Federal Register / Vol. 77, No. 34 / Tuesday, February 21, 2012 / Rules and Regulations 9845 

(i) Expiration date. The applicability 

date of paragraph (d)(6)(ii) expires on 

January 13, 2015. 

Robin R. Jones, 

Federal Register Liaison Officer, Publications 

and Regulations Branch, Legal Processing 

Division, Associate Chief Counsel, Procedure 

and Administration. 

[FR Doc. 2012–3855 Filed 2–17–12; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9567] 

RIN 1545–BK17 

Reporting of Specified Foreign 

Financial Assets; Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correcting amendment. 

SUMMARY: This document contains 

corrections to final regulations (TD 

9567), which were published in the 

Federal Register on Monday, December 

19, 2011, relating to the reporting of 

specified foreign financial assets. 

DATES: Effective date: This correction is 

effective February 21, 2012, and is 

applicable beginning December 19, 

2011. 

FOR FURTHER INFORMATION CONTACT: 

Joseph S. Henderson, (202) 622–3880 

(not a toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final regulations that are the 

subject of these corrections are under 

section 6038 of the Internal Revenue 

Code. 

Need for Correction 

As published on December 19, 2011 

(76 FR 78561), final regulation (TD 

9567), contains errors which 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. 

Accordingly, 26 CFR part 1 is 

corrected by making the following 

correcting amendments. 

PART 1—INCOME TAXES 

■ Paragraph 1. The authority citation 

for part 1 continues to read in part as 

follows: 

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

PART 1—[CORRECTED] 

■ Par. 2. Section 1.6038D–2T is 

amended by: 

■ 1. Revising the last sentence of 

paragraph (b)(3). 

■ 2. Revising, in paragraph (d), the 

subject heading and fifth sentence of 

paragraph (2)(i) in the Example. 

The revisions read as follows: 

§ 1.6038D–2T Requirement to report 

specified foreign financial assets 

(temporary). 

* * * * * 

(b) * * * 

(3) * * * See § 1.6038D–5T(f) for 

rules to determine the maximum value 

of an interest in a foreign trust or estate. 

* * * * * 

(d) * * * 

Example. * * * 

(2) * * * 

(i) Married specified individuals filing 

separate annual returns. * * * See 

§ 1.6038D–5T(b) regarding the 

maximum value of a jointly owned and 

specified foreign financial asset to be 

reported by a specified person, 

including a married specified 

individual, that is a joint owner of an 

asset. * * * 

* * * * * 

■ Par. 3. Section 1.6038D–4T is 

amended by revising paragraph (a)(9) to 

read as follows: 

§ 1.6038D–4T Information required to be 

reported (temporary). 

(a) * * * 

(9) The foreign currency exchange rate 

and, if the source of such rate is other 

than as described in § 1.6038D–5T(c)(1), 

the source of the rate used to determine 

the specified foreign financial asset’s 

U.S. dollar value, including maximum 

value; and 

* * * * * 

■ Par. 4. Section 1.6038D–5T is 

amended by revising paragraph (c)(1). 

§ 1.6038D–5T Valuation guidelines 

(temporary). 

* * * * * 

(c) * * * 

(1) In general. Except as provided in 

paragraph (c)(2) of this section, the U.S. 

Treasury Department’s Financial 

Management Service foreign currency 

exchange rate is to be used to convert 

the value of a specified foreign financial 

asset into U.S. dollars for purposes of 

determining the aggregate value of 

specified foreign financial assets in 

which a specified person has an interest 

and determining the maximum value of 

a specified foreign financial asset. 

* * * * * 

■ Par. 5. Section 1.6038D–7T is 

amended by revising paragraphs 

(a)(1)(i)(C) and (b) introductory text to 

read as follows: 

§ 1.6038D–7T Exceptions from the 

reporting of certain assets under section 

6038D (temporary). 

(a) * * * 

(1) * * * 

(i) * * * 

(C) Form 8621, ‘‘Return by a 

Shareholder of a Passive Foreign 

Investment Company or Qualified 

Electing Fund’’; 

* * * * * 

(b) Owner of certain trusts. A 

specified person that is treated as an 

owner of any portion of a domestic trust 

under sections 671 through 678 is not 

required to file Form 8938 to report any 

specified foreign financial asset held by 

the trust if the trust is— 

* * * * * 

Guy R. Traynor, 

Federal Register Liaison, Legal Processing 

Division, Publication and Regulations Br., 

Procedure & Administration. 

[FR Doc. 2012–3935 Filed 2–17–12; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9567] 

RIN 1545–BK17 

Reporting of Specified Foreign 

Financial Assets; Correction 

AGENCY: Internal Revenue Service (IRS). 

ACTION: Final rule; correction. 

SUMMARY: This document contains 

corrections to final regulations (TD 

9567), which were published in the 

Federal Register on Monday, December 

19, 2011, relating to reporting of 

specified foreign financial assets. 

DATES: Effective Date: This correction is 

effective February 21, 2012, and is 

applicable beginning December 19, 

2011. 

FOR FURTHER INFORMATION CONTACT: 

Joseph S. Henderson, (202) 622–3880 

(not a toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final regulations that are the 

subject of these corrections are under 

section 6038 of the Internal Revenue 

Code. 

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