Modification to Consolidated Return Regulation Permitting an Election: Liquidation of a Target, Followed by a Recontribution to a New Target, as a Cross-Chain Reorganization; Correction

Federal Register: October 1, 2009 (Volume 74, Number 189)

Proposed Rules

Page 50758-50759

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

DOCID:fr01oc09-26

DEPARTMENT OF THE TREASURY

Internal Revenue Service 26 CFR Part 1

REG-139068-08

RIN 1545-BI31

Modification to Consolidated Return Regulation Permitting an

Election To Treat a Liquidation of a Target, Followed by a

Recontribution to a New Target, as a Cross-Chain Reorganization;

Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to a notice of proposed rulemaking by cross- reference to temporary regulations.

SUMMARY: This document contains corrections to a notice of proposed rulemaking by cross-reference to temporary regulations (REG-139068-08) that were published in the Federal Register on Friday, September 4, 2009 (74 FR 45789) modifying the election under which a consolidated group can avoid immediately taking into account

Page 50759

an intercompany item after the liquidation of a target corporation.

This modification was made necessary in light of the regulations under section 368 that were issued in October 2007 addressing transfers of assets or stock following a reorganization.

FOR FURTHER INFORMATION CONTACT: Mary W. Lyons, (202) 622-7930 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

A notice of proposed rulemaking by cross-reference to temporary regulations that is the subject of this document is under section 1502 of the Internal Revenue Code.

Need for Correction

As published, a notice of proposed rulemaking by cross-reference to temporary regulations (REG-139068-08) contains errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of a notice of proposed rulemaking by cross-reference to temporary regulations (REG-139068-08), which was the subject of FR Doc. E9-21323, is corrected as follows:

Sec. 1.1502-13 [Corrected] 1. On page 45791, column 1, paragraph (f)(5)(ii)(B)(1), lines 2 and 3, the language ``amendments to Sec. 1.1502-13(B)(1) is the same as the text of Sec. 1.1502-13T(B)(1)'' is corrected to read ``amendments to Sec. 1.1502-13(f)(5)(ii)(B)(1) is the same as the text of Sec. 1.1502-13T(f)(5)(ii)(B)(1)''. 2. On page 45791, column 1, paragraph (f)(5)(ii)(B)(2), lines 2 and 3, the language ``amendments to Sec. 1.1502-13(B)(2) is the same as the text of Sec. 1.1502-13T(B)(2)'' is corrected to read ``amendments to Sec. 1.1502-13(f)(5)(ii)(B)(2) is the same as the text of Sec. 1.1502-13T(f)(5)(ii)(B)(2)''. 3. On page 45791, column 1, paragraph (f)(5)(ii)(F), lines 2 and 3, the language ``amendments to Sec. 1.1502-13(F) is the same as the text of Sec. 1.1502-13T(F)'' is corrected to read ``amendments to Sec. 1.1502-13(f)(5)(ii)(F) is the same as the text of Sec. 1.1502- 13T(f)(5)(ii)(F)''.

LaNita Van Dyke,

Chief, Publications and Regulations Branch, Legal Processing Division,

Associate Chief Counsel (Procedure and Administration).

FR Doc. E9-23645 Filed 9-30-09; 8:45 am

BILLING CODE 4830-01-P