Disallowance of Deductions for Employee Remuneration in

Official source: Federal Register (GovInfo) (https://www.govinfo.gov/content/pkg/FR-1996-02-06/pdf/96-2323.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

4349

Federal Register

Rules and Regulations¶

Vol. 61, No. 25

Tuesday, February 6, 1996

This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week.

FARM CREDIT SYSTEM INSURANCE CORPORATION

5 CFR Chapter XXX and Part 4001

12 CFR Part 1401

RIN 3055–AA03, 3209–AA15

Supplemental Standards of Ethical Conduct for Employees of the Farm Credit System Insurance Corporation

AGENCY: Farm Credit System Insurance Corporation.

ACTION: Final rule.

SUMMARY: The Farm Credit System Insurance Corporation (Corporation) Board, with the concurrence of the Office of Government Ethics (OGE), adopts as final an interim rule which supplements the Standards of Ethical Conduct for Employees of the Executive Branch (Executive Branch-wide Standards) issued by the Office of Government Ethics. The final rule is a necessary supplement to the Executive Branch-wide Standards because it addresses ethical issues unique to Corporation programs and operations. In addition to this final rule, the Corporation is issuing a single section in its regulations that provides crossreferences to the Executive Branch-wide Standards and financial disclosure regulations, as well as these new supplemental regulations.

EFFECTIVE DATE: February 6, 1996.

FOR FURTHER INFORMATION CONTACT: Wendy R. Laguarda, Senior Attorney and Deputy Ethics Official, Farm Credit System Insurance Corporation, McLean, VA 22102–0826, (703) 883–4234, TDD (703) 883–4444.

SUPPLEMENTARY INFORMATION: On June 12, 1995, the Corporation published, with OGE concurrence and co-signature, an interim rule (60 FR 30773) and requested comments thereon. The interim rule established regulations

imposing prohibitions on the ownership of certain financial interests; prohibitions on certain forms of borrowing and extensions of credit; limitations on purchases of assets owned by Farm Credit System institutions, conservatorship or receivership assets, or certain assets held by the Corporation; restrictions arising from the employment of relatives; a prohibition against involvement in Farm Credit System board member elections; and restrictions on outside employment and business activities. The Corporation also issued a single section in its regulations at 12 CFR part 1401 to provide crossreferences to the Executive Branch-wide Standards and financial disclosure regulations, as well as these new supplemental regulations codified at 5 CFR part 4001.

The Corporation received no comments on the interim rule.

Accordingly, the Corporation Board, with the concurrence of OGE, adopts the interim rule adding 5 CFR chapter XXX consisting of part 4001 and 12 CFR part 1401 which was published at 60 FR 30773 on June 12, 1995, as a final rule without change.

Dated: January 18, 1996. Floyd Fithian, Secretary, Farm Credit System Insurance Corporation.

Approved: January 24, 1996. Stephen D. Potts, Director, Office of Government Ethics.

[FR Doc. 96–2460 Filed 2–5–96; 8:45 am]

BILLING CODE 6710–01–P

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 558

New Animal Drugs for Use in Animal Feeds; Lasalocid; Correction

AGENCY: Food and Drug Administration, HHS.

ACTION: Final rule; correction.

SUMMARY: The Food and Drug Administration (FDA) is correcting a final rule that appeared in the Federal Register of November 24, 1995 (60 FR 57928). The document amended the animal drug regulations to reflect

FOR FURTHER INFORMATION CONTACT: Robert Misner or Charles T. Deliee at (202) 622–6060 (not a toll-free number).

approval of a supplemental new animal drug application (NADA 96–298) filed by Hoffmann-La Roche, Inc. The document was published with some errors in the codified section. This document corrects those errors.

EFFECTIVE DATE: November 24, 1995.

FOR FURTHER INFORMATION CONTACT: David L. Gordon, Center for Veterinary Medicine (HFV–238), Food and Drug Administration, 7500 Standish Pl., Rockville, MD 20855, 301–594–1737.

In FR Doc. 95–28599, appearing on page 57928 in the Federal Register of Friday, November 24, 1995, the following corrections are made:

§ 558.311 [Corrected] On page 57929, in the third column, in § 558.311 Lasalocid, in paragraph (b)(7)(iii), the phrase ‘‘paragraph (e)(1)(xv)’’ is corrected to read ‘‘paragraph (e)(1)(xvi)’’ and on the same page, in the table, in paragraph (e)(1), under the first column, the entry for ‘‘(xv)’’ is corrected to read ‘‘(xvi)’’.

Dated: January 25, 1996. Stephen F. Sundlof, Director, Center for Veterinary Medicine.

[FR Doc. 96–2372 Filed 2–5–96; 8:45 am]

BILLING CODE 4160–01–F

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8650]

RIN 1545–AS23

Disallowance of Deductions for Employee Remuneration in Excess of $1,000,000; Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to final regulations (TD 8650) which were published in the Federal Register on Wednesday, December 20, 1995 (60 FR 65534), and relates to the disallowance of deductions for employee remuneration in excess of $1,000,000.

EFFECTIVE DATE: December 20, 1995.

4350 Federal Register / Vol. 61, No. 25 / Tuesday, February 6, 1996 / Rules and Regulations

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of these corrections are under section 162(m) of the Internal Revenue Code.

