Source: https://www.federalregister.gov/documents/2007/07/20/E7-14080/qualified-films-under-section-199-correction
Timestamp: 2017-11-24 17:26:13
Document Index: 132725659

Matched Legal Cases: ['§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091', '§\u20091']

Federal Register :: Qualified Films Under Section 199; Correction
39770-39771 (2 pages)
REG-103842-07
1545-BG33
E7-14080
https://www.federalregister.gov/d/E7-14080 https://www.federalregister.gov/d/E7-14080
Concerning § 1.199-3(k) of the proposed regulations, David McDonnell at (202) 622-3040; Concerning § 1.199-7 of the proposed regulations, Ken Cohen (202) 622-7790 (not toll-free numbers).
The notice of proposed rulemaking (REG-103842-07) that is the subject of Start Printed Page 39771the correction is under section 199 of the Internal Revenue Code.
As published, the notice of proposed rulemaking (REG-103842-07) contains errors that may prove to be misleading and are in need of clarification.
Accordingly, the publication of the notice of proposed rulemaking (REG-103842-07), that is the subject of FR Doc. E7-10821, is corrected as follows:
1. On page 31480, column 2, in the preamble, under the paragraph heading “Expanded Affiliated Groups”, second paragraph of the column, lines 25 through 28, the language “assume that X and Y each have $60 of taxable income and QPAI in 2007, Z has $170 of taxable income and QPAI in 2008, and that X, Y, and Z each have” is corrected to read “assume that X and Y each has $60 of taxable income and QPAI in 2007, Z has $170 of taxable income and QPAI in 2008, and that X, Y, and Z each has”.
2. On page 31482, column 1, § 1.199-3(k)(7)(i), line 2 from the bottom of the paragraph, the language “Paragraph (g)(4)(ii)(A) of this section” is corrected to read “Paragraph (g)(3)(ii)(A) of this section”.
§ 1.199-7
3. On page 31482, column 3, § 1.199-7(e) Example 10. paragraph (i), line 5 of the paragraph, the language “B each use the section 861 method for” is corrected to read “B each uses the section 861 method for”.
4. On page 31482, column 3, § 1.199-7(e) Example 10. paragraph (iii), line 8 of the paragraph, the language “B becomes a non-member of the consolidated” is corrected to read “B becomes a nonmember of the consolidated”.
5. On page 31483, column 1, § 1.199-7(g)(3) Example. paragraph (i), lines 9 through 11 of the paragraph, the language “year, neither X, Y, nor Z join in the filing of a consolidated Federal income tax return. Assume that X, Y, and Z each have W-2” is corrected to read “year, neither X, Y, nor Z joins in the filing of a consolidated Federal income tax return. Assume that X, Y, and Z each has W-2”.
6. On page 31483, column 1, § 1.199-7(g)(3) Example. paragraph (ii), line 5 from the bottom of the column, the language “allocated $96 of the deduction. For the” is corrected to read “allocated $96 of the EAG's section 199 deduction. For the”.
[FR Doc. E7-14080 Filed 7-19-07; 8:45 am]