26 CFR §1.956-1T

1. (a)-(e)(4) [Reserved]
   1. (5)Exclusion for certain recourse obligations. For purposes of § 1.956-1(e)(1) of the regulations, in the case of an investment in United States property consisting of an obligation of a related person, as defined in section 954(d)(3) and paragraph (f) of § 1.954-1, a liability will not be recognized as a specific charge if the liability representing the charge is with recourse with respect to the general credit or other assets of the investing controlled foreign corporation.
2. (e)
   1. (6)[Reserved] For further guidance, see § 1.956-1(e)(6).
3. (f)Effective/applicability date. Paragraph (e)(5) of this section applies to investments made on or after June 14, 1988.
4. (g)-(h) [Reserved]