[Federal Register Volume 81, Number 163 (Tuesday, August 23, 2016)]
[Rules and Regulations]
[Page 57459]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-20086]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9777]
RIN 1545-BG41; RIN 1545-BH38


Arbitrage Guidance for Tax-Exempt Bonds; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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SUMMARY: This document contains corrections to final regulations (TD 
9777) that were published in the Federal Register on Monday, July 18, 
2016 (81 FR 46582). The final regulations relate to the arbitrage 
restrictions under section 148 of the Internal Revenue Code applicable 
to tax-exempt bonds and other tax-advantaged bonds issued by State and 
local governments.

DATES: This correction is effective August 23, 2016 and applicable July 
18, 2016.

FOR FURTHER INFORMATION CONTACT: Spence Hanemann at (202) 317-6980 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9777) that are the subject of this 
correction are under section 148 of the Internal Revenue Code.

Need for Correction

    As published, the final regulation (TD 9777) contains errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the final regulation (TD 9777), that is the subject of 
FR Doc. 2016-16558, are corrected as follows:

0
1. On page 46591, in the preamble, the second column, under the 
paragraph heading ``Applicability Dates'', a second paragraph is added 
after the last sentence to read as follows: ``In addition, the 
amendments to Sec.  1.148-3(j) in the Final Regulations apply to bonds 
subject to Sec.  1.148-3(i). For this purpose, a bond is considered to 
be subject to Sec.  1.148-3(i) if the issue of which the bond is a part 
is subject to the version of Sec.  1.148-3(i) published in TD 8476 (58 
FR 33510) or any subsequent version.''.
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2. On page 46591, in the preamble, the second column, under the 
paragraph heading ``Effect on Other Documents'', the first line, the 
language ``As of July 18, 2016, Revenue'' is corrected to read ``As of 
October 17, 2016, Revenue''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2016-20086 Filed 8-22-16; 8:45 am]
 BILLING CODE 4830-01-P