Federal Register / Vol. 61, No. 5 / Monday, January 8, 1996 / Rules and Regulations 515

FOR FURTHER INFORMATION CONTACT:

Thomas J. McKay, Center for Veterinary

Medicine (HFV–102), Food and Drug

Administration, 7500 Standish Pl.,

Rockville, MD 20855, 301–827–0213.

SUPPLEMENTARY INFORMATION:

Whitmoyer Laboratories, Inc., 19 North

Railroad St., Myerstown, PA 17067, has

informed FDA that it has transferred the

ownership of, and all rights and

interests in, approved NADA’s 10–285

(Carbarsone), 39–646 (Carbarsone +

Bacitracin Methylene Disalicylate) and

38–879 (Carbarsone + Zoalene) to A. L.

Pharma, Inc., One Executive Dr., Fort

Lee, NJ 07024. Accordingly, the agency

is amending 21 CFR 510.600(c)(1) and

(c)(2) to remove the sponsor name

Whitmoyer Laboratories, Inc., because

the firm no longer is the holder of any

approved NADA’s. The agency is also

amending 21 CFR 558.55, 558.95, and

558.120 to reflect the transfer of

ownership.

List of Subjects

21 CFR Part 510

Administrative practice and

procedure, Animal drugs, Labeling,

Reporting and recordkeeping

requirements.

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 parts 510 and 558 are amended as

follows:

PART 510—NEW ANIMAL DRUGS

1. The authority citation for 21 CFR

part 510 continues to read as follows:

Authority: Secs. 201, 301, 501, 502, 503,

512, 701, 721 of the Federal Food, Drug, and

Cosmetic Act (21 U.S.C. 321, 331, 351, 352,

353, 360b, 371, 379e).

§ 510.600 [Amended]

2. Section 510.600 Names, addresses,

and drug labeler codes of sponsors of

approved applications is amended in

the table in paragraph (c)(1) by

removing the entry for ‘‘Whitmoyer

Laboratories,’’ and in the table in

paragraph (c)(2) by removing the entry

for ‘‘011794’’.

PART 558—NEW ANIMAL DRUGS FOR

USE IN ANIMAL FEEDS

3. 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).

§ 558.55 [Amended]

4. Section 558.55 Amprolium is

amended in the table in paragraph

(d)(2), under the entry (iv), appearing

under the heading ‘‘Limitations’’ at the

‘‘Carbarsone 227 to 340.5’’ entry, by

removing ‘‘011794’’ and adding in its

place ‘‘046573’’.

§ 558.95 [Amended]

5. Section 558.95 Bambermycins is

amended in paragraph (b)(3)(iv)(b) by

removing ‘‘011794’’ and adding in its

place ‘‘046573’’.

§ 558.120 [Amended]

6. Section 558.120 Carbarsone (not

U.S.P.) is amended in paragraphs (a)(1)

and (a)(2) by removing ‘‘011794’’ and

adding in its place ‘‘046573’’.

Dated: December 22, 1995.

Robert C. Livingston,

Director, Office of New Animal Drug

Evaluation, Center for Veterinary Medicine.

[FR Doc. 96–230 Filed 1–5–96; 8:45 am]

BILLING CODE 4160–01–F

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1, 20, 23, 24, 25, 27, 33,

38, 301, and 602

[TD 8655]

Removal of Final and Temporary

Regulations

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Removal of final and temporary

regulations.

SUMMARY: This document removes final

and temporary regulations as part of the

President’s Regulatory Reinvention

Initiative.

EFFECTIVE DATE: January 8, 1996.

FOR FURTHER INFORMATION CONTACT:

Philip Bennet, (202) 622–3926.

SUPPLEMENTARY INFORMATION:

Background

As part of the President’s Regulatory

Reinvention Initiative, the Treasury

Department and the IRS identified

obsolete regulations that relate to prior

law, provide elections for prior years, or

are otherwise outdated due to changes

in the underlying statutory provisions.

List of Subjects

26 CFR Part 1

Income taxes, Reporting and

recordkeeping requirements.

26 CFR Parts 20, 23, and 24

Estate taxes, Reporting and

recordkeeping requirements.

26 CFR Part 25

Gift taxes, Reporting and

recordkeeping requirements.

26 CFR Part 27

Estate taxes, Gift taxes, Reporting and

recordkeeping requirements.

