1044 Federal Register / Vol. 66, No. 4 / Friday, January 5, 2001 / Rules and Regulations

who, with respect to all remainder

beneficiaries (other than charitable

organizations described in section 170,

2055, or 2522), is either a lineal ancestor

or the spouse of a lineal ancestor of

those beneficiaries. A trust will satisfy

the requirement that all noncharitable

remainder beneficiaries are lineal

descendants of the individual who is

the measuring life, or that individual’s

spouse, if there is less than a 15%

probability that individuals who are not

lineal descendants will receive any trust

corpus. This probability must be

computed, based on the current

applicable Life Table contained in

§ 20.2031–7, at the time property is

transferred to the trust taking into

account the interests of all primary and

contingent remainder beneficiaries who

are living at that time. An interest

payable for a specified term of years can

qualify as a unitrust interest even if the

governing instrument contains a savings

clause intended to ensure compliance

with a rule against perpetuities. The

savings clause must utilize a period for

vesting of 21 years after the deaths of

measuring lives who are selected to

maximize, rather than limit, the term of

the trust. The rule in this paragraph that

a charitable interest may be payable for

the life or lives of only certain specified

individuals does not apply in the case

of a charitable unitrust interest payable

under a charitable remainder trust

described in section 664.

* * * * *

(e) Effective date. * * * In addition,

the rule in paragraphs (c)(2)(vi)(a) and

(vii)(a) of this section that guaranteed

annuity interests or unitrust interests,

respectively, may be payable for a

specified term of years or for the life or

lives of only certain individuals applies

to transfers made on or after April 4,

2000. If a transfer is made on or after

April 4, 2000, that uses an individual

other than one permitted in paragraphs

(c)(2)(vi)(a) and (vii)(a) of this section,

the interest may be reformed into a lead

interest payable for a specified term of

years. The term of years is determined

by taking the factor for valuing the

annuity or unitrust interest for the

named individual measuring life and

identifying the term of years (rounded

up to the next whole year) that

corresponds to the equivalent term of

years factor for an annuity or unitrust

interest. For example, in the case of an

annuity interest payable for the life of

an individual age 40 at the time of the

transfer, assuming an interest rate of

7.4% under section 7520, the annuity

factor from column 1 of Table S(7.4),

contained in IRS Publication 1457, Book

Aleph, for the life of an individual age

40 is 12.0587 (Publication 1457 is

available from the Superintendent of

Documents, U.S. Government Printing

Office, Washington, DC 20402). Based

on Table B(7.4), contained in

Publication 1457, Book Aleph, the factor

12.0587 corresponds to a term of years

between 31 and 32 years. Accordingly,

the annuity interest must be reformed

into an interest payable for a term of 32

years. A judicial reformation must be

commenced prior to October 15th of the

year following the year in which the

transfer is made and must be completed

within a reasonable time after it is

commenced. A non-judicial reformation

is permitted if effective under state law,

provided it is completed by the date on

which a judicial reformation must be

commenced. In the alternative, if a

court, in a proceeding that is

commenced on or before July 5, 2001,

declares any transfer, made on or after

April 4, 2000, and on or before March

6, 2001, null and void ab initio, the

Internal Revenue Service will treat such

transfers in a manner similar to that

described in section 2055(e)(3)(J).

Robert E. Wenzel,

Deputy Commissioner of Internal Revenue.

Approved: December 20, 2000.

Jonathan Talisman,

Acting Assistant Secretary of the Treasury.

[FR Doc. 01–254 Filed 1–4–01; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD07–00–124]

RIN 2115–AE46

Special Local Regulations;

Hillsborough Bay, Tampa, FL

AGENCY: Coast Guard, DOT.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is

temporarily modifying the special local

regulation for the annual Gasparilla

Marine Parade in Tampa, Florida. The

event sponsor changed the event time

and date for this year from the first

Saturday in February, 2001, to January

27, 2001. These regulations are needed

to provide for the safety of life on

navigable waters during the event.

DATES: This rule is effective from 8 a.m.

to 6 p.m. EST on January 27, 2001.

ADDRESSES: Comments and material

received from the public, as well as

documents indicated in this preamble as

being available in the docket, are part of

docket CGD 07–00–124 and are

available for inspection or copying at

Commander, Coast Guard Group St.

