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Federal Register / Vol. 72, No.

164 / Friday, August 24, 2007 / Rules and Regulations 48551

(3) Will not have a significant 803282, and 822582, installed in 2nd stage regulations to changes in the tax law
economic impact, positive or negative, HPT vane cluster assemblies: P/Ns 797592, relating to the foreign tax credit. These
on a substantial number of small entities 797372, 799872, 799782, and 822572. final regulations will affect certain RICs
(g) For 2nd stage HPT air seals that have
under the criteria of the Regulatory that pay foreign taxes and the
operated in an engine with reduced cooling
Flexibility Act. flow HPT vane assemblies, at the next HPT shareholders of those RICs.
We prepared a summary of the costs module exposure do the following: DATES: Effective Date: These regulations
to comply with this AD and placed it in (1) Perform a onetime visual inspection of are effective August 24, 2007.
the AD Docket. You may get a copy of the 2nd stage HPT air seal assembly, P/N Applicability Date: These regulations
this summary at the address listed 815097, using instructions in JT9D–7R4 are applicable for RIC taxable years
under ADDRESSES. engine manual, Section 72–51–22, ending on or after December 31, 2007.
Inspection/Check-01, paragraphs 1.D.(1),
List of Subjects in 14 CFR Part 39 For reporting purposes, however, a
1.D.(4), and 1.D.(6).
(2) Perform a fluorescent penetrant
taxpayer may rely on the current
Air transportation, Aircraft, Aviation regulations for a taxable year ending on
safety, Safety. inspection (FPI) of the 2nd stage HPT air seal
assembly for cracks, using instructions in or after December 31, 2007, and
Adoption of the Amendment JT9D–7R4 engine manual, Section 71–51–00, beginning before August 24, 2007.
Inspection/Check-03. FOR FURTHER INFORMATION CONTACT:
■ Accordingly, under the authority
Definition Richard C. LaFalce, (202) 622–3930 (not
delegated to me by the Administrator,
(h) For the purpose of this AD, an HPT
a toll-free number).
the Federal Aviation Administration
amends 14 CFR part 39 as follows: module exposure is defined as removing the SUPPLEMENTARY INFORMATION:
1st stage HPT rotor or the 2nd stage HPT
Paperwork Reduction Act
PART 39—AIRWORTHINESS rotor from the HPT case.
DIRECTIVES The collection of information
Alternative Methods of Compliance
contained in these final regulations has
■ 1. The authority citation for part 39 (i) The Manager, Engine Certification been reviewed and approved by the
continues to read as follows: Office, has the authority to approve
Office of Management and Budget in
alternative methods of compliance for this
Authority: 49 U.S.C. 106(g), 40113, 44701. AD if requested using the procedures found accordance with the Paperwork
in 14 CFR 39.19. Reduction Act of 1995 (44 U.S.C.
§ 39.13 [Amended] 3507(d)) under control number 1545–
■ 2. The FAA amends § 39.13 by adding Related Information 2035. Comments on the accuracy of the
the following new airworthiness (j) Pratt & Whitney Alert Service Bulletin estimated burden and suggestions for
directive: JT9D–7R4–A72–596, dated September 15, reducing the burden should be sent to
2005, contains information for modifying the the Internal Revenue Service, Attn: IRS
2007–17–21 Pratt & Whitney: Amendment reduced cooling flow 2nd stage HPT vane
39–15180. Docket No. FAA–2006–23742; Reports Clearance Officer,
assemblies.
Directorate Identifier 2005–NE–53–AD. SE:W:CAR:MP:T:T:SP, Washington, DC
Issued in Burlington, Massachusetts, on 20224.
Effective Date August 17, 2007. The collection of information in these
(a) This airworthiness directive (AD) Peter A. White, final regulations is in § 1.853–4(c) and
becomes effective September 28, 2007. Acting Manager, Engine and Propeller (d). A RIC is required to notify the IRS
Affected ADs Directorate, Aircraft Certification Service. of amounts of income received from
(b) None. [FR Doc. E7–16665 Filed 8–23–07; 8:45 am] sources within foreign countries and
BILLING CODE 4910–13–P possessions of the United States and
Applicability taxes paid to each such foreign country
(c) This AD applies to Pratt & Whitney or possession in order that the IRS may
(PW) JT9D–7R4G2, –7R4E1, –7R4E4, and DEPARTMENT OF THE TREASURY monitor shareholder compliance with
–7R4H1 series turbofan engines. These the foreign tax credit provisions. The
engines are installed on, but not limited to, Internal Revenue Service collection of information is required if
Boeing 747–200, –300, 767–200, and Airbus
A300–600 and A310–300 series airplanes. a RIC elects to pass through the benefits
26 CFR Parts 1 and 602 of the foreign tax credit to its
Unsafe Condition shareholders.
[TD 9357]
(d) This AD results from a report of an Estimated total annual recordkeeping
uncontained failure of the 2nd stage high RIN 1545–BE09 burden: 80 hours.
pressure turbine (HPT) air seal assembly, Estimated average annual burden per
caused by the air seal assembly brace Elimination of Country-by-Country recordkeeper: 2 hours.
disengaging from the air seal, due to Reporting to Shareholders of Foreign Estimated number of recordkeepers:
insufficient cooling air flow. We are issuing Taxes Paid by Regulated Investment
this AD to prevent uncontained failure of the
40.
Companies Estimated frequency of recordkeeping:
2nd stage HPT air seal assembly, leading to
engine in-flight shutdown and damage to the AGENCY: Internal Revenue Service (IRS), Annually.
airplane. Treasury. An agency may not conduct or
ACTION: Final regulations. sponsor, and a person is not required to
Compliance
respond to, a collection of information
(e) You are responsible for having the SUMMARY: This document contains final unless it displays a valid control
actions required by this AD performed at the regulations that generally eliminate number.
next HPT module exposure after the effective country-by-country reporting by a Books or records relating to a
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date of this AD, unless the actions have


