Announcement 2009-23

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Internal Revenue Bulletin:

2009-13 March 30, 2009

Announcement 2009-23

Gain Recognition Agreements With Respect to Certain Transfers of Stock or Securities by United States Persons to Foreign Corporations; Correction



Internal Revenue Service (IRS), Treasury.


Correcting amendment.


This document contains a correction to final regulations (T.D. 9446, 2009-9 I.R.B. 607) 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.


This correction is effective March 10, 2009, and is applicable on February 11, 2009.


S. James Hawes, (202) 622-3860 (not a toll-free number).



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 (T.D. 9446) contains an error that may prove to be misleading and is in need of clarification.

* * * * *

Correction of Publication

Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:


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
Legal Processing Division,
Associate Chief Counsel
(Procedure and Administration).


(Filed by the Office of the Federal Register on March 9, 2009, 8:45 a.m., and published in the issue of the Federal Register for March 10, 2009, 74 F.R. 10175)

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