Document dYJNDrb7gReBMwppJ3Gkv3wgB

c4r*-U. RULES AND REGULATIONS 13919 mount realized over the adjusted bash (2) On or before January 12. 1972, the Health, Education, and Welfare adopted of tuch tbare. If the adjusted bash corporation elects to have the provisions special procedures for testing and ap should equal or exceed the amount real- of <aJ (i) of this subdivision apply, and proval of respirators used against ex teed on the sale or exchange of a certain alt persons (or their personal represent posure to vinyl chloride (39 FR 45012).' share of stock, bond, etc., there would atives) who were shareholders of such Also adopted, with a delayed effective be no gross receipts resulting from the corporation at any time during any tax- * date, was a requirement that any can sale of such security. Losses on sales or able year beginning with the first tax ister or cartridge used to protect em exchanges of stock or securities do not able year to which this (b) .of this sub ployees against exposure, to this sub offset gains on the sales or exchanges division applies and ending on or before stance have an end-of-service-life in of other stock or securities for purposes January 12, 1971, consent to such elec-' dicator. Section 11.205(a) of Title 30, Of computing gross receipts from such tion and to the application of the provi Code of Federal Regulations, provides ales or exchanges. Gross receipts from sions of (a)(2) of this subdivision. that after December 31,1975, a cartridge . the sale or exchange of stock and secu rities Include gains received from such sales or exchanges by a corporation even though such corporation is a regular dealer in stocks and securities. How ever,' gross receipts do not include cer-. tain amounts which are treated under, section 331 (relating to corporate liqui dations) as payments In exchange for stock (see subdivision (xl) of this sub paragraph). For the meaning of the term "stock or securities", see paragraph <b) (5) (1) of f 1.543-1. (xi) Amounts which ore treated under section 331 as payments in exchange for Stock--(a) fr, general. (1) For pur poses of section 1372(e)(5), gross re ceipts derived from sales or exchanges of stock or securities shall not include amounts received by an electing small business corporation which are treated under section 331 (relating to corporate liquidations) as payments in exchange for stock where the electing small busi ness corporation was, on the date of the first distribution or transfer of such amounts to the small business corpora tion with, respect to such liquidation, the owner of more than 50 percent of each class of the stock of the liquidating cor poration. For purposes of this subdivi-' ilon, the 50-percent requirement shall apply with respect to a class of stock whether or not the class of stock has. voting rights. Shares of stock of the liq uidating corporation held by a share- holder of the electing small business corporation shall not be attributed to the electing corporation. r : " (2) The provisions of (a)(f) of this subdivision shall apply to-- 1 <f> taxable years of the corporation ending after January 12, 1971, and If the assessment of any deficiency In income tax resulting from an election under (b)(2) of this subdivision for a taxable year ending before the date of the election is prevented before the ex piration of one year after the date of the -election by any law or rule of law, the deficiency may be assessed at any time jirtor to the expiration of auch one-year period notwithstanding any law or rule of law which would otherwise prevent the assessment. The deficiency assess ment Is not to be barred by any statute of limitations, even if the period of limi tations has expired at the time the elec tion is mode, or by a prior court deci sion as to the taxpayers' income tax lia bility for that year, or by a prior binding agreement entered Into for that year be tween the taxpayer and the Internal Revenue Service. If, but for the applica tion of this (b) of this subdivision, such deficiency year would have been closed, then the deficiency may not exceed the amount attributable to an election under this subdivision. ` (c) Special rules. An election by a cor poration under section 1372(a) shall not be treated as terminated for any taxable year of the corporation beginning before January 12, 1971, merely because such corporation filed its income tax return on a Form 1120 Instead of Form 1120S, or because a new shareholder failed to file a timely consent under section 1372 (e)(1), 12 the corporation's election under section 1372(a) would have been treated as terminated for such taxable year because of the application of sec tion 1372(e)(5), as In effect prior to January 12, 1971, but for . an election made by the corporation under (b) (2) fit) any taxable year of the corpora of this subdivision to have the provisions or canister without an end-of-service- 1ife indicator will not be considered ap proved for use by employees exposed to vinyl chloride. ' -i . The purpose of the amendment set forth below is to extend the December 31, 1975, deadline date until September 30, 1976. This action is considered neces sary because there are no respirators with an end-of-service-life Indicator presently approved for use against ex posure to vinyl chloride, and it is essen tial that the currently approved respira tory devices continue to be available for this purpose. While the Indicator is an additional safety feature, the extension is not expected to adversely affect worker health provided currently approved res piratory equipment is used as directed. The Government has received only one application for approval of a respirator with an end-of-service-life Indicator. When approval is Issued, the manufac turer will require, and the extension will provide, sufficient lead time for the pro duction of the respirators necessary to supply exposed workers. ' The Occupational Safety and Health Administration of the Department of Labor, which is charged with the en forcement of occupational standards, has advised that it concurs with the granting of this extension of time. ` Under the circumstances, the Depart ment finds that good cause exists for omitting notice of proposed rulemaking and opportunity for public participation in the rulemaking which extends the date. Therefore, 1 11.205 is amended as set forth below, effective December 31, 1975. tion ending before October 7, 1970, with of (a) (2) of this subdivision apply. Dated: March 26,1976. respect to which an election is made, (d) Election and consents are binding. under (b) (2) of this, subdivision to apply the rules of (a) (I) of this subdivision,' provided that the requirements of <b) (and (c> if applicable) of this subdivi The election and consents under this subdivision are binding and may not be revoked. ~ Wiluam L. Fishes, Assistant Secretary of the Interior. Dated; January 23,1976. sion are satisfied. David Mathews. The provisions of (a) (2) of this subdivi Doc 76-3Sl Filed 3-31-76;8:45 am] Secretary of Health. sion shall not apply to taxable years o' corporations ending between Octobe 2970. and January 12.1971, inclusive. : <b) Taxable years ending before Oc tober 7,1970. The provisions of (a>(2) of this subdivision shall apply with respect to any taxable year of an electing small business corporation ending before Oc tober 7.1970,12-- ' * . (2) On October 7, 1970, the making of a refund or the allowance of a credit to . Tide 30--Mineral Resources CHAPTER I--MINING ENFORCEMENT AND . SAFETY ADMINISTRATION. DEPART MENT OF THE INTERIOR PART 11--RESPIRATORY PROTECTIVE DEVICES; TESTS FOR PERMISSIBILITY; FEES Respiratory Protection Against Exposure to JjJnyiChlorWe^Extenslon of Time ' ' Education. and Welfare. *11-203 tAmended} ` In the last sentence of paragraph (a) of i 11.205, the date reading "Decem ber 31, 1975", It changed to read "Sep tember 30,1976." (Sms. 901 (h),' 104, 80S, fSBtat. 7w! 764. 803 (to UB.C. 841(b), 844. 867); MICA. 1, 8. 6, SS Btet. 870, M Amended; 87 Stst. 881 (30 DS C. * 8. 7); me, 8(g), 84 Stet. 1800 (30 DB.C. the corporation is not prevented by any On December 30, 1974, the Secretary 87(8)1) . law or rule of law, and of the Interior and the Secretary of fPIt Doe.78-9395 Filed 3-31-70,3:48 sm] KDE8AL tfGISTEB,, VOL 41, Ho. 44--JWUSJDAY, APtIL 1. 1*74 OLI 3304