Regulations Enabling Elections for Certain Transactions Under Section 336(e); Correction, 56535 [E8-22822]

Download as PDF Federal Register / Vol. 73, No. 189 / Monday, September 29, 2008 / Proposed Rules public hearing scheduled for October 8, 2008, is cancelled. DEPARTMENT OF THE TREASURY Internal Revenue Service LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E8–22823 Filed 9–26–08; 8:45 am] 26 CFR Part 1 [REG–101258–08] BILLING CODE 4830–01–P RIN 1545–BH66 Guidance Under Sections 642 and 643 (Income Ordering Rules); Hearing Internal Revenue Service (IRS), Treasury. ACTION: Cancellation of notice of public hearing on proposed rulemaking. AGENCY: This document cancels a public hearing on proposed rulemaking providing guidance under Internal Revenue Code section 642(c) with regard to the Federal tax consequences of an ordering provision in a trust, a will, or a provision of local law that attempts to determine the tax character of the amounts paid to a charitable beneficiary of the trust or estate. The proposed regulations also make conforming amendments to the regulations under section 643(a)(5). The proposed regulations affect estates, charitable lead trusts (CLTs) and other trusts making payments or permanently setting aside amounts for a charitable purpose. SUMMARY: The public hearing, originally scheduled for October 8, 2008, at 10 a.m., is cancelled. FOR FURTHER INFORMATION CONTACT: Richard A. Hurst of the Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration), at Richard.A.Hurst@irscounsel.treas.gov. DATES: A notice of public hearing that appeared in the Federal Register on Wednesday, June 18, 2008 (73 FR 34670), announced that a public hearing was scheduled for October 8, 2008, at 10 a.m., in the auditorium, Internal Revenue Building, 1111 Constitution Avenue, NW., Washington, DC. The subject of the public hearing is under sections 642 and 643 of the Internal Revenue Code. The public comment period for these regulations expired on September 16, 2008. Outlines of topics to be discussed at the hearing were due on September 18, 2008. The notice of proposed rulemaking and notice of public hearing instructed those interested in testifying at the public hearing to submit an outline of the topics to be addressed. As of Monday, September 22, 2008, no one has requested to speak. Therefore, the hsrobinson on PROD1PC76 with PROPOSALS SUPPLEMENTARY INFORMATION: VerDate Aug<31>2005 17:34 Sep 26, 2008 Jkt 214001 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG–143544–04] RIN 1545–BD84 Regulations Enabling Elections for Certain Transactions Under Section 336(e); Correction 56535 Election’’, line 2 from the bottom of the column, the language ‘‘1(b)(4)(iii), 1.336–1(b)(11), and 1.338–’’ is corrected to read ‘‘1(b)(4)(iii) and 1.336–1(b)(11), and § 1.338–’’. § 1.336–2 [Corrected] 2. On page 49973, column 3, § 1.336– 2(b)(1)(i)(B)(3) Example 2.(i), line 5, the language ‘‘class of Target Subsidiary common stock’’ is corrected to read ‘‘class of Target Subsidiary stock’’. 3. On page 49975, column 2, § 1.336– 2(b)(2)(v), line 10, the language ‘‘unrelated person and the subsidiary’s’’ is corrected to read ‘‘unrelated person and the new subsidiary’s’’. LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E8–22822 Filed 9–26–08; 8:45 am] Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking. BILLING CODE 4830–01–P SUMMARY: This document contains corrections to a notice of proposed rulemaking (REG–143544–04) that was published in the Federal Register on Monday, August 25, 2008 (73 FR 49965) under section 336(e) of the Internal Revenue Code. The proposed regulations, when finalized, would permit taxpayers to make an election to treat certain sales, exchanges, and distributions of another corporation’s stock as taxable sales of that corporation’s assets. These proposed regulations will affect corporations and their shareholders. FOR FURTHER INFORMATION CONTACT: Mark J. Weiss, (202) 622–7750 (not a toll-free number). SUPPLEMENTARY INFORMATION: Internal Revenue Service AGENCY: Background The correction notice that is the subject of this document is under sections 336 and 338 of the Internal Revenue Code. Need for Correction As published, the notice of proposed rulemaking (REG–143544–04) contains errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication of the notice of proposed rulemaking (REG– 143544–04), which was the subject of FR Doc. E8–19603, is corrected as follows: 1. On page 49967, column 2, in the preamble, under the paragraph heading ‘‘2. Requirements for a Section 336(e) PO 00000 Frm 00023 Fmt 4702 Sfmt 4702 DEPARTMENT OF THE TREASURY 26 CFR Part 1 [REG–209006–89] RIN 1545–AM97 Transfers by Domestic Corporations That Are Subject to Section 367(a)(5); Distributions by Domestic Corporations That Are Subject to Section 1248(f); Correction Internal Revenue Service (IRS), Treasury. ACTION: Correction to notice of proposed rulemaking. AGENCY: SUMMARY: This document contains corrections to a notice of proposed rulemaking (REG–209006–89) that was published in the Federal Register on Wednesday, August 20, 2008 (73 FR 49278) under sections 367(a), 367(a)(5), 367(b), 1248(a), 1248(e), 1248(f), and 6038B of the Internal Revenue Code. The proposed regulations under sections 367(a)(5) and 367(b) apply when a domestic corporation transfers certain property to a foreign corporation in an exchange described in section 361(a) or (b). The proposed regulations under section 1248(e) suspend the application of section 1248(e) when capital gains are taxed at a rate equal to or greater than the rate at which ordinary income is taxed. The proposed regulations under section 1248(f) apply when a domestic corporation distributes stock of certain foreign corporations in a distribution to which section 337, 355, or 361 applies. The proposed E:\FR\FM\29SEP1.SGM 29SEP1

Agencies

[Federal Register Volume 73, Number 189 (Monday, September 29, 2008)]
[Proposed Rules]
[Page 56535]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-22822]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-143544-04]
RIN 1545-BD84


Regulations Enabling Elections for Certain Transactions Under 
Section 336(e); Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking (REG-143544-04) that was published in the Federal Register 
on Monday, August 25, 2008 (73 FR 49965) under section 336(e) of the 
Internal Revenue Code. The proposed regulations, when finalized, would 
permit taxpayers to make an election to treat certain sales, exchanges, 
and distributions of another corporation's stock as taxable sales of 
that corporation's assets. These proposed regulations will affect 
corporations and their shareholders.

FOR FURTHER INFORMATION CONTACT: Mark J. Weiss, (202) 622-7750 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The correction notice that is the subject of this document is under 
sections 336 and 338 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-143544-04) 
contains errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-143544-04), which was the subject of FR Doc. E8-19603, is 
corrected as follows:
    1. On page 49967, column 2, in the preamble, under the paragraph 
heading ``2. Requirements for a Section 336(e) Election'', line 2 from 
the bottom of the column, the language ``1(b)(4)(iii), 1.336-1(b)(11), 
and 1.338-'' is corrected to read ``1(b)(4)(iii) and 1.336-1(b)(11), 
and Sec.  1.338-''.


Sec.  1.336-2  [Corrected]

    2. On page 49973, column 3, Sec.  1.336-2(b)(1)(i)(B)(3) Example 
2.(i), line 5, the language ``class of Target Subsidiary common stock'' 
is corrected to read ``class of Target Subsidiary stock''.
    3. On page 49975, column 2, Sec.  1.336-2(b)(2)(v), line 10, the 
language ``unrelated person and the subsidiary's'' is corrected to read 
``unrelated person and the new subsidiary's''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E8-22822 Filed 9-26-08; 8:45 am]
BILLING CODE 4830-01-P
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