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TREAS/IRS RIN: 1545-AP71 Publication ID: Spring 1998 
Title: Certain Payments Made Pursuant to a Securities Lending Transaction 
Abstract: These regulations concern the source, character and income tax treaty treatment of substitute interest and dividend payments made pursuant to a transfer of securities described in section 1058(a) or a substantially similar transaction between a U.S. person and a foreign person. To determine the source and character of cross-border substitute payments, a substitute payment will be treated as interest or dividend income received with respect to the transferred security. Where a treaty looks to U.S. law to define a payment subject to a withholding tax, a substitute payment will be treated as interest or dividend income with respect to the transferred security. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1   
Legal Authority: 26 USC 7805    26 USC 861    26 USC 871    26 USC 881    26 USC 894    26 USC 1058    26 USC 1441   
Timetable:
Action Date FR Cite
NPRM  01/09/1992  57 FR 860   
Final Action TD 8735  10/14/1997  62 FR 53499   
Additional Information: REG-209008-89 (INTL-106-89) ^PDrafting attorney: Ramon Camacho (202) 622-3870. ^PReviewing attorney: Paul Epstein (202) 622-3870. ^PTreasury attorney: Patricia A. Brown (202) 622-1781. ^PCC:INTL ^PRFA: N
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Included in the Regulatory Plan: No 
Agency Contact:
Ramon Camacho
Attorney-Advisor
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 622-3870