Federal Register / Vol. 60, No. 62 / Friday, March 31, 1995 / Rules and Regulations 16573

III. Other Matters

Impact on the Environment

A Finding of No Significant Impact

with respect to the environment was

made in accordance with HUD

regulations at 24 CFR part 50 that

implement section 102(2)(C) of the

National Environmental Policy Act of

1969, 42 U.S.C. 4332, in connection

with the HFA Risk Sharing final rule.

That Finding of No Significant Impact

remains applicable to this technical

confirming rule, and is available for

public inspection and copying during

regular business hours (7:30 a.m. to 5:30

p.m.) in the Office of the Rules Docket

Clerk, room 10276, 451 Seventh Street,

SW, Washington, DC 20410–0500.

Federalism Impact

The General Counsel, as the

Designated Official under section 6(a) of

Executive Order 12612, Federalism, has

determined that the policies contained

in this rule do not have significant

impact on States or their political

subdivisions since the requirements of

the rule are limited to technical

amendments necessary to carry out

accurately the provisions of programs

whose regulations were not amended in

the original Consolidated Plan rule.

Impact on the Family

The General Counsel, as the

Designated Official under Executive

Order 12606, The Family, has

determined that this rule does not have

potential for significant impact on

family formation, maintenance, and

general well-being, and, thus is not

subject to review under the Order since

it is only a technical, confirming rule.

Impact on Small Entities

The Secretary, in accordance with the

Regulatory Flexibility Act (5 U.S.C.

605(b)), has reviewed this rule before

publication and by approving it certifies

that this rule will not have a significant

impact on a substantial number of small

entities, because it imposes no new

burdens on jurisdictions.

Regulatory Agenda

This rule was not listed in the

Department’s Semiannual Regulatory

Agenda published on November 14,

1994 (59 FR 57632, 57641), under

Executive Order 12866 and the

Regulatory Flexibility Act.

List of Subjects in 24 CFR Part 266

Aged, Fair housing,

Intergovernmental relations, Mortgage

insurance, Low and moderate income

housing, Reporting and recordkeeping

requirements.

In accordance with the reasons set

forth in the preamble, 24 CFR part 266

is amended as follows:

PART 266—HOUSING FINANCE

AGENCY RISK–SHARING PROGRAM

FOR INSURED AFFORDABLE

MULTIFAMILY PROJECT LOANS

1. The authority citation for part 266

continues to read as follows:

Authority: 12 U.S.C. 1707; 42 U.S.C.

3535(d).

2. In § 266.201, paragraph (b) is

revised to read as follows:

§ 266.210 HUD-retained review functions.

* * * * *

(b) Environmental review

requirements. To determine compliance

with the requirements of the National

Environmental Policy Act of 1969 and

related laws and authorities, the HUD

Field Office (or other responsible entity

through such delegation as may be in

effect by regulation hereafter) will visit

each project site proposed for insurance

under this part and prepare the

applicable environmental reviews as set

forth in 24 CFR part 50 (or as set forth

in 24 CFR part 58 for the other

responsible entity). These requirements

must be completed before HUD may

issue the firm approval letter.

* * * * *

Dated: March 28, 1995.

Nicolas P. Retsinas,

Assistant Secretary for Housing-Federal

Housing Commissioner.

[FR Doc. 95–8054 Filed 3–30–95; 8:45 am]

BILLING CODE 4210–27–M

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8584]

RIN 1545–AK03

Capitalization of Interest; Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains

corrections to the final regulations [TD

8584] which were published in the

Federal Register for Thursday,

December 29, 1994 (59 FR 67187). The

final regulations relate to the

requirement to capitalize interest with

respect to the production of property.

EFFECTIVE DATE: January 1, 1995.

FOR FURTHER INFORMATION CONTACT: Jan

L. Skelton, (202) 622–4970 (not a tollfree number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the

subject of these corrections are under

section 263A(f) of the Internal Revenue

Code.

