96-13722. Proposed Amendments to the Regulations on the Determination of Interest Expense Deduction of Foreign Corporations and Branch Profits Tax; Correction

[Federal Register Volume 61, Number 108 (Tuesday, June 4, 1996)]
[Proposed Rules]
[Page 28118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-13722]



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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[INTL-0054-95]
RIN 1545-AT96


Proposed Amendments to the Regulations on the Determination of 
Interest Expense Deduction of Foreign Corporations and Branch Profits 
Tax; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains a correction to the notice of proposed 
rulemaking [INTL-0054-95] which was published in the Federal Register 
for Friday, March 8, 1996 (61 FR 9377). The notice of proposed 
rulemaking relate to the determination of the interest expense 
deduction of foreign corporations, and the branch profits tax.

FOR FURTHER INFORMATION CONTACT: Ahmad Pirasteh or Richard Hoge (202) 
622-3870 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking that is subject to these 
corrections are under sections 882 and 884 of the Internal Revenue 
Code.

Need for Correction

    As published, the proposed rulemaking contains errors that are in 
need of clarification.

Correction of Publication

    Accordingly, the publication of the proposed rulemaking which is 
the subject of FR Doc. 96-5264 is corrected as follows:
    1. On page 9378, in the preamble under column 2, following the 
paragraph heading ``B. Hedging transactions'', line 6, the language 
``case may be, the amount of their U.S.'' is corrected to read ``case 
may be, the amount of its U.S.''.


Sec. 1.882-5  [Corrected]

    2. On page 9379, column 3, Sec. 1.882-5(d)(6), Example 4. (i), line 
18, the language ``liabilities of 90x U.S. dollars and 1000 x'' is 
corrected to read ``liabilities of 90x U.S. dollars and 1000x''.


Sec. 1.884-1  [Corrected]

    3. On page 9380, column 3, Sec. 1.884-1(d)(2)(xi), Example 8., last 
line, the language ``from securities) of the value of the securities.'' 
is corrected to read ``from securities) of the amount of the 
securities.''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 96-13722 Filed 6-3-96; 8:45 am]
BILLING CODE 4830-01-U