94-20069. Applicable Rate of Interest on Nonqualified Withdrawals From a Capital Construction Fund

[Federal Register Volume 59, Number 158 (Wednesday, August 17, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-20069]


[[Page Unknown]]

[Federal Register: August 17, 1994]


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DEPARTMENT OF TRANSPORTATION
DEPARTMENT OF TRANSPORTATION

Maritime Administration

DEPARTMENT OF COMMERCE

National Oceanic and Atmospheric Administration

DEPARTMENT OF THE TREASURY

Internal Revenue Service

 

Applicable Rate of Interest on Nonqualified Withdrawals From a 
Capital Construction Fund

    Under the authority in Section 607(h)(4)(B) of the Merchant Marine 
Act, 1936, as amended (46 U.S.C. 1177(h)(4)(B)), we hereby determine 
and announce that the applicable rate of interest on the amount of 
additional tax attributable to any nonqualified withdrawals from a 
Capital Construction Fund established under Section 607 of the Act 
shall be 5.62 percent, with respect to nonqualified withdrawals made in 
the taxable year beginning in 1994.
    The determination of the applicable rate of interest with respect 
to nonqualified withdrawals was computed, according to the joint 
regulations issued under the Act (46 CFR 391.7(e)(2)(ii)), by 
multiplying eight percent by the ratio which (a) the average yield on 
5-year Treasury securities for the calendar year immediately preceding 
the beginning of such taxable year bears to (b) the average yield on 5-
year Treasury securities for the calendar year 1970. The applicable 
rate so determined was computed to the nearest one-hundredth of one 
percent.

    SO ORDERED BY:
Maritime Administrator, Maritime Administration.
Administrator, National Oceanic, and Atmopsheric Administration.
Assistant Secretary for Tax Policy, Department of the Treasury.

    Dated: August 11, 1994.
A.J. Herberger,
Maritime Administrator.
Douglas K. Hall,
Acting Undersecretary for Oceans and Atmosphere.
Leslie Samuels,
Assistant Secretary for Tax Policy.
[FR Doc. 94-20069 Filed 8-16-94; 8:45 am]
BILLING CODE 4910-81-M