Income taxes: pay stock; financial arrangements recharacterization; correction,
[Federal Register: March 3, 1999 (Volume 64, Number 41)]
[Proposed Rules]
[Page 10262]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03mr99-22]
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-104072-97]
RIN 1545-AV07
Recharacterizing Financing Arrangements Involving Fast-Pay Stock; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to notice of proposed rulemaking.
SUMMARY: This document contains a correction to REG-104072-97, which was published in the Federal Register on Wednesday, January 6, 1999 (64 FR 805), relating to financing arrangements involving fast-pay stock.
FOR FURTHER INFORMATION CONTACT: Jonathan Zelnik, (202) 622-3940 (not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The notice of proposed rulemaking that is the subject of this correction is under section 7701 of the Internal Revenue Code.
Need for Correction
As published, REG-104072-97 contains errors which may prove to be misleading and are in need of clarification.
Correction of Publication
Accordingly, the publication of the notice of proposed rulemaking (REG-104072-97), which is the subject of FR Doc. 99-178, is corrected as follows:
Sec. 1.1441-7 [Corrected]
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On page 810, column 1, Sec. 1.1441-7(g)(4) Example 2, line 4, the language ``that A entered the arrangement with a'' is corrected to read ``that A entered into the arrangement with a''.
Sec. 1.7701(l)-3 [Corrected]
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On page 810, column 3, Sec. 1.7701(l)-3(c)(3)(iv)(A), line 3, the language ``attributable to financing instruments)'' is corrected to read ``attributable to the financing instruments)''.
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On page 811, column 3, Sec. 1.7701(l)-3(e) Example 5, (i), line 3 from the bottom of the paragraph, the language ``Y's 1996 deduction attributable to financing'' is corrected to read ``Y's 1996 deduction attributable to the financing''. Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 99-5128Filed3-2-99; 8:45 am]
BILLING CODE 4830-01-U
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