INCOME TAX

REG-101952-24, page 349. These proposed regulations relate to the taxation of the income of foreign governments from investments in

Finding Lists begin on page ii.

the United States. In particular, these proposed regula­ tions provide guidance for determining when an acqui­ sition of debt by a foreign government is considered to be commercial activity, and when a foreign government has effective control of an entity engaged in commercial activity. These proposed regulations will affect foreign governments that derive income from sources within the United States.