[Federal Register Volume 71, Number 16 (Wednesday, January 25, 2006)]
[Rules and Regulations]
[Page 4042]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-683]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9232]
RIN 1545-BD33


Guidance on Passive Foreign Investment Company (PFIC) Purging 
Elections; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to temporary regulation.

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SUMMARY: This document contains a correction to temporary regulations 
that were published in the Federal Register on Thursday, December 8, 
2005 (70 FR 72908) that provide certain elections for taxpayers that 
continue to be subject to the PFIC excess distribution regime of 
section 1291 even though the foreign corporation in which they own 
stock is no longer treated as a PFIC under section 1297(a) or (e).

FOR FURTHER INFORMATION CONTACT: Ethan Atticks, (202) 622-3840 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulation that is the subject of this correction is 
under sections 1291(d)(2), 1297(e) and 1298(b)(1) of the Internal 
Revenue Code.

Need for Correction

    As published, the temporary regulation (TD 9232) contain an error 
that may prove to be misleading and is in need of clarification.

Correction of Publication

0
Accordingly, the publication of the temporary regulation (TD 9232), 
which were the subject of FR Doc. 05-23630, is corrected as follows:
0
On page 72909, column 1, in the preamble under the caption heading 
DATES, lines 4 and 5, the language ``applicability, see Sec. Sec.  
1.1297-3T(f),1.1298-3T(f) is corrected to read ``applicability, see 
Sec. Sec.  1.1291-9T(K), 1.1297-3T(f), and 1.1298-3T(f).''.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 06-683 Filed 1-24-06; 8:45 am]
BILLING CODE 4830-01-P