[Federal Register Volume 70, Number 154 (Thursday, August 11, 2005)]
[Rules and Regulations]
[Page 46758]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-15762]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9210]
RIN 1545-BE75


LIFO Recapture Under Section 1363(d); Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document contains a correction to final regulations that 
were published in the Federal Register on July 12, 2005 (70 FR 39920) 
regarding the LIFO recapture by corporations converting from C 
Corporations to S Corporations.

DATES: This correction is effective July 12, 2005.

FOR FURTHER INFORMATION CONTACT: Pietro Canestrelli, at (202) 622-3060 
and Martin Schaffer, at (202) 622-3070 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    The correction notice that is the subject of this document is under 
section 1363 of the Internal Revenue Code.

Need for Correction

    As published, the correction notice (TD 9210), contains an error 
that may prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the correction notice (TD 9210), which was the subject 
of FR Doc. 05-13383, is corrected as follows:
    On page 39920, column 3, in the preamble, under the paragraph 
heading ``Summary of Comments and Explanation of Revisions'' first 
paragraph, lines 23 through 25, the language ``corporation, the date of 
recapture event is a transfer of a partnership interest to an S 
corporation, the date of the transfer'' is corrected to read as 
``corporation, the date of the transfer''.

Guy Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedures and Administration).
[FR Doc. 05-15762 Filed 8-10-05; 8:45 am]
BILLING CODE 4830-01-P