[Federal Register Volume 71, Number 156 (Monday, August 14, 2006)]
[Proposed Rules]
[Pages 46415-46416]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-13118]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-135866-02]
RIN 1545-BA93


Section 1248 Attribution Principles; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking; correction.

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SUMMARY: This document corrects a notice of proposed rulemaking (REG-
135866-02) that was published in the Federal Register on Friday, June 
2, 2006 (71 FR 31985) providing guidance for determining the earnings 
and profits attributable to stock of controlled foreign corporations 
(or former controlled foreign corporations) that are (were) involved in 
certain nonrecognition transactions.

FOR FURTHER INFORMATION CONTACT: Michael Gilman, (202) 622-3850 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking (REG-135866-02) that is the 
subject of this correction is under section 1248 of the Internal 
Revenue Code.

Need for Correction

    As published, REG-135866-02 contains errors that may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the proposed regulations (REG-
135866-02) which was the subject of FR. Doc. E6-8551, is corrected as 
follows:
    1. On page 31990, column 1, in the preamble, under the paragraph 
heading ``Explanations of Provisions'', following the second full 
paragraph of the column, the following language is added:
    ``F. Effective Date.
    These regulations are proposed to apply to income inclusions that 
occur on or after the date that final regulations are published in the 
Federal Register.''
    2. On page 31990, column 1, in the preamble, under the paragraph 
heading ``Explanations of Provisions'', the language ``F. Request for 
Comments'' is

[[Page 46416]]

corrected to read ``G. Request for Comments''.

Guy Traynor,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E6-13118 Filed 8-11-06; 8:45 am]
BILLING CODE 4830-01-P