already been done.
regulated investment company (RIC) to collection of information must be
(f) At the next HPT module exposure, its shareholders of foreign source retained as long as their contents may
remove reduced cooling flow 2nd stage HPT income that the RIC takes into account become material in the administration
vane assemblies part numbers (P/Ns): and foreign taxes that it pays. This of any internal revenue law. Generally,
797282, 796972, 800082, 800072, 803182, change is necessary to conform the tax returns and tax return information

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48552 Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Rules and Regulations

are confidential, as required by 26 A RIC electing this treatment must reporting. According to these comments,
U.S.C. 6103. provide information to its shareholders eliminating the reporting of this
and to the IRS. First, under section information not only would reduce the
Background
853(c) of the Code, the RIC must time and expense required of RICs to
This document contains amendments designate, in a written notice mailed to compile and disseminate this tax
to 26 CFR part 1 under section 853 of shareholders not later than 60 days after information but also would reduce the
the Internal Revenue Code (Code). On the close of its taxable year, each confusion that their shareholders
September 18, 2006, a notice of shareholder’s proportionate share of experience upon receipt of the extensive
proposed rulemaking (REG–105248–04) foreign taxes paid by the RIC and each tables used to report this per-country
was published in the Federal Register shareholder’s proportionate share of the information.
(71 FR 54598). Comments were RIC’s gross income derived from sources Even though the section 904 foreign
specifically requested with respect to within any foreign country or tax credit limitation has been applied on
the effective date of the final possession of the United States. Section a separate-category-of-income basis,
regulations. In response, a trade 1.853–3(a) of the current Income Tax instead of on a per-country basis, since
association sent a letter requesting that Regulations requires that this notice 1976, the Treasury Department and the
RICs be allowed to rely on the proposed designate the shareholder’s portion of IRS have continued to require the
regulations for 2006. This request was foreign taxes paid to each such foreign reporting of per-country information by
not granted. No public hearing was country or possession of the United RICs. This per-country information
requested or held. States and the portion of the dividend remains relevant to the IRS’s monitoring
The proposed regulations are adopted that represents income derived from compliance with the section 901 rules
by this Treasury decision with minor sources within each foreign country or that disallow credits for refundable and
modifications. The applicability date for possession of the United States. noncompulsory payments and for taxes
these regulations as adopted, balances Second, under current § 1.853–4(a), paid to certain countries. See § 1.901–
the industry’s desire promptly to the RIC must file with Form 1099–DIV, 2(e)(2) and (5), providing that credit is
eliminate unneeded RIC reporting with ‘‘Dividends and Distributions,’’ and not allowed for amounts that are in
the IRS’s need for time in which to Form 1096, ‘‘Annual Summary and excess of final liability under foreign
update its forms and instructions, Transmittal of U.S. Information law for tax, and section 901(j), denying
thereby reducing potential taxpayer Returns,’’ a statement as part of its credit for tax paid to countries described
confusion that may arise from the new income tax return (Form 1120–RIC or its in section 901(j)(2)(A) and subjecting
reporting requirements. successor) that sets forth the total income from sources in those countries
Section 853 provides a foreign tax amount of income received from sources to separate foreign tax credit limitations.
credit or deduction to shareholders of a within foreign countries and Although per-country information
