Use of Actuarial Tables in Valuing Annuities, Interests for

Official source: Federal Register (GovInfo) (https://www.govinfo.gov/content/pkg/FR-1999-06-22/pdf/99-15786.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

33194 Federal Register / Vol. 64, No. 119 / Tuesday, June 22, 1999 / Rules and Regulations

June 9, 1999, at 64 FR 30898, the Commission rescinded the Guides for the Watch Industry, 16 CFR part 245. The Commission’s Guides for the Jewelry, Precious Metals, and Pewter Industries (‘‘Jewelry Guides’’), 16 CFR part 23, refer to the Watch Guides in footnote 1 in § 23.0. Because the Watch Guides have been rescinded, the Commission is amending the Jewelry Guides to remove the reference to the Watch Guides in footnote 1 in § 23.0.

List of Subjects in 16 CFR Part 23

Advertising, Jewelry, Labeling, Trade practices, Watch bands.

The Commission, under the authority of section 18 of the Federal Trade Commission Act, 15 U.S.C. 57a, amends 16 CFR part 23 as follows:

The authority citation for part 23 continues to read as follows:

Authority: Sec. 6, 5, 38 Stat. 721, 719; 15 U.S.C. 46, 45.

§ 23.0 [Amended] 2. Section 23.0 is amended by removing and reserving footnote 1.

By direction of the Commission. Donald S. Clark, Secretary.

[FR Doc. 99–15840 Filed 6–21–99; 8:45 am]

BILLING CODE 6750–01–M

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Part 5

Delegation of Authority and Organization; Center for Food Safety and Applied Nutrition

AGENCY: Food and Drug Administration, HHS.

ACTION: Final rule.

SUMMARY: The Food and Drug Administration (FDA) is amending the general redelegation of authority from the Commissioner of Food and Drugs to other officers of FDA. The amendment delegates to the Director and Deputy Director, Center for Food Safety and Applied Nutrition (CFSAN); the Director, Office of Regulations and Policy, CFSAN; and the Director, Office of Premarket Approval, CFSAN authority to implement the Federal Food, Drug, and Cosmetic Act (the act), as amended hereafter. This redelegation is necessary to improve the efficiency of program operations.

Coordination Staff (HFS–24), Food and Drug Administration, 200 C St. SW., Washington, DC 20204, 202– 205–4273, or Loretta W. Davis, Division of

Management Systems and Policy (HFA–340), Food and Drug Administration, 5600 Fishers Lane, Rockville, MD 20857, 301–827– 4809.

SUPPLEMENTARY INFORMATION: Section 309 of the Food and Drug Administration Modernization Act of 1997 (Pub. L. 105–115) amended section 409 of the act (21 U.S.C. 348). New section 409(h) of the act requires manufacturers or suppliers of foodcontact substances to notify the Secretary of Health and Human Services (and by delegation, the Commissioner of Food and Drugs), at least 120 days prior to the introduction or delivery for introduction into interstate commerce, of the identification and use of foodcontact substances, and to provide information showing that the substance is safe according to the standards of section 409(c)(3)(A) of the act.

FDA is amending the general redelegation of authority from the Commissioner of Food and Drugs to the Director and Deputy Director, Center for Food Safety and Applied Nutrition (CFSAN); the Director, Office of Regulations and Policy, CFSAN; and the Director, Office of Premarket Approval, CFSAN authority to implement the act, as amended hereafter. This redelegation is necessary to improve the efficiency of program operations. Further redelegation of the authorities is not authorized at this time. Authority delegated to a position may be exercised by a person officially designated to serve in such position in an acting capacity or on a temporary basis.

List of Subjects in 21 CFR Part 5

Authority delegations (Government agencies), Imports, Organization and functions (Government agencies).

