[Federal Register Volume 70, Number 86 (Thursday, May 5, 2005)]
[Rules and Regulations]
[Page 23790]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-8912]


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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.

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SUMMARY: This document corrects temporary regulations (TD 9170) that 
were published in the Federal Register on Wednesday, December 22, 2004 
(69 FR 76612). The document contains temporary regulations providing 
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 corporation status and later elect again to become S 
corporations.

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

SUPPLEMENTARY INFORMATION: 

Background

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

Need for Correction

    As published, the temporary regulations (TD 9170) contain errors 
that may prove to be misleading and are in need of clarification.

List of Subjects 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendments:

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
Par. 2. The section heading and text of Sec.  1.1374-8T is 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 section 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.
    (b) through (d) [Reserved]. For further guidance, see Sec.  1.1374-
8(b) through (d).

Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedures and Administration).
[FR Doc. 05-8912 Filed 5-4-05; 8:45 am]
BILLING CODE 4830-01-P