Federal Register / Vol. 60, No. 71 / Thursday, April 13, 1995 / Rules and Regulations 18741

Federal Register of February 13, 1981

(46 FR 10462), the agency amended the

regulations to reflect a change of

sponsor for several new animal drugs

(NADA’s) from Hess & Clerk, Inc.,

Division of Rhone-Poulenc, Inc., to Hess

& Clark, Inc. The roxarsone

combinations mentioned above were

improperly assigned to Hess & Clark,

Inc. This document corrects that error

by replacing the drug labeler code

‘‘050749’’ with the correct drug labeler

code, ‘‘011526.’’ Accordingly, 21 CFR

588.95, 558.311, 558.355, and 558.550

are amended to reflect the correct drug

labeler code for Rhone-Poulenc, Inc.

List of Subjects in 21 CFR Part 558

Animal drugs, Animal feeds.

Therefore, under the Federal Food,

Drug, and Cosmetic Act and under

authority delegated to the Commissioner

of Food and Drugs and redelegated to

the Center for Veterinary Medicine, 21

CFR part 558 is amended as follows:

PART 558—NEW ANIMAL DRUGS FOR

USE IN ANIMAL FEEDS

1. The authority citation for 21 CFR

part 558 continues to read as follows:

Authority: Secs. 512, 701 of the Federal

Food, Drug, and Cosmetic Act (21 U.S.C.

360b, 371).

§ 558.95 [Amended]

2. Section 558.95 Bambermycins is

amended in paragraphs (b)(1)(x)(b) and

(b)(1)(xi)(b) by removing ‘‘050749’’ and

adding in its place ‘‘011526’’.

§ 558.311 [Amended]

3. Section 558.311 Lasalocid is

amended in the table in paragraph

(e)(1), in entry (ii), in the ‘‘Limitations’’

column for the combinations with

‘‘Roxarsone 45.4’’, ‘‘Roxarsone 45.4 plus

bambermycins 1’’, ‘‘Roxarsone 45.4 plus

lincomycin 2.0’’, ‘‘Roxarsone 45.4 plus

bacitracin 10 to 25’’, and ‘‘Roxarsone

45.4 plus bacitracin 10 or 30’’, by

removing ‘‘050749’’ and adding in its

place ‘‘011526’’.

§ 558.355 [Amended]

4. Section 558.355 Monensin is

amended in paragraphs (f)(1)(xii)(b) and

(f)(1)(xx)(b) by removing ‘‘050749’’ and

adding in its place ‘‘011526’’.

§ 558.550 [Amended]

5. Section 558.550 Salinomycin is

amended in paragraph (b)(1)(ii)(c) by

removing ‘‘050749’’ and adding in its

place ‘‘011526’’.

Dated: March 13, 1995.

George A. Mitchell,

Director, Office of Surveillance and

Compliance, Center for Veterinary Medicine.

[FR Doc. 95–9177 Filed 4–12–95; 8:45 am]

BILLING CODE 4160–01–F

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8592]

RIN 1545–AT17

Subchapter K Anti-Abuse Rule

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Final regulation.

SUMMARY: This final regulation amends

the subchapter K anti-abuse rule to

provide that the rule applies solely with

respect to taxes under subtitle A of the

Internal Revenue Code. This document

provides guidance to partnerships and

the partners of those partnerships.

DATES: This regulation is effective May

12, 1994, except the amendment to

§ 1.701–2(f) is effective December 29,

1994.

For a discussion of dates of

applicability of this regulation, see

Explanation of Provisions under

SUPPLEMENTARY INFORMATION.

FOR FURTHER INFORMATION CONTACT: D.

Lindsay Russell on (202) 622–3050 (not

a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

On May 17, 1994, a notice of

proposed rulemaking was published in

the Federal Register (59 FR 25581)

containing a proposed anti-abuse rule

under subchapter K. On January 3, 1995,

§ 1.701–2 (TD 8588) was published in

the Federal Register (60 FR 23)

containing the final anti-abuse rule

under subchapter K.

Explanation of Provisions

Section 1.701–2 is amended to

provide that it applies solely with

respect to taxes under subtitle A of the

Internal Revenue Code. No inference is

intended as to the treatment under

current law of transactions not covered

by the regulation.

