[Federal Register Volume 67, Number 206 (Thursday, October 24, 2002)]
[Rules and Regulations]
[Pages 65312-65313]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-27042]


=======================================================================
-----------------------------------------------------------------------

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: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains corrections to final regulations (TD 
8869), 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.

EFFECTIVE DATE: January 25, 2000.

FOR FURTHER INFORMATION CONTACT: Jeanne M. Sullivan (202) 622-3070 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this correction are 
under section 1361 of the Internal Revenue Code.

[[Page 65313]]

Need for Correction

    As published, final regulations (TD 8869) contains an error which 
may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.


    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

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.  1.1361-5  [Corrected]

    2. In Sec.  1.1361-5, paragraph (c)(1), the first sentence is 
amended by removing the language ``paragraph (b) of this section)'' and 
adding the language ``Sec.  1.1362-5(b))'' in its place.

Cynthia E. Grigsby,
Chief, Regulations Unit, Associate Chief Counsel (Income Tax and 
Accounting).
[FR Doc. 02-27042 Filed 10-23-02; 8:45 am]
BILLING CODE 4830-01-P