IRS Corrects Temporary Regs on Qualified Intellectual Property Contributions

IRS Corrects Temporary Regs on Qualified Intellectual Property Contributions

News story posted in IRS Announcements on 19 July 2005| comments
audience: National Publication | last updated: 18 May 2011
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Summary

The IRS has corrected a compliance date in the temporary regulations, T.D. 9206, that provide guidance on filing information returns to recipients of qualified intellectual property contributions.

Announcement 2005-49; 2005-29 IRB 119

PGDC Summary:

Section 1.6050L-2T(c)(3) provides:

(3) Donee taxable years ending prior to or on the date of issuance of regulations. If the donee's taxable year to which net income from the qualified intellectual property is properly allocable ends prior to or on May 23, 2005, the donee shall furnish the information required under section 6050L and this section to the donor on or before the 90th day following May 23, 2005.

This section is amended by removing the language "the 90th day following May 23, 2005." and adding the language "August 22, 2005." in its place.

Full Text:

Date: Jul. 18, 2005

Information Returns by Donees Relating to Qualified
Intellectual Property Contributions; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

SUMMARY: This document contains a correction to temporary regulations (T.D. 9206, 2005-25 I.R.B. 1283) that was published in the Federal Register on Monday, May 23, 2005 (70 FR 29450) providing guidance for the filing of information returns by donees relating to qualified intellectual property contributions.

DATES: This correction is effective May 23, 2005.

FOR FURTHER INFORMATION CONTACT: Donnell M. Rini-Swyers, (202) 622-4910 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulation (T.D. 9206) that is the subject of this correction is under section 6050 of the Internal Revenue Code.

Need for Correction

As published, T.D. 9206, contains an error that may prove to be misleading and is in need of clarification.


* * * * *

Correction of Publication

Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendment:

PART 1 -- INCOME TAXES

Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 USC 7805 * * *

§ 1.6050L-2T [Corrected]

Section 1.6050L-2T(c)(3) is amended by removing the language "the 90th day following May 23, 2005." and adding the language "August 22, 2005." in its place.

Cynthia Grigsby,
Acting Chief, Publications
and Regulations Branch,
Legal Processing Division,
Associate Chief Counsel
(Procedure and Administration).

(Filed by the Office of the Federal Register on June 22, 2005, 8:45 a.m., and published in the issue of the Federal Register for June 23, 2005, 70 F.R. 36346)

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