Therefore, under the Federal Food, Drug, and Cosmetic Act and under authority delegated to the Commissioner of Food and Drugs, 21 CFR part 5 is amended as follows:

PART 5—DELEGATIONS OF AUTHORITY AND ORGANIZATION

The authority citation for 21 CFR part 5 continues to read as follows:

Authority: 5 U.S.C. 504, 552, App. 2; 7 U.S.C. 138a, 2271; 15 U.S.C. 638, 1261–1282, 3701–3711a; 15 U.S.C. 1451–1461; 21 U.S.C. 41–50, 61–63, 141–149, 321–394, 467f, 679(b), 801–886, 1031–1309; 35 U.S.C. 156; 42 U.S.C. 241, 242, 242a, 2421, 242n, 243, 262, 263, 264, 265, 300u–300u–5, 300aa–1;

1395y, 3246b, 4332, 4831(a), 10007–10008; E.O. 11921, 41 FR 24294, 3 CFR, 1977 Comp., p. 124–131; E.O. 12591, 52 FR 13414, 3 CFR, 1988 Comp., p. 220–223. 2. Section 5.61 is amended by adding paragraph (i) to read as follows:

§ 5.61 Food standards, food additives, generally recognized as safe (GRAS) substances, color additives, nutrient content claims, and health claims.

- - - (i) The following officials are authorized to perform all the functions of the Commissioner of Food and Drugs under section 409(h) of the act, excluding the duties set out in section 409(h)(5) of the act, regarding premarket notification of food-contact substances:

(1) The Director and Deputy Director, Center for Food Safety and Applied Nutrition (CFSAN).

(2) The Director, Office of Regulations and Policy, CFSAN.

(3) The Director, Office of Premarket Approval, CFSAN.

Dated: June 11, 1999. Margaret M. Dotzel, Acting Associate Commissioner for Policy Coordination.

[FR Doc. 99–15753 Filed 6–21–99; 8:45 am]

BILLING CODE 4160–01–F

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1, 20, and 25

[TD 8819]

RIN 1545–AX14

Use of Actuarial Tables in Valuing Annuities, Interests for Life or Terms of Years, and Remainder or Reversionary Interests; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to final regulations that were published in the Federal Register on Friday, April 30, 1999 (64 FR 23187) relating to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests.

Background

The final regulations that are the subject of these corrections are under

DATES: This correction is effective May 1, 1999.

FOR FURTHER INFORMATION CONTACT: William L. Blodgett (202) 622–3090 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

EFFECTIVE DATE: June 22, 1999. FOR FURTHER INFORMATION CONTACT:

Louis B. Brock, Regulation

Federal Register / Vol. 64, No. 119 / Tuesday, June 22, 1999 / Rules and Regulations 33195

section 7520 and 2031 of the Internal Revenue Code.

Need for Correction

As published, the final regulations contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8819), that were the subject of FR Doc. 99–10533 is corrected as follows:

On page 23188, in the table entitled ‘‘CROSS REFERENCE TO REGULATION SECTIONS’’, in the column entitled ‘‘Interest rate’’, line 11, the language ‘‘§ 7520.............’’ is corrected to read ‘‘§ 7520’’.

i n - 1 1 + 2 ∑

i n - 1 ( t + 1) l

∑ v 1

( t + 1) x + t+ 1 x + t

( t + 1) x + t+

1 - 2 n

n - 1 ( t + 1) ∑ v 1

i n - 1 ( t + 1) lx + t+ 1 l x + t 1

1 + 2 ∑ v 1 - lx ⁻ 1 - lx 1 - 2 n

PART 1—[CORRECTED]

§ 1.170A–12T [Corrected] 2. On page 23189, column 3, § 1.170A–12T(b)(2), the formula is corrected to read as follows:

§ 1.170A–12T Valuation of a remainder interest in real property for contributions made after July 31, 1969 (temporary).

- - - (b) (2) * -

t n

On page 23212, column 2, § 20.2031–7T(c), the table at the end of the paragraph is corrected to read as follows:

§ 20.2031–7T Valuation of annuities, interests for life or term of years, and remainder or reversionary interests (temporary).

