73 FR 58 pg. 15668 - Abandonment of Stock or Other Securities; Correction
Type: RULEVolume: 73Number: 58Page: 15668
Docket number: [TD 9386]
FR document: [FR Doc. E8-6038 Filed 3-24-08; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9386]
RIN 1545-BE80
Abandonment of Stock or Other Securities; Correction
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Final regulations; correction.
SUMMARY:
This document contains a correction to final regulations (TD 9386) that were published in the Federal Register on Wednesday, March 12, 2008 (73 FR 13124) concerning the availability and character of a loss deduction under section 165 of the Internal Revenue Code for losses sustained from abandoned stock or other securities. These regulations clarify the tax treatment of losses from abandoned securities, and affect any taxpayer claiming a deduction for a loss from abandoned securities.
DATES:
The correction is effective March 25, 2008.
FOR FURTHER INFORMATION CONTACT:
Sean M. Dwyer at (202) 622-5020 or Peter C. Meisel at (202) 622-7750 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9386) that are the subject of the correction are under section 165 of the Internal Revenue Code.
Need for Correction
As published, final regulations (TD 9386) contain an error that may prove to be misleading and is in need of clarification.
Correction of Publication
Accordingly, the publication of the final regulations (TD 9386), which were the subject of FR Doc. E8-4862, is corrected as follows:
On page 13124, column 2, in the preamble, under the paragraph heading "Background", the language "A statement in the preamble to the proposed regulations requires clarification. The preamble described section 165(g)(3) as providing an exception from capital loss treatment for certain worthless securities in a domestic corporation affiliated with the taxpayer. Section 165(g)(3) provides an exception from capital loss treatment for a taxpayer that is a domestic corporation that owns certain worthless securities of a domestic or foreign corporation affiliated with the taxpayer. See § 1.165-5(d)(1) of the Income Tax Regulations." is inserted as a second paragraph.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E8-6038 Filed 3-24-08; 8:45 am]
BILLING CODE 4830-01-P