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CFR Citation: 26 CFR Part 1

RIN ID: RIN 1545-AW53

TD ID: [TD 8883]

NOTICE: RULES

ACTION: Income taxes:

DOCUMENT ACTION: Correction to final regulations.

SUBJECT CATEGORY: Guidance Under Section 1032 Relating to the Treatment of a Disposition by an Acquiring Entity of the Stock of a Corporation in a Taxable Transaction; Correction

EFFECTIVE DATES: This correction is effective May 16, 2000.

DOCUMENT SUMMARY: This document contains a correction to Treasury Decision 8883, which was published in the Federal Register on Tuesday, May 16, 2000 (65 FR 31073), which provides guidance under section 1032 of the Internal Revenue Code, relating to the treatment of a disposition by an acquiring entity of the stock of a corporation in a taxable transaction.

SUMMARY: Taxable transactions; treatment of disposition by one corporation of stock of another corporation; Correction,

SUPPLEMENTAL INFORMATION

The final regulations that are the subject to correction are under section 1032 of the Internal Revenue Code.

Need for Correction

As published, Treasury Decision 8883 contains an error which may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8883), which was the subject of FR Doc. 0011900, is corrected as follows: Sec. 1.10323 [Corrected]

On page 31076, column 3, Sec. 1.10323(c)(1), is corrected to read as follows:
[[Page 37482]]
Sec. 1.10323 Disposition of stock or stock options in certain transactions not qualifying under any other nonrecognition provision. * * * * *
(c) * * *
(1) The acquiring entity acquires stock of the issuing corporation directly or indirectly from the issuing corporation in a transaction in which, but for this section, the basis of the stock of the issuing corporation in the hands of the acquiring entity would be determined, in whole or in part, with respect to the issuing corporation's basis in the issuing corporation's stock under section 362(a) or 723 (provided that, in the case of an indirect acquisition by the acquiring entity, the transfers of issuing corporation stock through intermediate entities occur immediately after one another);
* * * * *
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate). [FR Doc. 0015036 Filed 61400; 8:45 am] BILLING CODE 483001U

FOR FURTHER INFORMATION CONTACT Filiz Serbes at (202) 622-7550 (not a tollfree number).