- - - (c) * -

1 - lx + t+ 1 1 - l x + t

lx ⁻ lx

1
⁻

lx 2 n

t = 0 x x

t =

§ 1.7520–1T [Corrected] 3. On page 23211, column 1, § 1.7520–1T(c)(2) heading, line 3, the language ‘‘ interest rates between 2.2 and 26 ’’ is corrected to read ‘‘ interest rates between 2.2 and 22 ’’.

On page 23211, column 1, § 1.7520–1T(c)(2)(iii), line 5, the language ‘‘deprecation adjustment

factors. See’’ is corrected to read ‘‘depreciation adjustment factors. See’’.

PART 20—[CORRECTED]

§ 20.2031–7A [Corrected] 5. On page 23212, column 1, § 20.2031–7A(e)(4), line 9, the language ‘‘paragraph (b)(4), and Table B, Table J,’’ is corrected to read ‘‘paragraph (e)(4), and Table B, Table J,’’.

Valuation dates Applicable regulations After Before

01–01–52 20.2031–7A(a). 12–31–51 .............................................................................................................................................................. 01–01–71 20.2031–7A(b). 12–31–70 .............................................................................................................................................................. 12–01–83 20.2031–7A(c). 11–30–83 .............................................................................................................................................................. 05–01–89 20.2031–7A(d). 04–30–89 .............................................................................................................................................................. 05–01–99 20.2031–7A(e).

- - - 1. On page 23222, § 20.2031–7T(d)(7), in the table entitled ‘‘TABLE 90 CM.— LIFE TABLE APPLICABLE AFTER APRIL 30, 1999’’, the column headings are corrected to read as follows:

§ 20.2031–7T Valuation of annuities, interests for life or term of years, and remainder or reversionary interests (temporary).

- - - (d) * -

(7) * -

TABLE 90 CM.—LIFE TABLE APPLICABLE AFTER APRIL 30, 1999

Age x l (x) Age x l (x) Age x l (x)

(1) (2) (1) (2) (1) (2)

§ 20.7520–1T [Corrected] 8. On page 23223, column 2, § 20.7520–1T(c)(2) heading, line 3, the

language ‘‘ interest rates between 2.2 and 26 ’’ is corrected to read ‘‘ interest rates between 2.2 and 22 ’’.

PART 25—[CORRECTED]

§ 25.7520–1T [Corrected] 9. On page 23227, column 3, § 25.7520–1T(c)(2) heading, line 3, the language ‘‘ interest rates between 2.2 and 26 ’’ is corrected to read ‘‘ interest rates between 2.2 and 22 ’’.

33196 Federal Register / Vol. 64, No. 119 / Tuesday, June 22, 1999 / Rules and Regulations

PARTS 1, 20, 25—[CORRECTED]

On page 23228, in the table in amendatory instruction Par.32, the entry for 1.170A–6 (c)(5), Example (2)(c) is added in numerical order; and the

entries for 1.170A–6(c)(5), Example (2)(a), first sentence; 1.170A–6(c)(5), Example (3)(a), seventh and eighth sentences (the fifth entry from top of chart); 1.642(c)–A6(e)(2)(i); 20.2055–2 (f)(2)(iv), Example (3), second sentence;

20.2055–2(f)(2)(iv), Example (3), third sentence; 20.2056A–4(c)(4)(ii)(B), penultimate sentence; and 25.7520– 1(c)(1), third sentence are corrected to read as follows:

Section Remove Add

- - - - - 1.170A–6(c)(5), Example (2)(a), first sentence ....................................................................................... 1970.

1.170A–6(c)(5), Example (2)(c) ............................................................................................................... for 1970.

- - - - - - 1.170A–6(c)(5), Example (3)(a), seventh, eighth, and ninth sentences ................................................. 1972 ....................... 1973.

- - - - - - 1.642(c)–6A(e)(2)(i) ................................................................................................................................. § 20.2031–7(d)(6) .. § 20.2031–7A(e)(4).