Need for Correction

As published, the final regulations

contains errors that are misleading and

in need of correction.

Correction of Publication

Accordingly, the publication of final

regulations which is the subject of FR

Doc. 94–31431, is corrected as follows:

1. On page 67190, column 1, in the

preamble following the paragraph

heading ‘‘In General’’, second full

paragraph, eighth line from the bottom

of the paragraph, the word ‘‘that’’ is

corrected to read ‘‘than’’.

2. On page 67190, column 1, in the

preamble following the paragraph

heading ‘‘In General’’, second full

paragraph, sixth line from the bottom of

the paragraph, the word ‘‘for’’ is

corrected to read ‘‘under’’.

3. On page 67190, column 2, in the

preamble following the paragraph

heading ‘‘Accounts Payable and

Simplification Rule for Tracing’’, third

full paragraph, line 8, the language

‘‘expenditures for all property. IRS and’’

is corrected to read ‘‘expenditures for all

property. The IRS and’’.

4. On page 67191, column 1, in the

preamble following the paragraph

heading ‘‘Notional Principal Contracts’’,

line 1, the word ‘‘principle’’ is corrected

to read ‘‘principal’’.

5. On page 67192, in the preamble

following the paragraph heading ‘‘Land

Attributable to Benefitted Property’’,

line 11 from the top of column 1, the

word ‘‘on’’ is corrected to read ‘‘of’’.

6. On page 67192, column 3, in the

preamble following the paragraph

heading ‘‘Utilities—Construction Work

in Process’’, paragraph 2, line 7, the

language ‘‘FAS’’ is corrected to read

‘‘SFAS’’.

7. On page 67195, column 1, in the

preamble following the paragraph

heading ‘‘In General’’, paragraph 2, line

1, the date ‘‘August 17, 1998’’ is

corrected to read ‘‘August 17, 1988’’.

8. On page 67195, column 2, in the

preamble following the paragraph

heading ‘‘Consolidated Return Interest

Rule’’, first full paragraph, line 5 from

the bottom of the paragraph, the

language ‘‘interest intragroup debt, but

at the same’’ is corrected to read
16574 Federal Register / Vol. 60, No. 62 / Friday, March 31, 1995 / Rules and Regulations

‘‘interest on intragroup debt, but at the

same’’.

9. On page 67195, in the preamble

following the paragraph heading

‘‘Comments on Related Person Rules’’,

line 4 from the top of column 3, the

language ‘‘Rev. Proc.’’ is corrected to

read ‘‘Notice’’.

§ 1.263A–0 [Corrected]

10. On page 67197, column 1,

§ 1.263A–0, the contents entry for

§ 1.263A–9(g)(6) is corrected to read as

follows:

§ 1.263A–0 Outline of regulations under

section 263A.

* * * * *

§ 1.263A–9 The avoided cost method.

* * * * *

(g) * * *

(6) Notional principal contracts and other

derivatives. [Reserved]

* * * * *

§ 1.263A–8 [Corrected]

11. On page 67198, column 2,

§ 1.263A–8, paragraph (b)(2)(iii), line 3,

the language ‘‘the thresholds under

paragraphs’’ is corrected to read ‘‘the

classification thresholds under

paragraphs’’.

12. On page 67198, column 3,

§ 1.263A–8, paragraph (c)(1), last line of

the paragraph, the language

‘‘windowpanes.)’’ is corrected to read

‘‘windowpanes).’’.

13. On page 67199, column 3,

§ 1.263A–8, paragraph (d)(2)(v)(B), line

3, the language ‘‘meaning of section

460(e)(6)(A) with’’ is corrected to read

‘‘meaning of section 460(e)(6)(A)) with’’.

14. On page 67199, column 3,

§ 1.263A–8, paragraph (d)(2)(v)(B), line

5, section ‘‘460(d)(1)(B)(i)’’ is corrected

to read ‘‘460(e)(1)(B)(i)’’.

