[Federal Register Volume 75, Number 144 (Wednesday, July 28, 2010)]
[Rules and Regulations]
[Page 44138]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-18270]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9487]
RIN 1545-BG03


Build-In Gains and Losses Under Section 382(h); Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains correcting amends to IRS' regulations 
providing guidance regarding the treatment of prepaid income under the 
built-in gain provisions of section 382(h). These errors were made when 
the agency published final regulations (TD 9487) in the Federal 
Register on Wednesday, June 16, 2010 (75 FR 33990).

DATES: This correction is effective on July 28, 2010, and is applicable 
on June 16, 2010.

FOR FURTHER INFORMATION CONTACT: Keith E. Stanley, (202) 622-7750 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9487) that are the subject of this 
document are under section 382 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 9487) contain errors that 
may prove to be misleading and are in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendments:

PART 1--INCOME TAXES

0
Paragraph 1.The authority citation for part 1 continues to read in part 
as follows:

    Authority: 26 U.S.C. 7805 * * *.



0
Par. 2. Section 1.382-2T is amended by revising the headings of 
paragraph (h)(4)(vii)(A) and paragraph (h)(4)(x)(J) to read as follows:


Sec.  1.382-2T  Definition of ownership change under section 382, as 
amended by the tax Reform Act of 1986 (temporary).

* * * * *
    (h) * * *
    (4) * * *
    (vii) * * *
    (A) Right or obligation to issue stock. * * *
* * * * *
    (x) * * *
    (J) Title 11 or similar case. * * *
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2010-18270 Filed 7-27-10; 8:45 am]
BILLING CODE 4830-01-P