Department of the Treasury November 14, 2008 – Federal Register Recent Federal Regulation Documents

This document contains corrections to final regulations (TD 9428) that were published in the Federal Register on Monday, October 20, 2008 (73 FR62199) relating to the treatment of open account debt between S corporations and their shareholders. These final regulations provide rules regarding the definition of open account debt and the adjustments in basis of any indebtedness of an S corporation to a shareholder under section 1367(b)(2) of the Internal Revenue Code for shareholder advances and repayments on advances of open account debt. The regulations affect shareholders of S corporations and are necessary to provide guidance needed to comply with the applicable tax law.

The President's Advisory Council on Financial Literacy will convene its sixth meeting on Thursday, December 4, 2008, via teleconference beginning at 2 p.m. Eastern Time. The telephone meeting will be open to the public. Members of the public interested in listening to the meeting should e-mail the Treasury Department at FinancialLiteracyCouncil@do.treas.gov to obtain the information on how to listen to the call. Individuals needing special accommodations to take part because of a disability should notify the contact person listed below.