[Federal Register Volume 75, Number 248 (Tuesday, December 28, 2010)]
[Rules and Regulations]
[Page 81457]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32536]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9508]
RIN 1545-BJ85


Source of Income From Qualified Fails Charges; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to temporary regulations 
(TD 9508) thatwere published in the Federal Register on Wednesday, 
December 8, 2010 (75 FR 76262)providing guidance about the treatment of 
fails charges for purposes of sections 871 and 881, which generally 
require gross-basis taxation of foreign persons not otherwise subject 
to U.S. net-basis taxation and the withholding of such tax under 
sections 1441 and 1442.

DATES: This correction is effective on December 28, 2010, and is 
applicable beginning December 8, 2010.

FOR FURTHER INFORMATION CONTACT: Sheila Ramaswamy or Anthony J. Marra 
at (202) 622-3870 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulations (TD 9508) that are the subject of this 
document are under section 863 of the Internal Revenue Code.

Need for Correction

    As published, the temporary regulations (TD 9508) contain an error 
that may prove to be misleading and is in need of clarification.

List of Subject in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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


0
Par. 2. Section 1.863-10T is amended by revising the paragraph (f) to 
read as follows:


Sec.  1.863-10T  Source of income from a qualified fails charge 
(temporary).

* * * * *
    (f) Expiration date. This section expires on December 6, 2013.

Guy R. Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, Procedure and Administration.
[FR Doc. 2010-32536 Filed 12-27-10; 8:45 am]
BILLING CODE 4830-01-P