[Federal Register Volume 70, Number 73 (Monday, April 18, 2005)]
[Rules and Regulations]
[Page 20049]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-7636]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9192]
RIN 1545-BC38; RIN 1545-BC74; RIN 1545-BC95


Guidance Under Section 1502; Application of Section 108 to 
Members of a Consolidated Group; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document corrects final regulations, (TD 9192) that were 
published in the Federal Register on Tuesday, March 22, 2005 (70 FR 
14395), that govern the application of section 108 when a member of a 
consolidated group realizes discharge of indebtedness income.

DATES: This correction is effective on March 22, 2005.

FOR FURTHER INFORMATION CONTACT: Amber Cook, (202) 622-7530 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations, temporary regulations, and removal of 
temporary regulations (TD 9192) that is the subject of this correction 
is under section 1502 of the Internal Revenue Code.

Need for Correction

    As published, (TD 9192) contains an error that may prove to be 
misleading and is in need of clarification.

Correction of Publication

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Accordingly, the publication of the final regulations, temporary 
regulations, and removal of temporary regulations (TD 9192) that were 
the subject of FR. Doc. 05-5528, are corrected as follows:

PART 1--INCOME TAXES

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1. The authority citation for 26 CFR part 1 continues to read as 
follows:

    Authority: 26 U.S.C. 7805, unless otherwise noted. Section 
1.1502-11 also issued under 26 U.S.C. 1502.


Sec.  1.1502-11  [Corrected]

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2. In Sec.  1.1502-11, paragraph (c)(5), Example 3, (ii)(E), remove the 
words ``take into account its $80 of excluded COD.'' and add in their 
place the words ``take into account its $80 of excluded COD income.''.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedures and Administration).
[FR Doc. 05-7636 Filed 4-15-05; 8:45 am]
BILLING CODE 4830-01-P