[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