[Federal Register Volume 66, Number 42 (Friday, March 2, 2001)]
[Rules and Regulations]
[Pages 13013-13014]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-5006]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 53 and 301

[TD 8920]
RIN 1545-AY64


Excise Taxes on Excess Benefit Transactions; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to temporary regulations.

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SUMMARY: This document contains corrections to temporary regulations 
that were published in the Federal Register on January 10, 2001 (66 FR 
2144). This document relates to the excise taxes on excess benefit 
transactions under section 4958 of the Internal Revenue Code.

DATES: This correction is effective January 10, 2001.

FOR FURTHER INFORMATION CONTACT: Phyllis D. Haney (202) 622-4290 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    These temporary regulations that are the subject of this correction 
are under section 4958 of the Internal Revenue Code.

Need for Correction

    As published, these temporary regulations (TD 8920) contain errors 
that may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the temporary regulations (TD 
8920), which were the subject of FR Doc. 01-256, is corrected as 
follows:


Sec. 53.4958-4T  [Corrected]

    1. On page 2164, column 3, Sec. 53.4958-4T, paragraph (a)(3)(vii), 
Example 1, line 12, the language ``T (see Sec. 53.4958-3T(a)). Under 
the initial'' is corrected to read ``T (see Sec. 53.4958-3T (c)(3)). 
Under the initial''.

    2. On page 2165, column 1, Sec. 53.4958-4T, paragraph (a)(3)(vii), 
Example 6, line 19, the language ``respect to B, Company X also becomes 
a'' is corrected to read ``respect to Hospital B, Company X also 
becomes a''.
    3. On page 2165, column 1, Sec. 53.4958-4T, paragraph (a)(3)(vii), 
Example 6, line 20, the language ``disqualified person with respect to 
B (see'' is corrected to read ``disqualified person with respect to 
Hospital B (see''.

    4. On page 2167, column 2, Sec. 53.4958-4T, paragraph (c)(3)(i)(B), 
last line in the paragraph, the language ``paragraph (b)(3)(i)(A) of 
this section.'' is corrected to read ``paragraph (c)(3)(i)(A) of this 
section.''.


Sec. 53.4958-6T  [Corrected]

    5. On page 2168, column 1, Sec. 53.4958-6T, paragraph (a)(1), first 
line in the column, the language ``the organization with the meaning 
of'' is corrected to read ``the organization within the meaning of''.

    6. On page 2169, column 1, Sec. 53.4958-6T, paragraph (c)(2)(iv), 
Example 2, line 1, the language ``Example 2. The facts are the same 
as'' is corrected to read ``Example 2. The facts are the same as in''.
    7. On page 2169, column 1, Sec. 53.4958-6T, paragraph (c)(2)(iv), 
Example 4, line 1, the language ``Example 4. The facts are the same 
as'' is corrected to read ``Example 4. The facts are the same as in''.


Sec. 301.7611-1  [Corrected]

    8. On page 2171, column 3, Sec. 301.7611-1, under the undesignated 
centerheading ``Application to Section 4958'', A-19, line 1, the 
language ``A-19: See Sec. 53.4958-7(b) of this'' is

[[Page 13014]]

corrected to read ``A-19: See Sec. 53.4958-8T(b) of this''.

Cynthia E. Grigsby,
Chief, Regulations Unit, Office of Special Counsel (Modernization and 
Strategic Planning).
[FR Doc. 01-5006 Filed 3-1-01; 8:45 am]
BILLING CODE 4830-01-P