§ 1.263A–9 [Corrected]

15. On page 67200, column 3,

§ 1.263A–9, paragraph (b)(2), line 7 from

the bottom of the paragraph, the

language ‘‘the rules of § 1.163–8T

Traced debt also’’ is corrected to read

‘‘the rules of § 1.63–8T. Traced debt

also’’.

16. On page 67200, column 3,

§ 1.263A–9, in the paragraph heading of

paragraph (c)(1), line 2, the word ‘‘Rule’’

is corrected to read ‘‘rule’’.

17. On page 67200, column 3,

§ 1.263A–9, paragraph (c)(1)

introductory text, last line in the

column, the word ‘‘production’’ is

corrected to read ‘‘product’’.

18. On page 67201, column 1,

§ 1.263A–9, paragraph (c)(3), paragraph

(i) of Example., line 12, the language

‘‘$1,000,000 (loan #). The loan is

nontraced’’ is corrected to read

‘‘$1,000,000 (loan #1). The loan is

nontraced’’.

19. On page 67201, column 2,

§ 1.263A–9, paragraph (c)(5)(i)(B), in the

Example., line 6, the figure ‘‘$2,500,00’’

is corrected to read ‘‘$2,500,000’’.

20. On page 67202, column 1,

§ 1.263A–9, in paragraph (c)(5)(iii)(D),

line 2, the language ‘‘nontraced debt or

rate is contingent—If’’ is corrected to

read ‘‘nontraced debt or rate is

contingent. If’’.

21. On page 67202, column 2,

§ 1.263A–9, paragraph (c)(6), paragraph

(ii) of Example 2., line 9, the language

‘‘([$1,400,000¥$1,000,000)+’’ is

corrected to read

‘‘([($1,400,000¥$1,000,000)+’’

22. On page 67202, column 2,

§ 1.263A–9, in the paragraph heading of

paragraph (c)(7), line 3, the period is

removed.

23. On page 67202, column 3,

§ 1.263A–9, paragraph (c)(7)(ii)(A), line

3, the word ‘‘expenditures’’ is corrected

to read ‘‘expenditure’’.

24–25. On page 67203, column 1,

§ 1.263A–9, paragraph (e)(1), line 11, the

word ‘‘trade’’ is corrected to read

‘‘trace’’.

26. On page 67203, column 1,

§ 1.263A–9, paragraph (e)(2), line 7, the

language ‘‘$10,000,000 gross receipts

test for all’’ is corrected to read

‘‘$10,000,000 gross receipts test) and the

taxpayer has met the $10,000,000 gross

receipts for all’’.

27. On page 67203, column 1,

§ 1.263A–9, in the paragraph heading of

paragraph (f), line 3, the period is

removed.

28. On page 67204, § 1.263A–9,

paragraph (f)(3), paragraph (i) of

Example 3., line 2 of the table is

corrected to read as follows:

No. Principal Annual rate

(percent)

Period outstandingUse of proceeds

* * * * * * *

2 .............................................................................................................................. 2,000,000 11 6/01–12/31 Nontraced.

29. On page 67204, column 1,

§ 1.263A–9, paragraph (f)(3), paragraph

(v) of Example 3., last line, the language

‘‘$500,000+$1,000,000+$1,600,000+4).’’

is corrected to read

‘‘$500,000+$1,000,000+

$1,600,000]+4).’’.

30. On page 67205, column 2,

§ 1.263A–9, the paragraph designated

(g)(2)(iv)(c) is correctly designated

paragraph (g)(2)(iv)(C).

31. On page 67205, column 2,

§ 1.263A–9, paragraph (g)(2)(v), line 4,

the word ‘‘provisions’’ is corrected to

read ‘‘provision’’.

32. On page 67205, column 3,

§ 1.263A–9, paragraph (g)(2)(v),

paragraph (i) of Example 1., line 2 from

the bottom of the paragraph, the

language ‘‘[$135,000×$108,000]),

$75,000 is deferred’’ is corrected to read

‘‘[$135,000+$108,000]), $75,000 is

deferred’’.

