10174 Federal Register / Vol. 74, No. 45 / Tuesday, March 10, 2009 / Rules and Regulations 

rule for effect without first soliciting 

public comment as requiring public 

comment before extending the effective 

date would be contrary to the interest of 

justice and the public interest. 

List of Subjects in 24 CFR Part 3500 

Consumer protection, Condominiums, 

Housing, Mortgagees, Mortgage 

servicing, Reporting and recordkeeping 

requirements. 

■ Accordingly, 24 CFR part 3500 is 

corrected by making the following 

amendments: 

PART 3500—REAL ESTATE 

SETTLEMENT PROCEDURES ACT 

■ 1. The authority citation for part 3500 

continues to read as follows: 

Authority: 12 U.S.C. 2601 et seq: 42 U.S.C. 

3535(d). 

■ 2. Section 3500.1(b)(1) is revised to 

read as follows: 

§ 3500.1 Designation and applicability. 

* * * * * 

(b) * * * 

(1) The definition of Required use in 

§ 3500.2 is applicable commencing on 

July 16, 2009; §§ 3500.8(b), 3500.17, 

3500.21, 3500.22 and 3500.23, and 

Appendices E and MS–1 are applicable 

commencing January 16, 2009. 

* * * * * 

Dated: March 6, 2009. 

Brian D. Montgomery, 

Assistant Secretary for Housing—Federal 

Housing Commissioner. 

[FR Doc. E9–5221 Filed 3–9–09; 8:45 am] 

BILLING CODE 4210–67–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9444] 

RIN 1545–BI42 

Application of Section 367 to a Section 

351 Exchange Resulting From a 

Transaction Described in Section 

304(a)(1); Treatment of Gain 

Recognized Under Section 301(c)(3) for 

Purposes of Section 1248; Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correction to final and 

temporary regulations. 

SUMMARY: This document contains a 

correction to final and temporary 

regulations (TD 9444) that were 

published in the Federal Register on 

Wednesday, February 11, 2009, under 

sections 367(a), 367(b) and 1248(a) of 

the Internal Revenue Code. The final 

regulations under section 367 revise 

existing final regulations and add crossreferences. The final regulations under 

section 1248 update an effective/ 

applicability date. The temporary 

regulations under section 367(a) and (b) 

revise existing final regulations 

concerning transfers of stock to a foreign 

corporation that are described in section 

351 by reason of section 304(a)(1). The 

temporary regulations under section 

1248(a) provide that, for purposes of 

section 1248(a), gain recognized by a 

shareholder under section 301(c)(3) in 

connection with the receipt of a 

distribution of property from a foreign 

corporation with respect to its stock 

shall be treated as gain from the sale or 

exchange of the stock of such foreign 

corporation. The temporary regulations 

affect certain persons that transfer stock 

to a foreign corporation in a transaction 

described in section 304(a)(1), or certain 

persons that recognize gain under 

section 301(c)(3) in connection with the 

receipt of a distribution of property from 

a foreign corporation with respect to its 

stock. 

DATES: This correction is effective 

March 10, 2009, and is applicable on 

February 11, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Sean W. Mullaney, (202) 622–3860 (not 

a toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final and temporary regulations 

that are the subject of this document are 

under sections 367 and 1248 of the 

Internal Revenue Code. 

Need for Correction 

As published Wednesday, February 

11, 2009 (74 FR 6824), final and 

temporary regulations (TD 9444) 

contains an error that may prove to be 

misleading and is in need of 

clarification. 

Correction of Publication 

Accordingly, the publication of the 

final and temporary regulations (TD 

9444), which was the subject of FR Doc. 

E9–2835, is corrected as follows: 

On page 6825, column 2, in the 

preamble, under the paragraph heading 

‘‘A. Modified Application of Section 

367(a) to Deemed Section 351 

Exchanges’’, first paragraph of the 

column, fourth line from the bottom of 

the paragraph, the language ‘‘recognized 

$100x gain under section’’ is corrected 

to read ‘‘recognize $100x gain under 

section’’. 

Guy Traynor, 

Acting Chief, Publications and Regulations 

Branch, Legal Processing Division, Associate 

Chief Counsel, (Procedure and 

Administration). 

[FR Doc. E9–4997 Filed 3–9–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9444] 

RIN 1545–BI42 

Application of Section 367 to a Section 

351 Exchange Resulting From a 

Transaction Described in Section 

304(a)(1); Treatment of Gain 

Recognized Under Section 301(c)(3) for 

Purposes of Section 1248; Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correcting amendment. 

SUMMARY: This document contains a 

correction to final and temporary 

regulations (TD 9444) that were 

published in the Federal Register on 

Wednesday, February 11, 2009, under 

sections 367(a), 367(b) and 1248(a) of 

the Internal Revenue Code. The final 

regulations under section 367 revise 

existing final regulations and add crossreferences. 

The final regulations under section 

1248 update an effective/applicability 

date. The temporary regulations under 

section 367(a) and (b) revise existing 

final regulations concerning transfers of 

stock to a foreign corporation that are 

described in section 351 by reason of 

section 304(a)(1). The temporary 

regulations under section 1248(a) 

provide that, for purposes of section 

1248(a), gain recognized by a 

shareholder under section 301(c)(3) in 

connection with the receipt of a 

distribution of property from a foreign 

corporation with respect to its stock 

shall be treated as gain from the sale or 

exchange of the stock of such foreign 

corporation. The temporary regulations 

affect certain persons that transfer stock 

to a foreign corporation in a transaction 

described in section 304(a)(1), or certain 

persons that recognize gain under 

section 301(c)(3) in connection with the 

receipt of a distribution of property from 

a foreign corporation with respect to its 

stock. 

