[Federal Register Volume 65, Number 218 (Thursday, November 9, 2000)]
[Proposed Rules]
[Pages 67318-67319]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-28424]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-209038-89]
RIN 1545-AO75


Foreign Trusts That Have U.S. Beneficiaries; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking and notice of 
public hearing.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to a notice of proposed 
rulemaking and notice of public hearing that was published in the 
Federal Register on Monday, August 7, 2000 (65 FR 48185) relating to 
transfers of property by U.S. persons to foreign trusts having one or 
more United States beneficiaries.

FOR FURTHER INFORMATION CONTACT: Willard W. Yates at (202) 622-3880 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking and notice of public hearing that 
is the subject of this correction is under section 679 of the Internal 
Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing contains errors that may prove to be misleading and are 
in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
and notice of public hearing (REG-209038-89), that was the subject of 
FR Doc. 00-19897, is corrected as follows:
    1. On page 48187, column 2, in the preamble under the paragraph 
heading ``Section 1.679-1 U.S. Transferor Treated as Owner of Foreign 
Trust'', first full paragraph from the top of the column, last line, 
the language ``November 6, 2000'' is corrected to read ``August 7, 
2000''.

    2. On page 48188, column 1, in the preamble under the paragraph 
heading ``Section 1.679-2: Trusts Treated as Having a U.S. 
Beneficiary'', third full paragraph, last line, the language ``November 
6, 2000'' is corrected to read ``August 7, 2000''.

    3. On page 48188, column 3, in the preamble under the paragraph 
heading ``Section 1.679-3 Transfers'', fourth paragraph, last line, the 
language ``November 6, 2000'' is corrected to read ``August 7, 2000''.

    4. On page 48189, column 2, in the preamble under the paragraph 
heading ``Section 1.679-4 Exceptions to General Rule'', second full 
paragraph, third line, the language ``trusts after November 6, 2000. 
Special'' is corrected to read ``trusts after August 7, 2000. 
Special''.

    5. On page 48189, column 3, in the preamble under the paragraph 
heading ``Section 1.679-5 Pre-immigration Trusts'', third full 
paragraph, last line, the language ``after November 6, 2000'' is 
corrected to read ``after August 7, 2000''.

    6. On page 48189, column 3, in the preamble under the paragraph 
heading

[[Page 67319]]

``Section 1.679-6 Outbound Migrations of Domestic Trusts'', last 
paragraph in the column, last line, the language ``November 6, 2000'' 
is corrected to read ``August 7, 2000''.

Cynthia E. Grigsby,
Chief, Regulations Unit, Office of Special Counsel (Modernization and 
Strategic Planning).
[FR Doc. 00-28424 Filed 11-8-00; 8:45 am]
BILLING CODE 4830-01-P