Unified Rule for Loss on Subsidiary Stock; Correction, 10172 [2010-4756]

Download as PDF 10172 Federal Register / Vol. 75, No. 43 / Friday, March 5, 2010 / Rules and Regulations ■ Background § 1313.42 Prohibition of shipments from certain foreign sources. The final regulations (TD 9424) that are the subject of this document are under sections 337, 358, 362 and 1502 of the Internal Revenue Code. 3. Section 1313.42 is added to read as follows: (a) If the Administrator determines that a foreign manufacturer or distributor of ephedrine, pseudoephedrine, or phenylpropanolamine has refused to cooperate with a request by the Administrator for information known to the manufacturer or distributor on the distribution of the chemical, including sales, the Administrator may issue an order prohibiting the importation of the chemical in any case where the manufacturer or distributor is part of the chain of distribution. (b) Not later than 60 days prior to issuing the order to prohibit importation, the Administrator shall publish in the Federal Register a notice of intent to issue the order. During the 60-day period, imports from the foreign manufacturer or distributor may not be restricted under this section. DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 117 Need for Correction [Docket No. USCG–2009–0796] RIN 1625–AA09 DEPARTMENT OF THE TREASURY As published, the final regulations (TD 9424) contain an error that may prove to be misleading and is in need of clarification. The final regulations revised § 1.1502–35(a) to provide that, in general, § 1.1502–35 would only apply to transactions completed prior to September 17, 2008. The final regulations also revised the operative rules in § 1.1502–35. However, the effective date prescribed in § 1.1502– 35(j) appeared to preclude the application of the revised § 1.1502–35 to transactions completed prior to September 17, 2008. The final regulations are clarified to provide that the revised rules in § 1.1502–35 (including the ten-year termination of application of § 1.1502–35 described in Background section 2.A. of the preamble) apply after September 16, 2008, to all transactions subject to that section. Internal Revenue Service List of Subjects in 26 CFR Part 1 26 CFR Part 1 Income taxes, Reporting and recordkeeping requirements. [FR Doc. 2010–4716 Filed 3–4–10; 8:45 am] BILLING CODE 4410–09–P [TD 9424] Correction of Publication RIN 1545–BB61 Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment: ■ Unified Rule for Loss on Subsidiary Stock; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendment. This document contains a correction to final regulations (TD 9424) that were published in the Federal Register on Wednesday, September 17, 2008 (73 FR 53934). The regulations apply to corporations filing consolidated returns, and corporations that enter into certain taxfree reorganizations. The regulations provide rules for determining the tax consequences of a member’s transfer (including by deconsolidation and worthlessness) of loss shares of subsidiary stock. DATES: Effective Date: This correction is effective on March 5, 2010, and is applicable on September 17, 2008. FOR FURTHER INFORMATION CONTACT: Maury Passman, (202) 622–7550 or Theresa Abell, (202) 622–7700 (not tollfree numbers). SUPPLEMENTARY INFORMATION: erowe on DSK5CLS3C1PROD with RULES SUMMARY: VerDate Nov<24>2008 14:25 Mar 04, 2010 Jkt 220001 PART 1—INCOME TAXES Paragraph 1. The authority citation for part 1 continues to read in part as follows: ■ Authority: 26 U.S.C. 7805 * * * Par. 2. Section 1.1502–35 is amended by revising the first sentence of paragraph (j) to read as follows: ■ § 1.1502–35 Transfers of subsidiary stock and deconsolidations of subsidiaries. * * * * * (j) Effective/applicability dates. This section applies after September 16, 2008. * * * LaNita Van Dyke, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2010–4756 Filed 3–4–10; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 Drawbridge Operation Regulation; Chester River, Chestertown, MD Coast Guard, DHS. Final rule. AGENCY: ACTION: SUMMARY: The Coast Guard is changing the drawbridge operation regulations of the S213 Bridge, at mile 26.8, across Chester River at Chestertown, MD. This final rule allows the bridge to open on signal if at least six hours notice is given and will provide for the reasonable needs of navigation, due to the anticipated infrequency of requests for vessel openings of the drawbridge. DATES: This rule is effective April 5, 2010. ADDRESSES: Comments and related materials received from the public, as well as documents mentioned in this preamble as being available in the docket, are part of docket USCG–2009– 0796 and are available online by going to http://www.regulations.gov, inserting USCG–2009–0796 in the ‘‘Keyword’’ box, and then clicking ‘‘Search.’’ This material is also available for inspection or copying at the Docket Management Facility (M–30), U.S. Department of Transportation, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. Regulatory Information On September 25, 2009, we published a notice of proposed rulemaking (NPRM) entitled ‘‘Drawbridge Operation Regulations; Chester River, Chestertown, MD’’ in the Federal Register (74 FR 48889). We received no comments on the proposed rule. No public meeting was requested, and none was held. Background and Purpose Maryland Department of Transportation-State Highway Administration (MDOT) is responsible for the operation of the S213 Bridge, at mile 26.8, across Chester River at Chestertown, MD. MDOT requested advance notification for vessel openings year-round due to the anticipated infrequency of requests for vessel openings of the drawbridge. E:\FR\FM\05MRR1.SGM 05MRR1

Agencies

[Federal Register Volume 75, Number 43 (Friday, March 5, 2010)]
[Rules and Regulations]
[Page 10172]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-4756]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9424]
RIN 1545-BB61


Unified Rule for Loss on Subsidiary Stock; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final regulations (TD 
9424) that were published in the Federal Register on Wednesday, 
September 17, 2008 (73 FR 53934).
    The regulations apply to corporations filing consolidated returns, 
and corporations that enter into certain tax-free reorganizations. The 
regulations provide rules for determining the tax consequences of a 
member's transfer (including by deconsolidation and worthlessness) of 
loss shares of subsidiary stock.

DATES: Effective Date: This correction is effective on March 5, 2010, 
and is applicable on September 17, 2008.

FOR FURTHER INFORMATION CONTACT: Maury Passman, (202) 622-7550 or 
Theresa Abell, (202) 622-7700 (not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9424) that are the subject of this 
document are under sections 337, 358, 362 and 1502 of the Internal 
Revenue Code.

Need for Correction

    As published, the final regulations (TD 9424) contain an error that 
may prove to be misleading and is in need of clarification. The final 
regulations revised Sec.  1.1502-35(a) to provide that, in general, 
Sec.  1.1502-35 would only apply to transactions completed prior to 
September 17, 2008. The final regulations also revised the operative 
rules in Sec.  1.1502-35. However, the effective date prescribed in 
Sec.  1.1502-35(j) appeared to preclude the application of the revised 
Sec.  1.1502-35 to transactions completed prior to September 17, 2008. 
The final regulations are clarified to provide that the revised rules 
in Sec.  1.1502-35 (including the ten-year termination of application 
of Sec.  1.1502-35 described in Background section 2.A. of the 
preamble) apply after September 16, 2008, to all transactions subject 
to that section.

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 1.1502-35 is amended by revising the first sentence of 
paragraph (j) to read as follows:


Sec.  1.1502-35  Transfers of subsidiary stock and deconsolidations of 
subsidiaries.

* * * * *
    (j) Effective/applicability dates. This section applies after 
September 16, 2008. * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2010-4756 Filed 3-4-10; 8:45 am]
BILLING CODE 4830-01-P