Federal Register: August 11, 2005 (Volume 70, Number 154)
DOCID: FR Doc 05-15762
DEPARTMENT OF THE TREASURY
Internal Revenue Service
CFR Citation: 26 CFR Part 1
RIN ID: RIN 1545-BE75
TD ID: [TD 9210]
NOTICE: RULES
ACTION: Income taxes:
DOCUMENT ACTION: Correction to final regulations.
SUBJECT CATEGORY:
LIFO Recapture Under Section 1363(d); Correction
DATES: This correction is effective July 12, 2005.
DOCUMENT SUMMARY:
This document contains a correction to final regulations that were published in the Federal Register on July 12, 2005 (70 FR 39920) regarding the LIFO recapture by corporations converting from C Corporations to S Corporations.
SUMMARY:
C corporations converting to S corporations; LIFO recapture; Correction,
SUPPLEMENTAL INFORMATION
Background
The correction notice that is the subject of this document is under section 1363 of the Internal Revenue Code.
Need for Correction
As published, the correction notice (TD 9210), contains an error that may prove to be misleading and is in need of clarification. Correction of Publication
Accordingly, the correction notice (TD 9210), which was the subject of FR Doc. 0513383, is corrected as follows:
On page 39920, column 3, in the preamble, under the paragraph
heading ``Summary of Comments and Explanation of Revisions'' first
paragraph, lines 23 through 25, the language ``corporation, the date of
recapture event is a transfer of a partnership interest to an S
corporation, the date of the transfer'' is corrected to read as ``corporation, the date of the transfer''.
Guy Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing
Division, Associate Chief Counsel, (Procedures and Administration). [FR Doc. 0515762 Filed 81005; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Pietro Canestrelli, at (202) 622-3060 and Martin Schaffer, at (202) 6223070 (not tollfree numbers).