Federal Register / Vol. 60, No. 48 / Monday, March 13, 1995 / Proposed Rules 13393

§ 722.4 Minimum appraisal standards.

For federally related transactions, all

appraisals shall, at a minimum:

(a) Conform to generally accepted

appraisal standards as evidenced by the

Uniform Standards of Professional

Appraisal Practice (USPAP)

promulgated by the Appraisal Standards

Board of the Appraisal Foundation,

1029 Vermont Ave., NW., Washington,

DC 20005;

(b) Be written and contain sufficient

information and analysis to support the

institution’s decision to engage in the

transaction;

(c) Analyze and report appropriate

deductions and discounts for proposed

construction or renovation, partially

leased buildings, non-market lease

terms, and tract developments with

unsold units;

(d) Be based upon the definition of

market value as set forth in § 722.2(f);

and

(e) Be performed by State licensed or

certified appraisers in accordance with

requirements set forth in this part.

4. Section 722.5 is amended by

revising paragraph (b) to read as follows:

§ 722.5 Appraiser Independence.

* * * * *

(b) Fee appraisers. (1) If an appraisal

is prepared by a fee appraiser, the

appraiser shall be engaged directly by

the credit union or its agent, and have

no direct or indirect interest, financial

or otherwise in the property or the

transaction.

(2) A credit union also may accept an

appraisal that was prepared by an

appraiser engaged directly by another

financial services institution; if:

(i) The appraiser has no direct or

indirect interest, financial or otherwise,

in the property or transaction; and

(ii) The credit union determines that

the appraisal conforms to the

requirement of this part and is

otherwise acceptable.

Appendix A [Removed]

5. Appendix A to part 722 is removed.

[FR Doc. 95–5592 Filed 3–10–95; 8:45 am]

BILLING CODE 7535–01–U

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[FI–59–91]

RIN 1545–AQ86

Debt Instruments With Original Issue

Discount; Contingent Payments;

Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to notice of proposed

rulemaking.

SUMMARY: This document contains a

correction to the notice of proposed

rulemaking (FI–59–91), which was

published in the Federal Register for

Friday, December 16, 1994 (59 FR

64884). The proposed regulations relate

to the tax treatment of debt instruments

that provide for one or more contingent

payments.

FOR FURTHER INFORMATION CONTACT:

Concerning the regulations (other than

§ 1.1275–6), Andrew C. Kittler,

(202)622–3940, or William E.

Blanchard, (202) 622–3950; concerning

§ 1.1275–6, Michael S. Novey, (202)

622–3900; concerning submissions and

the hearing, Michael Slaughter, (202)

622–7190 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

The proposed regulations that are the

subject of this correction are under

section 1275 of the Internal Revenue

Code.

Need for Correction

As published, the proposed

rulemaking contains a typographical

error that is in need of correction.

Correction of Publication

Accordingly, the publication of

proposed regulations (FI–59–91), which

was the subject of FR Doc. 94–30728, is

corrected as follows:

On page 64885, column 1, in the

preamble under the heading

‘‘Background’’, paragraph 2, line 6, the

language ‘‘February 4, 1994, the IRS

published in’’ is corrected to read

‘‘February 2, 1994, the IRS published

in’’.

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief

Counsel (Corporate).

[FR Doc. 95–6028 Filed 3–10–95; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD05–94–118]

Drawbridge Operation Regulations;

Atlantic Intracoastal Waterway—

Alternate Route, Elizabeth City, NC

AGENCY: Coast Guard, DOT.

ACTION: Notice of Proposed Rulemaking.

SUMMARY: At the request of the

Albemarle and Chesapeake Railroad

Company, the Coast Guard is proposing

to change the regulations that govern the

operation of the drawbridge across the

Pasquotank River, Atlantic Intracoastal

Waterway—Alternate Route, mile 47.7,

at Elizabeth City, North Carolina, by

leaving the draw in the open position

except for the passage of trains. The

proposed change to these regulations

are, to the extent practical and feasible,

intended to relieve the bridgeowners of

the burden of having a person

constantly available to open the draw

bridge while still providing for the

reasonable needs of navigation.

DATES: Comments must be received on

or before May 12, 1995.

ADDRESSES: Comments may be mailed to

Commander (ob), Fifth Coast Guard

District, 431 Crawford Street,

Portsmouth, Virginia 23704–5004, or

may be delivered to Room 109 at the

same address between 8 a.m. and 4

p.m., Monday through Friday, except

Federal holidays. The telephone number

is (804) 398–6222. Comments will

become part of this docket and will be

available for inspection at Room 109,

Fifth Coast Guard District.

FOR FURTHER INFORMATION CONTACT:

Ann B. Deaton, Bridge Administrator,

Fifth Coast Guard District, at (804) 398–

6222.

SUPPLEMENTARY INFORMATION:

Request for Comments

The Coast Guard encourages

interested persons to participate in this

rulemaking by submitting written data,

views, or arguments. Persons submitting

comments should include their names

and addresses, identify this rulemaking

(CGD05–94–118) and the specific

section of this proposal of which each

comment applies, and give the reason

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 not practical, a

second copy of any bound material is

requested. Persons wanting