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[Federal Register: April 3, 2008 (Volume 73, Number 65)]
[Rules and Regulations]               
[Page 18160]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03ap08-6]                         

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9383]
RIN 1545-BH21

 
Guidance Under Section 1502; Amendment of Matching Rule for 
Certain Gains on Member Stock; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final and temporary 
regulations (TD 9383) that were published in the Federal Register on 
Friday, March 7, 2008 (73 FR 12265). Concerning the treatment of 
certain intercompany gain with respect to consolidated group member 
stock. These amendments provide for the redetermination of an 
intercompany gain as excluded from gross income in certain member stock 
transactions. These regulations affect corporations filing consolidated 
returns.

DATES: This correction is effective April 3, 2008.

FOR FURTHER INFORMATION CONTACT: John F. Tarrant or Ross E. Poulsen, 
(202) 622-7790 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final and temporary regulations that are the subject of this 
document are under section 1502 of the Internal Revenue Code.

Need for Correction

    As published, final and temporary regulations (TD 9383) contain an 
error that may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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

0
Par. 2. Section 1.1502-13T is amended by revising the introductory text 
of paragraph (c)(6)(ii)(C)(1) to read as follows:

Sec.  1.1502-13T  Intercompany transactions (temporary).

* * * * *
    (c) * * *
    (6) * * *
    (ii) * * *
    (C) * * *
    (1) In general. Notwithstanding paragraph (c)(6)(ii)(A)(1), 
intercompany gain with respect to member stock is redetermined to be 
excluded from gross income to the extent that--
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E8-6883 Filed 4-2-08; 8:45 am]

BILLING CODE 4830-01-P

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