RIC that makes an election under, and possessions of the United States; the with respect to foreign income and
that meets the requirements set forth in, total amount of foreign taxes paid; the foreign taxes is needed for the IRS to
that section. A RIC more than 50 percent date, form, and contents of the notice to monitor compliance, the Treasury
of the value of whose total assets at the its shareholders; and the proportionate Department and the IRS believe that
close of a taxable year consists of stock share of this income received and these taxpayer burden can be reduced by
or securities in foreign corporations may taxes paid during the taxable year continuing to require this information to
make an election under section 853 (a attributable to one share of its stock. The be supplied with the RIC’s tax return
‘‘foreign tax passthrough election’’). If RIC must also file as part of its return but generally not requiring it to be
the RIC makes this election for that for the taxable year a Form 1118, reported to the RIC’s shareholders as
taxable year, it forgoes a deduction or ‘‘Foreign Tax Credit—Corporations,’’ well. Accordingly, the final regulations
credit for certain taxes paid to foreign that has been modified so that it is a revise § 1.853–3 and § 1.853–4 to require
countries and possessions of the United statement in support of the RIC’s foreign that a RIC provide aggregate per-country
States (collectively, ‘‘foreign taxes’’) (but tax passthrough election. information on a statement filed with its
the amount of the foreign taxes is The requirement of current § 1.853– tax return and require that only
allowed as an addition to the RIC’s 3(a) that an electing RIC provide summary foreign income and foreign tax
deduction for dividends paid for the country-by-country information to its amounts be reported to its shareholders.
year). Instead, the RIC passes through to shareholders on foreign-source income The instructions to Forms 1116 and
its shareholders a credit or deduction received and foreign taxes paid was 1118 will be modified to permit
for the foreign taxes it has paid during adopted at a time when many summary reporting at the shareholder
its taxable year. If the RIC makes this shareholders generally needed the level similar to the summary reporting
election, each shareholder includes the information to apply a per-country currently permitted with respect to
shareholder’s proportionate share of limitation on the foreign tax credit. ‘‘section 863(b) income’’ on Forms 1116
these foreign taxes in gross income and Because of changes to the foreign tax and 1118.
treats this proportionate share as paid credit provisions of the Code,
by the shareholder. Each shareholder of shareholders generally no longer need Explanation of Provisions
an electing RIC further treats as gross country-by-country information on the The final regulations update § 1.853–
income from sources within foreign amounts of foreign-source income and 1 to reflect statutory amendments
countries and possessions of the United foreign taxes paid. providing that the foreign tax
States the sum of the shareholder’s The Treasury Department and the IRS passthrough election is not applicable to
proportionate share of these taxes and have received comments suggesting that taxes for which the RIC would not be
the portion of any dividend paid by the the section 853 regulations should be allowed a credit by reason of section
RIC that represents income derived from amended to eliminate per-country 901(j) (denying credit for taxes paid to
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sources within foreign countries and reporting to shareholders and that Form certain countries, including those with
possessions of the United States. Each 1116, ‘‘Foreign Tax Credit—Individual, which the United States does not have
shareholder may then deduct, or claim Estate or Trust,’’ should be modified to diplomatic relations), section 901(k) and
a credit for the payment of, a indicate that distributions from RICs are (l) (denying credit for withholding taxes
proportionate share of these taxes. exempt from per-country shareholder paid on certain income where certain

