[Federal Register Volume 63, Number 135 (Wednesday, July 15, 1998)]
[Proposed Rules]
[Page 38139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-18749]



[[Page 38139]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-106031-98]
RIN 1545-AW13


Trading Safe Harbors; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

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

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SUMMARY: This document contains corrections to REG-106031-98, which was 
published in the Federal Register on Friday, June 12, 1998 (63 FR 
32164), relating to the treatment of foreign taxpayers trading in 
derivative financial instruments for their own account.

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

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking that is the subject of this 
correction is under section 864(b) of the Internal Revenue Code.

Need for Correction

    As published, REG-106031-98 contains 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 
(REG-106031-98), which is the subject of FR Doc. 98-15452, is corrected 
as follows:
    1. On page 32164, column 3, in the preamble under the paragraph 
heading ``Background'', the second paragraph, line 3, the language 
``promulgated in 1972. Since the'' is corrected to read ``promulgated 
in 1968. Since the''.
    2. On page 32165, column 2, in the preamble under the paragraph 
heading ``2. Eligible Nondealer'', the third paragraph, line 9, the 
language ``securities in 475(c)(1)(B), including'' is corrected to read 
``securities in section 475(c)(1)(B), including''.


Sec. 1.864(b)-1  [Corrected]

    3. On page 32166, columns 2 and 3, Sec. 1.864(b)-1(b)(1) 
introductory text, the last line in column 2 and the first line in 
column 3, the language ``nondealer is a person that is not a resident 
of the United States and is not,'' is corrected to read ``nondealer is 
a foreign corporation or a person that is not a resident of the United 
States, and either of which is not,''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 98-18749 Filed 7-14-98; 8:45 am]
BILLING CODE 4830-01-U