[Federal Register Volume 74, Number 108 (Monday, June 8, 2009)]
[Rules and Regulations]
[Page 27079]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-13234]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9449]
RIN 1545-BH84


Allocation and Reporting of Mortgage Insurance Premiums; 
Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to temporary regulations 
(TD 9449) that were published in the Federal Register on Thursday, May 
7, 2009 (74 FR 21256) that explain how to allocate prepaid qualified 
mortgage insurance premiums to determine the amount of the prepaid 
premium that is treated as qualified residence interest each taxable 
year under section 163(h)(4)(F) of the Internal Revenue Code. The 
temporary regulations also provide guidance to reporting entities 
receiving premiums, including prepaid premiums, for mortgage insurance. 
The temporary regulations reflect changes to the law made by the Tax 
Relief and Health Care Act of 2006 and the Mortgage Forgiveness Debt 
Relief Act of 2007.

DATES: This correction is effective on June 8, 2009, and is applicable 
beginning May 7, 2009.

FOR FURTHER INFORMATION CONTACT: Angela Warren (202) 622-4950 or 
Stephen Coleman (202) 622-4910 (not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Background

    The temporary regulations that are the subject of this document are 
under section 163-11T(e) of the Internal Revenue Code.

Need for Correction

    As published, the temporary regulations (TD 9449) contain an error 
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.  1.163-11T  [Amended]

0
Par. 2. Section 1.163-11T, paragraph (e) is amended by removing the 
language in the first sentence ``expires on May 7, 2012.'' and adding 
in its place ``expires on May 4, 2012.''

Diane O. Williams,
Federal Register Liaison, Publications and Regulations Branch, Legal 
Processing Division, Associate Chief Counsel (Procedure and 
Administration).
[FR Doc. E9-13234 Filed 6-5-09; 8:45 am]
BILLING CODE 4830-01-P