[Federal Register Volume 70, Number 23 (Friday, February 4, 2005)]
[Proposed Rules]
[Pages 5948-5949]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-2200]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-129709-03]
RIN 1545-BC34


Prohibited Allocations of Securities in an S Corporation

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking by cross-reference 
to temporary regulations and notice of public hearing.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking that was published in the Federal Register on December 17, 
2004 (69 FR 75492), relating to prohibited allocations of securities in 
an S Corporation.

FOR FURTHER INFORMATION CONTACT: John Ricotta at (202) 622-6060 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking (REG-129709-03) that is the 
subject of this correction is under section 409 of the Internal Revenue 
Code.

Need for Correction

    As published the notice of proposed rulemaking (REG-129709-03), 
contains errors that may prove to be misleading and are in need of 
clarification.

[[Page 5949]]

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
by cross-reference to temporary regulations and notice of public 
hearing (REG-129709-03), which was the subject of FR Doc. 04-27295, is 
corrected as follows:
    1. On page 75492, column 2, in the preamble under the caption 
DATES, the second sentence from the bottom of the paragraph, the 
language ``10 a.m. must be received by March 14,'' is corrected to read 
``10 a.m. must be received by March 30,''.
    2. On page 75492, column 2, in the preamble under the caption 
ADDRESSES, the last sentence, the language ``REG-129703-03).'' is 
corrected to read ``REG-129709-03).''.
    3. On page 75492, column 3, in the preamble under the caption 
Comments and Requests for a Public Hearing, paragraph 3, line 8, the 
language ``March 14, 2005. A period of 10 minutes'' is corrected to 
read ``March 30, 2005. A period of 10 minutes''.

PART 1--[AMENDED]


Sec.  1.409(p)-1  [Corrected]

    4. On page 75493, column 1, the section title for Sec.  1.409(p)-1, 
the language ``Prohibited allocation of securities in an S 
Corporation.'' is corrected to read ``Prohibited allocations of 
securities in an S Corporation.''.

Guy R. Traynor,
Federal Register Liaison, Publication and Regulations Branch, Legal 
Processing Division, Associate Chief Counsel, Procedures and 
Administration.
[FR Doc. 05-2200 Filed 2-3-05; 8:45 am]
BILLING CODE 4830-01-P