, at

10 a.m. must be received by March 21,

1996.

ADDRESSES: Send submissions to:

CC:DOM:CORP:R (INTL 0009–95),

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:R (INTL–

0009–95), Courier’s Desk, Internal

Revenue Service, 1111 Constitution

Ave. NW., Washington, DC. The public

hearing will be held in the IRS

Auditorium, Internal Revenue Building,

1111 Constitution Avenue NW.,

Washington, DC.

FOR FURTHER INFORMATION CONTACT:

Concerning the regulations, Philip L.

Tretiak at (202) 622–3860; concerning

submissions and the hearing, Christina

Vasquez at (202) 622–7180 (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 of 1995 (44

U.S.C. 3507).

Comments on the collection of

information should be sent to the Office

of Management and Budget, Attn: Desk

Officer for the Department of Treasury,

Office of Information and Regulatory

Affairs, Washington, DC 20503, with

copies to the Internal Revenue Service,

Attn: IRS Reports Clearance Officer,

T:FP, Washington, DC 20224. Comments

on the collection of information should

be received by February 26, 1996.

An agency may not conduct or

sponsor, and a person is not required to

respond to, a collection of information

unless the collection of information

displays a valid control number.

The collection of information is in

§ 1.367(a)–3T(c)(4). This information is

required by the IRS as a condition for

a taxpayer to qualify for an exception to

the general rule of taxation under

section 367(a)(1). This information will

be used to determine whether a taxpayer

properly qualifies for a claimed

exception. The respondents generally

will be U.S. corporations, probably U.S.

multinationals, that are acquired by

foreign companies pursuant to

nonrecognition exchanges or that engage

in joint ventures with foreign

companies. Responses to this collection

of information by the relevant U.S.

corporations are required in order for

the shareholders of such corporations to
66772 Federal Register / Vol. 60, No. 247 / Tuesday, December 26, 1995 / Proposed Rules

qualify for an exception to the general

rule under section 367(a)(1).

Books or records relating to a

collection of information must be

retained as long as their contents may

become material in the administration

of any internal revenue law. Generally,

tax returns and tax return information

are confidential, as required by 26

U.S.C. 6103.

Estimated total annual reporting

burden: 1,000 hours. The estimated

annual burden per respondent varies

from 1 hour to 20 hours, depending on

individual circumstances, with an

estimated average of 10 hours.

Estimated number of respondents:

100.

Estimated annual frequency of

responses: Once.

Background

The temporary regulations published

in the Rules and Regulations section of

this issue of the Federal Register amend

the Income Tax Regulations (26 CFR

part 1) relating to section 367(a). The

temporary regulations contain rules

relating to the transfer of stock or

securities by a United States person to

a foreign corporation in an exchange

described in section 367(a).

The text of those temporary

regulations also serves as the text of

these proposed regulations. The

preamble to the temporary regulations

explains the temporary regulations.

Final regulations under section 367(a)

regarding transfers of stock or securities

will integrate the proposed regulations

herein with the notice of proposed

rulemaking published on August 26,

1991, in the Federal Register (56 FR

41993). Thus, the proposed regulations

herein supplement and, where

inconsistent with, supersede, the 1991

proposed regulations.

Special Analyses

It has been determined that this notice

of proposed rulemaking is not a

significant regulatory action as defined

in Executive Order 12866. Therefore, a

regulatory assessment is not required. It

has also been determined that this

regulation does not have a significant

impact on a substantial number of small

entities. Thus, the Regulatory Flexibility

Act (5 U.S.C. chapter 6) does not apply

to these regulations, and therefore, a

Regulatory Flexibility Analysis is not

required. Pursuant to section 7805(f) of

the Internal Revenue Code, this notice

of proposed rulemaking will be

submitted to the Chief Counsel for

Advocacy of the Small Business

Administration for comment on their

impact on small business.

Comments and Notice of Public Hearing

Before these proposed regulations are

adopted as final regulations,

consideration will be given to any

written comments (a signed original and

eight (8) copies) that are submitted

timely to the Internal Revenue Service.

All comments will be available for

public inspection and copying.

A public hearing has been scheduled

for April 11, 1996, at 10 a.m. in the IRS

Auditorium. Because of access

restrictions, visitors will not be

admitted beyond the building lobby

more than 15 minutes before the hearing

starts.

The rules of 26 CFR 601.601(a)(3)

apply to the hearing.

Persons that wish to present oral

comments at the hearing must submit

written comments by March 25, 1996

and submit an outline of the topics to

be discussed and the time to be devoted

to each topic (signed original and eight

(8) copies) by March 21, 1996.

A period of 10 minutes will be

allotted to each person for making

comments.

An agenda showing the scheduling of

the speakers will be prepared after the

deadline for receiving outlines has

passed. Copies of the agenda will be

available free of charge at the hearing.

Drafting Information

The principal author of these

proposed regulations is Philip L. Tretiak

of the Office of Associate Chief Counsel

(International), Internal Revenue

Service. However, other personnel from

the IRS and Treasury Department

participated in their development.

List of Subjects in 26 CFR Part 1

Income tax, Reporting and

recordkeeping requirements.

Proposed Amendments to the

Regulations

Accordingly, 26 CFR part 1 is

proposed to be amended as follows:

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. New § 1.367–9 is added to read

as follows:

§ 1.367(a)–9 Transfers by U.S. persons of

stock or securities of domestic

corporations to foreign corporations.

[The text of this proposed section is

the same as the text of paragraphs (a),

(c), (d), (e), (f), (g)(1), and (h)(1) of

§ 1.367–3T published elsewhere in this

issue of the Federal Register].

Margaret Milner Richardson,

Commissioner of Internal Revenue.

[FR Doc. 95–30828 Filed 12–22–95; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD 87–087]

RIN 2115–AC84

Regattas and Marine Parades

AGENCY: Coast Guard, DOT.

ACTION: Notice of withdrawal.

SUMMARY: The Coast Guard is

withdrawing its rulemaking to increase

the time requirement for submitting

permit applications to the Coast Guard

for approval prior to the start of a regatta

or marine parade event. Since the

Notice of Proposed Rulemaking (NPRM)

was published for this rulemaking, the

Coast Guard has participated in the

National Performance Review and has

determined that a broader regulatory

examination of the entire Regatta and

marine Parade Permit process, including

the issue of appropriate permit

application submission times, was

needed. Therefore, this single issue

rulemaking project is being withdrawn

and the permit application submission

time issue will be included in the

broader overall review and revision of

the regatta and marine parade permit

process regulations.

FOR FURTHER INFORMATION CONTACT:

Carlton Perry, Auxiliary, Boating, and

Consumer Affairs Division, (202) 267–

0979.

SUPPLEMENTARY INFORMATION: On

February 4, 1988, the Coast Guard

published an NPRM entitled Regattas

and Marine Parades in the Federal

Register (53 FR 3221). Interested

persons were given until April 4, 1988,

to submit comments. The Coast Guard

received 45 letters commenting on the

proposal.

Most of the 45 comments on the

NPRM were submitted by event

sponsors, which ranged from small

sailing clubs and regional and national

sailing or boating associations to a

municipality and two commercial

fireworks display sponsors. Most of the

comments acknowledged or supported a

need for some increase in the

submission time for permit applications

for some events, but objected to the

proposed submission time of 90 days for