Definitions and Reporting Requirements for Shareholders of Passive Foreign Investment Companies; Correcting Amendment

• Published date: 06 May 2020
• Citation: 85 FR 26848
• Record Number: 2020-08113
• Section: Rules and Regulations
• Court: Internal Revenue Service

Federal Register, Volume 85 Issue 88 (Wednesday, May 6, 2020)

[Federal Register Volume 85, Number 88 (Wednesday, May 6, 2020)]
                [Rules and Regulations]
                [Page 26848]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2020-08113]
                =======================================================================
                -----------------------------------------------------------------------
                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                26 CFR Part 1
                [TD 9806]
                RIN 1545-BK66
                Definitions and Reporting Requirements for Shareholders of
                Passive Foreign Investment Companies; Correcting Amendment
                AGENCY: Internal Revenue Service (IRS), Treasury.
                ACTION: Correcting amendment.
                -----------------------------------------------------------------------
                SUMMARY: This document contains corrections to Treasury Decision 9806,
                which was published in the Federal Register on Wednesday, December 28,
                2016. Treasury Decision 9806 contained final regulations that provided
                guidance on determining ownership of a passive foreign investment
                company (PFIC) and on certain annual reporting requirements for
                shareholders of PFICs to file Form 8621, ``Information Return by a
                Shareholder of a Passive Foreign Investment Company or Qualified
                Electing Fund.''
                DATES: These final regulations are effective on and after May 6, 2020,
                and are applicable on or after December 28, 2016.
                FOR FURTHER INFORMATION CONTACT: Martin V. Franks at (202) 317-5181
                (not a toll-free number).
                SUPPLEMENTARY INFORMATION:
                Background
                 The final regulations (TD 9806) that are the subject of this
                correction are under sections 1291, 1298, 6038, and 6046 of the
                Internal Revenue Code.
                Need for correction
                 As published December 28, 2016 (81 FR 95459), the final regulations
                (TD 9806; FR Doc. 2016-30712) contained errors that needs to be
                corrected.
                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 amendment:
                PART 1--INCOME TAXES
                0
                1. The authority citation for part 1 is amended by removing the entry
                for Sec. Sec. 1.1291-1T, 1.1291-9, 1.1291-9T, and 1.1298-1T and the
                entry for Sec. 1.6046-1T to read in part as follows:
                 Authority: 26 U.S.C. 7805, unless otherwise noted.
                * * * * *
                Martin V. Franks,
                Chief, Publications and Regulations Branch, Legal Processing Division,
                Associate Chief Counsel (Procedure and Administration).
                [FR Doc. 2020-08113 Filed 5-5-20; 8:45 am]
                 BILLING CODE 4830-01-P