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Creditor Continuity of Interest; 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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Internal Revenue Service (IRS), Treasury.


Correction to final regulations.


This document contains a correction to final regulations (TD 9434) that were published in the Federal Register on Friday, December 12, 2008 (73 FR 75566) providing guidance regarding when and to what extent creditors of a corporation will be treated as proprietors of the corporation in determining whether continuity of interest (”COI”) is preserved in a potential reorganization. These final Start Printed Page 78970regulations are necessary to provide clarity to parties engaging in reorganizations of insolvent corporations, both inside and outside of bankruptcy. These final regulations affect corporations, their creditors, and their shareholders.


Effective Date: This correction is effective December 24, 2008, and is applicable on December 12, 2008.

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Jean Brenner (202) 622-7790, Douglas Bates (202) 622-7550, or Bruce Decker (202) 622-7550 (not toll-free numbers).

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The final regulations that are the subject of this document are under section 368 of the Internal Revenue Code.

Need for Correction

As published, final regulations (TD 9434) contains an error that may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 9434), which was the subject of FR Doc. E8-29271, is corrected as follows:

On page 75566, column 3, in the preamble, under the paragraph heading “Explanation of Provisions”, second paragraph of the column, line 13, the language “amount of acquiring corporation stock” is corrected to read “amount of issuing corporation stock”.

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LaNita Van Dyke,

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

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[FR Doc. E8-30717 Filed 12-23-08; 8:45 am]