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Guidance Under Section 1502; Suspension of Losses on Certain Stock Dispositions; Correction

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

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AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendments.

SUMMARY:

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.

DATES:

This correction is effective on March 14, 2003.

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FOR FURTHER INFORMATION CONTACT:

Aimee K. Meacham at (202) 622-7530 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

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.

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List of Subjects in 26 CFR Part 1

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Correction of Publication

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Accordingly,

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PART 1—INCOME TAXES

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Authority: 26 U.S.C. 7805 * * * Start Printed Page 33382

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1. Removing the word “or” at the end of paragraph (b)(3)(ii)(B).

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2. Removing the word “or” at the end of paragraph (b)(3)(ii)(C).

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3. Adding the word “or” at the end of paragraph (b)(3)(ii)(D).

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4. Adding new paragraph (b)(3)(ii)(E) to read as follows:

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Transfers of subsidiary member stock and deconsolidations of subsidiary members (temporary).
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(b) * * *

(3) * * *

(ii) * * *

(E) The deconsolidation of the subsidiary member results from a termination of the group.

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Cynthia E. Grigsby,

Chief, Regulations Unit, Associate Chief Counsel (Procedure and Administration).

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[FR Doc. 03-14062 Filed 6-3-03; 8:45 am]

BILLING CODE 4830-01-P