Department of the Treasury September 27, 2007 – Federal Register Recent Federal Regulation Documents

Operating Subsidiary
Document Number: E7-19143
Type: Notice
Date: 2007-09-27
Agency: Department of the Treasury, Office of Thrift Supervision
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3507. The OTS within the Department of the Treasury will submit the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. Today, OTS is soliciting public comments on its proposal to extend this information collection.
Submission for OMB Review; Comment Request
Document Number: E7-19040
Type: Notice
Date: 2007-09-27
Agency: Department of the Treasury
Guidance on Passive Foreign Investment Company (PFIC) Purging Elections
Document Number: E7-18988
Type: Rule
Date: 2007-09-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide 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. The regulations are necessary to provide guidance about purging the PFIC taint for such foreign corporations. The regulations will affect U.S. persons that hold stock in a PFIC.
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