Reg-149436-04

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Federal Register / Vol. 70, No. 145 / Friday, July 29, 2005 / Proposed Rules
Inventory. Every registrant required to
keep records and who possesses any
quantity of embutramide would be
required to keep an inventory of all
stocks of embutramide on hand
pursuant to §§ 1304.03, 1304.04 and
1304.11 of Title 21 of the Code of
Federal Regulations. Every registrant
who desires registration in Schedule III
for embutramide would be required to
conduct an inventory of all stocks of the
substance on hand at the time of
registration.
Records. All registrants would be
required to keep records pursuant to
§§ 1304.03, 1304.04, 1304.21, 1304.22,
and 1304.23 of Title 21 of the Code of
Federal Regulations.
Prescriptions. All prescriptions for
embutramide or prescriptions for
products containing embutramide
would be required to be issued pursuant
to 21 CFR 1306.03–1306.06 and
1306.21–1306.27. All prescriptions for
embutramide or products containing
embutramide issued after publication of
the Final Rule, if authorized for
refilling, would be limited to five refills.
Importation and Exportation. All
importation and exportation of
embutramide would need to be in
compliance with part 1312 of Title 21 of
the Code of Federal Regulations.
Criminal Liability. Any activity with
embutramide not authorized by, or in
violation of, the Controlled Substances
Act or the Controlled Substances Import
and Export Act occurring on or after
finalization of this proposed rule would
be unlawful.
Regulatory Certifications
Executive Order 12866
In accordance with the provisions of
the CSA (21 U.S.C. 811(a)), this action
is a formal rulemaking ‘‘on the record
after opportunity for a hearing.’’ Such
proceedings are conducted pursuant to
the provisions of 5 U.S.C. 556 and 557
and, as such, are exempt from review by
the Office of Management and Budget
pursuant to Executive Order 12866,
section 3(d)(1).
Regulatory Flexibility Act
The Deputy Administrator, in
accordance with the Regulatory
Flexibility Act (5 U.S.C. 605(b)), has
reviewed this proposed rule and by
approving it certifies that it will not
have a significant economic impact on
a substantial number of small entities.
Embutramide products will be
prescription drugs used for the
euthanasia of animals. Handlers of
embutramide also handle other
controlled substances used to euthanize
animals which are already subject to the
regulatory requirements of the CSA.

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Executive Order 12988
This regulation meets the applicable
standards set forth in Sections 3(a) and
3(b)(2) of Executive Order 12988 Civil
Justice Reform.

2. Section 1308.13 is proposed to be
amended by redesignating paragraphs
(c)(5) through (c)(13) as paragraphs
(c)(6) through (c)(14), and adding a new
paragraph (c)(5) to read as follows:

Executive Order 13132
This rulemaking does not preempt or
modify any provision of state law; nor
does it impose enforcement
responsibilities on any state; nor does it
diminish the power of any state to
enforce its own laws. Accordingly, this
rulemaking does not have federalism
implications warranting the application
of Executive Order 13132.

§ 1308.13

Unfunded Mandates Reform Act of 1995
This rule will not result in the
expenditure by State, local and tribal
governments, in the aggregate, or by the
private sector, of $115,000,000 or more
in any one year, and will not
significantly or uniquely affect small
governments. Therefore, no actions were
deemed necessary under provisions of
the Unfunded Mandates Reform Act of
1995.
Small Business Regulatory Enforcement
Fairness Act of 1996
This rule is not a major rule as
defined by section 804 of the Small
Business Regulatory Enforcement
Fairness Act of 1996. This rule will not
result in an annual effect on the
economy of $100,000,000 or more; a
major increase in costs or prices: or
significant adverse effects on
competition, employment, investment,
productivity, innovation, or on the
ability of United States-based
companies to compete with foreignbased companies in domestic and
export markets.
List of Subjects in 21 CFR Part 1308
Administrative practice and
procedure, Drug traffic control,
Narcotics, Prescription drugs.
Under the authority vested in the
Attorney General by section 201(a) of
the CSA (21 U.S.C. 811(a)), and
delegated to the Administrator of DEA
by Department of Justice regulations (28
CFR 0.100), and redelegated to the
Deputy Administrator pursuant to 28
CFR 0.104, the Deputy Administrator
hereby proposes that 21 CFR part 1308
be amended as follows:
PART 1308—SCHEDULES OF
CONTROLLED SUBSTANCES
[AMENDED]
1. The authority citation for Part 1308
continues to read as follows:
Authority: 21 U.S.C. 811, 812, 871(b),
unless otherwise noted.

