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Reduction of Tax Attributes Due to Discharge of Indebtedness; 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:

Reduction of tax attributes due to discharge of indebtedness.

SUMMARY:

This document contains corrections to temporary regulations that were published in the Federal Register on July 18, 2003 (68 FR 42590). These regulations relate to the reduction of tax attributes under sections 108 and 1017 of the Internal Revenue Code.

EFFECTIVE DATE:

This correction is effective July 18, 2003.

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FOR FURTHER INFORMATION CONTACT:

Theresa M. Kolish (202) 622-7930 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are the subject of these corrections are under sections 108 and 1017 of the Internal Revenue Code.

Need for Correction

As published, the temporary regulations (TD 9080) contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

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Accordingly, the publication of the temporary regulations (TD 9080) which are the subject of FR Doc.

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[Corrected]
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1. On page 42592, column 3, § 1.108-7T, paragraph (a)(2), line 2 thru 7, the language “section 108(b)(5), however, to reduce first the basis of depreciable property to the extent of the excluded COD income. If the basis of depreciable property is insufficient to offset the entire amount of the excluded COD income, the” is corrected to read “section 108(b)(5), however, to apply any portion of the excluded COD income to reduce first the basis of depreciable property. To the extent the excluded COD income is not so applied, the”.

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2. On page 42593, column 1, § 1.108-7T(d), paragraph (i) of

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3. On page 42593, column 1, § 1.108-7T(d), paragraph (i) of

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4. On page 42593, column 1, § 1.108-7T(d), paragraph (ii) of

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5. On page 42593, column 1, § 1.108-7T(d), paragraph (ii) of

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6. On page 42593, column 1, § 1.108-7T(d), paragraph (ii) of

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7 . On page 42593, column 2, § 1.108-7T(d), paragraph (ii) of

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Cynthia E. Grigsby,

Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).

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[FR Doc. 03-24912 Filed 9-30-03; 8:45 am]

BILLING CODE 4830-01-P