Hoop netting for lobsters at night also is a way of expanding fishing opportunities for those with day jobs.
He credits rock fish closures as motivating Southern California anglers to try hoop netting for lobsters and crabs in the fall and winter.
2) Jim Cook of Thousand Oaks shows off two lobsters he caught hoop netting from his Kayak.
1) Global interest netting should be implemented legislatively through an interest equalization approach rather than a credit/offsetting approach.
3) Global interest netting should apply only to tax years that are not barred by statute.
1 It also describes large-value netting arrangements that settle using the Federal Reserve and identifies issues arising in cross-border and multicurrency clearing arrangements.
Netting may be applied in many real and financial markets.
The Treasury study concludes that "global" interest netting would be consistent with the intent expressed by Congress in the past.
Beginning with the enactment of the interest rate differential and continuing with each rate adjustment that has expanded the differential, Congress has repeatedly instructed the IRS to implement the most comprehensive interest netting procedures that are consistent with sound administrative practice.
The Board believes that the purpose of these netting provisions is consistent with the purposes of the Commodity Exchange Act and would support amendments to H.
To limit these risks, many financial institutions enter into netting contracts under which the payment obligations between two parties, or among several parties, are netted so that each party to the netting contract is required or entitled to make or to receive only a single payment that is the net of all of that party's transactions.
Consequently, we opposed the interest rate differential when it was enacted in 1986, and were pleased when Congress signaled its desire to ameliorate the differential's unfairness by calling on the Internal Revenue Service to issue regulations providing for the netting of tax underpayments and overpayments.
Notwithstanding the legislative history of the Tax Reform Act of 1986, in the intervening decade the IRS has not developed any netting rules (though some relief from the punitive effects of the interest rate differential has been permitted on a case-by-case basis).
Good Tax Policy Favors Comprehensive Interest Netting
The purpose of section 1511(b) was to provide a transition period within which the IRS was to coordinate the interest-rate differential provisions with the offset rules of section 6601(f); after this period, comprehensive netting procedures were to be implemented.