[Federal Register Volume 65, Number 5 (Friday, January 7, 2000)]
[Rules and Regulations]
[Page 1059]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-57]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 301

[TD 8845]
RIN 1545-AW20


Adequate Disclosure of Gifts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document contains corrections to final regulations which 
were published in the Federal Register on Friday, December 3, 1999, 64 
FR 67767, relating to the valuation of prior gifts in determining 
estate and gift tax liability, and the period of limitations for 
assessing and collecting gift tax.

DATES: This correction is effective December 3, 1999.

FOR FURTHER INFORMATION CONTACT: William L. Blodgett, (202) 622-3090, 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are subject to these corrections are 
under section 6501 of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 8845) contain errors that may 
prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the final regulations (TD 8845), 
which were the subject of FR Doc. 99-30944, is corrected as follows:


Sec. 301.6501(c)-1  [Corrected]

    1. On page 67772, column 3, Sec. 301.6501(c)-1(f)(5), line 9 from 
the top of the column, the language ``transfer will not be subject to 
inclusion'' is corrected to read ``transfer will be subject to 
inclusion''.
    2. On page 67772, column 3, Sec. 301.6501(c)-1(f)(5), line 11 from 
the top of the column, the language ``purposes. On the other hand, if 
the'' is corrected to read ``purposes only to the extent that a 
completed gift would be so included. On the other hand, if the''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 00-57 Filed 1-6-00; 8:45 am]
BILLING CODE 4830-01-U