Internal Revenue Service (IRS), Treasury.
This document contains a correction to final and temporary regulations (TD 9444) that were published in the Federal Register on Wednesday, February 11, 2009, under sections 367(a), 367(b) and 1248(a) of the Internal Revenue Code. The final regulations under section 367 revise existing final regulations and add cross-references.
The final regulations under section 1248 update an effective/applicability date. The temporary regulations under section 367(a) and (b) revise existing final regulations concerning transfers of stock to a foreign corporation that are described in section 351 by reason of section 304(a)(1). The temporary regulations under section 1248(a) provide that, for purposes of section 1248(a), gain recognized by a shareholder under section 301(c)(3) in connection with the receipt of a distribution of property from a foreign corporation with respect to its stock shall be treated as gain from the sale or exchange of the stock of such foreign corporation. The temporary regulations affect certain persons that transfer stock to a foreign corporation in a transaction described in section 304(a)(1), or certain persons that recognize gain under section 301(c)(3) in connection with the receipt of a distribution of property from a foreign corporation with respect to its stock.Start Printed Page 10175
This correction is effective March 10, 2009, and is applicable on February 11, 2009.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Sean W. Mullaney, (202) 622-3860 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The final and temporary regulations that are the subject of this document are under sections 367 and 1248 of the Internal Revenue Code.
Need for Correction
As published Wednesday, February 11, 2009 (74 FR 6824), final and temporary regulations (TD 9444) contains 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
(b) * * *
(1) The gain realized by the United States person with respect to the transferred stock in connection with the deemed section 351 exchange exceeds;
Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E9-4995 Filed 3-9-09; 8:45 am]
BILLING CODE 4830-01-P