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Schedule III.

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(c) * * *

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(5) Embutramide ...............................

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XXXX

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Dated: July 22, 2005.
Michele M. Leonhart,
Deputy Administrator.
[FR Doc. 05–15035 Filed 7–28–05; 8:45 am]
BILLING CODE 4410–09–P

DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG–149436–04]
RIN 1545–BD92

Return Required by Subchapter T
Cooperatives Under Section 6012
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice of proposed rulemaking.
AGENCY:

SUMMARY: This document contains
proposed regulations that prescribe the
form that cooperatives must use to file
their income tax returns. The
regulations affect all cooperatives that
are currently required to file an income
tax return on either Form 1120, ‘‘U.S.
Corporation Income Tax Return,’’ or
Form 990–C, ‘‘Farmers’’ Cooperative
Association Income Tax Return.’’
DATES: Written or electronic comments
and requests for a public hearing must
be received by October 27, 2005.
ADDRESSES: Send submissions to:
CC:PA:LPD:PR (REG–149436–04), room
5203, Internal Revenue Service, POB
7604, Ben Franklin Station, Washington,
DC 20044. Submissions may be hand
delivered Monday through Friday
between the hours of 8 a.m. and 4 p.m.
to: CC:PA:LPD:PR (REG–149436–04),
Courier’s Desk, Internal Revenue
Service, 1111 Constitution Avenue,
NW., Washington, DC, or sent
electronically, via the IRS Internet site
at http://www.irs.gov/regs, or via the
Federal eRulemaking Portal at http://
www.regulations.gov (IRS–REG–
149436–04). A public hearing may be
scheduled if requested by any person
who timely submits comments.
FOR FURTHER INFORMATION CONTACT:
Concerning the proposed regulations,

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43812

Federal Register / Vol. 70, No. 145 / Friday, July 29, 2005 / Proposed Rules

Donnell M. Rini-Swyers, (202) 622–
4910; concerning submissions of
comments, or to request a hearing,
Richard Hurst, (202) 622–7180 (not tollfree numbers).
SUPPLEMENTARY INFORMATION:
Background
Under existing regulations, all
cooperatives to which subchapter T
applies (Subchapter T cooperatives) are
required to make income tax returns.
Except in the case of farmers’
cooperatives, the regulations require
that the return be made on Form 1120.
In the case of farmers’ cooperatives, the
regulations require that the return be
made on Form 990–C.
Most taxpayers required to make an
income tax return on Form 1120 must
file their return on or before the 15th
day of the third month following the
close of the taxpayer’s taxable year (21⁄2
month deadline). Some Subchapter T
cooperatives that make their returns on
Form 1120 are required to file by the 21⁄2
month deadline, but others are not
required to file their returns until the
15th day of the ninth month following
the close of the taxpayer’s taxable year
(81⁄2 month deadline). Because the Form
1120 does not distinguish between
Subchapter T cooperatives that must file
by the 21⁄2 month deadline and those
that must file by the 81⁄2 month
deadline, the IRS has difficulty
determining which filing deadline
applies and deciding whether to assert
delinquency and failure to pay penalties
in the case of returns filed after the 21⁄2
month deadline.
Explanation of Provisions
The proposed regulations provide that
all Subchapter T cooperatives must
make their income tax returns on Form
1120–C, ‘‘U.S. Income Tax Return for
Cooperative Associations,’’ or such
other form as may be designated by the
Commissioner. The information that
Subchapter T cooperatives will be
required to provide on new Form 1120–
C will assist taxpayers and the IRS in
determining the appropriate filing
deadline. Having that information will
reduce the burden on taxpayers and will
help the IRS avoid asserting penalties in
inappropriate cases. Having all
Subchapter T cooperatives make their
income tax returns on Form 1120–C will
also eliminate confusion over which
form to file and will promote efficiency
in addressing income tax issues
common to Subchapter T cooperatives.
Effect on Other Documents
The following publication is obsolete
as of [DATE THIS DOCUMENT IS

