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Federal Register / Vol. 72, No.

221 / Friday, November 16, 2007 / Proposed Rules 64545

Issued in Fort Worth, Texas, on November Dated: November 5, 2007. and requests for a hearing, Kelly Banks
5, 2007. Philip N. Hogen, at (202) 622–7180 (not toll-free
David A. Downey, Chairman, National Indian Gaming numbers).
Manager, Rotorcraft Directorate, Aircraft Commission.
Certification Service. Cloyce V. Choney,
[FR Doc. E7–22441 Filed 11–15–07; 8:45 am] Vice Chairman, National Indian Gaming Background and Explanation of
Commission. Provisions
Norman H. DesRosiers, Overview
Commissioner, National Indian Gaming
Commission. Section 381 of the Code was enacted
[FR Doc. E7–22409 Filed 11–15–07; 8:45 am] in 1954 to provide statutory authority
for determining the carryover of certain
National Indian Gaming Commission tax attributes, including accounting
methods, in certain corporate
25 CFR Parts 502, 542, 543, 546, and reorganizations and tax-free
liquidations. Regulations implementing
Internal Revenue Service section 381(c)(4) were issued on August
Notice of Extension of Comment 5, 1964 (29 FR 11263). On August 23,
Period 26 CFR Part 1 1972, the IRS proposed to revise these
regulations (37 FR 16947). On December
[REG–151884–03] 23, 1998, the IRS withdrew the
AGENCY:National Indian Gaming
Commission, DOI. RIN 1545–BD81 regulations that had been proposed in
1972 (63 FR 71047). Regulations
SUMMARY: This notice extends the Update and Revision of Sections implementing section 381(c)(5) were
period for comments on the proposed 1.381(c)(4)–1 and 1.381(c)(5)–1 issued on January 15, 1975 (40 FR
definition for electronic or 2684).
electromechanical facsimile (72 FR AGENCY: Internal Revenue Service (IRS),
Section 1.381(c)(4)–1 generally
60482), Class II game classification Treasury.
provides that after a section 381(a)
standards (72 FR 60483), Class II ACTION: Notice of proposed rulemaking. transaction, the accounting method or
technical standards (72 FR 60495), and SUMMARY: This document contains
combination of methods used by the
Class II minimum internal control proposed regulations that provide parties to the section 381(a) transaction
standards (72 FR 60508) published in guidance under sections 381(c)(4) and prior to the transaction will continue.
the Federal Register on October 24, (c)(5) of the Internal Revenue Code However, when the accounting methods
2007. (Code) relating to the accounting used prior to the section 381(a)
method or combination of methods, transaction cannot continue to be used
DATES: The comment period for the after the transaction, § 1.381(c)(4)–1
including the inventory method, to use
proposed definition for electronic or after certain corporate reorganizations identifies the accounting method(s) to
electromechanical facsimile, Class II and tax-free liquidations. These use after the transaction. Section
game classification standards, Class II proposed regulations clarify and 1.381(c)(5)–1 provides similar rules
technical standards, and Class II simplify the existing regulations under regarding inventory accounting
minimum internal control standards sections 381(c)(4) and (c)(5). The methods.
regulations is extended from December regulations affect corporations that The IRS and the Treasury Department
10, 2007, to January 24, 2008. acquire the assets of other corporations are aware that the current regulations
in transactions described in section are inconsistent in the treatment of
FOR FURTHER INFORMATION CONTACT: adjustments for inventory methods and
Penny Coleman, John Hay, or Michael 381(a).
for other accounting methods, and that
Gross at 202/632–7003; fax 202/632– DATES: Written or electronic comments there is confusion regarding the
7066 (these are not toll-free numbers). and requests for a public hearing must appropriate procedure for making
be received by February 14, 2008. accounting method changes required by
ADDRESSES: Send submissions to: section 381. In a notice of proposed
established the National Indian Gaming
CC:PA:LPD:PR (REG–151884–03), Room rulemaking (68 FR 25310) issued on
Commission (NIGC or Commission)
5203, Internal Revenue Service, PO Box May 12, 2003, regarding sections 263A
under the Indian Gaming Regulatory Act
7604, Ben Franklin Station, Washington, and 448, the IRS and the Treasury
of 1988 (25 U.S.C. 2701 et seq.) (IGRA)
DC 20044. Submissions may be hand- Department indicated that guidance
to regulate gaming on Indian lands. On delivered Monday through Friday regarding the accounting method(s) to
October 24, 2007, the proposed between the hours of 8 a.m. and 4 p.m. be used after a section 381(a) transaction
definition for electronic or to CC:PA:LPD:PR (REG–151884–03), was contemplated. This notice of
electromechanical facsimile (72 FR Courier’s Desk, Internal Revenue proposed rulemaking provides that
60482), Class II game classification Service, 1111 Constitution Avenue, guidance.
standards (72 FR 60483), Class II NW., Washington, DC, or sent This notice of proposed rulemaking
technical standards (72 FR 60495), and electronically via the Federal generally continues many of the
Class II minimum internal control eRulemaking Portal at http:// provisions of the regulations originally
ebenthall on PRODPC61 with PROPOSALS

standards (72 FR 60508) regulations (IRS REG– issued in 1964 and 1975 regarding the
were published in the Federal Register. 151884–03). accounting method or combination of
FOR FURTHER INFORMATION CONTACT: methods to be used by the corporation
Concerning the proposed regulations, that acquires the assets of another
Cheryl Oseekey at (202) 622–4970; corporation in a section 381(a)
concerning submissions of comments transaction. However, the following

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