26 CFR Parts 33 and 38

Employment taxes, Reporting and

recordkeeping requirements.

26 CFR Part 301

Employment taxes, Estate taxes,

Excise taxes, Gift taxes, Income taxes,

Penalties, Reporting and recordkeeping

requirements.

26 CFR Part 602

Reporting and recordkeeping

requirements.

Amendments to the Regulations

Accordingly, under the authority of

26 U.S.C. 7805, 26 CFR parts 1, 20, 23,

24, 25, 27, 33, 38, 301, and 602 are

amended as follows:

PART 1—INCOME TAXES

Paragraph 1. Part 1 is amended as

follows:

1. The authority citation for part 1 is

amended by removing the entry for

§ 1.1303–1.

§ 1.32–1 [Removed]

2. Section 1.32–1 is removed.

§ 1.103–12 [Removed]

3. Section 1.103–12 is removed.

§ 1.110–1 [Removed]

4. Section 1.110–1 is removed.

§ 1.114–1 [Removed]

5. Section 1.114–1 is removed.

§ 1.115–1 [Removed]

6. Section 1.115–1 is removed.

§ 1.116–1 [Removed]

7. Section 1.116–1 is removed.

§ 1.116–2 [Removed]

8. Section 1.116–2 is removed.

§ 1.367(a)–7T [Removed]

9–10. Section 1.367(a)-7T is removed.

11. The undesignated center heading

preceding § 1.383–1A is removed.

§ 1.383–1A [Removed]

12. Section 1.383–1A is removed.

§ 1.383–2A [Removed]

13. Section 1.383–2A is removed.

§ 1.383–3A [Removed]

14–15. Section 1.383–3A is removed.
516 Federal Register / Vol. 61, No. 5 / Monday, January 8, 1996 / Rules and Regulations

§ 1.804–1 [Removed]

16. Section 1.804–1 is removed.

§ 1.804–2 [Removed]

17–18. Section 1.804–2 is removed.

§ 1.805–1 [Removed]

19. Section 1.805–1 is removed.

§ 1.805–2 [Removed]

20. Section 1.805–2 is removed.

§ 1.805–3 [Removed]

21. Section 1.805–3 is removed.

§ 1.805–4 [Removed]

22. Section 1.805–4 is removed.

§ 1.805–5 [Removed]

23. Section 1.805–5 is removed.

§ 1.805–6 [Removed]

24. Section 1.805–6 is removed.

§ 1.805–7 [Removed]

25–26. Section 1.805–7 is removed.

§ 1.805–8 [Removed]

27. Section 1.805–8 is removed.

§ 1.820–1 [Removed]

28. Section 1.820–1 is removed.

§ 1.820–2 [Removed]

29. Section 1.820–2 is removed.

§ 1.820–3 [Removed]

30. Section 1.820–3 is removed.

§ 1.824–1 [Removed]

31. Section 1.824–1 is removed.

§ 1.824–2 [Removed]

32. Section 1.824–2 is removed.

§ 1.824–3 [Removed]

33. Section 1.824–3 is removed.

34. Section 1.907–0 is amended as

follows:

a. The introductory text is revised to

read as follows:

§ 1.907–0 Outline of regulation provisions

for section 907.

This section lists the paragraphs

contained in §§ 1.907(a)–0 through

1.907(f)–1.

* * * * *

b. The undesignated center heading

preceding the entry for § 1.907(a)–0 is

removed and the entry for § 1.907(e)–1

is removed.

c. The undesignated center heading

preceding the entry for § 1.907(a)–0A is

removed.

§ 1.907(a)–0A [Removed]

d. The entry for § 1.907(a)–0A is

removed.

§ 1.907(a)–1A [Removed]

e. The entry for § 1.907(a)–1A is

removed.

§ 1.907(b)–1A [Removed]

f. The entry for § 1.907(b)–1A is

removed.

§ 1.907(b)–2A [Removed]

g. The entry for § 1.907(b)–2A is

removed.

§ 1.907(c)–1A [Removed]

h. The entry for § 1.907(c)–1A is

removed.

§ 1.907(c)–2A [Removed]

i. The entry for § 1.907(c)–2A is

removed.

§ 1.907(c)–3A [Removed]

j. The entry for § 1.907(c)–3A is

removed.

