[Federal Register Volume 72, Number 155 (Monday, August 13, 2007)]
[Rules and Regulations]
[Pages 45159-45160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-15272]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9332]
RIN 1545-BG00


Exclusions From Gross Income of Foreign Corporations; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final and temporary regulations.

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SUMMARY: This document contains corrections to final and temporary 
regulations (TD 9332) that were published in the Federal Register on 
Monday, June 25, 2007 (72 FR 34600) relating to the exclusion from 
gross income of income derived by certain foreign corporations engaged 
in the international operation of ships or aircraft.

DATES: The correction is effective August 13, 2007.

FOR FURTHER INFORMATION CONTACT: Patricia A. Bray, (202) 622-3880 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final and temporary regulations that are the subject of this 
correction are under section 883 of the Internal Revenue Code.

Need for Correction

    As published, final and temporary regulations (TD 9332) contain 
errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the final and temporary regulations 
(TD 9332), which was the subject of FR Doc. E7-12039, is corrected as 
follows:
    1. On page 34601, column 3, in the preamble, under the paragraph 
heading ``2. Elimination of Foreign Base Company Shipping Income'', 
line 3, the language ``(118 Stat. 1418) (AJCA) repealed section'' is 
corrected to read ``(118 Stat. 1418)) (AJCA) repealed section''.
    2. On page 34602, column 3, in the preamble, under the paragraph 
heading ``C. Reporting requirements related to qualified shareholder 
stock ownership test'', last line, the language ``at the office of that 
such practitioner.'' is corrected to read ``at the office of that 
practitioner.''.
    3. On page 34603, column 1, in the preamble, under the paragraph 
heading ``2. Activities Incidental to the International Operation of 
Ships or Aircraft'', line 7 from the bottom of the paragraph, the 
language ``to the international operation of a ship'' is corrected to 
read ``to the international operation of ships''.
    4. On page 34603, column 3, in the preamble, under the paragraph 
heading ``4. Countries that Provide an Exemption Through an Income Tax 
Convention and by Other Means'', lines 5 through 10, the language 
``exemption under section 883 through a diplomatic note, domestic 
statutory law, or by generally imposing no income tax on foreign 
corporations engaged in the international operation of ships or 
aircraft will continue to have the choice'' is corrected to read 
``exemption under section 883 (through a diplomatic note, domestic 
statutory law, or because income tax is generally not imposed on 
foreign corporations engaged in the international operation of ships or 
aircraft) will continue to have the choice''.
    5. On page 34604, column 1, in the preamble, under the paragraph 
heading ``5. Reporting Requirements Related to Qualified Shareholder 
Stock Ownership Test'', first paragraph of the column, line 9, the 
language ``addresses of shareholders in'' is corrected to read 
``addresses of shareholders of''.
    6. On page 34604, column 2, in the preamble, under the paragraph 
heading

[[Page 45160]]

``Effective Dates'', line 1, the language ``See Sec.  1.883-5T(d) for 
effective date of'' is corrected to read ``See Sec.  1.883-5T(d) for 
the effective date of''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E7-15272 Filed 8-10-07; 8:45 am]
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