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Home » 2012 Issues » 77 FR (02/21/2012) » 2012-3933. Reporting of Specified Foreign Financial Assets; Correction

  2012-3933. Reporting of Specified Foreign Financial Assets; Correction  

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    AGENCY:

    Internal Revenue Service (IRS).

    ACTION:

    Proposed rule; correction.

    SUMMARY:

    This document contains corrections to a notice of proposed rulemaking (REG-130302-10), which was published in the Federal Register on Monday, December 19, 2011, relating to the reporting of specified foreign financial assets.

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    FOR FURTHER INFORMATION CONTACT:

    Joseph S. Henderson (202) 622-3880 (not a toll-free number).

    End Further Info End Preamble Start Supplemental Information

    SUPPLEMENTARY INFORMATION:

    Background

    The notice of proposed rulemaking that is the subject of these corrections are under section 6038 of the Internal Revenue Code.

    Need for Correction

    As published on December 19, 2011, (76 FR 78594), the notice of proposed rulemaking (REG-130302-10), contains errors which may prove to be misleading and are in need of clarification.

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    List of Subjects in 26 CFR Part 1

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

    PART 1—INCOME TAXES

    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 * * *

    End Authority End Part Start Part Start Printed Page 9878

    PART 1—[CORRECTED]

    Par. 2. Section 1.6038D-6 is amended by revising paragraph (d)(3) to read as follows:

    Specified domestic entities.
    * * * * *

    (d) * * *

    (3) * * * A trust described in section 7701(a)(30)(E) to the extent such trust or any portion thereof is treated as owned by one or more specified persons under sections 671 through 678 and the regulations issued under those sections.

    * * * * *
    Start Signature

    Guy R. Traynor,

    Federal Register Liaison, Legal Processing Division, Publications and Regulations Br., Procedure and Administration.

    End Signature End Part End Supplemental Information

    [FR Doc. 2012-3933 Filed 2-17-12; 8:45 am]

    BILLING CODE 4830-01-P

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Document Information

Published:
02/21/2012
Department:
Internal Revenue Service
Entry Type:
Proposed Rule
Action:
Proposed rule; correction.
Document Number:
2012-3933
Pages:
9877-9878 (2 pages)
Docket Numbers:
REG-130302-10
RINs:
1545-BJ69: Information With Respect to Foreign Financial Assets
RIN Links:
https://www.federalregister.gov/regulations/1545-BJ69/information-with-respect-to-foreign-financial-assets
Topics:
Income taxes, Reporting and recordkeeping requirements
PDF File:
2012-3933.pdf
CFR: (1)
26 CFR 1.6038D-6