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TREAS/IRS RIN: 1545-AM97 Publication ID: Spring 2009 
Title: Outbound Transfers of Property to Foreign Corporations 
Abstract: The income tax regulations under section 367(a) will be amended to reflect the changes made to that section by the Technical and Miscellaneous Corrections Act of 1988. Section 367(a)(5) now provides that a transfer of assets to a foreign corporation in an exchange described in section 361 is subject to section 367(a)(1), unless certain ownership requirements and other conditions are met. The regulations will provide guidance regarding the application of this section. The change in the statute was necessitated by the repeal of "General Utilities." 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1   
Legal Authority: 26 USC 7805    26 USC 367   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  08/20/2008  73 FR 49278   
NPRM Comment Period End   11/18/2008    
Final Action  12/00/2009    
Additional Information: REG-209006-89 (INTL-089-89) Drafting attorney: Sean W. Mullaney (202) 622-3860 Reviewing attorney: Charles P. Besecky (202) 622-3860 CC: INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Sean W. Mullaney
Attorney-Advisor
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 622-3860
Fax:202 622-4476
Email: sean.w.mullaney@irscounsel.treas.gov