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Build-In Gains and Losses Under Section 382(h); 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:

Correcting amendment.

SUMMARY:

This document contains correcting amends to IRS' regulations providing guidance regarding the treatment of prepaid income under the built-in gain provisions of section 382(h). These errors were made when the agency published final regulations (TD 9487) in the Federal Register on Wednesday, June 16, 2010 (75 FR 33990).

DATES:

This correction is effective on July 28, 2010, and is applicable on June 16, 2010.

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FOR FURTHER INFORMATION CONTACT:

Keith E. Stanley, (202) 622-7750 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9487) that are the subject of this document are under section 382 of the Internal Revenue Code.

Need for Correction

As published, the final regulations (TD 9487) contain errors that may prove to be misleading and are in need of clarification.

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List of Subjects in 26 CFR Part 1

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Correction of Publication

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Accordingly,

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PART 1—INCOME TAXES

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Authority: 26 U.S.C. 7805 * * *.

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Definition of ownership change under section 382, as amended by the tax Reform Act of 1986 (temporary).
* * * * *

(h) * * *

(4) * * *

(vii) * * *

(A) Right or obligation to issue stock. * * *

* * * * *

(x) * * *

(J) Title 11 or similar case. * * *

* * * * *
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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. 2010-18270 Filed 7-27-10; 8:45 am]

BILLING CODE 4830-01-P