Estate and gift taxes: Prior gifts valuation; adequate disclosure; correction,

[Federal Register: March 8, 1999 (Volume 64, Number 44)]

[Proposed Rules]

[Page 10964]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr08mr99-29]

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 20

[REG-106177-98]

RIN 1545-AW20

Adequate Disclosure of Gifts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

SUMMARY: This document contains a correction to the notice of proposed rulemaking (REG-106177-98), which was published in the Federal Register Tuesday, December 22, 1998 (63 FR 70701), relating to changes made by the Taxpayer Relief Act of 1997 and the Internal Revenue Service Restructuring and Reform Act of 1998 regarding the valuation of prior gifts in determining estate and gift tax liability, and the period of limitations for assessing and collecting gift tax.

FOR FURTHER INFORMATION CONTACT: William L. Blodgett, (202) 622-3090 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The notice of proposed rulemaking that is the subject of this correction is under sections 2001 and 2504 of the Internal Revenue Code.

Need for Correction

As published, REG-106177-98 contains an error which may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the notice of proposed rulemaking (REG-106177-98), which was the subject of FR Doc. 98-33648, is corrected as follows:

Sec. 20.2001-1 [Corrected]

On page 70704, column 3, Sec. 20.2001-1(c) introductory text, line 2, the language ``of paragraph (a) of this section, the'' is corrected to read ``of paragraph (b) of this section, the''. Michael L. Slaughter, Acting Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

[FR Doc. 99-5532Filed3-5-99; 8:45 am]

BILLING CODE 4830-01-U