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Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Rules and Regulations 48553

holding period requirements are not application of section 853 for the Drafting Information
met), or any similar provision. taxable year. The principal author of this regulation
The final regulations change in two Section 1.853–4(a) also requires that a is Richard C. LaFalce of the Office of
ways the regulations that set forth RIC agree to provide certain information Associate Chief Counsel (Financial
requirements for a RIC seeking to make on foreign-source income received and Institutions and Products).
and to notify shareholders of a foreign foreign taxes paid. The information
tax passthrough election: required to be provided is set forth in List of Subjects
First, references in § 1.853–3(a) and § 1.853–4(c). Section 1.853–4(d) 26 CFR Part 1
(b) to required statements to continues to provide that this required
shareholders of dollar amounts of taxes Income taxes, Reporting and
information is to be provided on or with
paid to specific countries, and to dollar recordkeeping requirements.
a modified Form 1118 but adds that it
amounts of income considered as may instead be provided in such other 26 CFR Part 602
received from specific countries, are form or manner as may be prescribed by
changed to require that a RIC (or a Reporting and recordkeeping
the Commissioner. This change requirements.
shareholder of record of the RIC who is facilitates future changes in
a nominee acting as a custodian of a administrative practice if, for example, Adoption of Amendments to the
unit investment trust) state only the forms are renumbered or become Regulations
total amount of the RIC’s shareholder’s obsolete.
(or the record shareholder nominee’s ■ Accordingly, 26 CFR parts 1 and 602
principal’s) proportionate share of Special Analyses are amended as follows:
creditable foreign taxes paid, income
It has been determined that this PART 1—INCOME TAXES
from sources within countries described
Treasury decision is not a significant
in section 901(j), if any, and income ■ Paragraph 1. The authority citation
regulatory action as defined in
derived from sources within other for part 1 is amended by adding entries
Executive Order 12866. Therefore, a
foreign countries or possessions of the in numerical order to read in part as
regulatory assessment is not required. It
United States. follows:
has also been determined that section
Second, the final regulations extend 553(b) of the Administrative Procedure Authority: 26 U.S.C. 7805 * * *
various deadlines in § 1.853–3(b) to Act (5 U.S.C. chapter 5) does not apply Section 1.853–1 also issued under 26
reflect statutory changes since the to these regulations because these U.S.C. 901(j).
regulations were issued. Thus the regulations do not impose a collection Section 1.853–2 also issued under 26
number of days following the close of its U.S.C. 901(j).
of information on small entities. Section 1.853–3 also issued under 26
taxable year by which a RIC must notify
its shareholders in writing of the making Pursuant to section 605(b) of the U.S.C. 901(j).
of a foreign tax passthrough election is Regulatory Flexibility Act, 5 U.S.C. Section 1.853–4 also issued under 26
605(b), it has also been determined that U.S.C. 901(j) and 26 U.S.C. 6011. * * *
increased to 60. References to the
number of days following the close of the Regulatory Flexibility Act (5 U.S.C. ■ Par. 2. Section 1.853–1 is amended by
the taxable year by which a nominee chapter 6) does not apply to these adding a sentence at the end of
acting as a custodian of a unit regulations because these regulations do paragraph (a) and adding paragraph (c)
investment trust must notify holders of not have a significant economic impact to read as follows:
interests in the unit investment trust is on a substantial number of small
increased to 70. Similarly, references to entities. According to the Small § 1.853–1 Foreign tax credit allowed to
Business Administration definition of a shareholders.
the number of days following the close
of a RIC’s taxable year by which a ‘‘small business,’’ 13 CFR 121.201, a RIC (a) In general. * * * In addition, the
statement that holders of interests in is classified as a Portfolio Management election is not applicable to any tax
unit investment trusts have been company, NAICS code 523920, and is with respect to which the regulated
directly notified by the RIC (or a considered a small entity if it investment company is not allowed a
statement that the RIC has failed or is accumulates less than 6.5 million credit by reason of any provision of the
unable to notify these holders of dollars in annual receipts. It has been Internal Revenue Code other than
interests) must be filed with the IRS and determined that RICs affected by these section 853(b)(1), including, but not
transmitted to a nominee is increased to regulations generally will have greater limited to, section 901(j), section 901(k),
60. than 6.5 million dollars in annual or section 901(l).
Section 1.853–4 is modified to create receipts and therefore will not generally * * * * *
more flexibility in the references to be classified as small business entities. (c) Effective/applicability date. The
specific forms. The current regulations Because the summary reporting of the final sentence of paragraph (a) of this
require a RIC to file statements with foreign tax credit information provided section is applicable for RIC taxable
Form 1099 and Form 1096 and to file, by these regulations is universally less years ending on or after December 31,
as a part of its return for the taxable burdensome than the reporting of 2007.
year, a Form 1118, modified so that it country-by-country information ■ Par. 3. Section 1.853–2 is amended by
becomes a statement in support of the previously required, it is also clear that revising paragraph (d) and adding
election made by a RIC to pass through these regulations do not have a paragraph (e) to read as follows:
taxes paid to a foreign country or a significant economic impact on affected
possession of the United States. The RICs. Pursuant to section 7805(f) of the § 1.853–2 Effect of election.
first of these requirements, the Internal Revenue Code, the proposed * * * * *
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requirement to file statements with regulations preceding these regulations (d) Example. This section is
Forms 1099 and 1096, is eliminated. were submitted to the Chief Counsel for illustrated by the following example:
The final regulations retain the general Advocacy of the Small Business Example. (i) Facts. X Corporation, a
requirement that a RIC must file as part Administration for comment on their regulated investment company with 250,000
of its return a statement that elects the impact on small business. shares of common stock outstanding, has

