Partner's Distributive Share; Correction, 33301 [E8-13251]
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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.
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(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:
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*
(3) Application of paint or
preservative coating, including
preservative metallic coating, lubricants,
or protective encapsulation;
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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
]]>Agencies
[Federal Register Volume 73, Number 114 (Thursday, June 12, 2008)]
[Rules and Regulations]
[Page 33301]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13251]
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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: Final regulations; correction.
-----------------------------------------------------------------------
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
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 an error that may
prove to be misleading and is in need of clarification.
Correction of Publication
0
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 Sec. 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''.
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]
BILLING CODE 4830-01-P
