Rules and Regulations. Correction to final and temporary regulations

Agency: Internal Revenue Service (IRS), Treasury
Action: Correction to final and temporary regulations
Citation: FR Doc. 2011-22064 · RIN 1545-BK25 · TD 9535 · 26 CFR 1

Summary

This document contains a correction to final and temporary regulations (TD 9535), that were published in the Federal Register on Monday, July 18, 2011. These regulations provide guidance relating to the determination of the amount of taxes paid for purposes of the foreign tax credit. These regulations address certain highly structured transactions that produce inappropriate foreign tax credit results. The regulations affect individuals and corporations that claim direct and indirect foreign tax credits.

Dates

This correction is effective August 30, 2011, and is applicable beginning July 18, 2011.

Supplementary Information

Background The final and temporary regulations (TD 9535) that is the subject of this correction are under section 901 of Internal Revenue Code. Need for Correction As published, TD 9535 contains an error that may prove to be misleading and is in need of clarification. Correction of Publication Accordingly July 18, 2011 (76 FR 42038), the publication of the final and temporary regulations (TD 9535), that were the subject of FR Doc. 2011-17920, is corrected as follows: On page 42042, column 3, in the preamble under the caption “K. Effective Date”, line 5, the language, “or after July 17, 2011.” is corrected to read “or after July 13, 2011.”. Treena V. Garrett, Federal Register Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. 2011-22064 Filed 8-29-11; 8:45 am]