74 FR 12 pg. 3508 - Guidance Regarding the Treatment of Stock of a Controlled Corporation Under Section 355(a)(3)(B); Correction
Type: PRORULEVolume: 74Number: 12Page: 3508
Docket number: [REG-150670-07]
FR document: [FR Doc. E9-1104 Filed 1-16-09; 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
[REG-150670-07]
RIN 1545-BH49
Guidance Regarding the Treatment of Stock of a Controlled Corporation Under Section 355(a)(3)(B); Correction
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Correction to notice of proposed rulemaking by cross-reference to temporary regulations.
SUMMARY:
This document contains a correction to a notice of proposed rulemaking by cross-reference to temporary regulations (REG-150670-07) that was published in the FederalRegister on Monday, December 15, 2008 (73 FR 75979) giving guidance regarding the distribution of stock of a controlled corporation acquired in a transaction described in section 355(a)(3)(B) of the Internal Revenue Code. This action is necessary in light of amendments to section 355(b). The text of those regulations also serves as the text of these proposed regulations. These regulations will affect corporations and their shareholders.
FOR FURTHER INFORMATION CONTACT:
Russell P. Subin, (202) 622-7790 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The correction notice that is the subject of this document is under section 355 of the Internal Revenue Code.
Need for Correction
As published, the notice of proposed rulemaking by cross-reference to temporary regulations (REG-150670-07) contains an error that may prove to be misleading and is in need of clarification.
Correction of Publication
Accordingly, the publication of the notice of proposed rulemaking by cross-reference to temporary regulations (REG-150670-07), which was the subject of FR Doc. E8-29545, is corrected as follows:
On page 75980, column 2, under the CFR part heading "PART 1-INCOME TAXES", line 2 of the authority citation, the language "Section 1.355-2(g) also issued under 26" is corrected to read "Section 1.355-2(g) and (i) also issued under 26".
LaNita Van Dyke,
Chief, Publications and Regulations Branch,Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. E9-1104 Filed 1-16-09; 8:45 am]
BILLING CODE 4830-01-P