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48554 Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Rules and Regulations

total assets, at the close of the taxable year, or after December 31, 2007, and begins represents income derived from sources
of $10 million ($4 million invested in before August 24, 2007, a taxpayer may within each country that is attributable
domestic corporations, $3.5 million in rely on this section as it was in effect to a period during which section 901(j)
Foreign Country A corporations, and $2.5 on August 23, 2007. applies to such country, if any, and the
million in Foreign Country B corporations).
X Corporation received dividend income of ■ Par. 4. Section 1. 853–3 is amended holder’s proportionate share of the
$800,000 from the following sources: by: dividend that represents income derived
$300,000 from domestic corporations, ■ 1. Revising paragraph (a). from other foreign countries or
$250,000 from Country A corporations, and ■ 2. Removing the number ‘‘55th’’ and possessions of the United States shown
$250,000 from Country B corporations. All adding the number ‘‘70th’’ in its place on the notice received by the nominee
dividends from Country A corporations and in the first sentence of paragraph (b). pursuant to paragraph (a) of this section.
from Country B corporations were properly ■ 3. Revising the second sentence of * * *
characterized as income from sources paragraph (b). (c) Effective/applicability date. This
without the United States. The dividends ■ 4. Removing the number ‘‘45’’ and section is applicable for RIC taxable
from Country A corporations were subject to adding the number ‘‘60’’ in its place in years ending on or after December 31,
a 10 percent withholding tax ($25,000) and
the dividends from Country B corporations
each place in which it appears in the 2007. Notwithstanding the preceding
were subject to a 20 percent withholding tax fifth sentence of paragraph (b). sentence, for a taxable year that ends on
($50,000). X Corporation’s only expenses for ■ 5. Adding paragraph (c). or after December 31, 2007, and begins
the taxable year were $80,000 of operation The revisions and addition read as before August 24, 2007, a taxpayer may
and management expenses related to both its follows: rely on this section as it was in effect
U.S. and foreign investments. In this case, on August 23, 2007.
Corporation X properly apportioned the § 1.853–3 Notice to shareholders.
■ Par. 5. Section 1.853–4 is revised to
$80,000 expense based on the relative (a) General rule. If a regulated
amounts of its U.S. and foreign source gross investment company makes an election read as follows:
income. Thus, $50,000 in expense was under section 853(a), in the manner § 1.853–4 Manner of making election.
apportioned to foreign source income provided in § 1.853–4, the regulated
($80,000 × $500,000/$800,000, total expense (a) General rule. To make an election
investment company is required under under section 853 for a taxable year, a
times the fraction of foreign dividend income section 853(c) to furnish its
over total dividend income) and $30,000 in regulated investment company must file
expense was apportioned to U.S. source
shareholders with a written notice a statement of election as part of its
income ($80,000 × $300,000/$800,000, total mailed not later than 60 days after the Federal income tax return for the
expense times the fraction of U.S. source close of its taxable year. The notice must taxable year. The statement of election
dividend income over total dividend designate the shareholder’s portion of must state that the regulated investment
income). During the taxable year, X creditable foreign taxes paid to foreign company elects the application of
Corporation distributed to its shareholders countries or possessions of the United section 853 for the taxable year and
the entire $645,000 income that was available States and the portion of the dividend
for distribution ($800,000, less $80,000 in agrees to provide the information
that represents income derived from required by paragraph (c) of this section.