§ 1.907(d)–1A [Removed]

k. The entry for § 1.907(d)–1A is

removed.

§ 1.907(e)–1A [Removed]

l. The entry for § 1.907(e)–1A is

removed.

§ 1.907(f)–1A [Removed]

m. The entry for § 1.907(f)–1A is

removed.

§ 1.907(e)–1 [Removed]

35. Section 1.907(e)–1 is removed.

36. The undesignated center heading

preceding § 1.907(a)–0A is removed.

§ 1.907(a)–0A [Removed]

37. Section 1.907(a)–0A is removed.

§ 1.907(a)–1A [Removed]

38. Section 1.907(a)–1A is removed.

§ 1.907(b)–1A [Removed]

39. Section 1.907(b)–1A is removed.

§ 1.907(b)–2A [Removed]

40. Section 1.907(b)–2A is removed.

§ 1.907(c)–1A [Removed]

41. Section 1.907(c)–1A is removed.

§ 1.907(c)–2A [Removed]

42. Section 1.907(c)–2A is removed.

§ 1.907(c)–3A [Removed]

43. Section 1.907(c)–3A is removed.

§ 1.907(d)–1A [Removed]

44. Section 1.907(d)–1A is removed.

§ 1.907(e)–1A [Removed]

45. Section 1.907(e)–1A is removed.

§ 1.907(f)–1A [Removed]

46. Section 1.907(f)–1A is removed.

§ 1.995–7 [Removed]

47. Section 1.995–7 is removed.

49. The undesignated center heading

‘‘INCOME AVERAGING’’ preceding

§ 1.1301–0 is removed.

§ 1.1301–0 [Removed]

50. Section 1.1301–0 is removed.

§ 1.1301–1 [Removed]

51. Section 1.1301–1 is removed.

§ 1.1302–1 [Removed]

52. Section 1.1302–1 is removed.

§ 1.1302–2 [Removed]

53. Section 1.1302–2 is removed.

§ 1.1302–3 [Removed]

54. Section 1.1302–3 is removed.

§ 1.1303–1 [Removed]

55–56. Section 1.1303–1 is removed.

§ 1.1304–1 [Removed]

57. Section 1.1304–1 is removed.

§ 1.1304–2 [Removed]

58. Section 1.1304–2 is removed.

§ 1.1304–3 [Removed]

59. Section 1.1304–3 is removed.

§ 1.1304–4 [Removed]

60. Section 1.1304–4 is removed.

§ 1.1304–5 [Removed]

61. Section 1.1304–5 is removed.

§ 1.1304–6 [Removed]

62. Section 1.1304–6 is removed.

PART 20—ESTATE TAX; ESTATES OF

DECEDENTS DYING AFTER AUGUST

16, 1954

§ 20.2035–1 [Removed]

Par. 2. Section 20.2035–1 is removed.

PART 23—[REMOVED]

Par. 3. Part 23 is removed.

PART 24—[REMOVED]

Par. 4. Part 24 is removed.

PART 25—GIFT TAX; GIFTS MADE

AFTER DECEMBER 31, 1954

§ 25.2517–1 [Removed]

Par. 5. Section 25.2517–1 is removed.

PART 27—[REMOVED]

Par. 6. Part 27 is removed.

PART 33—[REMOVED]

Par. 7. Part 33 is removed.

PART 38—[REMOVED]

Par. 8. Part 38 is removed.

PART 301—PROCEDURE AND

ADMINISTRATION

Par. 9. Part 301 is amended as

follows:

§ 301.6676–1 [Removed]

1. Section 301.6676–1 is removed.
Federal Register / Vol. 61, No. 5 / Monday, January 8, 1996 / Rules and Regulations 517

§ 301.7424–1 [Removed]

2. Section 301.7424–1 is removed.

PART 602—OMB CONTROL NUMBERS

UNDER THE PAPERWORK

REDUCTION ACT

Par. 10. In § 602.101, paragraph (c) is

amended by removing the following

entries from the table:

§ 602.101 OMB Control numbers.

* * * * *

(c) * * *

CFR part or section where

identified and described

Current OMB

control No.

