[Federal Register Volume 67, Number 92 (Monday, May 13, 2002)]
[Rules and Regulations]
[Page 31955]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-11793]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8985]
RIN 1545-AY02


Hedging Transactions; Corrections

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains corrections to final regulations that 
were published in the Federal Register on Wednesday, March 20, 2002 (67 
FR 12863) relating to the character of gain or loss from hedging 
transactions.

DATES: This correction is effective March 20, 2002.

FOR FURTHER INFORMATION CONTACT: Elizabeth Handler (202) 622-3930 or 
Viva Hammer (202) 622-0869 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under section 1221 of the Internal Revenue Code.

Need for Correction

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

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

    Accordingly, 26 CFR Part 1 is corrected by making the following 
correcting amendments:

PART 1--INCOME TAXES

    1. The authority citation for part 1 continues to read in part as 
follows:

    Authority: 26 U.S.C. 7805 * * *


Sec. 1.446-4  [Corrected]

    2. Section 1.446-4, paragraph (d)(3) is amended by removing the 
language ``Sec. 1.1221-2(a)(4)(i)'' from the last sentence and adding 
the language ``Sec. 1.1221-2(a)(4)'' in its place.


Sec. 1.1256(e)-1  [Corrected]

    3. Section 1.1256(e)-1, paragraph (c) is amended by removing the 
language ``(f)(1)(ii)'' from the second sentence and adding the 
language ``(g)(1)(ii)'' in its place.

Cynthia E. Grigsby,
Chief, Regulations Unit, Associate Chief Counsel (Income Tax and 
Accounting).
[FR Doc. 02-11793 Filed 5-10-02; 8:45 am]
BILLING CODE 4830-01-P