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PUBLISHED AS A FINAL RULE IN
FEDERAL REGISTER].
Announcement 84–26 (1984–11 I.R.B.
42).
Special Analyses
It has been determined that this notice
of proposed rulemaking is not a
significant regulatory action as defined
in Executive Order 12866. Therefore, a
regulatory assessment is not required. It
also has been determined that section
553(b) of the Administrative Procedure
Act (5 U.S.C. chapter 5) does not apply
to these regulations, and because these
regulations do not impose a collection
of information on small entities, the
Regulatory Flexibility Act (5 U.S.C.
chapter 6) does not apply. Pursuant to
section 7805(f) of the Internal Revenue
Code, this notice of proposed
rulemaking will be submitted to the
Chief Counsel for Advocacy of the Small
Business Administration for comment
on its impact on small business.
Comments and Requests for a Public
Hearing
Before these proposed regulations are
adopted as final regulations,
consideration will be given to any
written (a signed original and eight (8)
copies) or electronic comments that are
submitted timely to the IRS. The IRS
and Treasury Department request
comments on the clarity of the proposed
rules and how they can be made easier
to understand. All comments will be
available for public inspection and
copying. A public hearing will be
scheduled if requested in writing by any
person that timely submits written
comments. If a public hearing is
scheduled, notice of the date, time, and
place for the public hearing will be
published in the Federal Register.
Drafting Information
The principal author of these
regulations is Donnell M. Rini-Swyers,
Office of Assistant Chief Counsel
(Procedure & Administration).
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Proposed Amendments to the
Regulations
Accordingly, 26 CFR part 1 is
proposed to be amended as follows:
PART 1—INCOME TAXES, REPORTING
AND RECORDKEEPING
REQUIREMENTS
Paragraph 1. The authority citation
for part 1 continues to read, in part, as
follows:

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Authority: 26 U.S.C. 7805 * * * .

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Par. 2. Section 1.6012–2 is amended
by revising paragraph (f) to read as
follows:
§ 1.6012–2 Corporations required to make
returns of income.

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(f) Subchapter T cooperatives—(1) In
general. For taxable years ending on or
after December 31, 2006, a cooperative
organization described in section 1381
(including a farmers’ cooperative
exempt from tax under section 521) is
required to make a return, whether or
not it has taxable income and regardless
of the amount of its gross income, on
Form 1120–C, ‘‘U.S. Income Tax Return
for Cooperative Associations,’’ or such
other form as may be designated by the
Commissioner.
(2) Farmers’ cooperatives. For taxable
years ending before December 31, 2006,
a farmers’ cooperative organization
described in section 521(b)(1) (including
a farmers’ cooperative that is not exempt
from tax under section 521) is required
to make a return on Form 990–C,
‘‘Farmers’’ Cooperative Association
Income Tax Return.’’
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Mark E. Matthews,
Deputy Commissioner for Services and
Enforcement.
[FR Doc. 05–15060 Filed 7–28–05; 8:45 am]
BILLING CODE 4830–01–P

DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[CGD01–05–061]
RIN 1625–AA09

Drawbridge Operation Regulations;
Hackensack River, NJ
Coast Guard, DHS.
Notice of proposed rulemaking.

AGENCY:
ACTION:

SUMMARY: The Coast Guard proposes to
change the drawbridge operating
regulations governing the operation of
the Willis Amtrak Portal Bridge, mile
5.0, across the Hackensack River at
Little Snake Hill, New Jersey. This
notice of proposed rulemaking would
allow the bridge owner to expand the
two time periods in the morning and in
the afternoon, Monday through Friday,
when the bridge may remain closed to
vessel traffic.
DATES: Comments must reach the Coast
Guard on or before August 29, 2005.
ADDRESSES: You may mail comments to
Commander (obr), First Coast Guard

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