Need for Correction

As published, the final regulations (TD 8650) contain errors that are misleading and in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8650), which was the subject of FR Doc. 95–30869, is corrected as follows:

§ 1.162–27 [Corrected]

On page 65538, column 1, § 1.162– 27 (c)(3)(ii)(A), line 2, the language ‘‘3121(a)(1) through section 3121(a)(5)(D)’’ is corrected to read ‘‘3121(a)(5)(A) through section 3121(a)(5)(D)’’.
On page 65543, column 2, § 1.162– 27 (e)(4)(i), the last sentence is corrected to read as follows:

- - - (e) * - (4) * - - (i) * - - The material terms include the employees eligible to receive compensation; a description of the business criteria on which the performance goal is based; and either the maximum amount of compensation that could be paid to any employee or the formula used to calculate the amount of compensation to be paid to the employee if the performance goal is attained (except that, in the case of a formula based, in whole or in part, on a percentage of salary or base pay, the maximum dollar amount of compensation that could be paid to the employee must be disclosed).
- - - 1. On page 65544, column 3, § 1.162– 27 (e)(5), second line from the bottom of the paragraph, the language ‘‘to the increase in the stock of the’’ is corrected to read ‘‘to the increase in the value of the stock of the’’. Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

[FR Doc. 96–2323 Filed 2–5–96; 8:45 am]

BILLING CODE 4830–01–P

SUPPLEMENTARY INFORMATION: The interim regulation was published at 60 FR 40094 (August 7, 1995). The interim rule permitted the advancement of a parole-eligible prisoner’s presumptive release date by up to twelve months for successfully completing a residential substance abuse treatment program. However, the interim rule made it clear

DEPARTMENT OF JUSTICE

Parole Commission

28 CFR Part 2

Parole Date Advancements for Substance Abuse Treatment Program Completion

AGENCY: Parole Commission, Justice.

ACTION: Final rule.

SUMMARY: The U.S. Parole Commission is substantially revising the interim rule, published in August of last year, that added to 28 CFR 2.60 a provision whereby a parole-eligible prisoner could qualify for a special advancement of his release date by up to twelve months, if the prisoner completed a residential substance abuse treatment program and was a non-violent offender. The rule was published as an interim rule so as to permit the Commission to determine whether the statutory criteria for parole at 18 U.S.C. 4206 would permit these prisoners to receive an incentive for completion of such programs comparable to the incentive that is available under 18 U.S.C. 3621(e)(2) for prisoners serving sentences for crimes committed after November 1, 1987. (Such prisoners are not eligible for parole, but can qualify for up to twelve months of reduction in custody for completion of residential substance abuse programs). In practice, the Commission has not been able to grant advancements sufficient for the interim rule to provide the desired incentive, because parole-eligible prisoners all too frequently have serious offenses and serious prior records that preclude early release from prison. Accordingly, the interim rule has been substantially revised so that the permissible advancement for residential substance abuse program completion will be determined under the existing schedule for ‘‘superior program achievement,’’ and not in addition to it.

that the Commission’s decision in any case would continue to be governed by the criteria for parole at 18 U.S.C. 4206(a), which requires the Commission to ensure that release will not depreciate the seriousness of the offense or jeopardize the public welfare. The Commission stated that it needed to determine whether the interim rule could be implemented consistently with the criteria at 18 U.S.C. 4206, and that if such did not appear feasible ‘‘* - the Commission may amend or withdraw the interim regulation.’’ 60 FR 40095. In practice, the Commission has found that the remaining population of parole-eligible prisoners consists of so many offenders with extremely serious offenses, serious prior records, and serious indications of future recidivism, that the advancement authorized by the interim rule could seldom be reconciled with the statutory criteria for parole. For the most part, prisoners in the paroleeligible population who qualify under the interim rule have already received appropriate advancements. The remaining population cannot be expected to produce a sufficient number of qualified applicants to justify the adoption of the interim rule as a final rule. The Commission wishes to avoid the situation in which its regulations appear to promise release date advancements which, in practice, are rarely granted.

On the other hand, the Commission does not wish to withdraw altogether the incentive for substance abuse program participation that the interim rule was intended to provide. The final rule guarantees that, upon receipt of a report from the Bureau of Prisons that the prisoner has successfully completed a residential substance abuse program of at least 500 hours, such a prison will be promptly reviewed for a possible advancement under the schedule set forth in 28 C.F.R. 2.60(e). Although this schedule authorizes advancement of less than twelve months for prisoners whose release dates require service of less than eighty-five months in prison, greater advancements are authorized for prisoners who have been required to serve eighty-five or more months in prison.

Accordingly, by considering substance abuse program completion as ‘‘superior program achievement’’ under § 2.60, the Commission intends to evaluate the appropriateness of such an advancement in the same manner that it considers advancements for other forms of superior program achievement, i.e., by balancing the need for recognition of the prisoner’s achievement against the need to avoid a grant of parole that

EFFECTIVE DATE: March 7, 1996.

ADDRESSES: Send comments to Office of General Counsel, U.S. Parole Commission, 5550 Friendship Blvd., Chevy Chase, Maryland 20815.

FOR FURTHER INFORMATION CONTACT: Pamela A. Posch, Office of General Counsel, Telephone (301) 492–5959.

Exceptions & meaning →