- - - - - - 20.2055–2(f)(2)(iv), Example (3), third sentence .................................................................................... § 20.2031–10(e) ..... § 20.2031–7A(c).

20.2055–2(f)(2)(iv), Example (3), fourth sentence .................................................................................. § 20.2031–10(f) ...... § 20.2031–7A(d). 20.2056A–4(c)(4)(ii)(B), fifth sentence .................................................................................................... Alpha Volume ........ Book Aleph.

- - - - - - 25.7520–1(c)(1), third sentence .............................................................................................................. Section 20.2031–

7(d)(6) of this chapter (Estate Tax Regulations) contains.

Sections 20.2031–

7(d)(6) and 20.2031–7A(e)(4) of this chapter contain.

Michael Slaughter, Acting Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

[FR Doc. 99–15786 Filed 6–21–99; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 165

[CGD01–99–042]

RIN 2115–AA97

Safety Zone: Glen Cove, New York Fireworks, Hempstead Harbor, NY

AGENCY: Coast Guard, DOT.

ACTION: Temporary final rule.

SUMMARY: The Coast Guard is establishing a temporary safety zone on Hempstead Harbor for the Glen Cove, NY fireworks display. This action is necessary to provide for the safety of life on navigable waters during the event. This action is intended to restrict vessel traffic in a portion of Hempstead Harbor.

DATES: This rule is effective from 8:30 p.m. until 10 p.m. on July 4, 1999, and July 5, 1999.

ADDRESSES: Documents as indicated in this preamble are available for inspection or copying at Coast Guard Activities New York, 212 Coast Guard

Drive, room 205, Staten Island, New York 10305, between 8 a.m. and 3 p.m., Monday through Friday, except Federal holidays. The telephone number is (718) 354–4193.

FOR FURTHER INFORMATION CONTACT: Lieutenant J. Lopez, Waterways Oversight Branch, Coast Guard Activities New York (718) 354–4193.

SUPPLEMENTARY INFORMATION:

Regulatory History

On May 10, 1999, the Coast Guard published a notice of proposed rulemaking (NPRM) entitled Safety Zone: Glen Cove, New York Fireworks, Hempstead Harbor, NY in the Federal Register (64 FR 24987). The Coast Guard received no letters commenting on the proposed rulemaking. No public hearing was requested, and none was held.

Good cause exists for making this regulation effective less than 30 days after Federal Register publication. Due to the date the Application for Approval of Marine Event was received, there was insufficient time to promulgate a NPRM and a final rule that would be effective at least 30 days after it was published. The Coast Guard published an NPRM with a 30-day comment period, but this did not leave sufficient time to publish the final rule 30 days before its effective date. Any delay encountered in this regulation’s effective date would be contrary to public interest since immediate action is needed to prevent

traffic from transiting a portion of Hempstead Harbor, Glen Cove, New York, and provide for the safety of life on navigable waters. Additionally, the public was notified of this event when the NPRM was published in the Local Notice to Mariners on May 12, 1999.

Background and Purpose

Bay Fireworks submitted an Application for Approval of a Marine Event for a fireworks display on Hempstead Harbor. This regulation establishes a temporary safety zone in all waters of Hempstead Harbor within a 360-yard radius of the fireworks barge in approximate position 40 ° 51 ′ 58 ′′ N 073 ° 39 ′ 34 ′′ W (NAD 1983), approximately 500 yards northeast of Glen Cove Breakwater Light 5 (LLNR 27065). The temporary safety zone is in effect from 8:30 p.m. until 10 p.m. on July 4, 1999. If the event is canceled due to inclement weather, then this event will be held from 8:30 p.m. until 10 p.m. on July 5, 1999. The temporary safety zone prevents vessels from transiting a portion of Hempstead Harbor and is needed to protect boaters from the hazards associated with fireworks launched from a barge in the area. Marine traffic will still be able to transit through the western 1,075 yards of Hempstead Harbor. The Captain of the Port does not anticipate any negative impact on vessel traffic due to this event. Additionally, vessels are not