REMIC Residual InterestsAccounting for REMIC Net Income (Including Any Excess Inclusions) (Foreign Holders)

Federal Register: August 6, 2008 (Volume 73, Number 152)

Rules and Regulations

Page 45612

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr06au08-8

DEPARTMENT OF THE TREASURY

Internal Revenue Service 26 CFR Part 1

TD 9415

RIN 1545-BB84

REMIC Residual Interests--Accounting for REMIC Net Income

(Including Any Excess Inclusions) (Foreign Holders)

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

SUMMARY: This document contains a correction to final regulations (TD 9415), that were published in the Federal Register on Monday, July 14, 2008 (73 FR 40171). The final regulations relates to income that is associated with a residual interest in a Real Estate Mortgage

Investment Conduit (REMIC) and that is allocated through certain entities to foreign persons who have invested in those entities.

DATES: This correction is effective on August 6, 2008.

FOR FURTHER INFORMATION CONTACT: Arturo Estrada, (202) 622-3900 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9415) that is the subject of this correction is under section 1441 of the Internal Revenue Code.

Need for Correction

As published, TD 9415 contains an error that may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

Income taxes, Reporting and recordkeeping requirements.

Correction of Publication 0

Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:

PART 301--PROCEDURE AND ADMINISTRATION 0

Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * * 0

Par. 2. Section 1.1441-2 is amended by revising paragraph (f) to read as follows:

Sec. 1.1441-2 Amounts subject to withholding.

* * * * *

(f) Effective/applicability date. This section applies to payments made after December 31, 2000. Paragraphs (b)(5) and (d)(4) of this section apply to payments made after August 1, 2006.

Cynthia E. Grigsby,

Senior Federal Register Liaison Officer, Publications and Regulations

Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).

FR Doc. E8-17954 Filed 8-5-08; 8:45 am

BILLING CODE 4830-01-P