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[Federal Register: March 10, 2009 (Volume 74, Number 45)]
[Rules and Regulations]               
[Page 10175]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10mr09-9]                         

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9446]
RIN 1545-BG09

 
Gain Recognition Agreements With Respect to Certain Transfers of 
Stock or Securities by United States Persons to Foreign Corporations; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final regulations (TD 
9446) that were published in the Federal Register on Wednesday, 
February 11, 2009 (74 FR 6952) under section 367(a) of the Internal 
Revenue Code concerning gain recognition agreements filed by United 
States persons with respect to transfers of stock or securities to 
foreign corporations.

DATES: This correction is effective March 10, 2009, and is applicable 
on February 11, 2009.

FOR FURTHER INFORMATION CONTACT: S. James Hawes, (202) 622-3860 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this document are 
under sections 338 and 367 of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 9446) 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

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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

0
Par. 2. Section 1.367(a)-8 is amended by revising paragraph (k)(3) to 
read as follows:

Sec.  1.367(a)-8  Gain recognition agreement requirements.

* * * * *
    (k) * * *
    (3) * * * A disposition of the transferred stock or securities 
pursuant to an exchange to which section 351, 354 (but only in a 
reorganization described in section 368(a)(1)(B)), or 721 applies, 
shall not constitute a triggering event if the U.S. transferor enters 
in to a new gain recognition agreement that provides that the 
dispositions described in paragraphs (k)(3)(i) and (ii) of this section 
shall constitute triggering events for purposes of the new gain 
recognition agreement.
* * * * *

Guy Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedure and Administration).
 [FR Doc. E9-4998 Filed 3-9-09; 8:45 am]

BILLING CODE 4830-01-P

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