[Federal Register Volume 70, Number 191 (Tuesday, October 4, 2005)]
[Rules and Regulations]
[Page 57750]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-19776]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9223]
RIN 1545-BC20


Value of Life Insurance Contracts When Distributed From a 
Qualified Retirement Plan; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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

SUMMARY: This document contains a correction to final regulations that 
were published in the Federal Register on Monday, August 29, 2005 (70 
FR 50967) regarding the amount includible in a distributee's income 
when life insurance contracts are distributed by a qualified retirement 
plan and regarding the treatment of property sold by a qualified 
retirement plan to a plan participant or beneficiary for less than fair 
market value.

FOR FURTHER INFORMATION CONTACT: Concerning the section 79 regulations, 
Betty Clary at (202) 622-6080; concerning the section 83 regulations, 
Robert Misner at (202) 622-6030; concerning the section 402 
regulations, Bruce Perlin or Linda Marshall at (202) 622-6090 (not 
toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9223) that are the subject of this 
correction are under sections 402(a), 79 and 83 of the Internal Revenue 
Code.

Need for Correction

    As published, TD 9223 contains an error that may prove to be 
misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the final regulations (TD 9223) 
which was the subject of FR Doc. 05-17046, is corrected as follows:
    On page 50969, column 2, in the preamble, under the paragraph 
heading ``B. The 2004 Proposed Regulations'', line 2 from the top of 
the column, the language ``Sec.  1.79-(d) to replace the term ``cash'' 
is corrected read ``Sec.  1.79-1(d) to replace the term ``cash''.

Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 05-19776 Filed 10-3-05; 8:45 am]
BILLING CODE 4830-01-P