Internal Revenue Service (IRS), Treasury.
This document corrects temporary regulations (TD 9232) that were published in the Federal Register on Thursday, December 8, 2005 (70 FR 72908) that provide certain elections for taxpayers that continue to be subject to the PFIC excess distribution regime of Start Printed Page 4042section 1291 even though the foreign corporation in which they own stock is no longer treated as a PFIC under section 1297(a) or (e).
This correction is effective December 8, 2005.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Ethan Atticks, (202) 622-3840 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The temporary regulations are under sections 1291(d)(2), 1297(e) and 1298(b)(1) of the Internal Revenue Code.
Need for Correction
As published, the temporary regulations (TD 9232) contain errors that may prove to be misleading and are in need of clarification.Start List of Subjects
List of Subjects in 26 CFR Part 1End List of Subjects
Correction of PublicationStart Amendment Part
Accordingly,End Amendment Part Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
End Amendment Part
1. Section 1.1297-3T(e)(1)(i), the language “December 31, 2005” is removed and the language “June 30, 2006” is added in its place.End Amendment Part Start Amendment Part
2. Section 1.1298-3T(e)(1)(i), the language “December 31, 2005” is removed and the language “June 30, 2006” is added in its place.End Amendment Part Start Signature
Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 06-682 Filed 1-24-06; 8:45 am]
BILLING CODE 4830-01-P