[Federal Register Volume 61, Number 55 (Wednesday, March 20, 1996)]
[Rules and Regulations]
[Pages 11307-11308]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-6623]



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DEPARTMENT OF THE TREASURY
26 CFR Parts 1, 31, and 35a

[TD 8637]
RIN 1545-AT76


Backup Withholding, Statement Mailing Requirements, and Due 
Diligence; Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to final and temporary regulations.

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SUMMARY: This document contains corrections to final and temporary 
regulations (TD 8637) which were published in the Federal Register 
Thursday, December 21, 1995 (60 FR 66105), providing final and 
temporary rules on backup withholding, statement mailing requirements, 
and due diligence.

EFFECTIVE DATE: December 21, 1995.

FOR FURTHER INFORMATION CONTACT: Renay France of the Office of 
Assistant Chief Counsel (Income Tax and Accounting) with respect to 
domestic transactions, (202) 622-4910 (not a toll-free call); and 
Teresa Burridge Hughes of the Office of Assistant Chief Counsel 
(International) with respect to international transactions, (202) 622-
3880 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final and temporary regulations that are the subject of these 
corrections are under sections 3406, 6042, 6044, 6049, and 6050N of the 
Internal Revenue Code.

Need for Correction

    As published, the final and temporary regulations (TD 8637) contain 
errors which may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the final regulations (TD 8637), 
which was the subject of FR Doc. 95-30733, is corrected as follows:


Sec. 1.6049-6  [Corrected]

    1. On page 66111, column 2, in the Par. 4. amendatory instruction, 
an amendatory instruction is added after 2.c. to read ``d. Paragraph 
(a), fifth sentence.''.


Sec. 31.3406(d)-4  [Corrected]

    2. On page 66126, column 1, Sec. 31.3406(d)-4 (a)(3), line 18, the 
language ``as described in sections 3406(a)(1)(B) or'' is corrected to 
read ``as described in section 3406(a)(1)(B) or''.
    3. On page 66126, column 2, Sec. 31.3406(d)-4 (b)(1)(iii), line 4, 
the language ``subject to withholding under sections'' is corrected to 
read ``subject to withholding under section''.


Sec. 31.3406(h)-2  [Corrected]

    4. On page 66130, column 3, Sec. 31.3406(h)-2 (b)(2)(i), line 5, 
the language ``under section 3406 31 percent of the fair'' is corrected 
to read

[[Page 11308]]

``under section 3406, 31 percent of the fair''.

PART 35a-- [CORRECTED]

    5. On page 66134, columns 1 and 2, Par. 12 and Par. 13 amendatory 
instructions are corrected to read as follows:
    Par. 12. The authority citation for part 35a continues to read in 
part as follows:

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

    Par. 13. Section 35a.3406-2 is amended by adding paragraph (l) to 
read as follows:


Sec. 35a.3406-2  Imposition of backup withholding for notified payee 
underreporting of reportable interest or dividend payments.

* * * * *
    (l) Effective date. This section is effective until December 31, 
1996.
Michael L. Slaughter,
Acting Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 96-6623 Filed 3-19-96; 8:45 am]
BILLING CODE 4830-01-U