[Federal Register Volume 75, Number 199 (Friday, October 15, 2010)]
[Rules and Regulations]
[Page 63380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-25950]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9502]
RIN 1545-BF90


Exclusions From Gross Income of Foreign Corporations; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to final regulations (TD 
9502) that were published in the Federal Register on Friday, September 
17, 2010 (75 FR 56858) under section 883(a) and (c) of the Internal 
Revenue Code, concerning the exclusion from gross income of income 
derived by certain foreign corporations from the international 
operation of ships or aircraft.

DATES: This correction is effective on October 15, 2010, and is 
applicable on September 17, 2010.

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

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9502) that are the subject of this 
document are under section 883 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 9502) contain 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 amendments:

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 * * *


0
Par. 2. Section 1.883-2 is amended by revising paragraph (f)(4)(ii)(C) 
to read as follows:


Sec.  1.883-2  Treatment of publicly-traded corporations.

* * * * *
    (f) * * *
    (4) * * *
    (ii) * * *
    (C) The number of days during the taxable year of the foreign 
corporation that such qualified shareholders owned, directly or 
indirectly, their shares in the closely held block of stock.
* * * * *


0
Par. 3. Section 1.883-5 is amended by revising the heading of paragraph 
(d) to read as follows:


Sec.  1.883-5  Effective/applicability dates.

* * * * *
    (d) Effective/applicability dates. * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2010-25950 Filed 10-14-10; 8:45 am]
BILLING CODE 4830-01-P