[Federal Register Volume 70, Number 20 (Tuesday, February 1, 2005)]
[Rules and Regulations]
[Pages 5044-5045]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-1734]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9170]
RIN 1545-BD99


Section 1374 Effective Dates; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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

SUMMARY: This document corrects temporary regulations (TD 9170) that 
were published in the Federal Register on Wednesday, December 22, 2004 
(69 FR 76612), that provide guidance concerning the applicability of 
section 1374 to S corporations that acquire assets in carryover basis 
transactions from C corporations on or after December 27, 1994, and to 
certain corporations that terminate S

[[Page 5045]]

corporation status and later elect again to become S corporations.

DATES: This document is effective on December 22, 2004.

FOR FURTHER INFORMATION CONTACT: Stephen R. Cleary, (202) 622-7750 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final and temporary regulations (TD 9170) that is the subject 
of this correction are under 1374 of the Internal Revenue Code.

Need for Correction

    As published, the final and temporary regulations (TD 9170) 
contains an error that may prove to be misleading and are in need of 
clarification.

List of Subjects in 26 CFR Parts 1

    Income Tax, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR Part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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

0
2. In Sec.  1.1374-8T, the section heading, and paragraphs (a)(1) and 
(a)(2) are revised to read as follows:


Sec.  1.1374-8T 1374(d)(8)  transactions (temporary).

    (a)(1) (Reserved) For further guidance see Sec.  1.1374-8(a).
    (2) Section 1374(d)(8) applies to any Sec.  1.1374(d)(8) 
transaction, as defined in paragraph (a)(1) of this section, that 
occurs on or after December 27, 1994, without regard to the date of the 
corporation's election to be an S corporation under section 1362.
* * * * *

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedures and Administration).
[FR Doc. 05-1734 Filed 1-31-05; 8:45 am]
BILLING CODE 4830-01-P