Federal Register / Vol. 74, No. 101 / Thursday, May 28, 2009 / Rules and Regulations 25429 

43Regulations Implementing the National 

Environmental Policy Act, Order No. 486, FERC 

Stats. & Regs. ¶ 30,783 (1987). 44 18 CFR 380.4(a)(2)(ii). 45 5 U.S.C. 601–12. 

Energy Regulatory Commission, Attn: 

Michael Miller, Office of the Executive 

Director, 888 First Street, NE., 

Washington, DC 20426, Tel: (202) 502– 

8415, Fax: (202) 273–0873, E-mail: 

michael.miller@ferc.gov, or by 

contacting: Office of Information and 

Regulatory Affairs, Attn: Desk Officer 

for the Federal Energy Regulatory 

Commission (Re: OMB Control No. 

1902–0244), Washington, DC 20503, 

Tel: (202) 395–4650, Fax: (202) 395– 

7285, E-mail: 

oira_submission@omb.eop.gov. 

IV. Environmental Analysis 

60. The Commission is required to 

prepare an Environmental Assessment 

or an Environmental Impact Statement 

for any action that may have a 

significant adverse effect on the human 

environment.43 The Commission has 

categorically excluded certain actions 

from this requirement as not having a 

significant effect on the human 

environment. Included in the exclusion 

are rules that are clarifying, corrective, 

or procedural or that do not 

substantially change the effect of the 

regulations being amended.44 The 

actions proposed herein fall within this 

categorical exclusion in the 

Commission’s regulations. 

V. Regulatory Flexibility Act 

61. The Regulatory Flexibility Act of 

1980 (RFA) 45 generally requires a 

description and analysis of Final Rules 

that will have significant economic 

impact on a substantial number of small 

entities. The RFA mandates 

consideration of regulatory alternatives 

that accomplish the stated objectives of 

a proposed rule and that minimize any 

significant economic impact on a 

substantial number of small entities. 

The Small Business Administration’s 

Office of Size Standards develops the 

numerical definition of a small 

business. (See 13 CFR 121.201.) For 

electric utilities, a firm is small if, 

including its affiliates, it is primarily 

engaged in the transmission, generation 

and/or distribution of electric energy for 

sale and its total electric output for the 

preceding twelve months did not exceed 

four million megawatt hours. 

62. As noted above, the regional 

reliability standard would apply to 

about 35 balancing areas in the Western 

Interconnection. The Commission 

estimates that of these balancing areas, 

approximately two to four qualify as 

small entities, because the total electric 

output of each of these entities for the 

preceding twelve months did not exceed 

four million megawatt hours. Thus, few 

small entities are impacted by the 

proposed rule. 

63. Based on this understanding, the 

Commission certifies that this Final 

Rule will not have a significant 

economic impact on a substantial 

number of small entities. Accordingly, 

no regulatory flexibility analysis is 

required. 

VI. Document Availability 

64. In addition to publishing the full 

text of this document in the Federal 

Register, the Commission provides all 

interested persons an opportunity to 

view and/or print the contents of this 

document via the Internet through 

FERC’s Home Page (http://www.ferc.gov) 

and in FERC’s Public Reference Room 

during normal business hours (8:30 a.m. 

to 5 p.m. Eastern time) at 888 First 

Street, NE., Room 2A, Washington, DC 

20426. 

65. From FERC’s Home Page on the 

Internet, this information is available on 

eLibrary. The full text of this document 

is available on eLibrary in PDF and 

Microsoft Word format for viewing, 

printing, and/or downloading. To access 

this document in eLibrary, type the 

docket number excluding the last three 

digits of this document in the docket 

number field. 

66. User assistance is available for 

eLibrary and the FERC’s Web site during 

normal business hours from FERC 

Online Support at (202) 502–6652 (toll 

free at 1–866–208–3676) or e-mail at 

ferconlinesupport@ferc.gov, or the 

Public Reference Room at (202) 502– 

8371, TTY (202) 502–8659. E-mail the 

Public Reference Room at 

public.referenceroom@ferc.gov. 

