Internal Revenue Service (IRS), Treasury.
This document contains a correction to final and temporary regulations (TD 9383) that were published in the Federal Register on Friday, March 7, 2008 (73 FR 12265). Concerning the treatment of certain intercompany gain with respect to consolidated group member stock. These amendments provide for the redetermination of an intercompany gain as excluded from gross income in certain member stock transactions. These regulations affect corporations filing consolidated returns.
This correction is effective April 3, 2008.Start Further Info
FOR FURTHER INFORMATION CONTACT:
John F. Tarrant or Ross E. Poulsen, (202) 622-7790 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The final and temporary regulations that are the subject of this document are under section 1502 of the Internal Revenue Code.
Need for Correction
As published, final and temporary regulations (TD 9383) contain an error that may prove to be misleading and is in need of clarification.Start List of Subjects
List of Subjects in 26 CFR Part 1End List of Subjects
Correction of PublicationStart Amendment Part
Accordingly,End Amendment Part Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
End Amendment Part Start Amendment Part
End Amendment Part
(c) * * *
(6) * * *
(ii) * * *
(C) * * *
(1) In general. Notwithstanding paragraph (c)(6)(ii)(A)(1), intercompany gain with respect to member stock is redetermined to be excluded from gross income to the extent that—
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. E8-6883 Filed 4-2-08; 8:45 am]
BILLING CODE 4830-01-P