Federal Register: October 27, 2009 (Volume 74, Number 206)
DOCID: fr27oc09-11 FR Doc E9-25737
DEPARTMENT OF THE TREASURY
Internal Revenue Service
CFR Citation: 26 CFR Part 301
RIN ID: RIN 1545-BD67
TD ID: [TD 9460]
NOTICE: RULES
DOCID: fr27oc09-11
DOCUMENT ACTION: Correcting amendment.
SUBJECT CATEGORY:
Declaratory Judgments--Gift Tax Determinations; Correction
DATES: This correction is effective on October 27, 2009 and is applicable in taxable years ending on or after September 9, 2009.
DOCUMENT SUMMARY:
This document contains corrections to final regulations (TD 9460) that were published in the Federal Register on Wednesday, September 9, 2009 regarding petitions filed with the United States Tax Court for declaratory judgments with respect to the valuation of gifts.
SUMMARY:
Declaratory JudgmentsGift Tax Determinations; Correction
SUPPLEMENTAL INFORMATION
Background
The final regulations (TD 9460) that are the subject of these corrections are under section 7477 of the Internal Revenue Code. Need for Correction
As published on September 9, 2002 (74 FR 46347), the final regulations (TD 9460) contain errors that may prove to be misleading and are in need of clarification.
List of Subjects in 26 CFR Part 301
Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income
taxes, Penalties, Reporting and recordkeeping requirements. Correction of Publication
Accordingly, 26 CFR part 301 is corrected by making the following correcting amendments:
PART 301PROCEDURE AND ADMINISTRATION
Paragraph 1. The authority citation for part 301 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 301.74771 is amended by revising the second sentence of paragraph (d)(2) to read as follows:
Sec. 301.74771 Declaratory judgments relating to the value of certain gifts for gift tax purposes.
* * * * *
(d) * * *
(2) * * * For purposes of this paragraph (d)(2), the term return of
tax imposed by chapter 12 means the last gift tax return (Form 709,
``United States Gift (and GenerationSkipping Transfer) Tax Return'' or
such other form as may be utilized for this purpose from time to time
by the IRS) for the calendar year filed on or before the due date of
the return, including extensions granted if any, or, if a timely return
is not filed, the first gift tax return for that calendar year filed after the due date. * * *
* * * * *
LaNita VanDyke,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. E925737 Filed 102609; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Juli Ro Kim or George Masnik, (202) 6223090 (not a toll free number).