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###### Department of the Treasury

###### Internal Revenue Service 

          - 26 CFR Part 1 
          - [TD 9446] 
          - RIN 1545-BG09 

# 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 toll-free 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 

* * * * *

(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