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TREAS/IRS RIN: 1545-BI25 Publication ID: Spring 2014 
Title: Guidance Regarding the PFIC Income Test and Certain PFIC Subsidiaries  
Abstract: This document contains proposed regulations regarding the treatment of certain income or gain received or accrued by a foreign corporation in a taxable year for purposes of determining whether such foreign corporation is a passive foreign investment company (PFIC) in such taxable year. Regulations under section 1297(c) provide rules for classifying gains recognized by a foreign corporation from the sale or exchange of stock of a 25 percent-owned (by value) foreign subsidiary corporation for purposes of the passive income test of section 1297(a)(1). Regulations under section 1298(b)(3) apply the change-of-business exception provided by section 1298(b)(3) to a foreign corporation's sale or exchange of all or a portion of the stock of a 25 percent-owned (by value) corporation described in section 1297(c). The regulations affect certain foreign corporations and United States persons who own (directly or indirectly) stock interests in such foreign corporations. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: Undetermined 
CFR Citation: 26 CFR 1 
Legal Authority: 26 USC 1298(g); 26 USC 7805 
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/00/2014   
Additional Information: REG-141373-08 Drafting attorney: Rose E. Jenkins (202) 317-6934 Reviewing attorney: Barbara E. Rasch (202) 317-6934 Treasury attorney: Brett York (202) 622-1285 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:
Rose E. Jenkins
Attorney-Advisor
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-6934
Fax:202 317-4982
Email: rose.e.jenkins@irscounsel.treas.gov

 
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