75 FR 144 pg. 44138 - Build-In Gains and Losses Under Section 382(h); Correction
Type: RULEVolume: 75Number: 144Page: 44138
Docket number: [TD 9487]
FR document: [FR Doc. 2010-18270 Filed 7-27-10; 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 9487]
RIN 1545-BG03
Build-In Gains and Losses Under Section 382(h); Correction
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Correcting amendment.
SUMMARY:
This document contains correcting amends to IRS' regulations providing guidance regarding the treatment of prepaid income under the built-in gain provisions of section 382(h). These errors were made when the agency published final regulations (TD 9487) in the Federal Register on Wednesday, June 16, 2010 (75 FR 33990).
DATES:
This correction is effective on July 28, 2010, and is applicable on June 16, 2010.
FOR FURTHER INFORMATION CONTACT:
Keith E. Stanley, (202) 622-7750 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9487) that are the subject of this document are under section 382 of the Internal Revenue Code.
Need for Correction
As published, the final regulations (TD 9487) contain errors that may prove to be misleading and are in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:
PART 1-INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority:
26 U.S.C. 7805 * * *.
Par. 2. Section 1.382-2T is amended by revising the headings of paragraph (h)(4)(vii)(A) and paragraph (h)(4)(x)(J) to read as follows:
§ 1.382-2T Definition of ownership change under section 382, as amended by the tax Reform Act of 1986 (temporary).
(h) * * *
(4) * * *
(vii) * * *
(A) Right or obligation to issue stock. * * *
(x) * * *
(J) Title 11 or similar case. * * *
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2010-18270 Filed 7-27-10; 8:45 am]
BILLING CODE 4830-01-P