Internal Revenue Service (IRS), Treasury.
This document contains a correction to final and temporary regulations (TD 9406) that was published in the Federal Register on Thursday, July 3, 2008 (73 FR 38113) addressing the treatment of certain income and assets related to the leasing of aircraft or vessels in foreign commerce under sections 367, 954, and 956 of the Internal Revenue Code. The regulations reflect statutory changes made by section 415 of the American Jobs Creation Act of 2004. In general, the regulations will affect the United States shareholders of controlled foreign corporations that derive income from the leasing of aircraft or vessels in foreign commerce and U.S. persons that transfer property subject to these leases to a foreign corporation.
This correction is effective July 29, 2008, and is applicable on July 3, 2008.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Concerning the temporary regulations under section 367, John H. Seibert at (202) 622-3860; concerning the temporary regulations under section 954 or 956, Paul J. Carlino at (202) 622-3840 (not toll-free numbers).End Further Info End Preamble Start Supplemental Information
The final and temporary regulations that are the subjects of this document are under sections 367, 954, and 956 of the Internal Revenue Code.
Need for Correction
As published, final and temporary regulations (TD 9406) contain an error that may prove to be misleading and is 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 Start Amendment Part
End Amendment Part
(c) * * *
(2) * * *
(vii) [Reserved]. For further guidance, see § 1.954-2T(c)(2)(vii).
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. E8-17269 Filed 7-28-08; 8:45 am]
BILLING CODE 4830-01-P