Internal Revenue Service (IRS), Treasury.
This document corrects temporary regulations (TD 9048), which was published in the Federal Register on Friday, March 14, 2003 (68 FR 12287). The temporary regulations redetermine the basis of stock of a subsidiary member of a consolidated group immediately prior to certain transfers of such stock and certain deconsolidations of a subsidiary member and also suspend certain losses recognized on the disposition of stock of a subsidiary member.
This correction is effective on March 14, 2003.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Aimee K. Meacham at (202) 622-7530 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The temporary regulations that are the subject of this correction are under section 1502 of the Internal Revenue Code.
Need for Correction
As published, TD 9048 contains an error which may prove to be misleading and is in need of clarification.Start List of Subjects
List of Subjects in 26 CFR Part 1
- Income taxes
- Reporting and recordkeeping requirements
Correction of PublicationStart Amendment Part
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:End Amendment Part Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
Paragraph 1. The authority citation for part 1 continues to read in part as follows:End Amendment Part Start Amendment Part
Par. 2. Section 1.1502-35T is amended by:End Amendment Part Start Amendment Part
1. Removing the word “or” at the end of paragraph (b)(3)(ii)(B).End Amendment Part Start Amendment Part
2. Removing the word “or” at the end of paragraph (b)(3)(ii)(C).End Amendment Part Start Amendment Part
3. Adding the word “or” at the end of paragraph (b)(3)(ii)(D).End Amendment Part Start Amendment Part
4. Adding new paragraph (b)(3)(ii)(E) to read as follows:End Amendment Part
(b) * * *
(3) * * *
(ii) * * *
(E) The deconsolidation of the subsidiary member results from a termination of the group.
Cynthia E. Grigsby,
Chief, Regulations Unit, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 03-14062 Filed 6-3-03; 8:45 am]
BILLING CODE 4830-01-P