expenses, less $75,000 in foreign taxes sources within each country that is
withheld). (b) Irrevocability of the election. The
(ii) Section 853 election. X Corporation
attributable to a period during which election shall be made with respect to
meets the requirements of section 851 to be section 901(j) applies to such country, if all foreign taxes described in paragraph
considered a RIC for the taxable year and the any, and the portion of the dividend (c)(2) of this section, and must be made
requirements of section 852(a) for part 1 of that represents income derived from not later than the time prescribed for
subchapter M to apply for the taxable year. other foreign countries and possessions filing the return (including extensions).
X Corporation notifies each shareholder by of the United States. For purposes of This election, if made, shall be
mail, within the time prescribed by section section 853(b)(2) and § 1.853–2(b), the irrevocable with respect to the dividend
853(c), that by reason of the election the amount that a shareholder may treat as
shareholders are to treat as foreign taxes paid (or portion thereof), and the foreign
the shareholder’s proportionate share of taxes paid with respect thereto, to
$0.30 per share of stock ($75,000 of foreign
taxes paid, divided by the 250,000 shares of
foreign taxes paid and the amount to be which the election applies.
stock outstanding). The shareholders must included as gross income derived from (c) Required information. A regulated
report as income $2.88 per share ($2.58 of any foreign country that is attributable investment company making an election
dividends actually received plus the $0.30 to a period during which section 901(j) under section 853 must provide the
representing foreign taxes paid). Of the $2.88 applies to such country or gross income following information:
per share, $1.80 per share ($450,000 of from sources within other foreign (1) The total amount of taxable
foreign source taxable income divided by countries or possessions of the United income received in the taxable year
250,000 shares) is to be considered as States shall not exceed the amount so from sources within foreign countries
received from foreign sources. The $1.80 designated by the regulated investment
consists of $0.30, the foreign taxes treated as
and possessions of the United States
paid by the shareholder and $1.50, the
company in such written notice. If, and the amount of taxable income
portion of the dividends received by the however, the amount designated by the received in the taxable year from
shareholder from the RIC that represents regulated investment company in the sources within each such foreign
income of the RIC treated as derived from notice exceeds the shareholder’s proper country or possession.
foreign sources ($500,000 of foreign source proportionate share of foreign taxes or (2) The total amount of income, war
income, less $50,000 of expense apportioned gross income from sources within profits, or excess profits taxes (described
to foreign source income, less $75,000 of foreign countries or possessions of the in section 901(b)(1)) to which the
foreign tax withheld, which is $375,000, United States, the shareholder is limited election applies that were paid in the
divided by 250,000 shares). to the amount correctly ascertained. taxable year to such foreign countries or
(e) Effective/applicability date. (b) * * * The notice shall designate possessions and the amount of such
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Paragraph (d) of this section is the holder’s proportionate share of the taxes paid to each such foreign country
applicable for RIC taxable years ending amounts of creditable foreign taxes paid or possession.
on or after December 31, 2007. to foreign countries or possessions of (3) The amount of income, war
Notwithstanding the preceding the United States and the holder’s profits, or excess profits taxes paid
sentence, for a taxable year that ends on proportionate share of the dividend that during the taxable year to which the

