This PDF is the current document as it appeared on Public Inspection on 08/08/2013 at 08:45 am.
Internal Revenue Service (IRS), Treasury.
Final regulations and removal of temporary regulations; correction.
This document contains corrections to final regulations and removal of temporary regulations (TD 9622) that were published in the Federal Register on Wednesday, July 3, 2013 (78 FR 39984). The final regulations provide necessary guidance regarding the accelerated inclusion of deferred discharge of indebtedness (also known as cancellation of debt (COD)) income (deferred COD income) and the accelerated deduction of deferred original issue discount (OID) (deferred OID deductions) under section 108(i)(5)(D) (acceleration rules), and the calculation of earnings and profits as a result of an election under section 108(i). In addition, these regulations provide rules applicable to all taxpayers regarding deferred OID deductions under section 108(i) as a result of a reacquisition of an applicable debt instrument by an issuer or related party.
This correction is effective on August 9, 2013 and applicable on or after July 2, 2013.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Robert M. Rhyne, at (202) 622-7790 (not a toll free number).End Further Info End Preamble Start Supplemental Information
The final regulations and removal of temporary regulations (TD 9622) that are the subject of this correction are under section 108(i) of the Internal Revenue Code.
Need for Correction
As published, the final regulations and removal of temporary regulations (TD 9622) contains errors that may prove to be misleading and are in need of clarification.
Correction of Publication
Accordingly, the final regulations and removal of temporary regulations (TD 9622), that are the subject of FR Doc. 2013-15881, are corrected as follows:
1. On page 39986, column 2, in the preamble, under the paragraph heading “Special Analyses”, lines 19 and 20, the language “and the deduction of deferred original issue discount that is otherwise” is corrected to read “and the deduction of deferred OID that is otherwise”.Start Signature
Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2013-19225 Filed 8-8-13; 8:45 am]
BILLING CODE 4830-01-P