IRS Corrects Applicability Date Language in Final BEAT Regs

Base Erosion and Anti-Abuse Tax; Correction 

[4830-01-P]

Department of the Treasury
Internal Revenue Service
26 CFR Part 1

Treasury Decision 9885

RIN 1545–BO56

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

SUMMARY: This document contains corrections to final regulations (TD 9885) that were published in the Federal Register on Friday, December 6, 2019. The final regulations implements the base erosion and anti-abuse tax, designed to prevent the reduction of tax liability by certain large corporate taxpayers through certain payments made to foreign related parties and certain tax credits.

DATES: This correction is effective on February 28, 2020, and is applicable on December 6, 2019.

FOR FURTHER INFORMATION CONTACT: Concerning §1.6038A-1, Brad McCormack or Anand Desai at (202) 317-6939 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9885) that are the subject of this correction are under section 1.6038A of the Internal Revenue Code.

Need for Correction

As published the final regulations (TD 9885) contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the final regulations (TD 9885), that are subject of FR Doc. 2019-25744, published on December 6, 2019 (84 FR 66968), are corrected as follows:

Martin V. Franks
Chief
Publications and Regulations Branch
Legal Processing Division
Associate Chief Counsel
(Procedure and Administration)

[FR Doc. 2020-03277 Filed: 2/27/2020 8:45 am; Publication Date: 2/28/2020]