73 FR 248 pgs. 78969-78970 - Creditor Continuity of Interest; Correction
Type: RULEVolume: 73Number: 248Pages: 78969 - 78970
Docket number: [TD 9434]
FR document: [FR Doc. E8-30717 Filed 12-23-08; 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 9434]
RIN 1545-BC88
Creditor Continuity of Interest; Correction
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Correction to final regulations.
SUMMARY:
This document contains a correction to final regulations (TD 9434) that werepublished in the Federal Register on Friday, December 12, 2008 (73 FR 75566) providing guidance regarding when and to what extent creditors of a corporation willbe treated as proprietors of the corporation in determining whether continuity of interest("COI") is preserved in a potential reorganization. These final regulations are necessary toprovide clarity to parties engaging in reorganizations of insolvent corporations, both inside andoutside of bankruptcy. These final regulations affect corporations, their creditors, and theirshareholders.
DATES:
Effective Date: This correction is effective December 24, 2008, and is applicable onDecember 12, 2008.
FOR FURTHER INFORMATION CONTACT:
Jean Brenner (202) 622-7790, Douglas Bates(202) 622-7550, or Bruce Decker (202) 622-7550 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the subject of this document are under section 368 ofthe Internal Revenue Code.
Need for Correction
As published, final regulations (TD 9434) contains an error that may prove to bemisleading and is in need of clarification.
Correction of Publication
Accordingly, the publication of the final regulations (TD 9434), which was the subjectof FR Doc. E8-29271, is corrected as follows:
On page 75566, column 3, in the preamble, under the paragraph heading "Explanationof Provisions", second paragraph of the column, line 13, the language "amount of acquiringcorporation stock" is corrected to read "amount of issuing corporation stock".
LaNita Van Dyke,
Chief, Publications and Regulations, Branch, Legal Processing Division, Associate Chief Counsel,(Procedure and Administration).
[FR Doc. E8-30717 Filed 12-23-08; 8:45 am]
BILLING CODE 4830-01-P