Proposed Rule2024-19792
Guidance Regarding Elections Relating to Foreign Currency Gains and Losses; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 4, 2024
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
This document contains corrections to the proposed regulations (REG-111629-23), published in the Federal Register on August 20, 2024. The proposed regulations are regarding the time for making and revoking certain elections relating to foreign currency gain and loss.
Full Text
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<title>Federal Register, Volume 89 Issue 171 (Wednesday, September 4, 2024)</title>
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[Federal Register Volume 89, Number 171 (Wednesday, September 4, 2024)]
[Proposed Rules]
[Pages 71864-71865]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-19792]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-111629-23]
RIN 1545-BM80
Guidance Regarding Elections Relating to Foreign Currency Gains
and Losses; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking; correction.
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SUMMARY: This document contains corrections to the proposed regulations
(REG-111629-23), published in the Federal Register on August 20, 2024.
The proposed regulations are regarding the time for making and revoking
certain elections relating to foreign currency gain and loss.
DATES: Written or electronic comments and requests for a public hearing
are still being accepted and must be received by October 18, 2024.
ADDRESSES: Commenters were strongly encouraged to submit public
comments electronically via the Federal eRulemaking Portal at
<a href="http://www.regulations.gov">www.regulations.gov</a> (indicate IRS and REG-111629-23) by following the
online instructions for submitting comments. Requests for a public
hearing must be submitted as prescribed in the ``Comments and Requests
for a Public Hearing'' section of the notice of proposed rulemaking
published on August 20, 2024 (89 FR 67336). Once submitted to the
Federal eRulemaking Portal, comments cannot be edited or withdrawn. The
Department of the Treasury (``Treasury Department'') and the IRS will
publish for public availability any comments submitted to the IRS's
public docket. Send hard copy submissions to: CC:PA:01:PR (REG-111629-
23), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin
Station, Washington, DC 20044.
FOR FURTHER INFORMATION CONTACT: Edward Tracy at (202) 317-5443 (not a
toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The proposed regulations (REG-111629-23) subject to this correction
are proposed to be issued under sections 954 and 988 of the Internal
Revenue Code.
Corrections
Accordingly, FR Doc. 2024-18281 (REG-111629-23), appearing on page
67336 in the Federal Register on Tuesday, August 20, 2024, is corrected
as follows:
1. On page 67339, in the first column, in the first partial
paragraph, the fifth line is corrected to read ``year. Taxpayers''.
2. On page 67339, in the first column, in the first partial
paragraph, the last line is corrected to read ``2017 proposed
regulations for taxable years ending after August 19, 2024.''.
3. On page 67339, in the first column, in the first full paragraph,
the last line is corrected to read ``regulations, except to make
elections for taxable years beginning on or before August 19, 2024.''.
4. On page 67340, in the second column, under the heading ``Partial
Withdrawal of Proposed Regulations'' the first full paragraph is
corrected to read ``Under the authority of 26 U.S.C. 7805: (1) proposed
Sec. 1.954-2(g)(3)(iii)
[[Page 71865]]
and (g)(4)(iii), contained in the notice of proposed rulemaking that
was published in the Federal Register on December 19, 2017 (82 FR
60135), are withdrawn for taxable years ending after August 19, 2024;
(2) proposed Sec. 1.988-7(d) and (e), contained in the notice of
proposed rulemaking that was published in the Federal Register on
December 19, 2017 (82 FR 60135), are withdrawn as of August 19, 2024;
and (3) proposed Sec. 1.988-7(c) contained in the notice of proposed
rulemaking that was published in the Federal Register on December 19,
2017 (82 FR 60135), is withdrawn for taxable years beginning after
August 19, 2024.''.
Sec. 1.988-7 [Corrected]
0
5. On page 67341, in the first column, in Sec. 1.988-7, the last line
of paragraph (c)(1) is corrected to read ``election is made, or if
applicable, with a request for an extension of time to file that
return.''.
Oluwafunmilayo A. Taylor,
Chief, Publications and Regulations Section, Associate Chief Counsel
(Procedure and Administration).
[FR Doc. 2024-19792 Filed 9-3-24; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on September 4, 2024.
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