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Proposed Rule

Guidance Regarding the Treatment of Stock of a Controlled Corporation Under Section 355(a)(3)(B); 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:

Correction to notice of proposed rulemaking by cross-reference to temporary regulations.

SUMMARY:

This document contains a correction to a notice of proposed rulemaking by cross-reference to temporary regulations (REG-150670-07) that was published in the Federal Register on Monday, December 15, 2008 (73 FR 75979) giving guidance regarding the distribution of stock of a controlled corporation acquired in a transaction described in section 355(a)(3)(B) of the Internal Revenue Code. This action is necessary in light of amendments to section 355(b). The text of those regulations also serves as the text of these proposed regulations. These regulations will affect corporations and their shareholders.

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FOR FURTHER INFORMATION CONTACT:

Russell P. Subin, (202) 622-7790 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The correction notice that is the subject of this document is under section 355 of the Internal Revenue Code.

Need for Correction

As published, the notice of proposed rulemaking by cross-reference to temporary regulations (REG-150670-07) contains an error that may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the notice of proposed rulemaking by cross-reference to temporary regulations (REG-150670-07), which was the subject of FR Doc. E8-29545, is corrected as follows:

On page 75980, column 2, under the CFR part heading “PART 1—INCOME TAXES”, line 2 of the authority citation, the language “Section 1.355-2(g) also issued under 26” is corrected to read “Section 1.355-2(g) and (i) also issued under 26”.

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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. E9-1104 Filed 1-16-09; 8:45 am]

BILLING CODE 4830-01-P