[Federal Register Volume 63, Number 76 (Tuesday, April 21, 1998)]
[Proposed Rules]
[Page 19694]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-10381]



[[Page 19694]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-208299-90]
RIN 1545-AP01


Allocation and Sourcing of Income and Deductions Among Taxpayers 
Engaged in a Global Dealing Operation; Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains corrections, including a change to the 
date of the public hearing, to the notice of proposed rulemaking (REG-
208299-90) which was published in the Federal Register on Friday, March 
6, 1998 (63 FR 11177). The notice of proposed rulemaking relates to the 
allocation among controlled taxpayers and sourcing of income, 
deductions, gains and losses from a global dealing operation; rules 
applying these allocation and sourcing rules to foreign currency 
transactions and to foreign corporations engaged in a U.S. trade or 
business; and rules concerning the mark-to-market treatment resulting 
from hedging activities of a global dealing operation.

DATES: The public hearing originally scheduled for July 9, 1998, has 
been rescheduled for July 14, 1998.

ADDRESSES: The public hearing will be held in room 2615, Internal 
Revenue Building, 1111 Constitution Avenue, NW., Washington, DC.

FOR FURTHER INFORMATION CONTACT: Ginny Chung, (202) 622-3870 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking that is subject to these 
corrections is under sections 482 and 864 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-208299-90) 
contain errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-208299-90) which is the subject of FR Doc. 98-5674 is corrected as 
follows:
    1. On page 11182, column 2, in the preamble under the heading ``K. 
Source of Global Dealing Income'', in the second paragraph, line 5, the 
language ``Sec. 1.863-3 which sources income from a'' is corrected to 
read ``Sec. 1.863-3(h) which sources income from a''.
    2. On page 11185, column 2, in the preamble under the heading 
``Comments and Public Hearing'', in the second paragraph, line 2, the 
language ``for July 9, 1998, at 10 a.m. in room 2615,'' is corrected to 
read ``for July 14, 1998, at 10 a.m. in room 2615,''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 98-10381 Filed 4-20-98; 8:45 am]
BILLING CODE 4830-01-U