[Federal Register Volume 68, Number 65 (Friday, April 4, 2003)]
[Proposed Rules]
[Page 16462]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-8313]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-131478-02]
RIN 1545-BB25


Guidance Under Section 1502: Suspension of Losses on Certain 
Stock Dispositions; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document corrects a notice of proposed rulemaking 
published in the Federal Register March 14, 2003 (68 FR 12324). The 
proposed regulations redetermine the basis of stock of a subsidiary 
member of a consolidated group immediately prior to certain transfers 
of such stock and certain deconsolidations of a subsidiary member and 
suspend certain losses recognized on the disposition of stock of a 
subsidiary member.

FOR FURTHER INFORMATION CONTACT: Aimee K. Meacham, (202) 622-7530 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The proposed regulations that are the subject of these corrections 
are under section 1502 of the Internal Revenue Code.

Need for Correction

    As published, the proposed regulation contains an error that may 
prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the proposed regulations (REG-
131478-02) that were the subject of FR Doc. 03-6118, is corrected to 
read as follows:
    On page 12325, column 1, in the preamble under the caption 
``SUMMARY'', third line from the bottom of the caption, the language 
``regulations. This document also'' is corrected to read ``regulations. 
Elsewhere in this issue of the Federal Register are technical 
corrections to Sec.  1.1502-35T. The technical corrections supply text 
omitted from Sec.  1.1502-35T(b)(3)(i)(C), (b)(3)(ii)(C), and clarify 
Sec.  1.1502-35T(f)(1). This document''.

Cynthia E. Grigsby,
Chief, Regulations Unit, Associate Chief Counsel, (Procedure and 
Administration).
[FR Doc. 03-8313 Filed 4-3-03; 8:45 am]
BILLING CODE 4830-01-P