[Federal Register Volume 84, Number 240 (Friday, December 13, 2019)]
[Rules and Regulations]
[Page 68042]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-26867]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9879]
RIN 1545-BO49


Information Reporting for Certain Life Insurance Contract 
Transactions and Modifications to the Transfer for Valuable 
Consideration Rules; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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SUMMARY: This document contains corrections to final regulations (TD 
9879) that were published in the Federal Register on Thursday, October 
31, 2019. The final regulations provide guidance on new information 
reporting obligations under section 6050Y related to reportable policy 
sales of life insurance contracts and payments of reportable death 
benefits and provide guidance on the amount of death benefits excluded 
from gross income under section 101 following a reportable policy sale.

DATES: This correction is effective on December 13, 2019 and is 
applicable on or after October 31, 2019.

FOR FURTHER INFORMATION CONTACT: Kathryn M. Sneade, (202) 317-6995 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9879) that are the subject of this 
correction are issued under sections 101 and 6050Y of the Internal 
Revenue Code.

Need for Correction

    As published, the final regulations (TD 9879) contain errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

0
Accordingly, the final regulations (TD 9879), that are the subject of 
FR Doc. 2019-23559, published on October 31, 2019 (84 FR 58460), are 
corrected as follows:
    1. On page 58461, in the third column, fourth line from the bottom 
of the page, under the caption ``Comments and Changes Relating to Sec.  
1.101-1(b) of the Proposed Regulations'', the language ``apply in the'' 
is corrected to read ``applies in the''.
    2. On page 58476, in the first column, fifth line, the language 
``SB and the gift recipient, who'' is corrected to read ``SB, and the 
gift recipient, who''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2019-26867 Filed 12-12-19; 8:45 am]
 BILLING CODE 4830-01-P