Federal Register / Vol. 74, No. 45 / Tuesday, March 10, 2009 / Rules and Regulations 10175 

DATES: This correction is effective 

March 10, 2009, and is applicable on 

February 11, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Sean W. Mullaney, (202) 622–3860 (not 

a toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final and temporary regulations 

that are the subject of this document are 

under sections 367 and 1248 of the 

Internal Revenue Code. 

Need for Correction 

As published Wednesday, February 

11, 2009 (74 FR 6824), final and 

temporary regulations (TD 9444) 

contains an error that may prove to be 

misleading and is in need of 

clarification. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Correction of Publication 

■ Accordingly, 26 CFR part 1 is 

corrected by making the following 

correcting amendment: 

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 *** 

■ Par. 2. Section 1.367(a)–9T is 

amended by revising the paragraph of 

(b)(1) as follows: 

§ 1.367(a)–9T Treatment of deemed 

section 351 exchanges pursuant to section 

304(a)(1) (temporary). 

* * * * * 

(b) * * * 

(1) The gain realized by the United 

States person with respect to the 

transferred stock in connection with the 

deemed section 351 exchange exceeds; 

* * * * * 

Guy Traynor, 

Acting Chief, Publications and Regulations 

Branch, Legal Processing Division, Associate 

Chief Counsel, (Procedure and 

Administration). 

[FR Doc. E9–4995 Filed 3–9–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 1 

[TD 9446] 

RIN 1545–BG09 

Gain Recognition Agreements With 

Respect to Certain Transfers of Stock 

or Securities by United States Persons 

to Foreign Corporations; Correction 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Correcting amendment. 

SUMMARY: This document contains a 

correction to final regulations (TD 9446) 

that were published in the Federal 

Register on Wednesday, February 11, 

2009 (74 FR 6952) under section 367(a) 

of the Internal Revenue Code 

concerning gain recognition agreements 

filed by United States persons with 

respect to transfers of stock or securities 

to foreign corporations. 

DATES: This correction is effective 

March 10, 2009, and is applicable on 

February 11, 2009. 

FOR FURTHER INFORMATION CONTACT: S. 

James Hawes, (202) 622–3860 (not a tollfree number). 

SUPPLEMENTARY INFORMATION: 

Background 

The final regulations that are the 

subject of this document are under 

sections 338 and 367 of the Internal 

Revenue Code. 

Need for Correction 

As published, final regulations (TD 

9446) contains an error that may prove 

to be misleading and is in need of 

clarification. 

List of Subjects in 26 CFR Part 1 

Income taxes, Reporting and 

recordkeeping requirements. 

Correction of Publication 

■ Accordingly, 26 CFR part 1 is 

corrected by making the following 

correcting amendment: 

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 * * * 

■ Par. 2. Section 1.367(a)–8 is amended 

by revising paragraph (k)(3) to read as 

follows: 

§ 1.367(a)–8 Gain recognition agreement 

requirements. 

* * * * * 

(k) * * * 

(3) * * * A disposition of the 

transferred stock or securities pursuant 

to an exchange to which section 351, 

354 (but only in a reorganization 

described in section 368(a)(1)(B)), or 721 

applies, shall not constitute a triggering 

event if the U.S. transferor enters in to 

a new gain recognition agreement that 

provides that the dispositions described 

in paragraphs (k)(3)(i) and (ii) of this 

section shall constitute triggering events 

for purposes of the new gain recognition 

agreement. 

* * * * * 

Guy Traynor, 

Acting Chief, Publications and Regulations 

Branch, Legal Processing Division, Associate 

Chief Counsel, (Procedure and 

Administration). 

[FR Doc. E9–4998 Filed 3–9–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF VETERANS 

AFFAIRS 

38 CFR Part 2 

RIN 2900–AN09 

Delegations of Authority: Regulation 

Policy and Management 

AGENCY: Department of Veterans Affairs. 

ACTION: Final rule. 

SUMMARY: This document amends the 

Department of Veterans Affairs (VA) 

regulations that delegate authority to 

manage, direct, and coordinate VA’s 

rulemaking activities to certain officials. 

The amendments reflect the Secretary of 

Veterans Affairs’ decisions to designate 

the General Counsel as the Department’s 

Regulatory Policy Officer and to transfer 

the Office of Regulation Policy and 

Management to the Office of the General 

Counsel. These amendments are 

intended to provide VA with a single 

point of contact who can respond to the 

Secretary’s rulemaking concerns. 

DATES: Effective Date: March 10, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Robert C. McFetridge, Director, 

Regulation Policy and Management 

(02REG), Office of the General Counsel, 

U.S. Department of Veterans Affairs, 810 

Vermont Avenue, NW., Washington, DC 

20420, telephone (202) 461–4902. (This 

is not a toll-free number.) 

SUPPLEMENTARY INFORMATION: The Office 

of Regulation Policy and Management 

(ORPM) was established to provide 

centralized management and 

coordination for VA’s decentralized 

rulemaking process. The head of ORPM 

was designated as the Assistant to the