* * * * *

1.820–2 ................................. 1545–0128

* * * * *

1.824–1 ................................. 1545–1027

1.824–3 ................................. 1545–1027

* * * * *

1.1304–1 ............................... 1545–0074

1.1304–3 ............................... 1545–0074

1.1304–5 ............................... 1545–0074

* * * * *

20.2035–1 ............................. 1545–0015

* * * * *

27.642–1 ............................... 1545–0020

* * * * *

38.6302–1 ............................. 1545–0257

* * * * *

Margaret Milner Richardson,

Commissioner of Internal Revenue.

Approved: December 18, 1995.

Leslie Samuels,

Assistant Secretary of the Treasury.

[FR Doc. 96–164 Filed 1–5–96; 8:45 am]

BILLING CODE 4830–01–U

26 CFR Parts 1 and 602

[TD 8653]

RIN 1545–AS75

Hedging Transactions by Members of

a Consolidated Group

AGENCY: Internal Revenue Service,

Treasury.

ACTION: Final regulations.

SUMMARY: This document contains final

regulations relating to the character and

timing of gain or loss from certain

hedging transactions entered into by

members of a consolidated group. These

regulations apply when one member of

the group hedges its own risk, hedges

the risk of another member, or enters

into a risk-shifting transaction with

another member. The regulations are

needed to provide appropriate rules for

these transactions. The regulations

provide guidance for corporations that

are members of consolidated groups.

DATES: These regulations are effective

February 7, 1996.

For dates of applicability of these

regulations, see § 1.446–4(e)(9)(iv) and

§ 1.1221–2(g) (4), (5), and (6).

FOR FURTHER INFORMATION CONTACT: Jo

Lynn Ricks of the Office of the Assistant

Chief Counsel (Financial Institutions

and Products), telephone (202) 622–

3920 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collections of information

contained in these final regulations have

been reviewed and approved by the

Office of Management and Budget in

accordance with the Paperwork

Reduction Act (44 U.S.C. 3507) under

control number 1545–1480. Some

responses to these collections of

information are mandatory, and others

are required to obtain the benefit of the

separate-entity election or of applying

single-entity treatment in taxable years

prior to the general effective date of the

regulations.

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 estimated annual burden per

respondent or recordkeeper varies from

1.0 to 40.0 hours, depending on

individual circumstances, with an

estimated average of 5 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, T: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.

Books or records relating to this

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.

Background

On July 18, 1994, the IRS published

in the Federal Register (59 FR 36394) a

notice of proposed rulemaking (FI–34–

94) relating to the character and timing

of gain or loss from certain risk-shifting

transactions entered into by members of

a consolidated group. Comments were

received on the proposed regulations,

and a public hearing was held on

October 18, 1994. Most commentators

believe that the proposed regulations

provide a sensible and flexible set of

rules to deal with hedging operations by

the members of a consolidated group of

corporations.

The most significant comment on the

regulations relates to their effective date.

Almost all of the commentators

requested a transition rule permitting

consolidated groups to elect to apply the

proposed character rules retroactively.

The final regulations adopt this

suggestion, generally allowing

consolidated groups to elect to apply the

single-entity approach of the proposed

regulations to all open years. Section

1.1221–2, concerning the character of

hedging transactions, was made

retroactive for all open years to permit

the IRS to resolve fairly and consistently

controversies involving transactions that

were entered into prior to the

publication date of those regulations. It

is appropriate that these regulations, as

an integral part of § 1.1221–2, also apply

retroactively. To prevent any adverse

consequences, however, retroactivity is

elective.

The proposed regulations, with new

effective date provisions, are adopted as

final regulations. The new provisions,

and several comments that were not

adopted, are discussed below.

Explanation of Provisions

Character Regulations

The final regulations retain the singleentity approach of the proposed

regulations. That is, they treat the risk

of one member of the group as the risk

of the other members, as if all the

members were divisions of a single

corporation. Thus, a member of a

consolidated group that hedges the risk

of another member by entering into a

transaction with a third party may

receive ordinary gain or loss treatment

on that transaction if the transaction

otherwise qualifies as a hedging

transaction.

Under this single-entity approach,

intercompany transactions are neither

hedging transactions nor hedged items.

Because they are treated as transactions

between divisions of a single

corporation, intercompany transactions

do not reduce the risk of that single

corporation and, therefore, fail to

qualify as hedging transactions.

Some commentators requested that

the IRS extend the single-entity

approach to apply the hedging rules to

a taxpayer’s transactions that hedge the