CFR Correction

In Title 26 of the Code of Federal Regulations, part 1 (Sec. 1.1551 to end), revised as of April 1, 2005, on page 526, in Sec. 1.66961, paragraph (b), the third sentence is corrected by removing ``rified'', and adding in its place, ``Thus, the claim may be prepared by the preparer's employer or by other persons. In all cases,

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to a notice of proposed rulemaking by crossreference to temporary regulations that was published in the Federal Register on Tuesday, May 30, 2006 (71 FR 30640) relating to guidance necessary to facilitate business electronic filing and burden reduction.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations under sections 882 and 884 relating to the determination of the interest expense deduction of foreign corporations engaged in a trade or business within the United States. These regulations update the 1996 final interest expense

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document cancels a public hearing on proposed regulations under section 7874 of the Internal Revenue Code relating to the determination of whether a foreign entity shall be treated as a surrogate foreign corporation under section 7874(a)(2)(B).

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document cancels a public hearing on proposed regulations concerning the determination of the items of income or loss of a taxpayer with respect to a section 987 qualified business unit, as well as the timing, amount, character and source of any section 987 gain or loss.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document cancels a public hearing on proposed regulations relating to the disregard of affiliateowned stock in determining the percentage of stock of a foreign corporation held by former shareholders or partners of a domestic entity, in order to determine whether the foreign corporation is a surrogate foreign corporation under section 7874 of

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a correction to temporary regulations (TD 9262) that were published in the Federal Register on Thursday, June 1, 2006 (71 FR 31074) concerning the application of section 199 of the Internal Revenue Code, which provides a deduction for income attributable to domestic production activities, to certain transactions involving

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final regulations relating to the depreciation of property subject to section 168 of the Internal Revenue Code (MACRS property) and the depreciation of computer software subject to section 167. Specifically, these final regulations provide guidance regarding the additional first year depreciation allowance provided by

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains temporary regulations relating to the reduction in taxable income under section 302 of the Katrina Emergency Tax Relief Act of 2005. The regulations affect taxpayers who provide housing in their principal residences to individuals displaced by Hurricane Katrina. The text of the temporary regulations also serves as the text

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains proposed regulations under sections 402(g), 402A, 403(b), and 408A of the Internal Revenue Code (Code) relating to designated Roth accounts. These regulations will affect administrators of, employers maintaining, participants in, and beneficiaries of section 401(k) and section 403(b) plans, as well as owners and

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document withdraws a notice of proposed rulemaking (REG- 13126404) regarding the treatment of manufacturer incentive payments. The proposed regulations were published in the Federal Register on August 13, 2004 (69 FR 50112). After consideration of additional issues, the IRS and Treasury Department have decided to withdraw the proposed

DEPARTMENT OF THE TREASURY : Internal Revenue Service

These proposed regulations provide guidance relating to the determination of who is considered to pay a foreign tax for purposes of sections 901 and 903. The proposed regulations affect taxpayers that claim direct and indirect foreign tax credits.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a correction to final and temporary regulations (TD 9281), that were published in the Federal Register on Thursday, August 17, 2006 (71 FR 47443). This regulation revised the Income Tax Regulations relating to the determination of the interest expense deduction of foreign corporations and applies to foreign corporations

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to a notice of proposed rulemaking that was published in the Federal Register on Thursday, September 7, 2006 (71 FR 52876), regarding the determination of the items of income or loss of a taxpayer with respect to a section 987 qualified business unit as well as the timing, amount, character and source of any

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains temporary regulations under section 1502 that provide the IRS with the authority to designate a domestic member of the consolidated group as a substitute agent to act as the sole agent for the group where a foreign entity is the common parent. The regulations affect corporations that join in the filing of a consolidated

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains proposed regulations under sections 871 and 881 of the Internal Revenue Code (Code) relating to the exclusion from gross income of portfolio interest paid to a nonresident alien individual or foreign corporation. These regulations clarify how the portfolio interest rules apply with respect to interest paid to a partnership

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains corrections to temporary regulations that were published in the Federal Register on Tuesday, April 25, 2006 (71 FR 24516) regarding the application of separate foreign tax credit limitations to dividends received from noncontrolled section 902 corporations under section 904(d)(4).

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains a correction to final and temporary regulations (TD 9244), that were published in the Federal Register on Thursday, January 26, 2006 (71 FR 4264). This regulation provides guidance regarding the determination of the basis of stock or securities received in exchange for, or with respect to, stock or securities in certain

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains final regulations relating to the computation and allocation of the credit for increasing research activities for members of a controlled group of corporations or a group of trades or businesses under common control. These final regulations reflect changes made to section 41 by the Revenue Reconciliation Act of 1989, which

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document provides notice of cancellation of a public hearing on proposed rulemaking relating to the annual filing of Federal employment tax deposits for employees in the Employers' Annual Federal Tax Program (Form 944) under sections 6302 and 31.63021 of the Internal Revenue Code.

DEPARTMENT OF THE TREASURY : Internal Revenue Service

CFR Correction

In Title 26 of the Code of Federal Regulations, part 1 (Sec. Sec. 1.301 to 1.400),
[[Page 38262]]
revised as of April 1, 2006, on page 10, Sec. 1.3011 is corrected by adding paragraph (g) to read as follows:
Sec. 1.3011 Rules applicable with respect to distributions of money and other property.
* * * * *
(g) Reduction for

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document contains proposed regulations that provide guidance under section 987 of the Internal Revenue Code (Code) regarding the determination of the items of income or loss of a taxpayer with respect to a section 987 qualified business unit (section 987 QBU) as well as the timing, amount, character and source of any section 987 gain or loss.

DEPARTMENT OF THE TREASURY : Veterans Affairs Department

Correction

In rule document E618909 beginning on page 65722 in the issue of Thursday, November 9, 2006, make the following correction:

Sec. 1.416 [Corrected]

On page 65730, in the first column, in Sec. 1.416(e), in Example 5, in paragraph (ii)(A), in the second to last line in the paragraph, ``The group credit is 0.20'' should read ``The

DEPARTMENT OF THE TREASURY : Internal Revenue Service

In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations that provide guidance under section 1502 that governs certain basis determinations and adjustments of subsidiary stock in certain transactions involving members of a consolidated group. The text of those regulations also serves as

DEPARTMENT OF THE TREASURY : Internal Revenue Service

This document corrects final regulations and removal of temporary regulations (TD 9253) that was published in the Federal Register on Tuesday, March 14, 2006 (71 FR 13003) relating to the withholding of tax under section 1441 on certain U.S. source income paid to foreign persons and related requirements governing collection, deposit, refunds, and

DEPARTMENT OF THE TREASURY : Internal Revenue Service