Internal Revenue Service (IRS), Treasury.
Notice of proposed rulemaking; correction
This document corrects a notice of proposed rulemaking (REG-135866-02,
2006-27 I.R.B. 34) that was published in the Federal
Register on Friday, June 2, 2006 (71 FR 31985) providing guidance
for determining the earnings and profits attributable to stock of controlled
foreign corporations (or former controlled foreign corporations) that are
(were) involved in certain nonrecognition transactions.
FOR FURTHER INFORMATION CONTACT:
Michael Gilman, (202) 622-3850 (not a toll-free number).
The notice of proposed rulemaking (REG-135866-02) that is the subject
of this correction is under section 1248 of the Internal Revenue Code.
As published, REG-135866-02 contains errors that may prove to be misleading
and are in need of clarification.
* * * * *
Correction of Publication
Accordingly, the notice of proposed rulemaking (REG-135866-02) that
was the subject of FR Doc. EG-8551 is corrected as follows:
Paragraph 1. The authority citation
for part 1 continues to read in part as follows:
Authority: 26 USC 7805 * * *
Par. 2. On page 31991, instructional Par. 4. is
amended by adding a new entry at the end of the amendatory instruction to
read as follows:
6. Adding new paragraph (g).
Par. 3. On page 31991, section 1.1248-1 is amended by adding a new
paragraph (g) to read as follows:
§ 1.1248-1 Treatment of gain from certain sales
or exchanges of stock in certain foreign corporations
* * * * *
(g) Effective date. Paragraph (a)(4) and paragraph
(a)(5), Example 4, of this section apply to income inclusions
that occur on or after the date that paragraph and example are published as
final regulations in the Federal Register.
* * * * *
Publications and Regulations Branch,
Legal Processing Division,
(Procedure and Administration).
(Filed by the Office of the Federal Register on August 11, 2006, 8:45
a.m., and published in the issue of the Federal Register for August 14, 2006,
71 F.R. 46416)
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