Partner's Distributive Share; Correction, 33301-33302 [E8-13247]

Download as PDF Federal Register / Vol. 73, No. 114 / Thursday, June 12, 2008 / Rules and Regulations sentence and adding, in its place, the word ‘‘will’’; I c. Paragraph (c)(3) is removed; and I d. Paragraphs (c)(4) and (c)(5) are redesignated as paragraphs (c)(3) and (c)(4), respectively. The revisions read as follows: § 10.16 Assembly abroad. * * * * * (b) Operations incidental to the assembly process. Operations incidental to the assembly process whether performed before, during, or after assembly, do not constitute further fabrication, and will not preclude the application of the exemption. The following are examples of operations which are incidental to the assembly process: * * * * * (3) Application of paint or preservative coating, including preservative metallic coating, lubricants, or protective encapsulation; * * * * * Approved: June 6, 2008. Jayson P. Ahern, Acting Commissioner, U.S. Customs and Border Protection. Timothy E. Skud, Deputy Assistant Secretary of the Treasury. [FR Doc. E8–13203 Filed 6–11–08; 8:45 am] BILLING CODE 9111–14–P provisions of the Internal Revenue Code on partnership allocations. DATES: This correction is effective June 12, 2008, and is applicable on May 19, 2008. FOR FURTHER INFORMATION CONTACT: Jonathan E. Cornwell and Kevin I. Babitz at (202) 622–3050 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations that are the subject of this document are under section 704 of the Internal Revenue Code. Need for Correction As published, final regulations (TD 9398) contain an error that may prove to be misleading and is in need of clarification. Correction of Publication Accordingly, the publication of the final regulations (TD 9398), which were the subject of FR Doc. E8–11176, is corrected as follows: On page 28701, column 2, in the preamble, under the paragraph heading ‘‘B. The Baseline for Comparison in § 1.704–1(b)(2)(iii)’’, line 2 from the bottom of the second paragraph, the language ‘‘and (2) and the conclusions reached by’’ is corrected to read ‘‘and (2) and the conclusions reached by’’. I 26 CFR Part 1 LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. E8–13251 Filed 6–11–08; 8:45 am] [TD 9398] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service RIN 1545–BD70 DEPARTMENT OF THE TREASURY Partner’s Distributive Share; Correction Internal Revenue Service Internal Revenue Service (IRS), Treasury. ACTION: Final regulations; correction. rwilkins on PROD1PC63 with RULES AGENCY: SUMMARY: This document contains a correction to final regulations (TD 9398) that were published in the Federal Register on Monday, May 19, 2008 (73 FR 28699) providing rules for testing whether the economic effect of an allocation is substantial within the meaning of section 704(b) where partners are look-through entities or members of a consolidated group. The final regulations clarify the application of section 704(b) to partnerships the interests of which are owned by lookthrough entities and members of consolidated groups and, through an example, reiterate the effect of other VerDate Aug<31>2005 16:29 Jun 11, 2008 Jkt 214001 26 CFR Part 1 [TD 9398] RIN 1545–BD70 Partner’s Distributive Share; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendments. AGENCY: SUMMARY: This document contains corrections to final regulations (TD 9398) that were published in the Federal Register on Monday, May 19, 2008 (73 FR 28699) providing rules for testing whether the economic effect of an allocation is substantial within the meaning of section 704(b) where PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 33301 partners are look-through entities or members of a consolidated group. The final regulations clarify the application of section 704(b) to partnerships the interests of which are owned by lookthrough entities and members of consolidated groups and, through an example, reiterate the effect of other provisions of the Internal Revenue Code on partnership allocations. DATES: This correction is effective June 12, 2008, and is applicable on May 19, 2008. FOR FURTHER INFORMATION CONTACT: Jonathan E. Cornwell and Kevin I. Babitz at (202) 622–3050 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations that are the subject of this document are under section 704 of the Internal Revenue Code. Need for Correction As published, final regulations (TD 9398) 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 Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments: I PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read, in part, as follows: I Authority: 26 U.S.C. 7805 * * * I Par. 2. Section 1.704–1 is amended as follows: 1. In paragraph (b)(2)(iii)(d)(3), the last sentence, the language ‘‘In the case of a controlled foreign corporation that is a look-through entity, the tax attributes to be taken into account are those of any person that is a United States shareholder (as defined in paragraph (b)(2)(iii)(d)(5) of this section) of the controlled foreign corporation, or, if the United States shareholder is a look-through entity, a United States person that owns an interest in such shareholder directly or indirectly through one or more look-through entities.’’ is removed and the language ‘‘In the case of a controlled foreign corporation that is a look-through entity, the tax attributes to be taken into account are those of any person that is a United States shareholder (as defined E:\FR\FM\12JNR1.SGM 12JNR1 33302 Federal Register / Vol. 73, No. 114 / Thursday, June 12, 2008 / Rules and Regulations in paragraph (b)(2)(iii)(d)(5) of this section) of the controlled foreign corporation, or, if the United States shareholder is a look-through entity, a United States person that owns an interest in such shareholder directly or indirectly through one or more lookthrough entities.’’ is added in its place. 2. In paragraph (b)(5) Example 29., the fourth sentence, the language ‘‘C is a partnership with two partners, E, an individual, and F, a corporation that is member of a consolidated group within the meaning of § 1.1502–1(h).’’ is removed and the language ‘‘C is a partnership with two partners, E, an individual, and F, a corporation that is a member of a consolidated group within the meaning of § 1.1502–1(h).’’ is added in its place. two locations: The Docket Management Facility (M–30), U.S. Department of Transportation, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays, and U.S. Coast Guard, Sector Boston, 427 Commercial St, Boston, MA 02109 between 7 a.m. and 3 p.m., Monday through Friday, except Federal holidays. FOR FURTHER INFORMATION CONTACT: If you have questions on this temporary rule, call Chief Petty Officer Eldridge McFadden at 617–223–5160. If you have questions on viewing the docket, call Renee V. Wright, Program Manager, Docket Operations, telephone 202–366– 9826. SUPPLEMENTARY INFORMATION: LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. E8–13247 Filed 6–11–08; 8:45 am] Regulatory Information We did not publish a notice of proposed rulemaking (NPRM) for this regulation. Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good cause exists for not publishing an NPRM. As the fireworks display is scheduled to occur on June 23, 2008, any delay encountered in the regulation’s effective date would be contrary to the public interest since the safety zone is needed to prevent traffic from transiting a portion of Boston Harbor during the fireworks display thus ensuring that the maritime public is protected from any potential harm associated with such an event. Additionally, although this rule will prevent traffic from transiting a portion of Boston Harbor during the fireworks display, the effect of this rule will not be significant for several reasons: Vessels will be excluded from the safety zone for two hours; small vessels, although excluded from the zone, will have sufficient navigable water to safely maneuver in the waters surrounding the zone; and advance notifications will be made to the local maritime community by marine information broadcasts and Local Notice to Mariners. BILLING CODE 4830–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket No. USCG–2008–0363] RIN 1625–AA00 Safety Zone: Parexel Fireworks Display Coast Guard, DHS. Temporary final rule. AGENCY: ACTION: SUMMARY: The Coast Guard is creating a temporary safety zone for the Parexel Fireworks display to be held on June 23, 2008 in Boston, Massachusetts. The zone temporarily closes all waters of Boston Harbor within a three hundred (300) yard radius of the fireworks launch site located in Boston Harbor at approximate position 42°21′26″ N., 071°2′38″ W. The safety zone is necessary to protect the maritime public from the potential hazards posed by a fireworks display. Entry into this zone is prohibited during the closure period unless authorized by the Captain of the Port, Boston. DATES: This rule is effective from 9:00 p.m. through 11:00 p.m. on June 23, 2008. Documents indicated in this preamble as being available in the docket are part of docket USCG–2008– 0363 and are available online at www.regulations.gov. They are also available for inspection or copying at rwilkins on PROD1PC63 with RULES ADDRESSES: VerDate Aug<31>2005 16:29 Jun 11, 2008 Jkt 214001 Background and Purpose Parexel is holding a fireworks display for a corporate celebration. This temporary rule established a temporary safety zone on the waters of Boston Harbor within a three hundred (300) yard radius of the fireworks launch site located in Boston harbor at approximate position 42°21′26″ N., 071°2′38″ W. This safety zone is necessary to protect the life and property of the maritime public from the potential dangers posed by this event. The zone will protect the public by prohibiting entry into or movement within the proscribed portion of Boston Harbor during the fireworks display. PO 00000 Frm 00012 Fmt 4700 Sfmt 4700 Marine traffic may transit safely outside of the zone during the effective period. The Captain of the Port does not anticipate any negative impact on vessel traffic due to this event. Public notifications will be made prior to and during the effective period via safety marine information broadcasts and Local Notice to Mariners. Discussion of Rule The Coast Guard is establishing a temporary safety zone in Boston Harbor, Boston, Massachusetts. The safety zone would be in effect from 9 p.m. until 11 p.m. on June 23, 2008. Marine traffic may transit safely outside of the safety zone in Boston Harbor during the event. This safety zone will control vessel traffic during the fireworks display to protect the safety of the maritime public. Due to the limited time frame of the fireworks display, the Captain of the Port anticipates minimal negative impact on vessel traffic due to this event. Public notifications will be made prior to the effective period via local notice to mariners. Regulatory Evaluation This rule is not a ‘‘significant regulatory action’’ under section 3(f) of Executive Order 12866, Regulatory Planning and Review, and does not require an assessment of potential costs and benefits under section 6(a)(3) of that Order. The Office of Management and Budget has not reviewed it under that Order. Although this rule will prevent traffic from transiting a portion of Boston Harbor during the fireworks display, the effect of this rule will not be significant for several reasons: vessels will be excluded from the safety zone for two hours, small vessels, although excluded from the zone, will have sufficient navigable water to safely maneuver in the waters surrounding the zone; and advance notifications will be made to the local maritime community by marine information broadcasts and Local Notice to Mariners. Small Entities Under the Regulatory Flexibility Act (5 U.S.C. 601–612), we have considered whether this rule would have a significant economic impact on a substantial number of small entities. The term ‘‘small entities’’ comprises small businesses, not-for-profit organizations that are independently owned and operated and are not dominant in their fields, and governmental jurisdictions with populations of less than 50,000. E:\FR\FM\12JNR1.SGM 12JNR1

