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Section 1374 Effective Dates; 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 amendment.

SUMMARY:

This document corrects temporary regulations (TD 9170) that were published in the Federal Register on Wednesday, December 22, 2004 (69 FR 76612), that provide guidance concerning the applicability of section 1374 to S corporations that acquire assets in carryover basis transactions from C corporations on or after December 27, 1994, and to certain corporations that terminate S Start Printed Page 5045corporation status and later elect again to become S corporations.

DATES:

This document is effective on December 22, 2004.

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FOR FURTHER INFORMATION CONTACT:

Stephen R. Cleary, (202) 622-7750 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The final and temporary regulations (TD 9170) that is the subject of this correction are under 1374 of the Internal Revenue Code.

Need for Correction

As published, the final and temporary regulations (TD 9170) contains an error that may prove to be misleading and are in need of clarification.

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List of Subjects in 26 CFR Parts 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 * * *

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2. In § 1.1374-8T, the section heading, and paragraphs (a)(1) and (a)(2) are revised to read as follows:

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transactions (temporary).

(a)(1) (Reserved) For further guidance see § 1.1374-8(a).

(2) Section 1374(d)(8) applies to any § 1.1374(d)(8) transaction, as defined in paragraph (a)(1) of this section, that occurs on or after December 27, 1994, without regard to the date of the corporation's election to be an S corporation under section 1362.

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Cynthia E. Grigsby,

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

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[FR Doc. 05-1734 Filed 1-31-05; 8:45 am]

BILLING CODE 4830-01-P