[Federal Register Volume 79, Number 131 (Wednesday, July 9, 2014)]
[Proposed Rules]
[Pages 38809-38810]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-15873]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-150760-13]
RIN 1545-BM05


Definition of Real Estate Investment True Real Property; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking and notice of public hearing (REG-150760-13) that was 
published in the Federal Register on Wednesday, May 14, 2014 (79 FR 
27508), that clarify the definition of real property for purposes of 
the real estate investment trust provisions of the Internal Revenue 
Code.

DATES: Written or electronic comments and request for a public hearing 
for the notice of proposed rulemaking and notice of public hearing 
published at 79 FR 27508, May 14, 2014, are still being accepted and 
must be received by August 12, 2014.

FOR FURTHER INFORMATION CONTACT: Andrea M. Hoffenson, at (202) 317-7053 
(not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking and notice of public hearing that 
is the subject of this document is under section 856 of the Internal 
Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing (REG-150760-13) contains errors that are misleading and 
are in need of clarification.

Correction to Publication

    Accordingly, notice of proposed rulemaking and notice of public 
hearing, that is the subject of FR Doc. 2014-11115, is corrected as 
follows:
    1. On page 27508, in the preamble, first column, under the caption 
FOR FURTHER INFORMATION CONTACT, second line, the language ``Andrea 
Hoffenson, (202) 317-6842, or'' is corrected to read ``Andrea M. 
Hoffenson, (202) 317-7053, or''.
    2. On page 27510, in the preamble, second column, sixteenth line of 
the second full paragraph, the language ``investment credit contexts, 
this'' is corrected to read ``investment tax credit contexts, this''.
    3. On page 27510, in the preamble, third column, eighth and ninth 
lines of the first full paragraph, the language ``depreciation, (prior) 
investment tax credit, and FIRPTA contexts. In drafting'' is corrected 
to read ``depreciation and (prior) investment tax credit contexts. In 
drafting''.


Sec.  1.856-10  [Corrected]

    4. On page 27512, second column, fourth line of paragraph (e)(2), 
the language ``is a distinct asset is based on all of the'' is 
corrected to read ``is a distinct asset is based on all the''.
    5. On page 27512, third column, eighth line of paragraph (g) 
Example 1.

[[Page 38810]]

the language ``products of the land and qualify as land'' is corrected 
to read ``products of the land and are land''.
    6. On page 27512, third column, the last line of paragraph (g) 
Example 1. the language ``fruit to qualify as real property.'' is 
corrected to read ``fruit to be real property.''.
    7. On page 27513, first column, paragraph (g) Example 2., the 
fourth through sixth lines from the top of the column, the language 
``that qualify as land within the meaning of paragraph (c) of this 
section and, therefore, qualify as real property.'' is corrected to 
read ``that is land within the meaning of paragraph (c) of this section 
and, therefore, are real property.''.
    8. On page 27513, second column, paragraph (g) Example 6. (i), the 
fifth line from the bottom of the column, the language 
``telecommunications, and HVAC'' is corrected to read 
``telecommunications, and central heating and air-conditioning''.
    9. On page 27515, second column, paragraph (g) Example 10., the 
second paragraph (ii) at line 18 is redesignated as (iii), and existing 
paragraphs (iii) and (iv) are redesignated as (iv), and (v) 
respectively.
    10. On page 27515, second column, paragraph (g) Example 10. newly 
designated (iv), the second and third line, the language ``(g) Example 
10 (ii)(A) through (ii)(C) and (ii)(E) through (ii)(I) support the 
conclusion'' is corrected to read ``(g) Example 10 (iii)(A) through 
(iii)(C) and (iii)(E) through (iii)(I) support the conclusion''.
    11. On page 27515, second column, paragraph (g) Example 10. newly 
designated (iv), the ninth line, the language ``Example 10 (ii)(D) 
would support a'' is corrected to read ``Example 10 (iii)(D) would 
support a''.
    12. On page 27515, second column, paragraph (g) Example 10. newly 
designated (v), the ninth line, the language ``pipeline. The meters and 
compressors do not'' is corrected to read ``pipeline transmission 
system. The meters and compressors do not''.
    13. On page 27515, third column, paragraph (h), the third line, the 
language ``quarters beginning on or before the date'' is corrected to 
read ``quarters beginning after the date''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2014-15873 Filed 7-8-14; 8:45 am]
BILLING CODE 4830-01-P