[Federal Register Volume 64, Number 41 (Wednesday, March 3, 1999)]
[Proposed Rules]
[Page 10262]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-5128]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-104072-97]
RIN 1545-AV07


Recharacterizing Financing Arrangements Involving Fast-Pay Stock; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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

SUMMARY: This document contains a correction to REG-104072-97, which 
was published in the Federal Register on Wednesday, January 6, 1999 (64 
FR 805), relating to financing arrangements involving fast-pay stock.

FOR FURTHER INFORMATION CONTACT: Jonathan Zelnik, (202) 622-3940 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking that is the subject of this 
correction is under section 7701 of the Internal Revenue Code.

Need for Correction

    As published, REG-104072-97 contains errors which may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-104072-97), which is the subject of FR Doc. 99-178, is corrected 
as follows:


Sec. 1.1441-7  [Corrected]

    1. On page 810, column 1, Sec. 1.1441-7(g)(4) Example 2, line 4, 
the language ``that A entered the arrangement with a'' is corrected to 
read ``that A entered into the arrangement with a''.


Sec. 1.7701(l)-3  [Corrected]

    2. On page 810, column 3, Sec. 1.7701(l)-3(c)(3)(iv)(A), line 3, 
the language ``attributable to financing instruments)'' is corrected to 
read ``attributable to the financing instruments)''.
    3. On page 811, column 3, Sec. 1.7701(l)-3(e) Example 5, (i), line 
3 from the bottom of the paragraph, the language ``Y's 1996 deduction 
attributable to financing'' is corrected to read ``Y's 1996 deduction 
attributable to the financing''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 99-5128 Filed 3-2-99; 8:45 am]
BILLING CODE 4830-01-U