[Federal Register Volume 65, Number 60 (Tuesday, March 28, 2000)]
[Rules and Regulations]
[Pages 16317-16318]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-5242]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8869]
RIN 1545-AU77


Subchapter S Subsidiaries; 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 Tuesday, January 25, 2000 (65 
FR 3843), relating to the treatment of corporate subsidiaries of S 
corporations and interpret the rules added to the Internal Revenue Code 
by section 1308 of the Small Business Job Protection Act of 1996.

DATES: This correction is effective January 25, 2000.

[[Page 16318]]


FOR FURTHER INFORMATION CONTACT: Jeanne M. Sullivan at (202) 622-3050 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:  

Background

    The final regulations that are subject to these corrections are 
under sections 1361, 1362, and 1374 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 8869) 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 8869), 
which wer the subject of FR Doc. 00-1718, is corrected as follows:
    1. On page 3845, column 1, under the caption ``Explanation of 
Provisions'', line 14 from the top of the column, the language, ``2 
I.R.B.1, which provides that the'' is corrected to read ``2 I.R.B. 288, 
which provides that the''.


Sec. 1.1361-4  [Corrected]

    2. On page 3852, column 2, Sec. 1.1361-4(d) Example 3, line 15, the 
language, ``2000, the day after the acquisition date'' is corrected to 
read ``2002, the day after the acquisition date''.


Sec. 1.1361-5  [Corrected]

    3. On page 3853, column 1, Sec. 1.1361-5(b)(1)(i), line 9, the 
language, ``corporation. he tax treatment of this'' is corrected to 
read ``corporation. The tax treatment of this''.


Sec. 1.1362-8  [Corrected]

    4. On page 3855, column 3, Sec. 1.1362-8(d) Example 2(ii), line 1, 
the language, ``(ii) Four-fifths ($12,000/15,000) of the'' is corrected 
to read ``(ii) Four-fifths ($12,000/$15,000) of the''.

    5. On page 3855, column 3, Sec. 1.1362-8(d) Example 2(ii), line 13, 
the language, ``Under these facts, $41 ($920/1,900 of'' is corrected to 
read `` Under these facts, $41 ($920/$1,900 of''.

Dale D. Goode,
Federal Register Liaison, Assistant Chief Counsel (Corporate).
[FR Doc. 00-5242 Filed 3-27-00; 8:45 am]
BILLING CODE 4830-01-U