Creditor Continuity of Interest; Correction, 78969 [E8-30716]
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Federal Register / Vol. 73, No. 248 / Wednesday, December 24, 2008 / Rules and Regulations
Division Administrator no later than
August 31 of each year the following
reports related to the HSIP in
accordance with 23 U.S.C. 148(g):
(1) A report with a defined one year
reporting period describing the progress
being made to implement the State HSIP
that:
(i) Describes the progress in
implementing the projects, including
the funds available, and the number and
general listing of the types of projects
initiated. The general listing of the
projects initiated shall be structured to
identify how the projects relate to the
State SHSP and to the State’s safety
goals and objectives. The report shall
also provide a clear description of the
project selection process;
(ii) Assesses the effectiveness of the
improvements. This section shall:
Provide a demonstration of the overall
effectiveness of the HSIP; include
figures showing the general highway
safety trends in the State by number and
by rate; and describe the extent to which
improvements contributed to
performance goals, including reducing
the number of roadway crashes leading
to fatalities and serious injuries.
(iii) Describes the High Risk Rural
Roads program, providing basic program
implementation information, methods
used to identify high risk rural roads,
information assessing the High Risk
Rural Roads program projects, and a
summary of the overall High Risk Rural
Roads program effectiveness.
(2) A report describing progress being
made to implement railway-highway
grade crossing improvements in
accordance with 23 U.S.C. 130(g), and
the effectiveness of these improvements.
(3) A transparency report describing
not less than 5 percent of a State’s
highway locations exhibiting the most
severe safety needs that:
(i) Identifies potential remedies to
those hazardous locations; estimates
costs associated with the remedies; and
identifies impediments to
implementation other than cost
associated with those remedies;
(ii) Emphasizes fatality and serious
injury data;
(iii) At a minimum, uses the most
recent three to five years of crash data;
(iv) Identifies the data years used and
describes the extent of coverage of all
public roads included in the data
analysis;
(v) Identifies the methodology used to
determine how the locations were
selected; and
(vi) Is compatible with the
requirements of 29 U.S.C. 794(d),
Section 508 of the Rehabilitation Act.
(b) The preparation of the State’s
annual reports may be financed with
VerDate Aug<31>2005
19:28 Dec 23, 2008
Jkt 217001
funds made available through 23 U.S.C.
104(b)(1), (3), and (5), 105, 402, and 505,
and for metropolitan planning areas, 23
U.S.C. 104(f).
[FR Doc. E8–30168 Filed 12–23–08; 8:45 am]
78969
Correction of Publication
Accordingly, 26 CFR part 1 is
corrected by making the following
correcting amendment:
■
PART 1—INCOME TAXES
BILLING CODE 4910–22–P
Paragraph 1. The authority citation
for part 1 continues to read, in part, as
follows:
■
DEPARTMENT OF THE TREASURY
Authority: 26 U.S.C. 7805 * * *.
Internal Revenue Service
26 CFR Part 1
Par. 2. Section 1.368–1(e)(6)(ii)(A) is
amended by revising the last sentence as
follows:
[TD 9434]
§ 1.368–1 Purpose and scope of exception
to reorganization exchanges.
RIN 1545–BC88
(e) * * *
(6) * * *
(ii) * * *
(A) * * * When only one class (or
one set of equal classes) of creditors
receives issuing corporation stock in
exchange for a creditor’s proprietary
interest in the target corporation, such
stock will be counted for measuring
continuity of interest provided that the
stock issued by the issuing corporation
is not de minimis in relation to the total
consideration received by the insolvent
target corporation, its shareholders, and
its creditors.
*
*
*
*
*
■
Creditor Continuity of Interest;
Correction
AGENCY: Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
SUMMARY: This document contains a
correction to final regulations (TD 9434)
that were published in the Federal
Register on Friday, December 12, 2008
(73 FR75566) providing guidance
regarding when and to what extent
creditors of a corporation will be treated
as proprietors of the corporation in
determining whether continuity of
interest (‘‘COI’’) is preserved in a
potential reorganization. These final
regulations are necessary to provide
clarity to parties engaging in
reorganizations of insolvent
corporations, both inside and outside of
bankruptcy. These final regulations
affect corporations, their creditors, and
their shareholders.
DATES: Effective Date: This correction is
effective December 24, 2008 and is
applicable on December 12, 2008.
FOR FURTHER INFORMATION CONTACT: Jean
Brenner (202) 622–7790, Douglas Bates
(202) 622–7550, or Bruce Decker (202)
622–7550 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the
subject of this document are under
section 368 of the Internal Revenue
Code.
Need for Correction
As published, final regulations (TD
9434) contains 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.
PO 00000
Frm 00053
Fmt 4700
Sfmt 4700
LaNita Van Dyke,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. E8–30716 Filed 12–23–08; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9434]
RIN 1545–BC88
Creditor Continuity of Interest;
Correction
AGENCY: Internal Revenue Service (IRS),
Treasury.
ACTION: Correction to final regulations.
SUMMARY: This document contains a
correction to final regulations (TD 9434)
that were published in the Federal
Register on Friday, December 12, 2008
(73 FR 75566) providing guidance
regarding when and to what extent
creditors of a corporation will be treated
as proprietors of the corporation in
determining whether continuity of
interest (’’COI’’) is preserved in a
potential reorganization. These final
E:\FR\FM\24DER1.SGM
24DER1
]]>Agencies
[Federal Register Volume 73, Number 248 (Wednesday, December 24, 2008)]
[Rules and Regulations]
[Page 78969]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-30716]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9434]
RIN 1545-BC88
Creditor Continuity of Interest; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document contains a correction to final regulations (TD
9434) that were published in the Federal Register on Friday, December
12, 2008 (73 FR75566) providing guidance regarding when and to what
extent creditors of a corporation will be treated as proprietors of the
corporation in determining whether continuity of interest (``COI'') is
preserved in a potential reorganization. These final regulations are
necessary to provide clarity to parties engaging in reorganizations of
insolvent corporations, both inside and outside of bankruptcy. These
final regulations affect corporations, their creditors, and their
shareholders.
DATES: Effective Date: This correction is effective December 24, 2008
and is applicable on December 12, 2008.
FOR FURTHER INFORMATION CONTACT: Jean Brenner (202) 622-7790, Douglas
Bates (202) 622-7550, or Bruce Decker (202) 622-7550 (not toll-free
numbers).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the subject of this document are
under section 368 of the Internal Revenue Code.
Need for Correction
As published, final regulations (TD 9434) contains 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 1.368-1(e)(6)(ii)(A) is amended by revising the last
sentence as follows:
Sec. 1.368-1 Purpose and scope of exception to reorganization
exchanges.
(e) * * *
(6) * * *
(ii) * * *
(A) * * * When only one class (or one set of equal classes) of
creditors receives issuing corporation stock in exchange for a
creditor's proprietary interest in the target corporation, such stock
will be counted for measuring continuity of interest provided that the
stock issued by the issuing corporation is not de minimis in relation
to the total consideration received by the insolvent target
corporation, its shareholders, and its creditors.
* * * * *
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division,
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E8-30716 Filed 12-23-08; 8:45 am]
BILLING CODE 4830-01-P