Petersburg, 600 8th Avenue, S.E., St.

Petersburg, FL 33701, between 9 a.m.

and 4 p.m., Monday through Friday,

except Federal holidays.

FOR FURTHER INFORMATION CONTACT:

Chief Quartermaster Stephen Aykroyd

Coast Guard Group St. Petersburg,

Florida at (727) 824–7554.

SUPPLEMENTARY INFORMATION:

Regulatory Information

We did not publish a notice of

proposed rulemaking (NPRM) for this

regulation. Under 5 U.S.C. 553(b)(B), the

Coast Guard finds that good cause exists

for not publishing an NPRM. Publishing

an NPRM would have been

impracticable, as there was not

sufficient time remaining after the

changes to the event time and date were

finalized.

For the same reasons, under 5 U.S.C.

553(d)(3), the Coast Guard finds that

good cause exists for making this rule

effective less than 30 days after

publication in the Federal Register.

Background and Purpose

Ye Mystic Krewe of Gasparilla is

sponsoring the annual Parade of Pirates

in Hillsborough Bay on January 27,

2001. There will be approximately four

hundred (400) spectator craft. A special

local regulation exists at 33 C.F.R.

100.734 for this event which is usually

held on the first Saturday in February.

However, the sponsor changed the date

for this year. These regulations are

intended to promote safe navigation on

the waters of Tampa Bay by controlling

the traffic entering, exiting, and

traveling within the regulated area.

Regulatory Evaluation

This rule is not a significant

regulatory action under section 3(f) of

Executive Order 12866 and does not

require an assessment of potential costs

and benefits under section 6(a)(3) of that

order. The Office of Management and

Budget has exempted it from review

under that order. It is not significant

under the regulatory policies and

procedures of the Department of

Transportation (DOT) (44 FR 11040;

February 26, 1979). The Coast Guard

expects the economic impact of this rule

to be so minimal that a full Regulatory

Evaluation under paragraph 10e of the

regulatory policies and procedures of

DOT is unnecessary. Entry into the

regulated area is prohibited for only

approximately 10 hours.

Federal Register / Vol. 66, No. 4 / Friday, January 5, 2001 / Rules and Regulations 1045

Small Entities

Under the Regulatory Flexibility Act

(5 U.S.C. 601–612) we considered

whether this rule will have a significant

economic impact on a substantial

number of small entities. The term

‘‘small entities’’ comprises small

businesses, not-for-profit organizations

that are independently owned and

operated and are not dominant in their

field, and governmental jurisdictions

with populations of less than 50,000.

The Coast Guard certifies under 5

U.S.C. 605(b) that this rule will not have

a significant economic impact on a

substantial number of small entities.

This rule may affect the following

entities, some of which may be small

entities: the owners or operators of

vessels intending to transit or anchor in

the northern part of Hillsborough Bay

on January 27, 2001 from 8 a.m. to 6

p.m.

This special local regulation will not

have a significant economic impact on

a substantial number of small entities

because the regulation will only be in

effect for 10 hours in a limited area.

Collection of Information

This rule contains no collection of

information requirements under the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501–3520).

Federalism

We have analyzed this rule under

Executive Order 13132 and have

determined that the rule does not have

implications for federalism under that

order.

Unfunded Mandates Reform Act

The Unfunded Mandates Reform Act

of 1995 (2 U.S.C. 1531–1538) governs

the issuance of Federal regulations that

require unfunded mandates. An

unfunded mandate is a regulation that

requires a State, local, or tribal

government or the private sector to

incur direct costs without the Federal

Government’s having first provided the

funds to pay those costs. This rule will

not impose an unfunded mandate.

Taking of Private Property

This rule will not effect a taking of

private property or otherwise have

taking implications under E.O. 12630,

Governmental Actions and Interference

with Constitutionally Protected Property

Rights.

Civil Justice Reform

This rule meets applicable standards

in sections 3(a) and 3(b)(2) of E.O.

12988, Civil Justice Reform, to minimize

litigation, eliminate ambiguity, and

reduce burden.

Protection of Children

We have analyzed this rule under E.O.

13045, Protection of Children from

Environmental Health Risks and Safety

Risks. This rule is not an economically

significant rule and does not concern an

environmental risk to health or risk to

safety that may disproportionately affect

children.