This amendment is effective as of the

effective dates of § 1.701–2(g) (May 12,

1994, except that paragraphs (e) and (f)

are effective December 29, 1994).

Special Analyses

It has been determined that this

Treasury decision is not a significant

regulatory action as defined in EO

12866. Therefore, a regulatory

assessment is not required. It also has

been determined that section 553(b) of

the Administrative Procedure Act (5

U.S.C. chapter 5) and the Regulatory

Flexibility Act (5 U.S.C. chapter 6) do

not apply to this amendment, and,

therefore, a Regulatory Flexibility

Analysis is not required. Pursuant to

section 7805(f) of the Internal Revenue

Code, this amendment was submitted to

the Small Business Administration for

comment on its impact on small

business.

List of Subjects in 26 CFR Part 1

Income taxes, Reporting and

recordkeeping requirements.

Adoption of Amendments to the

Regulations

Accordingly, 26 CFR part 1 is

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. Section 1.701–2 is amended

by:

1. Amending the fourth sentence of

paragraph (a)(3) by:

a. Removing the language ‘‘Example

8’’ and adding ‘‘Example 6’’ in its place.

b. Removing the language ‘‘Example

11’’ and adding ‘‘Example 9’’ in its

place.

c. Removing the language ‘‘Examples

12 and 13’’ and adding ‘‘Examples 10

and 11’’ in its place.

2. Removing Examples 5 and 6 of

paragraph (d) and redesignating

Examples 7 through 13 of paragraph (d)

as Examples 5 through 11, respectively.

3. Removing the last sentence of

paragraph (f) introductory text.

4. Redesignating paragraph (h) as

paragraph (i).

5. Adding a new paragraph (h).

The addition reads as follows:

§ 1.701–2 Anti-abuse rule.

* * * * *

(h) Scope and application. This

section applies solely with respect to

taxes under subtitle A of the Internal

Revenue Code, and for purposes of this

section, any reference to a federal tax is

limited to any tax imposed under

subtitle A of the Internal Revenue Code.

* * * * *
18742 Federal Register / Vol. 60, No. 71 / Thursday, April 13, 1995 / Rules and Regulations

Approved: March 28, 1995.

Leslie Samuels,

Assistant Secretary of the Treasury.

Margaret Milner Richardson,

Commissioner of Internal Revenue.

[FR Doc. 95–9049 Filed 4–12–95; 8:45 am]

BILLING CODE 4830–01–U

26 CFR Parts 1 and 602

[TD 8593]

RIN 1545–AT16

Effective Dates of the Economic

Performance Requirement

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Final regulations.

SUMMARY: This document contains final

regulations relating to the effective dates

of the economic performance

requirement. Changes to the applicable

laws were made by the Tax Reform Act

of 1984. The regulations affect all

taxpayers that use an accrual method of

accounting.

DATES: These regulations are effective

April 7, 1995.

For applicability of these regulations,

see EFFECTIVE DATES under the

SUPPLEMENTARY INFORMATION portion of

the preamble.

FOR FURTHER INFORMATION CONTACT:

James L. Atkinson, (202) 622–4950 (not

a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information

contained in these final regulations has

been reviewed and approved by the

Office of Management and Budget in

accordance with the Paperwork

Reduction Act (44 U.S.C. 3504(h)) under

control number 1545–0917. The

estimated annual reporting burden per

respondent varies from 1 hour to 5

hours, depending on individual

circumstances, with an estimated

average of 3 hours. The annual

recordkeeping burden per respondent

varies from .01 hours to .1 hours, with

an estimated average of .02 hours.

Comments concerning the accuracy of

this burden estimate and suggestions for

reducing this burden should be sent to

the Internal Revenue Service, Attn: IRS

Reports Clearance Officer, PC:FP,

Washington, DC 20224, and to the

Office of Management and Budget, Attn:

Desk Officer for the Department of the

Treasury, Office of Information and

Regulatory Affairs, Washington, DC

20503.