33. On page 67205, column 3,

§ 1.263A–9, paragraph (g)(2)(v),

paragraph (ii) of Example 1., line 6, the

language ‘‘is 11.6 percent

([$135,000×$108,000]÷’’ is corrected to

read ‘‘is 11.6 percent

([$135,000+$108,000]÷’’.

34. On page 67206, column 3,

§ 1.263A–9, paragraph (g)(3)(iii)(E), in

the Example., line 7 from the bottom of

the column, the letter ‘‘S’’ is corrected

to read ‘‘X’’.

35. On page 67206, column 3,

§ 1.263A–9, paragraph (g)(3)(iii)(E), in

the Example., line 3 from the bottom of

the column, the language ‘‘segment is 3-

year inventory. Under paragraph’’ is

corrected to read ‘‘segment is 3-year old

inventory. Under paragraph’’.

36. On page 67207, column 2,

§ 1.263A–9, paragraph (g)(5)(iii),

paragraph (i) of Example., the last line

of the paragraph, the language

‘‘([$600,000÷$6,000,000]×5,000,000).’’ is

corrected to read

‘‘($600,000÷$6,000,000×$5,000,000).’’.

§ 1.263A–10 [Corrected]

37. On page 67207, column 3, the

section heading designated ‘‘§ 1.263–

10’’ is correctly designated ‘‘§ 1.263A–

10’’.

38. On page 67209, column 1,

§ 1.263A–10, paragraph (b)(5)(iv), the

first line of column 1, the word

‘‘period’’ is corrected to read ‘‘periods’’.

39. On page 67209, column 2,

§ 1.263A–10, paragraph (b)(6),

paragraph (ii) of Example 3., line 7, the

word ‘‘lost’’ is corrected to read ‘‘lot’’.
Federal Register / Vol. 60, No. 62 / Friday, March 31, 1995 / Rules and Regulations 16575

40. On page 67209, column 2,

§ 1.263A–10, paragraph (b)(6),

paragraph (ii) of Example 3., line 8, the

word ‘‘paragraph’’ is corrected to read

‘‘paragraphs’’.

41. On page 67209, column 2,

§ 1.263A–10, paragraph (b)(6),

paragraph (ii) of Example 3., line 6 from

the bottom of the paragraph, the

language ‘‘paragraph (b)(5) of this

section. Under’’ is corrected to read

‘‘paragraph (b)(5) of this section).

Under’’.

42. On page 67210, column 1,

§ 1.263A–10, paragraph (b)(6), in

Example 6., line 7, the language ‘‘the

costs of the allocable share of

swimming’’ is corrected to read ‘‘the

costs of the allocable share of the

swimming’’.

§ 1.263A–11 [Corrected]

43. On page 67211, column 1,

§ 1.263A–11, paragraph (c)(2), line 3, the

regulation section ‘‘§ 1,263A–8(d)(2)(ii)’’

is corrected to read ‘‘1.263A–8(d)(2)(ii)’’.

44. On page 67211, column 1,

§ 1.263A–11, paragraph (d)(1), line 23,

the language ‘‘or units of production, If

an asset used’’ is corrected to read ‘‘or

units of production. If an asset used’’.

45. On page 67211, column 2,

§ 1.263A–11, paragraph (e)(1)(ii)

introductory text, line 2, the language ‘‘a

unit of real property’’ is corrected to

read ‘‘a unit of real property—’’.

46. On page 67211, column 3,

§ 1.263A–11, paragraph (e)(1)(iii), line 4,

the word ‘‘the’’ is corrected to read

‘‘that’’.

47. On page 67211, column 3,

§ 1.263A–11, paragraph (e)(2), line 5, the

language ‘‘property costs are excluded

from the’’ is corrected to read ‘‘property

costs) are excluded from the’’.

§ 1.263A–12 [Corrected]

48. On page 67212, column 3,

§ 1.263A–12, paragraph (d)(4), line 3,

the word ‘‘example’’ is corrected to read

‘‘examples’’.

