Internal Revenue Service (IRS), Treasury.
This document corrects temporary regulations (TD 9170) that were published in the Federal Register on Wednesday, December 22, 2004 (69 FR 76612). The document contains temporary regulations providing 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 corporation status and later elect again to become S corporations.
This document is effective on December 22, 2004.End Preamble Start Supplemental Information
The temporary regulations (TD 9170) that is the subject of this correction are under section 1374 of the Internal Revenue Code.
Need for Correction
As published, the temporary regulations (TD 9170) contain errors that may prove to be misleading and are in need of clarification.Start List of Subjects
List of Subjects 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. The section heading and text of § 1.1374-8T is revised to read as follows:End Amendment Part
(a)(1) [Reserved]. For further guidance, see § 1.1374-8(a).
(2) Section 1374(d)(8) applies to any section 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.
(b) through (d) [Reserved]. For further guidance, see § 1.1374-8(b) through (d).
Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedures and Administration).
[FR Doc. 05-8912 Filed 5-4-05; 8:45 am]
BILLING CODE 4830-01-P