[Federal Register Volume 66, Number 1 (Tuesday, January 2, 2001)]
[Proposed Rules]
[Pages 76-77]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-32775]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-116733-98]
RIN 1545-AW79


Guidance Under Section 355(e); Recognition of Gain on Certain 
Distributions of Stock or Securities in Connection With an Acquisition

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Withdrawal of notice of proposed rulemaking.

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SUMMARY: This document withdraws the notice of proposed rulemaking 
relating to recognition of gain on certain distributions of stock or 
securities of a controlled corporation in connection with an 
acquisition that was published in the Federal Register on August 24, 
1999. The withdrawal is in response to written comments received and 
oral comments presented at a public hearing.

FOR FURTHER INFORMATION CONTACT: Brendan O'Hara, (202) 622-7530 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    On August 24, 1999, the IRS issued proposed regulations (REG-
116733-98) in the Federal Register (64 FR 46155)

[[Page 77]]

under section 355(e), relating to the recognition of gain on certain 
distributions of stock or securities in connection with an acquisition 
of stock of the distributing corporation or of stock of the corporation 
whose stock is distributed. In response to written comments received 
and comments presented at a public hearing held on March 2, 2000, these 
proposed regulations are being withdrawn. New proposed regulations 
(REG-107566-00) covering the same matters as the withdrawn proposed 
regulations are being issued elsewhere in this issue of the Federal 
Register.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Withdrawal of Notice of Proposed Rulemaking

    Accordingly, under the authority of 26 U.S.C. 7805 and 26 U.S.C. 
355(e)(5), the notice of proposed rulemaking (REG-116733-98) that was 
published in the Federal Register on August 24, 1999 (64 FR 46155) is 
withdrawn.

Robert E. Wenzel,
Deputy Commissioner of Internal Revenue.
[FR Doc. 00-32775 Filed 12-29-00; 8:45 am]
BILLING CODE 4830-01-U