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Home » 2016 Issues » 81 FR (09/23/2016) » 2016-22945. Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property; Correction

  2016-22945. Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property; Correction  

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    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Temporary regulations; correcting amendment.

    SUMMARY:

    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.

    DATES:

    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).

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    SUPPLEMENTARY INFORMATION:

    Background

    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
    End List of Subjects

    Correction of Publication

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

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    PART 1—INCOME TAXES

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

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

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    [Amended]
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    Par. 2. In § 1.50-1T:

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    1. Paragraph (b)(3)(ii) is amended by removing the language “ “Investment Credit”,” and adding “ “Investment Credit,” ” in its place.

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    2. Paragraph (e) Example 1. and 3. are amended by removing the language “July 1, 2016.” and adding “October 1, 2016.” in its place.

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    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).

    End Signature End Supplemental Information

    [FR Doc. 2016-22945 Filed 9-22-16; 8:45 am]

    BILLING CODE 4830-01-P

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Document Information

Effective Date:
9/23/2016
Published:
09/23/2016
Department:
Internal Revenue Service
Entry Type:
Rule
Action:
Temporary regulations; correcting amendment.
Document Number:
2016-22945
Dates:
This correction is effective on September 23, 2016 and applicable on July 22, 2016.
Pages:
65541-65541 (1 pages)
Docket Numbers:
TD 9776
RINs:
1545-BM74: Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property (Temporary)
RIN Links:
https://www.federalregister.gov/regulations/1545-BM74/income-inclusion-when-lessee-treated-as-having-acquired-investment-credit-property-temporary-
Topics:
Income taxes, Reporting and recordkeeping requirements
PDF File:
2016-22945.pdf
CFR: (1)
26 CFR 1.50-1T