49. On page 67212, column 3,

§ 1.263A–12, paragraph (e)(2)

introductory text, line 1, the word

‘‘THe’’ is corrected to read ‘‘The’’.

§ 1.263A–13 [Corrected]

50. On page 67213, column 3,

§ 1.263A–13, paragraph (a), line 2 from

the bottom of the paragraph, the

language ‘‘and costs of features based on

the’’ is corrected to read ‘‘and costs of

common features based on the’’.

51. On page 67214, column 3,

§ 1.263A–13, paragraph (c)(7), paragraph

(ii) of Example., line 2, the language

‘‘the meaning of paragraph (c)(2)(i)) of

this’’ is corrected to read ‘‘the meaning

of paragraph (c)(2)(i) of this’’.

Cynthia E. Grigsby,

Chief, Regulations Unit, Associate Chief

Counsel (Corporate).

[FR Doc. 95–7857 Filed 3–30–95; 8:45 am]

BILLING CODE 4830–01–P

26 CFR Part 1

[TD 7837]

Income Tax; Taxable Years Beginning

After December 31, 1953; Treatment of

Losses on Small Business Stock;

Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correcting amendments.

SUMMARY: This document contains a

correction to final regulations [TD 7837]

which were published in the Federal

Register for Wednesday, September 29,

1982 (47 FR 42728). The final

regulations restate and clarify a formula

relating to the computation of the

amount received for designated stock by

a small business corporation.

EFFECTIVE DATE: March 31, 1995.

FOR FURTHER INFORMATION CONTACT:

Christina Vasquez, (202) 622–7190 (not

a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the

subject of these correcting amendments

are under section 1244 of the Internal

Revenue Code of 1954.

Need for Correction

As published, the final regulations

contains an error that is misleading and

in need of correction.

List of Subjects in 26 CFR Part 1

Income taxes, Reporting and

recordkeeping requirements.

Accordingly, 26 CFR Part 1 is

corrected by making the following

correcting amendments:

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 1.1244(c)–2(b)(2)(i) is

amended by revising the last sentence as

follows:

§ 1.1244(c)–2 Small business corporation

defined.

* * * * *

(b) * * *

(2) * * *

(i) * * * The amount received for

designated stock shall not exceed

$1,000,000 less amounts received—

(A) In exchange for stock in years

prior to the transitional year;

(B) As contributions to capital in

years prior to the transitional year; and

(C) As paid-in surplus in years prior

to the transitional year.

* * * * *

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief

Counsel (Corporate).

[FR Doc. 95–7969 Filed 3–30–95; 8:45 am]

BILLING CODE 4830–01–P

26 CFR Part 18

[TD 7976]

Certain Elections Under the Deficit

Reduction Act of 1984; Correction

AGENCY: Internal Revenue Service,

Treasury.

ACTION: Correcting amendment.

SUMMARY: This document contains a

correction to the temporary regulations

(TD 7976), which were published in the

Federal Register on Monday, September

10, 1984 (49 FR 35486), relating to the

time and manner of making certain

elections under the Deficit Reduction

Act of 1984.

EFFECTIVE DATE: March 31, 1995.

FOR FURTHER INFORMATION CONTACT:

Cynthia Grigsby, (202) 622–7180 (not a

toll-free call).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are the

subject of this correction are under

various sections of the Internal Revenue

Code of 1954 and the Deficit Reduction

Act of 1984 (98 Stat. 494).

Need for Correction

As published, TD 7976 contains an

error which may prove to be misleading

and is in need of clarification.

List of Subjects in 26 CFR Part 18

Income taxes, Reporting and

recordkeeping requirements.

Accordingly, 26 CFR part 18 is

corrected by making the following

correcting amendment:

PART 18—TEMPORARY INCOME TAX

REGULATIONS UNDER THE

SUBCHAPTER S REVISION ACT OF

1982

Paragraph 1. The authority citation

for part 18 continues to read in part as

follows: