Application of Section 338 to Insurance Companies

Official source: Federal Register (GovInfo) (https://www.govinfo.gov/content/pkg/FR-2006-05-09/pdf/06-4272.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

26826 Federal Register / Vol. 71, No. 89 / Tuesday, May 9, 2006 / Rules and Regulations

incorporation by reference of this service bulletin in accordance with 5 U.S.C. 552(a) and 1 CFR part 51. Contact Rolls-Royce plc, P.O. Box 31, Derby, DE248BJ; UK, telephone: 011–44–1332–242424; fax: 011–44–1332– 249936, for a copy of this service information. You can review copies at the FAA, New England Region, Office of the Regional Counsel, 12 New England Executive Park, Burlington, MA; or at the National Archives and Records Administration (NARA). For information on the availability of this material at NARA, call 202–741–6030, or go to: http://www.archives.gov/federal- register/cfr/ibr-locations.html.

within the next 80 hours TIS, but not to exceed the existing cyclic life limit.

(iii) For disks that have accumulated fewer than the compliance threshold on April 13, 1995, before accumulating more than the calculated prorated hourly life limit.

(iv) Thereafter, remove disks at or before accumulating the prorated hourly life limit, but not to exceed the existing cyclic life limit.

Alternative Methods of Compliance

(k) The Manager, Los Angeles Aircraft Certification Office, has the authority to approve alternative methods of compliance for this AD if requested using the procedures found in 14 CFR 39.19.

Special Flight Permits

(l) Under 14 CFR part 39.23, we are limiting the special flight permits for this AD by allowing a onetime special flight if the disc life limit has been reached.

Related Information

(m) Honeywell SB No. ALF/LF A72–1085, Revision 1, dated January 16, 2005, pertains to the subject of this AD.

Material Incorporated by Reference

(n) You must use the service bulletins listed in Table 3 of this AD to perform the inspections required by this AD. The Director of the Federal Register approved the

TABLE 3.—INCORPORATION BY REFERENCE

Issued in Burlington, Massachusetts, on April 26, 2006. Francis A. Favara, Manager, Engine and Propeller Directorate, Aircraft Certification Service.

[FR Doc. 06–4193 Filed 5–8–06; 8:45 am]

BILLING CODE 4910–13–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9257]

RIN 1545–AY49

Application of Section 338 to Insurance Companies; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

SUMMARY: This document corrects final and temporary regulations (TD 9257) that were published in the Federal Register on Monday, April 10, 2006 (71 FR 17990) applying to a deemed sale or acquisition of an insurance company’s assets pursuant to an election under section 338 of the Internal Revenue Code, to a sale or acquisition of an

insurance trade or business subject to section 1060, and to the acquisition of insurance contracts through assumption reinsurance.

DATES: This correction is effective April 10, 2006.

FOR FURTHER INFORMATION CONTACT: Mark Weiss, (202) 622–7790 (not a tollfree number).

SUPPLEMENTARY INFORMATION:

Background

The final and temporary regulations (TD 9257) that are the subjects of this correction are under sections 197, 338, 381, and 1060 of the Internal Revenue Code.

Need for Correction

As published, TD 9257 contains an error that may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

I Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:

PART 1—INCOME TAXES

I Paragraph 1. The authority citation for part 1 continues to read, in part, as follows:

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

I Par. 2. Section 1.338.11T is corrected by revising paragraph (d)(3)(ii)( 2 ) to read as follows:

§ 1.338–11T Effect of section 338 election on insurance company targets (temporary).

- - - (d) * - (3) * - (ii) * - ( 2 ) B equals old target’s undiscounted unpaid losses (determined under section 846(b)(1) as of the close of the acquisition date;

Guy R. Traynor, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).

[FR Doc. 06–4272 Filed 5–8–06; 8:45 am]

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