Internal Revenue Service (IRS), Treasury.
This document contains corrections to final regulations (TD 9460) that were published in the Federal Register on Wednesday, September 9, 2009 regarding petitions filed with the United States Tax Court for declaratory judgments with respect to the valuation of gifts.
This correction is effective on October 27, 2009 and is applicable in taxable years ending on or after September 9, 2009.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Juli Ro Kim or George Masnik, (202) 622-3090 (not a toll free number).End Further Info End Preamble Start Supplemental Information
The final regulations (TD 9460) that are the subject of these corrections are under section 7477 of the Internal Revenue Code.
Need for Correction
As published on September 9, 2002 (74 FR 46347), the final regulations (TD 9460) contain errors that may prove to be misleading and are in need of clarification.Start List of Subjects
List of Subjects in 26 CFR Part 301
- Employment taxes
- Estate taxes
- Excise taxes
- Gift taxes
- Income taxes
- Reporting and recordkeeping requirements
Correction of PublicationStart Amendment Part
Accordingly,End Amendment Part Start Part
PART 301—PROCEDURE AND ADMINISTRATIONEnd Part Start Amendment Part
End Amendment Part Start Amendment Part
End Amendment Part
(d) * * *
(2) * * * For purposes of this paragraph (d)(2), the term return of tax imposed by chapter 12 means the last gift tax return (Form 709, “United States Gift (and Generation-Skipping Transfer) Tax Return” or such other form as may be utilized for this purpose from time to time by the IRS) for the calendar year filed on or before the due date of the return, including extensions granted if any, or, if a timely return is not filed, the first gift tax return for that calendar year filed after the due date. * * *
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. E9-25737 Filed 10-26-09; 8:45 am]
BILLING CODE 4830-01-P