Conduit Financing Arrangements; Correction, 22480 [2012-8993]

Download as PDF 22480 Federal Register / Vol. 77, No. 73 / Monday, April 16, 2012 / Rules and Regulations final regulations apply to multiple-party financing arrangements that are effected through disregarded entities, and are necessary in order to determine which of those arrangements should be recharacterized as a conduit financing arrangement. DATES: This correction is effective on April 16, 2012 and is applicable on December 9, 2011. FOR FURTHER INFORMATION CONTACT: Quyen P. Huynh, (202) 622–3880 (not a toll-free number). SUPPLEMENTARY INFORMATION: [FR Doc. 2012–8967 Filed 4–13–12; 8:45 am] BILLING CODE 4910–13–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9562] RIN 1545–BH77 Conduit Financing Arrangements; Correction Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. AGENCY: This document contains a correction to final regulations (TD 9562) that were published in the Federal Register on Friday, December 9, 2011 (76 FR 76895) providing guidance on conduit financing arrangements. The SUMMARY: Background The final regulation (TD 9562) that is the subject of this correction is under section 881 of the Internal Revenue Code. Need for Correction As published, TD 9562 contains errors 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 Accordingly, 26 CFR part 1 is corrected by making the following correcting 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 * * * § 1.881–3 [Amended] Par. 2. For each entry in the table in the ‘‘Section’’ column, remove the language in the ‘‘Remove’’ column and add in its place the language in the ‘‘Add’’ column as set forth below: ■ Section Remove Last sentence of paragraph (a)(2)(i)(A) ......................................................................... Last sentence of paragraph (a)(2)(i)(B) ......................................................................... Last sentence of paragraph (a)(3)(ii)(E)(2)(ii) ............................................................... Last sentence of paragraph (a)(4)(ii)(B) ........................................................................ Last sentence of paragraph (b)(1) ................................................................................. Last sentence of paragraph (b)(2)(i) ............................................................................. Last sentence of paragraph (b)(2)(iii) ............................................................................ Last sentence of paragraph (b)(2)(iv) ............................................................................ Last sentence of paragraph (b)(3)(i) ............................................................................. Last sentence of paragraph (d)(1)(i) ............................................................................. Next to last sentence of paragraph (d)(1)(ii)(A) ............................................................ Paragraph (e), Example 21, paragraph (i) .................................................................... Paragraph (e), Example 21, paragraph (ii) ................................................................... Paragraph (e), Example 23, paragraph (i) .................................................................... Paragraph (e), Example 24, paragraph (i) .................................................................... Examples 1, 2, 3 ................ Examples 4 and 5 .............. Example 6 .......................... Examples 7 and 8 .............. Examples 11 and 12 .......... Examples 13, 14 and 15 .... Example 16 ........................ Example 17 ........................ Examples 21, 22 and 23 .... Example 24 ........................ Example 25 ........................ Example 19 ........................ Example 20 ........................ Example 21 ........................ Example 21 ........................ Treena V. Garrett, Federal Register Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2012–8993 Filed 4–13–12; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9583] emcdonald on DSK29S0YB1PROD with RULES RIN 1545–BI92 Guidance Under Section 267(f); Deferral of Loss on Transactions Between Members of a Controlled Group VerDate Mar<15>2010 14:33 Apr 13, 2012 Jkt 226001 Final regulations. This document contains final regulations concerning the deferral of losses on the sale or exchange of property between members of a controlled group and provides guidance as to the time for taking into account those losses. These regulations affect corporations that are members of a controlled group. DATES: Effective Date: These regulations are effective on April 16, 2012. FOR FURTHER INFORMATION CONTACT: Amie Colwell Breslow (202) 622–7530 (not a toll-free number). SUPPLEMENTARY INFORMATION: SUMMARY: Background Internal Revenue Service (IRS), Treasury. AGENCY: ACTION: Section 267(a)(1) provides that no deduction shall be allowed for any loss on the sale or exchange of property between certain related persons. Section 267(f)(2) contains an exception for a loss PO 00000 Frm 00018 Fmt 4700 Sfmt 4700 Add Examples 1, 2, 3 and 4. Examples 5 and 6. Example 7. Examples 8 and 9. Examples 12 and 13. Examples 14, 15 and 16. Example 17. Example 18. Examples 22, 23 and 24. Example 25. Example 26. Example 20. Example 21. Example 22. Example 22. on the sale or exchange of property between members of a controlled group. For this purpose, ‘‘controlled group’’ has the meaning given to such term in section 1563(a) except that ‘‘more than 50 percent’’ is substituted for ‘‘at least 80 percent’’ each place it appears. In the case of a sale or exchange of loss property between members of a controlled group, the loss is deferred rather than disallowed. Under section 267(f)(2)(B), the loss is deferred until the property is transferred outside of the controlled group and there would be recognition of loss under consolidated return principles or until such other time as may be prescribed in regulations. The regulations under section 267(f) provide that the timing principles for intercompany sales or exchanges between members of a consolidated group (see generally § 1.1502–13(c)(2)) apply to sales or exchanges of property E:\FR\FM\16APR1.SGM 16APR1