VII. Effective Date and Congressional 

Notification 

67. The Reliability Standard approved 

in this Final Rule is effective June 29, 

2009. The Commission has determined, 

with the concurrence of the 

Administrator of the Office of 

Information and Regulatory Affairs of 

OMB, that this rule is not a ‘‘major rule’’ 

as defined in section 351 of the Small 

Business Regulatory Enforcement 

Fairness Act of 1996. 

List of Subjects in 18 CFR Part 40 

Electric power, Electric utilities, 

Reporting and recordkeeping 

requirements. 

By the Commission. 

Nathaniel J. Davis, Sr., 

Deputy Secretary. 

[FR Doc. E9–12351 Filed 5–27–09; 8:45 am] 

BILLING CODE 6717–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9450] 

RIN 1545–BE73 

Information Reporting for Lump-Sum 

Timber Sales 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Final regulations. 

SUMMARY: This document contains final 

regulations that provide guidance 

regarding the information reporting 

requirements contained in section 

6045(e) of the Internal Revenue Code 

(Code) on sales or exchanges of standing 

timber for lump-sum (outright) 

payments. The final regulations amend 

§ 1.6045–4 of the Income Tax 

Regulations to require real estate 

reporting persons, as defined in section 

6045(e)(2) of the Code, to report lumpsum payments received by sellers 

(landowners) for sales or exchanges of 

standing timber. The final regulations 

do not change the information reporting 

requirements that currently apply to 

sales or exchanges of standing timber for 

pay-as-cut (contingent) payments under 

section 6050N of the Code. 

DATES: 

Effective date: These regulations are 

effective on May 28, 2009. 

Applicability date: The amendments 

to paragraphs (b)(2)(i)(E), (b)(2)(ii) and 

(c)(2)(i) of § 1.6045–4 shall apply to 

sales or exchanges of standing timber for 

lump-sum payments completed after 

May 28, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Timothy S. Sheppard of the Office of 

Chief Counsel (Procedure and 

Administration), at (202) 622–4910. 

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 

(OMB) in accordance with the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3507(d)) under control number 

1545–1085. The collection of 

information in these final regulations is 

25430 Federal Register / Vol. 74, No. 101 / Thursday, May 28, 2009 / Rules and Regulations 

in § 1.6045–4. This information is 

required by the IRS to verify compliance 

with income reporting obligations with 

respect to lump-sum sales of timber. 

This information will be used to enable 

the IRS to verify that a taxpayer is 

reporting the correct amount of income. 

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 OMB control number. 

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 return information are 

confidential, as required by 26 U.S.C. 

6103. 

Background 

This document contains amendments 

to the Income Tax Regulations under 

section 6045(e) of the Code. These 

amendments provide that sales or 

exchanges of standing timber for lumpsum payments are ‘‘reportable real 

estate’’ transactions under § 1.6045– 

4(b)(2) and, thus, shall be reported as 

provided in section 6045(e) and the 

regulations. 

On November 29, 2007, a notice of 

proposed rulemaking (REG–155669–04) 

was published in the Federal Register 

(72 FR 67589). No comments were 

received from the public in response to 

the notice of proposed rulemaking and 

no public hearing was requested or 

held. Accordingly, the proposed 

regulations are adopted by this Treasury 

decision. The final regulations make 

certain minor clarifying changes to the 

rules of the proposed regulations. 

Special Analyses 

It has been determined that this 

Treasury decision 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 section 

553(b) of the Administrative Procedure 

Act (5 U.S.C. chapter 5) does not apply 

to these regulations. It is hereby 

certified that these regulations will not 

have a significant economic impact on 

a substantial number of small entities. 