Background

On May 20, 1985, § 1.461–3T (TD

8024), relating to the effective dates of

the economic performance requirement

in section 461(h) of the Internal

Revenue Code (Code) was published in

the Federal Register (50 FR 20748). On

June 7, 1990, a notice of proposed

rulemaking (IA–258–84) concerning the

economic performance requirement was

published in the Federal Register (55

FR 23235). In addition to proposing

general economic performance rules, the

notice proposed redesignating the

temporary regulations as § 1.461–7T. A

public hearing on the regulations was

held on October 22, 1990. On April 10,

1992, final and temporary regulations

(TD 8408) regarding the economic

performance requirement were

published in the Federal Register (57

FR 12411). TD 8408 also redesignated

§ 1.461–3T as § 1.461–7T (without

further change).

Written comments responding to the

temporary regulations were received. In

lieu of finalizing the temporary

regulations issued as TD 8024 and

redesignated by TD 8408, this Treasury

decision removes § 1.461–7T and

incorporates relevant provisions of

those regulations into §§ 1.461–4 and

1.461–5, as appropriate.

Explanation of Provisions

Section 91(a) of the Tax Reform Act

of 1984 (Pub. L. 98–369, 98 Stat. 598)

added section 461(h) to the Internal

Revenue Code. This section generally

provides that the amount of an item is

not incurred under an accrual method of

accounting until economic performance

occurs.

Section 91(g)(1) of the Tax Reform Act

of 1984 provides that except as

otherwise provided, section 461(h) of

the Code applies to amounts that would

be allowable as a deduction after July

18, 1984, under the law in effect before

the enactment of section 461(h) (cut-off

method). Alternatively, a taxpayer may

elect to treat the application of section

461(h) as a change in accounting

method to which section 481(a) applies.

A taxpayer that makes this election may

elect to apply the new method of

accounting as of either July 19, 1984

(part-year change in method), or the first

day of the taxable year that includes

July 19, 1984 (full-year change in

method).

On May 20, 1985, the IRS issued

temporary regulations (TD 8024)

relating to the general section 461(h)

effective date, the date of electing

alternative effective dates, the manner of

making the elections, the scope of the

elections, and the section 481(a)

adjustment required by the elections. A

detailed description of the regulations is

set forth in the preamble to TD 8024.

After having considered the public

comments received in connection with

the temporary regulations, the Service is

removing § 1.461–7T and incorporating

the relevant provisions of the temporary

regulations into §§ 1.461–4 and 1.461–5.

Specifically, §§ 1.461–4 and 1.461–5

have been revised to clarify that all

references to § 1.461–7T refer to

§ 1.461–7T as it appears in 26 CFR part

1 as revised April 1, 1995. Although this

clarification refers to taxable years

ending before April 7, 1995, however, it

is not intended to extend the

applicability of provisions previously

set forth in § 1.461–7T beyond the dates

originally provided in those temporary

regulations. The reference to April 7,

1995, is necessary only to satisfy

requirements of the Office of the Federal

Register. In addition, § 1.461–4(k)(1) is

revised to include special effective date

rules for interest. These rules previously

appeared in Q&A–12 of § 1.461–7T.

Finally, § 1.461–5(d) has been revised to

include an explanation of the term type

of item for purposes of the recurring

item exception. This explanation

previously appeared in Q&A–3(d) of

§ 1.461–7T.

Rev. Proc. 94–32, 1994–1 C.B. 627,

provides guidance regarding requests to

make or revoke an election to ratably

accrue real property taxes under section

461(c) for the taxpayer’s first taxable

year beginning after December 31, 1992.

This Treasury decision does not affect

the application of Rev. Proc. 94–32.

Effective Dates

These regulations are applicable for

amounts that would be allowable as a

deduction after April 7, 1995.

Special Analyses

It has been determined that this

Treasury decision is not a significant

regulatory action as defined in EO

12866. Therefore, a regulatory

assessment is not required. It also has

been determined that section 553(b) of

the Administrative Procedure Act (5

U.S.C. chapter 5) and the Regulatory

Flexibility Act (5 U.S.C. chapter 6) do

not apply to these regulations, and,

therefore, a Regulatory Flexibility

Analysis is not required. Pursuant to

section 7805(f) of the Code, the notice

of proposed rulemaking preceding these

regulations was submitted to the Small

Business Administration for comment

on their impact on small business.

Drafting Information: The principal author

of these regulations is James L. Atkinson,

Office of Assistant Chief Counsel (Income

Tax andAccounting), IRS. However, other