eLaws | eCases | United States Code | Federal Courts |
Home » 2009 Issues » 74 FR (03/10/2009) » E9-4998. Gain Recognition Agreements With Respect to Certain Transfers of Stock or Securities by United States Persons to Foreign Corporations; Correction

  E9-4998. Gain Recognition Agreements With Respect to Certain Transfers of Stock or Securities by United States Persons to Foreign Corporations; Correction  

  • Start Preamble

    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Correcting amendment.

    SUMMARY:

    This document contains a correction to final regulations (TD 9446) that were published in the Federal Register on Wednesday, February 11, 2009 (74 FR 6952) under section 367(a) of the Internal Revenue Code concerning gain recognition agreements filed by United States persons with respect to transfers of stock or securities to foreign corporations.

    DATES:

    This correction is effective March 10, 2009, and is applicable on February 11, 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

    SUPPLEMENTARY INFORMATION:

    Background

    The final regulations that are the subject of this document are under sections 338 and 367 of the Internal Revenue Code.

    Need for Correction

    As published, final regulations (TD 9446) 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 1

    • Income taxes
    • Reporting and recordkeeping requirements
    End List of Subjects

    Correction of Publication

    Start Amendment Part

    Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:

    End Amendment Part Start Part

    PART 1—INCOME TAXES

    End Part Start Amendment Part

    Paragraph 1. The authority citation for part 1 continues to read in part as follows:

    End Amendment Part Start Authority

    Authority: 26 U.S.C. 7805 * * *

    End Authority Start Amendment Part

    Par. 2. Section 1.367(a)-8 is amended by revising paragraph (k)(3) to read as follows:

    End Amendment Part
    Gain recognition agreement requirements.
    * * * * *

    (k) * * *

    (3) * * * A disposition of the transferred stock or securities pursuant to an exchange to which section 351, 354 (but only in a reorganization described in section 368(a)(1)(B)), or 721 applies, shall not constitute a triggering event if the U.S. transferor enters in to a new gain recognition agreement that provides that the dispositions described in paragraphs (k)(3)(i) and (ii) of this section shall constitute triggering events for purposes of the new gain recognition agreement.

    * * * * *
    Start Signature

    Guy Traynor,

    Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).

    End Signature End Supplemental Information

    [FR Doc. E9-4998 Filed 3-9-09; 8:45 am]

    BILLING CODE 4830-01-P

Visit the Official Version
Leave a Comment

Document Information

Effective Date:
3/10/2009
Published:
03/10/2009
Department:
Internal Revenue Service
Entry Type:
Rule
Action:
Correcting amendment.
Document Number:
E9-4998
Dates:
This correction is effective March 10, 2009, and is applicable on February 11, 2009.
Pages:
10175-10175 (1 pages)
Docket Numbers:
TD 9446
RINs:
1545-BG09: Section 1.367(a)-8--Revisions to Gain Recognition Agreement Requirements
RIN Links:
https://www.federalregister.gov/regulations/1545-BG09/section-1-367-a-8-revisions-to-gain-recognition-agreement-requirements
Topics:
Income taxes, Reporting and recordkeeping requirements
PDF File:
e9-4998.pdf
CFR: (1)
26 CFR 1.367(a)-8