[Federal Register Volume 62, Number 135 (Tuesday, July 15, 1997)]
[Proposed Rules]
[Page 37819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-18444]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 301

[REG-252487-96]
RIN 1545-AU90


Inbound Grantor Trusts With Foreign Grantors; Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to a notice of proposed rulemaking and notice of 
public hearing.

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SUMMARY: This document contains corrections to the notice of proposed 
rulemaking and notice of public hearing (REG-252487-96), which was 
published in the Federal Register Thursday, June 5, 1997 (62 FR 30785), 
relating to the application of the grantor trust rules to certain 
trusts established by foreign persons.

FOR FURTHER INFORMATION CONTACT: James Quinn, (202) 622-3060 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking and notice of public hearing that 
is the subject of these corrections is under sections 643, 671 and 672 
of the Internal Revenue Code.

Need for Correction

    As published, REG-252487-96 contain errors which may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
and notice of public hearing (REG-252487-96), which was the subject of 
FR Doc. 97-14735, is corrected as follows:
    1. On page 30786, column 1, in the preamble under the paragraph 
heading ``1. Prior Law'', paragraph 2, line 5, the language ``the 
grantor, a distribution of income'' is corrected to read ``the owner, a 
distribution of income''.
    2. On page 30787, column 2, in the preamble under the paragraph 
heading ``3. Section 1.672(f)-1: Foreign Persons Not Treated as 
Owners'', fourth full paragraph in the column, line 7, the language 
``basic grantor trust rules from treating a'' is corrected to read 
``basic grantor trust rules from treating a foreign''.


Sec. 1.672(f)-2  [Corrected]

    3. On page 30793, column 1, Sec. 1.672(f)-2 (d), Example 3, second 
line from the bottom of the column, the language ``no deductions or 
losses for 199X. Under'' is corrected to read ``no deductions or losses 
for 1999. Under''.
    4. On page 30793, column 2, Sec. 1.672(f)-2, paragraph (d) is 
correctly designated as paragraph (e).


Sec. 1.672(f)-3  [Corrected]

    5. On page 30793, column 3, Sec. 1.672(f)-3 (a)(3), Example 1, line 
1, the paragraph heading ``Owner is grantor.'' is corrected to read 
``Death of Grantor.''.
    6. On page 30793, column 3, Sec. 1.672(f)-3 (a)(3), Example 2, line 
1, the paragraph heading ``Owner not grantor.'' is corrected to read 
``Death of grantor.''.


Sec. 1.672(f)-4  [Corrected]

    7. On page 30795, column 3, Sec. 1.672(f)-4 (d), line 6, the 
language ``value) to a person who is not a partner'' is corrected to 
read ``value, within the meaning of Sec. 1.671-2 (e)(4)(i)(A)) to a 
person who is not a partner''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 97-18444 Filed 7-14-97; 8:45 am]
BILLING CODE 4830-01-U