This PDF is the current document as it appeared on Public Inspection on 09/22/2016 at 08:45 am.
Internal Revenue Service (IRS), Treasury.
Temporary regulations; correcting amendment.
This document contains a correction to temporary regulations (TD 9776) that were published in the Federal Register on July 22, 2016 (81 FR 47701). The temporary regulations provide guidance regarding the income inclusion rules under section 50(d)(5) of the Internal Revenue Code (Code) that are applicable to a lessee of investment credit property when a lessor of such property elects to treat the lessee as having acquired the property.
This correction is effective on September 23, 2016 and applicable on July 22, 2016.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Jennifer Records at (202) 317-6853 (not a toll free number).End Further Info End Preamble Start Supplemental Information
The temporary regulations (TD 9776) that are the subject of this correction are under section 50 of the Internal Revenue Code.
Need for Correction
As published, the temporary regulations (TD 9776) 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 1
- Income taxes
- Reporting and recordkeeping requirements
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
Paragraph 1. The authority citation for part 1 continues to read in part as follows:End Amendment Part
Par. 2. In § 1.50-1T:End Amendment Part Start Amendment Part
1. Paragraph (b)(3)(ii) is amended by removing the language “ “Investment Credit”,” and adding “ “Investment Credit,” ” in its place.End Amendment Part Start Amendment Part
2. Paragraph (e) Example 1. and 3. are amended by removing the language “July 1, 2016.” and adding “October 1, 2016.” in its place.End Amendment Part Start Amendment Part
3. Paragraph (e) Example 2. is amended by removing the language “paragraph (e).” and adding “paragraph (e),” in its place.End Amendment Part Start Signature
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-22945 Filed 9-22-16; 8:45 am]
BILLING CODE 4830-01-P