Environmental Assessment

The Coast Guard has considered the

environmental impact of this action and

has determined under Figure 2–1,

paragraph 34(h) of Commandant

Instruction M16475.1C, that this rule is

categorically excluded from further

environmental documentation.

List of Subjects in 33 CFR Part 100

Marine safety, Navigation (water),

Reporting and recordkeeping

requirements, Waterways.

For the reasons discussed in the

preamble, the Coast Guard amends 33

CFR Part 100 as follows:

PART 100—MARINE EVENTS

1. The authority citation for Part 100

continues to read as follows:

Authority: 33 U.S.C. 1233, 49 CFR 1.46 and

33 CFR 100.35.

2. Temporarily suspend § 100.734 and

add temporary § 100.35T–00–124 to

read as follows:

§ 100.35T–00–124 Annual Gasparilla

Marine Parade, Hillsborough Bay, Tampa,

FL.

(a) Regulated Area. A regulated area is

established consisting of all waters of

Hillsborough Bay and its tributaries

north of a line drawn along latitude 27–

51.30N. The regulated area includes the

following in their entirety: Hillsborough

Cut ‘‘D’’ Channel, Sparkman Channel,

Ybor Channel, Seddon Channel and the

Hillsborough River south of the John F.

Kennedy Bridge. Coordinates Reference

Datum: NAD 1983.

(b) Special local regulations. (1) Entry

into the regulated area is prohibited to

all commercial marine traffic from 8

a.m. to 6 p.m. EST on January 27, 2001.

(2) The regulated area is an idle

speed, ‘‘no wake’’ zone.

(3) All vessels within the regulated

area shall stay clear of and give way to

all vessels in parade formation in the

Gasparilla Marine Parade.

(4) When within the marked channels

of the parade route, vessels participating

in the Gasparilla Marine Parade may not

exceed the minimum speed necessary to

maintain steerage.

(5) Personnel water craft and vessels

without mechanical propulsion are

prohibited from the parade route.

(6) Northbound vessels in excess of 80

feet in length without mooring

arrangements made prior to January 27,

2001, are prohibited from entering

Seddon Channel unless the vessel is

officially entered in the Gasparilla

Marine Parade. All northbound vessels

in excess of 80 feet without prior

mooring arrangements not officially

entered in the Gasparilla Marine Parade,

must use the alternate route through

Sparkman Channel.

(c) Date. This rule is effective from 8

a.m. to 6 p.m. EST on January 27, 2001.

Dated: December 27, 2000.

G.W. Sutton,

Captain, U.S. Coast Guard, Commander,

Seventh Coast Guard District, Acting.

[FR Doc. 01–345 Filed 1–4–01; 8:45 am]

BILLING CODE 4910–15–U

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 117

[CGD07–00–134]

Drawbridge Operation Regulations;

Anna Maria Bridge, Across the Gulf

Intracoastal Waterway, Mile 89.2,

Bradenton, FL

AGENCY: Coast Guard, DOT.

ACTION: Notice of temporary deviation

from regulations.

SUMMARY: The Commander, Seventh

Coast Guard District, has approved a

temporary deviation from the

regulations governing the operation of

the Anna Maria bridge across the Gulf

Intracoastal Waterway, mile 89.2,

Bradenton, Florida. This temporary

deviation allows the drawbridge owner

or operator to open only a single leaf

between 8 am and 4 pm, from January

1, 2001 through February 28, 2001. This

temporary deviation is required to allow

the bridge owner to safely complete

repairs of the bridge.

DATES: This deviation is effective from

January 1, 2001 to February 28, 2001.

FOR FURTHER INFORMATION CONTACT: Mr.

Barry Dragon, Chief, Operations Section,

Seventh Coast Guard District, Bridge

Section at (305) 415–6743.

SUPPLEMENTARY INFORMATION: The Anna

Maria bridge across the Gulf Intracoastal

Waterway at Brandenton, is a double

leaf bridge with a vertical clearance of

25 feet above mean high water (MHW)

measured at the fenders in the closed

position with a horizontal clearance of

90 feet. On December 13, 2000, Florida

Department of Transportation, the

drawbridge owner, requested a