[Federal Register Volume 69, Number 203 (Thursday, October 21, 2004)]
[Rules and Regulations]
[Pages 61761-61762]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-23288]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9141]
RIN 1545-AX88


Application of Section 904 to Income Subject to Separate 
Limitations; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains corrections to final regulations that 
were published in the Federal Register on July 20, 2004 (69 FR 43304). 
This regulation relates to the section 904(d) foreign tax credit 
limitation and to the exclusion of certain export financing interest 
from foreign personal holding company income.

DATES: These corrections are effective July 20, 2004.

FOR FURTHER INFORMATION CONTACT: Bethany A. Ingwalson at (202) 622-3850 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under section 904(d) of the Internal Revenue Code.

Need for Correction

    As published, TD 9141 contains errors that may prove to be 
misleading and are in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR Part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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


Sec.  1.904(b)-1  [Corrected]

0
Par. 2. Section 1.904(b)-1(g) Example 3 (v), the introductory text is 
amended by removing the language ``$424.87/$2571.42, computed as 
follows:'' and adding the language ``$412/$2571.42, computed as 
follows:'' in its place.

0
Par. 3. Section 1.904(b)-1(g) Example 4 (iii), the second sentence is 
amended by removing the language ``paragraph (c)(1) of this section. 
Under Step 1, the U.S. long-term capital loss adjustment amount is $50 
($80-$30). Under Step 2, the'' and adding the language ``paragraph 
(c)(1) of this section. Under Step 1, the U.S. long-term capital loss 
adjustment amount is $50 ($80-$30). Under Step 2, the'' in its place.

0
Par. 4. Section 1.904-(b)-1(g) Example 5 (iii), the second sentence is 
amended by removing the language ``Under Step 1, the U.S. long-term 
capital loss adjustment amount is $50 ($150-$100). Under Step 2,'' and 
adding the language ``to a rate differential adjustment. Under Step 1, 
the U.S. long-term capital loss adjustment amount is $50 ($150-$100). 
Under Step 2,'' in its place.


Sec.  1.904(b)-2  [Corrected]

0
Par. 5. Section 1.904(b)-2, paragraph (c), the second sentence is 
amended by removing the language ``apply Sec.  1.904(b)-1(i) and this'' 
and adding the

[[Page 61762]]

language ``apply Sec.  1.904(b)-1 and this'' in its place.

Cynthia Grigsby,
Acting Chief, Regulations and Publications Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 04-23288 Filed 10-20-04; 8:45 am]
BILLING CODE 4830-01-P