[Federal Register Volume 89, Number 171 (Wednesday, September 4, 2024)]
[Proposed Rules]
[Pages 71864-71865]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19792]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-111629-23]
RIN 1545-BM80


Guidance Regarding Elections Relating to Foreign Currency Gains 
and Losses; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of proposed rulemaking; correction.

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SUMMARY: This document contains corrections to the proposed regulations 
(REG-111629-23), published in the Federal Register on August 20, 2024. 
The proposed regulations are regarding the time for making and revoking 
certain elections relating to foreign currency gain and loss.

DATES: Written or electronic comments and requests for a public hearing 
are still being accepted and must be received by October 18, 2024.

ADDRESSES: Commenters were strongly encouraged to submit public 
comments electronically via the Federal eRulemaking Portal at 
www.regulations.gov (indicate IRS and REG-111629-23) by following the 
online instructions for submitting comments. Requests for a public 
hearing must be submitted as prescribed in the ``Comments and Requests 
for a Public Hearing'' section of the notice of proposed rulemaking 
published on August 20, 2024 (89 FR 67336). Once submitted to the 
Federal eRulemaking Portal, comments cannot be edited or withdrawn. The 
Department of the Treasury (``Treasury Department'') and the IRS will 
publish for public availability any comments submitted to the IRS's 
public docket. Send hard copy submissions to: CC:PA:01:PR (REG-111629-
23), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin 
Station, Washington, DC 20044.

FOR FURTHER INFORMATION CONTACT: Edward Tracy at (202) 317-5443 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The proposed regulations (REG-111629-23) subject to this correction 
are proposed to be issued under sections 954 and 988 of the Internal 
Revenue Code.

Corrections

    Accordingly, FR Doc. 2024-18281 (REG-111629-23), appearing on page 
67336 in the Federal Register on Tuesday, August 20, 2024, is corrected 
as follows:
    1. On page 67339, in the first column, in the first partial 
paragraph, the fifth line is corrected to read ``year. Taxpayers''.
    2. On page 67339, in the first column, in the first partial 
paragraph, the last line is corrected to read ``2017 proposed 
regulations for taxable years ending after August 19, 2024.''.
    3. On page 67339, in the first column, in the first full paragraph, 
the last line is corrected to read ``regulations, except to make 
elections for taxable years beginning on or before August 19, 2024.''.
    4. On page 67340, in the second column, under the heading ``Partial 
Withdrawal of Proposed Regulations'' the first full paragraph is 
corrected to read ``Under the authority of 26 U.S.C. 7805: (1) proposed 
Sec.  1.954-2(g)(3)(iii)

[[Page 71865]]

and (g)(4)(iii), contained in the notice of proposed rulemaking that 
was published in the Federal Register on December 19, 2017 (82 FR 
60135), are withdrawn for taxable years ending after August 19, 2024; 
(2) proposed Sec.  1.988-7(d) and (e), contained in the notice of 
proposed rulemaking that was published in the Federal Register on 
December 19, 2017 (82 FR 60135), are withdrawn as of August 19, 2024; 
and (3) proposed Sec.  1.988-7(c) contained in the notice of proposed 
rulemaking that was published in the Federal Register on December 19, 
2017 (82 FR 60135), is withdrawn for taxable years beginning after 
August 19, 2024.''.


Sec.  1.988-7  [Corrected]

0
5. On page 67341, in the first column, in Sec.  1.988-7, the last line 
of paragraph (c)(1) is corrected to read ``election is made, or if 
applicable, with a request for an extension of time to file that 
return.''.

Oluwafunmilayo A. Taylor,
Chief, Publications and Regulations Section, Associate Chief Counsel 
(Procedure and Administration).
[FR Doc. 2024-19792 Filed 9-3-24; 8:45 am]
BILLING CODE 4830-01-P