Guidance on Passive Foreign Investment Company (PFIC) Purging Elections; Correction, 4042 [06-683]

Download as PDF 4042 Federal Register / Vol. 71, No. 16 / Wednesday, January 25, 2006 / Rules and Regulations section 1291 even though the foreign corporation in which they own stock is no longer treated as a PFIC under section 1297(a) or (e). DEPARTMENT OF THE TREASURY DEPARTMENT OF THE TREASURY Internal Revenue Service Internal Revenue Service 26 CFR Part 1 26 CFR Parts 31 and 32 [TD 9232] [TD 9233] Ethan Atticks, (202) 622–3840 (not a toll-free number). RIN 1545–BD33 RIN 1545–BC89 SUPPLEMENTARY INFORMATION: Guidance on Passive Foreign Investment Company (PFIC) Purging Elections; Correction Sickness or Accident Disability Payments; Correction This correction is effective December 8, 2005. DATES: FOR FURTHER INFORMATION CONTACT: Background The temporary regulations are under sections 1291(d)(2), 1297(e) and 1298(b)(1) of the Internal Revenue Code. Need for Correction As published, the temporary regulations (TD 9232) contain errors that may prove to be misleading and are in need of clarification. List of Subjects in 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. Correction of Publication Internal Revenue Service (IRS), Treasury. AGENCY: Correction to temporary regulation. ACTION: This document contains a correction to temporary regulations that were published in the Federal Register on Thursday, December 8, 2005 (70 FR 72908) that provide certain elections for taxpayers that continue to be subject to the PFIC excess distribution regime of section 1291 even though the foreign corporation in which they own stock is no longer treated as a PFIC under section 1297(a) or (e). SUMMARY: Internal Revenue Service (IRS), Treasury. AGENCY: ACTION: Correction to final regulations. SUMMARY: This document corrects final regulations (TD 9233) that were published in the Federal Register on December 15, 2005 (70 FR 74198). The final regulations provide guidance regarding the treatment of payments made on account of sickness or accident disability under a workers’ compensation law for purposes of the Federal Insurance Contributions Act (FICA). This correction is effective December 15, 2005. DATES: Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment: FOR FURTHER INFORMATION CONTACT: PART 1—INCOME TAXES SUPPLEMENTARY INFORMATION: FOR FURTHER INFORMATION CONTACT: David Ford (202) 622–6040 (not a tollfree number). Background SUPPLEMENTARY INFORMATION: The temporary regulation that is the subject of this correction is under sections 1291(d)(2), 1297(e) and 1298(b)(1) of the Internal Revenue Code. Background I Ethan Atticks, (202) 622–3840 (not a toll-free number). Paragraph 1. The authority citation for part 1 continues to read in part as follows: I Authority: 26 U.S.C. 7805 * * *. § 1.1297–3T [Corrected] Need for Correction 1. Section 1.1297–3T(e)(1)(i), the language ‘‘December 31, 2005’’ is removed and the language ‘‘June 30, 2006’’ is added in its place. As published, the temporary regulation (TD 9232) contain an error that may prove to be misleading and is in need of clarification. 2. Section 1.1298–3T(e)(1)(i), the language ‘‘December 31, 2005’’ is removed and the language ‘‘June 30, 2006’’ is added in its place. Correction of Publication I I Cynthia E. Grigsby, Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 06–682 Filed 1–24–06; 8:45 am] cprice-sewell on PROD1PC66 with RULES BILLING CODE 4830–01–P Accordingly, the publication of the temporary regulation (TD 9232), which were the subject of FR Doc. 05–23630, is corrected as follows: I On page 72909, column 1, in the preamble under the caption heading DATES, lines 4 and 5, the language ‘‘applicability, see §§ 1.1297– 3T(f),1.1298–3T(f) is corrected to read ‘‘applicability, see §§ 1.1291–9T(K), 1.1297–3T(f), and 1.1298–3T(f).’’. I Cynthia E. Grigsby, Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 06–683 Filed 1–24–06; 8:45 am] BILLING CODE 4830–01–P VerDate Aug<31>2005 14:58 Jan 24, 2006 Jkt 208001 PO 00000 Frm 00010 Fmt 4700 Sfmt 4700 The final regulations (TD 9233) that are the subject of this correction are under section 3121 of the Internal Revenue Code. Need for Correction As published, the final regulation (TD 9233) contain errors that may prove to be misleading and are in need of clarification. Correction of the Publication Accordingly, the publication of the final regulations (TD 9233), which were the subject of FR Doc. 05–23945, is corrected as follows: 1. On page 74198, column 2, in the preamble under the paragraph heading ‘‘Background’’, lines 5 and 6, the language ‘‘for Federal Insurance Contributions Act (FICA) purposes payments made on ‘‘ is corrected to read ‘‘for FICA purposes payment made on’’. 2. On page 74199, column 1, in the preamble under the paragraph heading ‘‘Explanation of Provisions’’, first paragraph of the column, line 3, the language ‘‘extent necessary. The Service E:\FR\FM\25JAR1.SGM 25JAR1

Agencies

[Federal Register Volume 71, Number 16 (Wednesday, January 25, 2006)]
[Rules and Regulations]
[Page 4042]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-683]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9232]
RIN 1545-BD33


Guidance on Passive Foreign Investment Company (PFIC) Purging 
Elections; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to temporary regulation.

-----------------------------------------------------------------------

SUMMARY: This document contains a correction to temporary regulations 
that were published in the Federal Register on Thursday, December 8, 
2005 (70 FR 72908) that provide certain elections for taxpayers that 
continue to be subject to the PFIC excess distribution regime of 
section 1291 even though the foreign corporation in which they own 
stock is no longer treated as a PFIC under section 1297(a) or (e).

FOR FURTHER INFORMATION CONTACT: Ethan Atticks, (202) 622-3840 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulation that is the subject of this correction is 
under sections 1291(d)(2), 1297(e) and 1298(b)(1) of the Internal 
Revenue Code.

Need for Correction

    As published, the temporary regulation (TD 9232) contain an error 
that may prove to be misleading and is in need of clarification.

Correction of Publication

0
Accordingly, the publication of the temporary regulation (TD 9232), 
which were the subject of FR Doc. 05-23630, is corrected as follows:
0
On page 72909, column 1, in the preamble under the caption heading 
DATES, lines 4 and 5, the language ``applicability, see Sec. Sec.  
1.1297-3T(f),1.1298-3T(f) is corrected to read ``applicability, see 
Sec. Sec.  1.1291-9T(K), 1.1297-3T(f), and 1.1298-3T(f).''.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 06-683 Filed 1-24-06; 8:45 am]
BILLING CODE 4830-01-P
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.