Internal Revenue Service (IRS), Treasury.
This document contains corrections to final regulations (TD 9446) that were published in the Federal Register on Wednesday, February 11, 2009 concerning gain recognition agreements filed by United States persons with respect to transfers of stock or securities to foreign corporations.
This correction is effective on March 27, 2009, and is applicable on March 13, 2009.Start Further Info
FOR FURTHER INFORMATION CONTACT:
S. James Hawes, (202) 622-3860 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The final regulations that are the subject of this document are under section 367(a) of the Internal Revenue Code.
Need for Correction
The final regulations (TD 9446) that were published in the Federal Register on February 11, 2009 (74 FR 6952), inadvertently removed Treas. Reg. § 1.367(a)-3T in its entirety rather than removing § 1.367(a)-3T(e), (f)(1), (f)(2), and the second sentence of § 1.367(a)-3T(f)(3). This document correctly adds the text of § 1.367(a)-3T back into the Code of Federal Regulations.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
(a) through (b)(2)(i)(B) [Reserved]. For further guidance, see § 1.367(a)-3(a) through (b)(2)(i)(B).
(b)(2)(i)(C) If in connection with a transaction described in § 1.367(b)-14T, one or more U.S. persons transfer stock of T, as defined in § 1.358-6(b)(1)(iii), to a corporation in a transfer described in section 367(a), and the amount of gain in the T stock that would otherwise be recognized under section 367(a) is less than the deemed distribution that would result from the adjustments made under § 1.367(b)-14T and that would be treated as a dividend under section 301(c)(1), then section 367(b), and not section 367(a), shall apply to such transaction. This paragraph (b)(2)(i)(C) applies to transfers occurring on or after May 23, 2008.
(b)(2)(ii) through (f) [Reserved]. For further guidance, see § 1.367(a)-3(b)(2)(ii) through (f).
(g) Effective/applicability date. Paragraph (b)(2)(i)(C) of this section applies to transfers occurring on or after May 23, 2008.
(h) Expiration date. The applicability of paragraph (b)(2)(i)(C) of this section expires on May 23, 2011.
End Amendment Part
(r) * * *
(2) Applicability to transfers occurring before March 13, 2009 * * *
Federal Register Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. E9-6871 Filed 3-26-09; 8:45 am]
BILLING CODE 4830-01-P