97-3950. Treatment of Shareholders of Certain Passive Foreign Investment Companies; Correction

[Federal Register Volume 62, Number 32 (Tuesday, February 18, 1997)]
[Rules and Regulations]
[Page 7155]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-3950]


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DEPARTMENT OF THE TREASURY
26 CFR Part 1

[TD 8701]
RIN 1545-AC06


Treatment of Shareholders of Certain Passive Foreign Investment 
Companies; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document contains a correction to final regulations (TD 
8701) which were published in the Federal Register on Friday, December 
27, 1996 (61 FR 68149). The final regulations provide rules for making 
a deemed sale or deemed dividend election to purge a shareholder's 
holding period of stock of a PFIC of those taxable years during which 
the PFIC was not a QEF.

EFFECTIVE DATE: December 27, 1996.

FOR FURTHER INFORMATION CONTACT: Gayle Novig [phone] (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are subject to this correction is under 
section 1291 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 8701) contains an error 
that may prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of final and temporary regulations (TD 
8701) which is the subject of FR Doc. 96-32246 is corrected as follows:


Sec. 1.1291-9  [Corrected]

    On page 68152, column 3, Sec. 1.1291-9, paragraph (d)(2)(i), line 
9, the language ``taxable year of inclusion of each'' is corrected to 
read ``taxable year or years of inclusion of each''.
Michael L. Slaughter,
Acting Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 97-3950 Filed 2-14-97; 8:45 am]
BILLING CODE 4830-01-U