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
Federal Register / Vol. 60, No. 247 / Tuesday, December 26, 1995 / Proposed Rules 66773

all marine events and suggested various

submission times of 60 days or less. A

few comments supported the proposed

submission time of 90 days for larger

events. Another comment suggested

requiring a submission time of 105 days

to allow for a full environmental impact

analysis.

Many comments emphasized

planning problems faced by sponsors

due to short seasons, volunteer

organization officials, long periods of

inactivity prior to the boating season

start-up events, and difficulty in getting

firm, detailed information sooner than

30 days before an event.

The Coast Guard has determined that

the best course of action at this point is

to withdraw this single issue

rulemaking and examine the issue of

permit application submission times as

part of a broader project to conduct a

regulatory review of the entire regatta

and marine parade permit process, [CGD

95–054] published elsewhere in this

issue. Therefore, the Coast Guard is

withdrawing the rulemaking [CGD 87–

087] and merging its docket with [CGD

95–054].

Dated: December 18, 1995.

Rudy K. Peschel,

Rear Admiral, U.S. Coast Guard, Chief, Office

of Navigation Safety and Waterway Services.

[FR Doc. 95–31215 Filed 12–22–95; 8:45 am]

BILLING CODE 4910–14–M

33 CFR Part 100

[CGD 95–054]

RIN 2115–AF17

Regattas and Marine Parades; Permit

Application Procedures

AGENCY: Coast Guard, DOT.

ACTION: Advance notice of proposed

rule; request for comments.

SUMMARY: In keeping with the National

Performance Review, the Coast Guard is

examining its procedures for permitting

regattas and marine parades in order to

improve its service to event sponsors

and affected navigation in the event

area. In order to identify and consider

the permitting procedures and

application requirements which should

be modified or removed, the Coast

Guard is requesting comments from

interested and affected individuals and

entities early in the process. This

regulatory review seeks to identify

better ways to reduce permit application

processing time and eliminate

unnecessary paperwork without

adversely affecting vessel safety in the

event area.

DATES: Comments are requested by

February 9, 1996.

ADDRESSES: Comments may be mailed to

the Executive Secretary, Marine Safety

Council (G–LRA/3406) (CGD 95–054),

U.S. Coast Guard Headquarters, 2100

Second Street SW., Washington, DC

20593–0001, or may be delivered to

room 3406 at the same address between

8 a.m. and 3 p.m., Monday through

Friday, except Federal holidays. The

telephone number is (202) 267–1477.

The Executive Secretary maintains the

public docket for this notice. Comments

will become part of this docket and will

be available for inspection or copying at

room 3406, U.S. Coast Guard

Headquarters.

The minutes of National Boating

Safety Advisory Council (NBSAC)

meetings at which regatta and marine

parade permit application issues were

discussed are available for examination

in the docket.

FOR FURTHER INFORMATION CONTACT:

Carlton Perry, Project Manager,

Auxiliary, Boating, and Consumer

Affairs Division, (202) 267–0979. A

copy of this notice may be obtained by

calling the Coast Guard’s toll-free Coast

Guard Customer Infoline, 1–800–368–

5647. In Washington, DC, call 267–0780.

SUPPLEMENTARY INFORMATION:

Request for Comments

The Coast Guard encourages

interested persons to participate in this

request for comments by submitting

written data, views or arguments.

Persons submitting comments should

include their names and addresses and

identify this notice (CGD 95–054).

Please submit two copies of all

comments and attachments in an

unbound format, no larger than 81⁄2 by

11 inches, suitable for copying and

electronic filing. Persons wanting

acknowledgment of receipt of comments

should enclose stamped, self-addressed

postcards or envelopes.

Background and Purpose

Under 33 U.S.C. 1233, the Coast

Guard has discretionary authority to

issue regulations to promote the safety

of life on navigable waters during

regattas or marine parades. Section

100.15 of Title 33, Code of Federal

Regulations prescribes the requirements

for regatta and marine parade (marine

event) permit applications, including:

(1) which events require a Coast Guard

marine event permit; (2) limiting the

validity of a marine event permit to not

exceed one year; (3) the timeframe for

submitting permit applications; and (4)

information the sponsor must provide in

an application package.

The Coast Guard reviews all regatta

permit applications to determine

whether or not a permit is required to

hold the event. The Coast Guard checks

the permit application package for

completeness and contacts the applicant

for missing or additional information.

Permit applications are reviewed for

extra or unusual hazards to the safety of

life, such as an inherently hazardous

competition; customary presence of

commercial or pleasure craft in the area;

any obstruction of a navigable channel;

and accumulation of spectator craft. The

Coast Guard addresses this extra or

unusual hazard in a cooperative effort

between the event sponsor and the

issuing authority, e.g., a Coast Guard

Group Commander, throughout the

permit application review process. The

Coast Guard issuing authority discusses

the location and conduct of the event,

consults with other affected commands,

e.g., Captain of the Port or Vessel Traffic

Service Center, assigns and directs

safety patrol craft, in addition to

sponsor provided safety patrol craft, as

deemed necessary, establishes a safety

patrol communication plan for use

before, during and immediately after the

event, and notifies local navigation of

the event through the Local Notice to

Mariners and often through local media

sources, as well.

The Coast Guard may also need to

contact Federal, State or local agency

offices to determine if there are

conflicting activities scheduled in the

area. Not all events for which a permit

application is submitted require Coast

Guard approval. Those applications are

returned to the sponsors with

notification that the event does not

require a permit. If a permit for a marine

event is required, the Coast Guard must

decide whether the permit should be

issued or denied.

When necessary, the Coast Guard

promulgates special local regulations in

the Federal Register to ensure safety of

life on navigable waters before, during,

and after an approved marine event.

These regulations may include

restricted or other controlled movement

of navigation through the event area.

Before promulgating special local

regulations, the Coast Guard must give

the public notice and an opportunity to

comment on the proposed regulations.

Applications for marine events which

require a permit must also be reviewed

and evaluated in accordance with Coast

Guard procedures for complying with

laws to protect the environment.

Environmental review may require

coordination with Federal, State, or

local government environmental

agencies to use their special expertise in

determining whether the marine event