Section 1221(a)(4) Capital Asset Exclusion for Accounts and Notes Receivable, 50007 [E6-14003]

Download as PDF Federal Register / Vol. 71, No. 164 / Thursday, August 24, 2006 / Proposed Rules Dated: August 17, 2006. Todd A. Stevenson, Secretary, Consumer Product Safety Commission. [FR Doc. 06–7069 Filed 8–23–06; 8:45 am] 50007 Background The notice of proposed rulemaking (REG–109367–06) that is the subject of this correction is under section 1221 of the Internal Revenue Code. BILLING CODE 6355–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Need for Correction 26 CFR Part 1 [REG–158677–05] RIN 1545–BF24 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 Correction of Publication [REG–109367–06] Accordingly, the publication of the proposed regulations (REG–109367–06) which was the subject of FR Doc. E6– 12789, is corrected as follows: 1. On page 44600, column 1, in the preamble, under the caption FOR FURTHER INFORMATION CONTACT, line 2, the language ‘‘Scott Brown (202) 622– 3920 (not a toll-’’ is corrected to read ‘‘Scott Brown (202) 622–7454 (not a toll-’’. RIN 1545–BF52 Section 1221(a)(4) Capital Asset Exclusion for Accounts and Notes Receivable Internal Revenue Service (IRS), Treasury. ACTION: Correction notice. rmajette on PROD1PC67 with PROPOSALS AGENCY: SUMMARY: This document corrects a notice of proposed rulemaking (REG– 109367–06) that was published in the Federal Register on Monday, August 7, 2006 (71 FR 44600) clarifying the circumstances in which accounts or notes receivable are ‘‘acquired * * * for services rendered’’ within the meaning of section 1221(a)(4) of the Internal Revenue Code. FOR FURTHER INFORMATION CONTACT: K. Scott Brown (202) 622–7454 (not a tollfree number). SUPPLEMENTARY INFORMATION: VerDate Aug<31>2005 14:27 Aug 23, 2006 Jkt 208001 Guy Traynor, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E6–14003 Filed 8–23–06; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00005 Fmt 4702 Sfmt 4702 Effect of Election on Corporation Internal Revenue Service (IRS), Treasury. ACTION: Proposed regulations and notice of public hearing. AGENCY: SUMMARY: These proposed regulations clarify that if a bank is an S corporation within the meaning of section 1361(a)(1), its status as an S corporation does not affect the applicability of the special rules for banks under the Internal Revenue Code. DATES: Written or electronic comments and requests for a public hearing must be received by November 22, 2006. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG–158677–05), Room 5203, Internal Revenue Service, POB 7604, Ben Franklin Station, Washington DC 20044. Alternatively, taxpayers may submit comments electronically via the IRS Internet site at https://www.irs.gov/ regs or via the Federal eRulemaking Portal at https://www.regulations.gov (IRS—REG–158677–05). If a public hearing is requested, the public hearing will be held in the Auditorium, New Carrollton Federal Building, 5000 Ellin Road, Lanham, MD. E:\FR\FM\24AUP1.SGM 24AUP1 EP24AU06.024</GPH> As published, REG–109367–06 contains an error that may prove to be misleading and is in need of clarification.

Agencies

[Federal Register Volume 71, Number 164 (Thursday, August 24, 2006)]
[Proposed Rules]
[Page 50007]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-14003]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-109367-06]
RIN 1545-BF52


Section 1221(a)(4) Capital Asset Exclusion for Accounts and Notes 
Receivable

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction notice.

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SUMMARY: This document corrects a notice of proposed rulemaking (REG-
109367-06) that was published in the Federal Register on Monday, August 
7, 2006 (71 FR 44600) clarifying the circumstances in which accounts or 
notes receivable are ``acquired * * * for services rendered'' within 
the meaning of section 1221(a)(4) of the Internal Revenue Code.

FOR FURTHER INFORMATION CONTACT: K. Scott Brown (202) 622-7454 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking (REG-109367-06) that is the 
subject of this correction is under section 1221 of the Internal 
Revenue Code.

Need for Correction

    As published, REG-109367-06 contains an error that may prove to be 
misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the proposed regulations (REG-
109367-06) which was the subject of FR Doc. E6-12789, is corrected as 
follows:
    1. On page 44600, column 1, in the preamble, under the caption FOR 
FURTHER INFORMATION CONTACT, line 2, the language ``Scott Brown (202) 
622-3920 (not a toll-'' is corrected to read ``Scott Brown (202) 622-
7454 (not a toll-''.

Guy Traynor,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E6-14003 Filed 8-23-06; 8:45 am]
BILLING CODE 4830-01-P

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