This certification is based on the fact 

that the collection of information 

burden imposed by these regulations 

flows directly from section 6045(e) of 

the Code. Moreover, requiring 

information reporting as described in 

the preamble with regard to sales or 

exchanges of standing timber for lumpsum payments imposes minimal burden 

in time or expense. Therefore, a 

Regulatory Flexibility Analysis under 

the Regulatory Flexibility Act (5 U.S.C. 

Chapter 6) is not required. Pursuant to 

section 7805(f) of the Code, the notice 

of proposed rulemaking preceding this 

regulation has been submitted to the 

Chief Counsel for Advocacy of the Small 

Business Administration for comment 

on its impact on small business. 

Drafting Information 

The principal author of these 

regulations is Timothy S. Sheppard of 

the Office of Associate Chief Counsel 

(Procedure and Administration). 

However, other personnel from the IRS 

and the Treasury Department 

participated in their development. 

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 1.6045–4 is amended 

by: 

■ 1. Redesignating paragraph (b)(2) 

introductory text as (b)(2)(i) 

introductory text. 

■ 2. In redesignated paragraph (b)(2)(i), 

further redesignating paragraphs (2)(i), 

(2)(ii), (2)(iii), and (2)(iv) as paragraphs 

(2)(i)(A), (2)(i)(B), (2)(i)(C), and (2)(i)(D), 

respectively. 

■ 3. Redesignating the undesignated text 

after newly designated paragraph 

(b)(2)(i)(D) as paragraph (b)(2)(ii) and 

adding a sentence at the end of newlydesignated paragraph (b)(2)(ii). 

■ 4. Adding new paragraph (b)(2)(i)(E). 

■ 5. Revising paragraphs (c)(2)(i) and (s). 

The revisions and additions read as 

follows: 

§ 1.6045–4 Information reporting on real 

estate transactions with dates of closing on 

or after January 1, 1991. 

* * * * * 

(b) * * * 

(2) * * * 

(i) * * * 

(E) Any non-contingent interest in 

standing timber. 

(ii) * * * Further, the term 

‘‘ownership interest’’ includes any 

contractual interest in a sale or 

exchange of standing timber for a lumpsum payment that is fixed and not 

contingent. 

* * * * * 

(c) * * * 

(2) * * * 

(i) An interest in surface or subsurface 

natural resources (for example, water, 

ores, and other natural deposits) or 

crops, whether or not such natural 

resources or crops are severed from the 

land. For purposes of this section, the 

terms ‘‘natural resources’’ and ‘‘crops’’ 

do not include standing timber. 

* * * * * 

(s) Effective/applicability date. This 

section applies for real estate 

transactions with dates of closing (as 

determined under paragraph (h)(2)(ii) of 

this section) that occur on or after 

January 1, 1991. The amendments to 

paragraphs (b)(2)(i)(E), (b)(2)(ii) and 

(c)(2)(i) of this section shall apply to 

sales or exchanges of standing timber for 

lump-sum payments completed after 

May 28, 2009. 

Linda E. Stiff, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: May 15, 2009. 

Bernard J. Knight, Jr., 

Acting General Counsel of the Treasury. 

[FR Doc. E9–12298 Filed 5–27–09; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

31 CFR Part 546 

Darfur Sanctions Regulations 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Final rule. 

SUMMARY: The Department of the 

Treasury’s Office of Foreign Assets 

Control (‘‘OFAC’’) is adding a new part 

to the Code of Federal Regulations to 

implement Executive Order 13400 of 

April 26, 2006, ‘‘Blocking Property of 

Persons in Connection With the Conflict 

in Sudan’s Darfur Region.’’ 

DATES: Effective Date: May 28, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Assistant Director for Compliance, 

Outreach & Implementation, tel.: 202/ 

622–2490, Assistant Director for 

Licensing, tel.: 202/622–2480, Assistant 

Director for Policy, tel.: 202/622–4855, 

Office of Foreign Assets Control, or 

Chief Counsel (Foreign Assets Control), 

tel.: 202/622–2410, Office of the General 

Counsel, Department of the Treasury 

(not toll free numbers). 

SUPPLEMENTARY INFORMATION: