[Federal Register Volume 61, Number 167 (Tuesday, August 27, 1996)]
[Proposed Rules]
[Pages 44023-44024]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-21601]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[INTL-0003-95]
RIN 1545-AT92
Source of Income From Sales of Inventory and Natural Resources
Produced In One Jurisdiction and Sold In Another Jurisdiction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to the notice of proposed rulemaking.
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SUMMARY: This document contains corrections to the notice of proposed
rulemaking (INTL-0003-95) which was published in the Federal Register
on Monday, December 11, 1995 (60 FR 63478). The notice of proposed
rulemaking relates to the source of income from sales of natural
resources or other inventory produced in the United States and sold in
a foreign country or produced in a foreign country and sold in the
United States.
FOR FURTHER INFORMATION CONTACT: Anne Shelburne (202) 622-3880 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The notice of proposed rulemaking that is subject to these
corrections is under section 863 of the Internal Revenue Code.
Need for Correction
As published, the notice of proposed rulemaking (INTL-0003-95)
contains errors which may prove to be misleading and are in need of
clarification.
Correction of Publication
Accordingly, the publication of proposed rulemaking (INTL-0003-95)
which is the subject of FR Doc. 95-30087 is corrected as follows:
1. On page 63480, column 2, in the preamble, under the heading ``1.
Export Terminal Rule'', the second full paragraph, line 12, the
language ``production activity following export. A'' is corrected to
read ``production activity as defined in Sec. 1.863-1(b)(3)(ii)
following export. A''.
2. On page 63483, column 3, in the preamble, under the heading ``3.
Determination of Source of Gross Income'', line 3 from the top of the
column, the language ``are located where the tangible'' is corrected to
read ``are located where the taxpayer's tangible''.
3. On page 63483, column 3, in the preamble, under the heading ``3.
Determination of Source of Gross Income'', the fourth full paragraph,
line 8, the language ``sit us of economic activity. Accordingly,'' is
corrected to read ``situs of economic activity. Accordingly,''.
Sec. 1.863-1 [Corrected]
4. On page 63485, column 2, Sec. 1.863-1 (b)(1) introductory text,
line 2, the language ``Except to the extent provided in'' is corrected
to read ``Notwithstanding any other provision, except to the extent
provided in''.
Sec. 1.863-2 [Corrected]
5. On page 63486, column 3, Sec. 1.863-2 (b), lines 15 and 16, the
language ``paragraph (a)(2) of this section, see Sec. 1.863-3. However,
the principles of'' is corrected to read ``paragraph (a)(2) of this
section, see Sec. 1.863-1 for natural resources and Sec. 1.863-3 for
other inventory. However, the principles of''.
Sec. 1.863-3 [Corrected]
6. On page 63487, column 3, Sec. 1.863-3 (b)(2)(iv), paragraph (i)
of Example 1., line 4, the language ``country X to D, a unrelated
foreign clothing'' is corrected to read ``country X to D, an unrelated
foreign clothing''
7. On page 63488, column 2, Sec. 1.863-3 (c)(1)(i)(B), line 4, the
language ``intangible assets owned by the taxpayer'' is corrected to
read
[[Page 44024]]
``intangible assets owned directly by the taxpayer''.
Michael L. Slaughter,
Acting Chief, Regulations Unit, Associate Chief Counsel (Corporate).
[FR Doc. 96-21601 Filed 8-26-96; 8:45 am]
BILLING CODE 4830-01-P
