[Federal Register Volume 69, Number 67 (Wednesday, April 7, 2004)]
[Proposed Rules]
[Page 18314]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-7797]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-167265-03]
RIN 1545-BC95


Guidance Under Section 1502; Application of Section 108 to 
Members of a Consolidated Group; Computation of Taxable Income When 
Section 108 Applies to a Member of a Consolidated Group; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking; notice of proposed 
rulemaking by cross-reference to temporary regulations.

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SUMMARY: This document corrects a notice of proposed rulemaking; notice 
of proposed rulemaking by cross-reference to temporary regulations 
(REG-167265-03) that was published in the Federal Register on Monday, 
March 15, 2003 (69 FR 12091) containing proposed regulations under 
section 1502 that govern the timing of certain basis adjustments in 
respect of the realization of discharge of indebtedness income that is 
excluded from gross income and the reduction of attributes in respect 
of that excluded income.

FOR FURTHER INFORMATION CONTACT: Candace B. Ewell, (202) 622-7530 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking; notice of proposed rulemaking by 
cross reference to temporary regulations (REG-167265-03) that is the 
subject of this correction are under section 1502 of the Internal 
Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking; notice of proposed 
rulemaking by cross reference to temporary regulations (REG-167265-03) 
contains errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the notice of proposed rulemaking; notice of proposed 
rulemaking by cross reference to temporary regulations (REG-167265-03) 
is corrected as follows:


Sec.  1.1502-11  [Corrected]

    1. On page 12095, column 1, Sec.  1.1502-11, paragraph (c)(5), 
paragraph (i) of Example 1, last line in the paragraph, the language 
``basis of $0 and a fair market value of $10.'' is corrected to read 
``basis of $0 and a fair market of $20.''.
    2. On page 12095, column 2, paragraph (c)(5), paragraph (ii) of 
Example 1, line 14, the language ``the principles of Sec.  1.1501-
21T(b)(2)(iv), is'' is corrected to read the principles of Sec.  
1.1502-21T(b)(2)(iv) is.''.
    3. On page 12096, column 3, paragraph (c)(5), paragraph (ii)(E) of 
Example 3, line 10, the language ``COD income in the amount of $100.'' 
is corrected to read ``COD income in the amount of $80.''.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedures and Administration).
[FR Doc. 04-7797 Filed 4-6-04; 8:45 am]
BILLING CODE 4830-01-P