[Federal Register Volume 66, Number 62 (Friday, March 30, 2001)]
[Rules and Regulations]
[Pages 17362-17363]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-7934]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8940]
RIN 1545-AY73


Purchase Price Allocation In Deemed and Actual Asset 
Acquisitions; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document contains a correction to final regulations 
relating to deemed and actual asset acquisitions under sections 338 and 
1060. The final regulations that were published in the Federal Register 
on Tuesday, February 13, 2001 (66 FR 9925).

DATES: This correction is effective March 16, 2001.

FOR FURTHER INFORMATION CONTACT: Richard Starke (202) 622-7790 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under

[[Page 17363]]

sections 338 and1060 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations contain an error that may prove 
to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the final regulations (TD 8940), 
that were the subject of FR Doc. 01-981 is corrected as follows:
    1. On page 9929, in the table, the entry for Sec. 1.197-2(k), 
Example 23 is corrected to read as follows:

------------------------------------------------------------------------
             Section                    Remove                Add
------------------------------------------------------------------------
 
*                  *                  *                  *
                  *                  *                  *
1.197-2(k), Example 23,           (as these terms     (as these terms
 paragraph (iv), first sentence.   are defined in      are defined in
                                   Sec.  1.338-1(c)(   Sec.  1.338&ndas-
                                   13)).               2(c)(17))
 
*                  *                  *                  *
                  *                  *                  *
------------------------------------------------------------------------

Sec. 1.338-3  [Corrected]

    2. On page 9935, column 3, Sec. 1.338-3, paragraph (b)(3)(iv), 
paragraph (ii) of Example 1., line 9 from the bottom of the paragraph, 
the language ``338(h)(3)(A)(iii). See Sec. 1.338-2(b)(3)(ii)(C).'' is 
corrected to read ``338(h)(3)(A)(iii). See Sec. 1.338-
3(b)(3)(ii)(C).''.


Sec. 1.338-6  [Corrected]

    3. On page 9944, column 3, Sec. 1.338-6, paragraph (d), paragraph 
(ix) of Example 1 line 1, the language ``The liabilities of T as of the 
beginning'' is corrected to read `` The liabilities of T1 as of the 
beginning''.

Cynthia E. Grigsby,
Chief, Regulations Unit, Office of Special Counsel (Modernization and 
Strategic Planning).
[FR Doc. 01-7934 Filed 3-29-01; 8:45 am]
BILLING CODE 4830-01-P