Agencies

[Federal Register Volume 73, Number 114 (Thursday, June 12, 2008)]
[Rules and Regulations]
[Pages 33301-33302]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13247]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9398]
RIN 1545-BD70


Partner's Distributive Share; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendments.

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SUMMARY: This document contains corrections to final regulations (TD 
9398) that were published in the Federal Register on Monday, May 19, 
2008 (73 FR 28699) providing rules for testing whether the economic 
effect of an allocation is substantial within the meaning of section 
704(b) where partners are look-through entities or members of a 
consolidated group. The final regulations clarify the application of 
section 704(b) to partnerships the interests of which are owned by 
look-through entities and members of consolidated groups and, through 
an example, reiterate the effect of other provisions of the Internal 
Revenue Code on partnership allocations.

DATES: This correction is effective June 12, 2008, and is applicable on 
May 19, 2008.

FOR FURTHER INFORMATION CONTACT: Jonathan E. Cornwell and Kevin I. 
Babitz at (202) 622-3050 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations that are the subject of this document are 
under section 704 of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 9398) 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

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

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 1.704-1 is amended as follows:
    1. In paragraph (b)(2)(iii)(d)(3), the last sentence, the language 
``In the case of a controlled foreign corporation that is a look-
through entity, the tax attributes to be taken into account are those 
of any person that is a United States shareholder (as defined in 
paragraph (b)(2)(iii)(d)(5) of this section) of the controlled foreign 
corporation, or, if the United States shareholder is a look-through 
entity, a United States person that owns an interest in such 
shareholder directly or indirectly through one or more look-through 
entities.'' is removed and the language ``In the case of a controlled 
foreign corporation that is a look-through entity, the tax attributes 
to be taken into account are those of any person that is a United 
States shareholder (as defined

[[Page 33302]]

in paragraph (b)(2)(iii)(d)(5) of this section) of the controlled 
foreign corporation, or, if the United States shareholder is a look-
through entity, a United States person that owns an interest in such 
shareholder directly or indirectly through one or more look-through 
entities.'' is added in its place.
    2. In paragraph (b)(5) Example 29., the fourth sentence, the 
language ``C is a partnership with two partners, E, an individual, and 
F, a corporation that is member of a consolidated group within the 
meaning of Sec.  1.1502-1(h).'' is removed and the language ``C is a 
partnership with two partners, E, an individual, and F, a corporation 
that is a member of a consolidated group within the meaning of Sec.  
1.1502-1(h).'' is added in its place.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E8-13247 Filed 6-11-08; 8:45 am]
BILLING CODE 4830-01-P