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Federal Register / Vol. 72, No. 164 / Friday, August 24, 2007 / Rules and Regulations 48555

election does not apply by reason of any Kevin M. Brown, the current operating regulations set out
provision of the Internal Revenue Code Deputy Commissioner for Services and in 33 CFR 117.821(a)(2) to close the
other than section 853(b), including, but Enforcement. drawbridge to navigation to facilitate
not limited to, section 901(j), section Approved: August 9, 2007. hydraulic repairs on the northeast and
901(k), or section 901(l). Karen G. Sowell, southeast ends and the power
Deputy Assistant Secretary of the Treasury components of bridge.
(4) The date, form, and contents of the
(Tax Policy). To facilitate the mechanical repairs,
notice to its shareholders.
[FR Doc. E7–16737 Filed 8–23–07; 8:45 am] the Onslow Beach Swing Bridge will be
(5) The proportionate share of maintained in the closed-to-navigation
BILLING CODE 4830–01–P
creditable foreign taxes paid to each position from 8 a.m. on Tuesday,
such foreign country or possession September 11, 2007 until and including
during the taxable year and foreign 8 a.m. on Thursday, September 13,
DEPARTMENT OF HOMELAND
income received from sources within 2007, and from 8 a.m. on Tuesday,
SECURITY
each such foreign country or possession September 25, 2007 until and including
during the taxable year attributable to Coast Guard 8 a.m. on Thursday, September 27,
one share of stock of the regulated 2007.
investment company. 33 CFR Part 117 The Coast Guard has informed the
(d) Time and manner of providing known commercial users of the
[CGD05–07–083] waterway of the change to the
information. The information specified
regulations concerning this so that these
in paragraph (c) of this section must be Drawbridge Operation Regulations; vessels can arrange their transits to
provided at the time and in the manner Atlantic Intracoastal Waterway (AICW), minimize any impact caused by the
prescribed by the Commissioner and, NC temporary deviation.
unless otherwise prescribed, must be In accordance with 33 CFR 117.35(e),
AGENCY: Coast Guard, DHS.
provided on or with a modified Form the drawbridge must return to its regular
1118 ‘‘Foreign Tax Credit— ACTION: Notice of temporary deviation
from regulations. operating schedule immediately at the
Corporations’’ filed as part of the RIC’s end of the designated time period.
timely filed Federal income tax return SUMMARY: The Commander, Fifth Coast This deviation from the operating
for the taxable year. Guard District, has approved a regulations is authorized under 33 CFR
(e) Effective/applicability date. This temporary deviation from the 117.35.
section is applicable for RIC taxable regulations governing the operation of Dated: August 16, 2007.
years ending on or after December 31, the Onslow Beach Swing Bridge, at Waverly W. Gregory, Jr.,
2007. Notwithstanding the preceding AICW mile 240.7, in Camp Lejeune, NC. Chief, Bridge Administration Branch, Fifth
sentence, for a taxable year that ends on This deviation allows the drawbridge to Coast Guard District.
or after December 31, 2007, and begins remain closed-to-navigation from 8 a.m. [FR Doc. E7–16727 Filed 8–23–07; 8:45 am]
before August 24, 2007, a taxpayer may on September 11, 2007 until and
BILLING CODE 4910–15–P
rely on this section as it was in effect including 8 a.m. on September 13, 2007,
on August 23, 2007. and from 8 a.m. on September 25, 2007
until and including 8 a.m. on September DEPARTMENT OF HOMELAND
PART 602—OMB CONTROL NUMBERS 27, 2007, to facilitate mechanical SECURITY
UNDER THE PAPERWORK repairs.
REDUCTION ACT DATES: This deviation is effective from Coast Guard
8 a.m. on September 11, 2007 to 8 a.m.
■ Par. 6. The authority citation for part on September 27, 2007. 33 CFR Part 165
602 continues to read as follows: ADDRESSES: Materials referred to in this
document are available for inspection or [COTP Honolulu 07–005]
Authority: 26 U.S.C. 7805.
copying at Commander (dpb), Fifth
■ Par. 7. In § 602.101, paragraph (b) is Coast Guard District, Federal Building, RIN 1625–AA87
amended by revising the entries for 1st Floor, 431 Crawford Street,
1.853–3 and 1.853–4 to read as follows: Portsmouth, VA 23704–5004 between 8 Security Zone; Waters Surrounding
a.m. and 4 p.m., Monday through U.S. Forces Vessel SBX–1, HI
§ 602.101 OMB Control numbers. Friday, except Federal holidays. The AGENCY: Coast Guard, DHS.
* * * * * telephone number is (757) 398–6222.
Commander (dpb), Fifth Coast Guard ACTION: Temporary final rule.
(b) * * *
District maintains the public docket for SUMMARY: The Coast Guard is
this temporary deviation. establishing a temporary 500-yard
CFR part or section where Current OMB
identified or described control No. FOR FURTHER INFORMATION CONTACT: Bill moving security zone around the U.S.
H. Brazier, Bridge Management Forces vessel SBX–1 during transit
Specialist, Fifth Coast Guard District, at within the Honolulu Captain of the Port
* * * * * (757) 398–6422. Zone. The security zone is necessary to
1.853–3 ................................. 1545–2035 SUPPLEMENTARY INFORMATION: The protect the SBX–1 from hazards
1.853–4 ................................. 1545–2035 Onslow Beach Swing Bridge has a associated with vessels and persons
rfrederick on PROD1PC67 with RULES

vertical clearance in the closed position approaching too close during transit.
* * * * *
to vessels of 12 feet, above mean high Entry of persons or vessels into this
water. temporary security zone is prohibited
The U.S. Navy (the bridge owner) has unless authorized by the Captain of the
requested a temporary deviation from Port (COTP).

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