Notices. Final regulations; correction

296 words·~1 min read·/register/2020/12/11/2020-25374

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BILLING CODE 4710-25-P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9902] RIN 1545-BP15 Guidance Under Sections 951A and 954 Regarding Income Subject to a High Rate of Foreign Tax; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final regulations; correction. SUMMARY: This document contains corrections to Treasury Decision 9902, which was published in the **Federal Register** on Thursday, July 23, 2020. Treasury Decision 9902 contained final regulations under the global intangible low-taxed income and subpart F income provisions of the Internal Revenue Code regarding the treatment of income that is subject to a high rate of foreign tax.

DATES: This correction is effective on December 11, 2020. FOR FURTHER INFORMATION CONTACT: Jorge M. Oben or Larry R. Pounders at

(202)317-6934 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations that are the subject of this correction are issued under section 951A of the Code. Need for Correction As published, the final regulations contain errors that need to be corrected. Correction of Publication Accordingly, the final regulations (TD 9902) that are the subject of FR Doc. 2020-15351, beginning on page 44620 in the issue of July 23, 2020, are corrected as follows: On page 44629, in the first column, the text of footnote 6 is corrected to read: “Under currently applicable § 1.951A-1(e)(2), a domestic partnership can be a controlling domestic shareholder—for example, for purposes of determining which party elects the GILTI high-tax exclusion under § 1.951A-2(c)(7)(viii)(A), including potentially for taxable years beginning after December 31, 2017, under § 1.951A-7(b), as discussed in part VIII of this Summary of Comments and Explanation of Revisions.” Crystal Pemberton, Senior Federal Register Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2020-25374 Filed 12-10-20; 8:45 am]

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Notices

Final regulations; correction

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