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CFR Citation: 26 CFR Part 1

TD ID: [TD 9170]

RIN ID: RIN 1545-BD99

NOTICE: RULES

ACTION: Income taxes:

DOCUMENT ACTION: Correcting amendment.

SUBJECT CATEGORY: Section 1374 Effective Dates; Correction

DATES: This document is effective on December 22, 2004.

DOCUMENT SUMMARY: This document corrects temporary regulations (TD 9170) that were published in the Federal Register on Wednesday, December 22, 2004 (69 FR 76612), that provide guidance concerning the applicability of section 1374 to S corporations that acquire assets in carryover basis transactions from C corporations on or after December 27, 1994, and to certain corporations that terminate S
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corporation status and later elect again to become S corporations.

SUMMARY: S corporations; section 1374 effective dates; correction,

SUPPLEMENTAL INFORMATION

The final and temporary regulations (TD 9170) that is the subject of this correction are under 1374 of the Internal Revenue Code. Need for Correction

As published, the final and temporary regulations (TD 9170) contains an error that may prove to be misleading and are in need of clarification.

List of Subjects in 26 CFR Parts 1

Income Tax, Reporting and recordkeeping requirements. Correction of Publication
Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendment:
PART 1INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *
2. In Sec. 1.13748T, the section heading, and paragraphs (a)(1) and (a)(2) are revised to read as follows:
Sec. 1.13748T 1374(d)(8) transactions (temporary).
(a)(1) (Reserved) For further guidance see Sec. 1.13748(a). (2) Section 1374(d)(8) applies to any Sec. 1.1374(d)(8) transaction, as defined in paragraph (a)(1) of this section, that occurs on or after December 27, 1994, without regard to the date of the corporation's election to be an S corporation under section 1362. * * * * *
Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedures and Administration). [FR Doc. 051734 Filed 13105; 8:45 am]
BILLING CODE 483001P

FOR FURTHER INFORMATION CONTACT Stephen R. Cleary, (202) 622-7750 (not a tollfree number).