Agencies

[Federal Register Volume 77, Number 73 (Monday, April 16, 2012)]
[Rules and Regulations]
[Page 22480]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-8993]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9562]
RIN 1545-BH77


Conduit Financing Arrangements; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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

SUMMARY: This document contains a correction to final regulations (TD 
9562) that were published in the Federal Register on Friday, December 
9, 2011 (76 FR 76895) providing guidance on conduit financing 
arrangements. The final regulations apply to multiple-party financing 
arrangements that are effected through disregarded entities, and are 
necessary in order to determine which of those arrangements should be 
recharacterized as a conduit financing arrangement.

DATES: This correction is effective on April 16, 2012 and is applicable 
on December 9, 2011.

FOR FURTHER INFORMATION CONTACT: Quyen P. Huynh, (202) 622-3880 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulation (TD 9562) that is the subject of this 
correction is under section 881 of the Internal Revenue Code.

Need for Correction

    As published, TD 9562 contains errors 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

    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 * * *


Sec.  1.881-3  [Amended]

0
Par. 2. For each entry in the table in the ``Section'' column, remove 
the language in the ``Remove'' column and add in its place the language 
in the ``Add'' column as set forth below:

----------------------------------------------------------------------------------------------------------------
             Section                               Remove                                   Add
----------------------------------------------------------------------------------------------------------------
Last sentence of paragraph         Examples 1, 2, 3......................  Examples 1, 2, 3 and 4.
 (a)(2)(i)(A).
Last sentence of paragraph         Examples 4 and 5......................  Examples 5 and 6.
 (a)(2)(i)(B).
Last sentence of paragraph         Example 6.............................  Example 7.
 (a)(3)(ii)(E)(2)(ii).
Last sentence of paragraph         Examples 7 and 8......................  Examples 8 and 9.
 (a)(4)(ii)(B).
Last sentence of paragraph (b)(1)  Examples 11 and 12....................  Examples 12 and 13.
Last sentence of paragraph         Examples 13, 14 and 15................  Examples 14, 15 and 16.
 (b)(2)(i).
Last sentence of paragraph         Example 16............................  Example 17.
 (b)(2)(iii).
Last sentence of paragraph         Example 17............................  Example 18.
 (b)(2)(iv).
Last sentence of paragraph         Examples 21, 22 and 23................  Examples 22, 23 and 24.
 (b)(3)(i).
Last sentence of paragraph         Example 24............................  Example 25.
 (d)(1)(i).
Next to last sentence of           Example 25............................  Example 26.
 paragraph (d)(1)(ii)(A).
Paragraph (e), Example 21,         Example 19............................  Example 20.
 paragraph (i).
Paragraph (e), Example 21,         Example 20............................  Example 21.
 paragraph (ii).
Paragraph (e), Example 23,         Example 21............................  Example 22.
 paragraph (i).
Paragraph (e), Example 24,         Example 21............................  Example 22.
 paragraph (i).
----------------------------------------------------------------------------------------------------------------


Treena V. Garrett,
Federal Register Liaison, Publications and Regulations Branch, Legal 
Processing Division, Associate Chief Counsel, (Procedure and 
Administration).
[FR Doc. 2012-8993 Filed 4-13-12; 8:45 am]
BILLING CODE 4830-01-P

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