Guidance on Passive Foreign Investment Companies; Correction

• Published date: 22 February 2022
• Citation: 87 FR 9445
• Record Number: 2022-03611
• Section: Rules and Regulations
• Court: Internal Revenue Service

Federal Register, Volume 87 Issue 35 (Tuesday, February 22, 2022)

[Federal Register Volume 87, Number 35 (Tuesday, February 22, 2022)]
                [Rules and Regulations]
                [Page 9445]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2022-03611]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                26 CFR Part 1
                [TD 9960]
                RIN 1545-BO59
                Guidance on Passive Foreign Investment Companies; Correction
                AGENCY: Internal Revenue Service (IRS), Treasury.
                ACTION: Correcting amendment.
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                SUMMARY: This document contains corrections to the final regulations
                Treasury Decision 9960 published in the Federal Register on Tuesday,
                January 25, 2022. The final regulations regarding the treatment of
                domestic partnerships for purposes of determining amounts included in
                the gross income of their partners with respect to foreign
                corporations.
                DATES: These corrections are effective on February 22, 2022, and
                applicable on or after January 25, 2022.
                FOR FURTHER INFORMATION CONTACT: Edward J. Tracy at (202) 317-6934 (not
                a toll-free number).
                SUPPLEMENTARY INFORMATION:
                Background
                 The final regulations (TD 9960) subject to this correction are
                issued under section 951 of the Internal Revenue Code.
                Need for Correction
                 As published on January 25, 2022 (87 FR 3648), the final
                regulations (TD 9960) contain errors that need 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 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. 1.958-1 [Corrected]
                0
                Par. 2. Section 1.958-1(d)(3)(iii)(B)(3) is corrected by removing the
                word ``note'' and adding the word ``account'' in its place.
                Oluwafunmilayo A. Taylor,
                Chief, Publications and Regulations Branch, Legal Processing Division,
                Associate Chief Counsel, (Procedure and Administration).
                [FR Doc. 2022-03611 Filed 2-18-22; 8:45 am]
                BILLING CODE 4830-01-P