Guidance on Passive Foreign Investment Company (PFIC) Purging Elections; Correction, 58758 [E7-20489]
Download as PDF
<![CDATA[
58758
Federal Register / Vol. 72, No. 200 / Wednesday, October 17, 2007 / Rules and Regulations
DEPARTMENT OF THE TREASURY
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Internal Revenue Service
26 CFR Part 1
§ 1.1297–3 Deemed sale or deemed
dividend election by a U.S. person that is
a shareholder of a section 1297(e) PFIC.
26 CFR Part 1
*
[TD 9339]
[TD 9360]
Internal Revenue Service (IRS),
Treasury.
ACTION: Correction to final and
temporary regulations.
AGENCY:
SUMMARY: This document contains a
correction to final and temporary
regulations (TD 9339) that were
published in the Federal Register on
Friday, September 14, 2007 (72 FR
52470) providing guidance to state and
local governments that issue qualified
zone academy bonds and to banks,
insurance companies, and other
taxpayers that hold those bonds on the
program requirements for qualified zone
academy bonds.
DATES: The correction is effective
October 17, 2007.
FOR FURTHER INFORMATION CONTACT:
Timothy L. Jones or Zoran Stojanovic,
(202) 622–3980 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Guidance on Passive Foreign
Investment Company (PFIC) Purging
Elections; Correction
*
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
AGENCY:
SUMMARY: This document contains a
correction to final regulations (TD 9360)
that were published in the Federal
Register on Thursday, September 27,
2007 (72 FR 54820) providing certain
elections for taxpayers that continue to
be subject to the PFIC excess
distribution regime of section 1291 of
the Internal Revenue Code even though
the foreign corporation in which they
own stock is no longer treated as a PFIC
under section 1297(a) or (e) of the Code.
DATES: This correction is effective
October 17, 2007.
FOR FURTHER INFORMATION CONTACT: Paul
J. Carlino at (202) 622–3840 (not a tollfree number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations
that are the subject of this correction are
under section 1397E of the Internal
Revenue Code.
The final regulations (TD 9360) that
are the subject of this correction are
under sections 1291, 1297 and 1298 of
the Internal Revenue Code.
Need for Correction
Need for Correction
As published, final and temporary
regulations (TD 9339) contain an error
that may prove to be misleading and is
in need of clarification.
As published, final regulations (TD
9360) contain an error that may prove to
be misleading and is in need of
clarification.
Correction of Publication
List of Subjects in 26 CFR Part 1
Accordingly, the publication of the
final and temporary regulations (TD
9339), which was the subject of FR Doc.
E7–18180, is corrected as follows:
On page 52470, column 2, in the
preamble, under the paragraph heading
‘‘Correction of Publication’’, last two
lines of the fifth paragraph, the language
‘‘‘‘§ 1.1379E(m),’’ is corrected to read
‘‘§ 1.1379E—1T(m).’’’’ is corrected to
read ‘‘‘‘§ 1.1397E(m),’’ is corrected to
read ‘‘§ 1.1397E–1T(m).’’’’.
cprice-sewell on PROD1PC66 with RULES
Background
Income taxes, Reporting and
recordkeeping requirements.
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. E7–20488 Filed 10–16–07; 8:45 am]
14:39 Oct 16, 2007
Jkt 214001
*
RIN 1545–BC37
Qualified Zone Academy Bonds;
Obligations of States and Political
Subdivisions; Correction
VerDate Aug<31>2005
*
Example. * * *
(i) * * * In years 1993 and 1994, FC did
not satisfy either the income or the asset test
of section 1297(a). * * *
RIN 1545–BG44
BILLING CODE 4830–01–P
*
*
(e) * * *
(5) * * *
(ii) * * *
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
amendments:
I
PART 1—INCOME TAXES
Paragraph 1. The authority citation
for part 1 continues to read, in part, as
follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.1297–3 is amended
by revising the fourth sentence of
paragraph (e)(5)(ii) Example.(i) to read
as follows:
PO 00000
Frm 00006
Fmt 4700
Sfmt 4700
*
*
*
*
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel (Procedure and Administration).
[FR Doc. E7–20489 Filed 10–16–07; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[CGD01–07–135]
Drawbridge Operation Regulations;
Lake Champlain, North Hero and
Grand Isle, VT
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
ACTION:
SUMMARY: The Commander, First Coast
Guard District, has issued a temporary
deviation from the regulation governing
the operation of the US2 Bridge across
Lake Champlain, mile 91.8, between
North Hero Island and Grande Isle
(South Hero Island), Vermont. Under
this temporary deviation the US2 Bridge
may remain in the closed position from
October 22, 2007 through February 1,
2008. Vessels that can pass under the
draw without a bridge opening may do
so at all times. This deviation is
necessary to facilitate bridge
rehabilitation construction.
DATES: This deviation is effective from
October 22, 2007 through February 1,
2008.
Materials referred to in this
document are available for inspection or
copying at the First Coast Guard
District, Bridge Branch Office, 408
Atlantic Avenue, Boston,
Massachusetts, 02110, between 7 a.m.
and 3 p.m., Monday through Friday,
except Federal holidays. The telephone
number is (617) 223–8364. The First
Coast Guard District Bridge Branch
Office maintains the public docket for
this temporary deviation.
ADDRESSES:
E:\FR\FM\17OCR1.SGM
17OCR1
]]>Agencies
[Federal Register Volume 72, Number 200 (Wednesday, October 17, 2007)]
[Rules and Regulations]
[Page 58758]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-20489]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9360]
RIN 1545-BC37
Guidance on Passive Foreign Investment Company (PFIC) Purging
Elections; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains a correction to final regulations (TD
9360) that were published in the Federal Register on Thursday,
September 27, 2007 (72 FR 54820) providing certain elections for
taxpayers that continue to be subject to the PFIC excess distribution
regime of section 1291 of the Internal Revenue Code even though the
foreign corporation in which they own stock is no longer treated as a
PFIC under section 1297(a) or (e) of the Code.
DATES: This correction is effective October 17, 2007.
FOR FURTHER INFORMATION CONTACT: Paul J. Carlino at (202) 622-3840 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9360) that are the subject of this
correction are under sections 1291, 1297 and 1298 of the Internal
Revenue Code.
Need for Correction
As published, final regulations (TD 9360) contain 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
amendments:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read,
in part, as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.1297-3 is amended by revising the fourth sentence
of paragraph (e)(5)(ii) Example.(i) to read as follows:
Sec. 1.1297-3 Deemed sale or deemed dividend election by a U.S.
person that is a shareholder of a section 1297(e) PFIC.
* * * * *
(e) * * *
(5) * * *
(ii) * * *
Example. * * *
(i) * * * In years 1993 and 1994, FC did not satisfy either the
income or the asset test of section 1297(a). * * *
* * * * *
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-20489 Filed 10-16-07; 8:45 am]
BILLING CODE 4830-01-P
