Guidance on Passive Foreign Investment Company (PFIC)

Official source: Federal Register (GovInfo) (https://www.govinfo.gov/content/pkg/FR-2006-01-25/pdf/06-683.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

4042 Federal Register / Vol. 71, No. 16 / Wednesday, January 25, 2006 / Rules and Regulations

section 1291 even though the foreign corporation in which they own stock is no longer treated as a PFIC under section 1297(a) or (e).

DATES: This correction is effective December 8, 2005.

FOR FURTHER INFORMATION CONTACT: Ethan Atticks, (202) 622–3840 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations are under sections 1291(d)(2), 1297(e) and 1298(b)(1) of the Internal Revenue Code.

Need for Correction

As published, the temporary regulations (TD 9232) contain errors that may prove to be misleading and are in need of clarification.

List of Subjects in 26 CFR Part 1

Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

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

PART 1—INCOME TAXES

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

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

§ 1.1297–3T [Corrected]

I 1. Section 1.1297–3T(e)(1)(i), the language ‘‘December 31, 2005’’ is removed and the language ‘‘June 30, 2006’’ is added in its place.

I 2. Section 1.1298–3T(e)(1)(i), the language ‘‘December 31, 2005’’ is removed and the language ‘‘June 30, 2006’’ is added in its place.

Cynthia E. Grigsby, Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).

[FR Doc. 06–682 Filed 1–24–06; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9232]

RIN 1545–BD33

Guidance on Passive Foreign Investment Company (PFIC) Purging Elections; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to temporary regulation.

SUMMARY: This document contains a correction to temporary regulations that were published in the Federal Register on Thursday, December 8, 2005 (70 FR 72908) that provide certain elections for taxpayers that continue to be subject to the PFIC excess distribution regime of section 1291 even though the foreign corporation in which they own stock is no longer treated as a PFIC under section 1297(a) or (e).

FOR FURTHER INFORMATION CONTACT: Ethan Atticks, (202) 622–3840 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulation that is the subject of this correction is under sections 1291(d)(2), 1297(e) and 1298(b)(1) of the Internal Revenue Code.

Need for Correction

As published, the temporary regulation (TD 9232) contain an error that may prove to be misleading and is in need of clarification.

Correction of Publication

I Accordingly, the publication of the temporary regulation (TD 9232), which were the subject of FR Doc. 05–23630, is corrected as follows:

I On page 72909, column 1, in the preamble under the caption heading DATES, lines 4 and 5, the language ‘‘applicability, see §§ 1.1297– 3T(f),1.1298–3T(f) is corrected to read ‘‘applicability, see §§ 1.1291–9T(K), 1.1297–3T(f), and 1.1298–3T(f).’’.

Cynthia E. Grigsby, Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).

[FR Doc. 06–683 Filed 1–24–06; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 31 and 32

[TD 9233]

RIN 1545–BC89

Sickness or Accident Disability Payments; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document corrects final regulations (TD 9233) that were published in the Federal Register on December 15, 2005 (70 FR 74198). The final regulations provide guidance regarding the treatment of payments made on account of sickness or accident disability under a workers’ compensation law for purposes of the Federal Insurance Contributions Act (FICA).

DATES: This correction is effective December 15, 2005.

FOR FURTHER INFORMATION CONTACT: David Ford (202) 622–6040 (not a tollfree number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9233) that are the subject of this correction are under section 3121 of the Internal Revenue Code.

Need for Correction

As published, the final regulation (TD 9233) contain errors that may prove to be misleading and are in need of clarification.

Correction of the Publication

Accordingly, the publication of the final regulations (TD 9233), which were the subject of FR Doc. 05–23945, is corrected as follows:

On page 74198, column 2, in the preamble under the paragraph heading ‘‘Background’’, lines 5 and 6, the language ‘‘for Federal Insurance Contributions Act (FICA) purposes payments made on ‘‘ is corrected to read ‘‘for FICA purposes payment made on’’.
On page 74199, column 1, in the preamble under the paragraph heading ‘‘Explanation of Provisions’’, first paragraph of the column, line 3, the language ‘‘extent necessary. The Service

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