[Federal Register Volume 77, Number 34 (Tuesday, February 21, 2012)]
[Proposed Rules]
[Pages 9877-9878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-3933]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-130302-10]
RIN 1545-BJ69


Reporting of Specified Foreign Financial Assets; Correction

AGENCY: Internal Revenue Service (IRS).

ACTION: Proposed rule; correction.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking (REG-130302-10), which was published in the Federal Register 
on Monday, December 19, 2011, relating to the reporting of specified 
foreign financial assets.

FOR FURTHER INFORMATION CONTACT: Joseph S. Henderson (202) 622-3880 
(not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking that is the subject of these 
corrections are under section 6038 of the Internal Revenue Code.

Need for Correction

    As published on December 19, 2011, (76 FR 78594), the notice of 
proposed rulemaking (REG-130302-10), contains errors which 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.

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *

[[Page 9878]]

PART 1--[CORRECTED]

    Par. 2. Section 1.6038D-6 is amended by revising paragraph (d)(3) 
to read as follows:


Sec.  1.6038D-6  Specified domestic entities.

* * * * *
    (d) * * *
    (3) * * * A trust described in section 7701(a)(30)(E) to the extent 
such trust or any portion thereof is treated as owned by one or more 
specified persons under sections 671 through 678 and the regulations 
issued under those sections.
* * * * *

Guy R. Traynor,
Federal Register Liaison, Legal Processing Division, Publications and 
Regulations Br., Procedure and Administration.
[FR Doc. 2012-3933 Filed 2-17-12; 8:45 am]
BILLING CODE 4830-01-P