[Federal Register Volume 81, Number 185 (Friday, September 23, 2016)]
[Rules and Regulations]
[Page 65541]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-22945]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9776]
RIN 1545-BM74


Income Inclusion When Lessee Treated as Having Acquired 
Investment Credit Property; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Temporary regulations; correcting amendment.

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SUMMARY: This document contains a correction to temporary regulations 
(TD 9776) that were published in the Federal Register on July 22, 2016 
(81 FR 47701). The temporary regulations provide guidance regarding the 
income inclusion rules under section 50(d)(5) of the Internal Revenue 
Code (Code) that are applicable to a lessee of investment credit 
property when a lessor of such property elects to treat the lessee as 
having acquired the property.

DATES: This correction is effective on September 23, 2016 and 
applicable on July 22, 2016.

FOR FURTHER INFORMATION CONTACT: Jennifer Records at (202) 317-6853 
(not a toll free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulations (TD 9776) that are the subject of this 
correction are under section 50 of the Internal Revenue Code.

Need for Correction

    As published, the temporary regulations (TD 9776) 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

    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 * * *


Sec.  1.50-1T  [Amended]

0
Par. 2. In Sec.  1.50-1T:
0
1. Paragraph (b)(3)(ii) is amended by removing the language `` 
``Investment Credit'','' and adding `` ``Investment Credit,'' '' in its 
place.
0
2. Paragraph (e) Example 1. and 3. are amended by removing the language 
``July 1, 2016.'' and adding ``October 1, 2016.'' in its place.
0
3. Paragraph (e) Example 2. is amended by removing the language 
``paragraph (e).'' and adding ``paragraph (e),'' in its place.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2016-22945 Filed 9-22-16; 8:45 am]
BILLING CODE 4830-01-P