[Federal Register Volume 71, Number 13 (Friday, January 20, 2006)]
[Rules and Regulations]
[Pages 3219-3220]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-507]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 301

[TD 9203]
RIN 1545-BC32


Deemed Election To Be an Association Taxable as a Corporation for 
a Qualified Electing S Corporation; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document adds the text that was inadvertently removed 
from the Code of Federal Regulations in TD 9203, which was published in 
the Federal Register on Monday, May 23, 2005 (70 FR 29452).

DATES: This correction is effective on May 23, 2005.

FOR FURTHER INFORMATION CONTACT: Jian H. Grant, (202) 622-3050 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    This document adds Sec.  301.7701-3T to the Code of Federal 
Regulations. The final regulations that are the subject of this 
correction are under section 7701 of the Internal Revenue Code.

Need for Correction

    As published, Sec.  301.7701-3T was inadvertently removed in its 
entirety from the Code of Federal Regulations in TD 9203.

List of Subjects in 26 CFR Part 301

    Employment taxes, Estate and excise taxes, Gift taxes, Income 
taxes, Penalties, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 301 is corrected as follows:

PART 301--PROCEDURE AND ADMINISTRATION

0
Paragraph 1. The authority citation for part 301 continues to read, in 
part, as follows:

    Authority: 26 U.S.C. 7805 * * *


0
Par. 2. Section 301.7701-3T is added to read as follows:


Sec.  301.7701-3T  Classification of certain business entities 
(temporary).

    (a) through (c)(1)(i) [Reserved]. For further guidance, see Sec.  
301.7701-3(a) through (c)(1)(i).
    (ii) Further notification of elections. An eligible entity required 
to file a Federal tax or information return for the taxable year for 
which an election is made under Sec.  301.7701-3(c)(1)(i) must attach a 
copy of its Form 8832 to its Federal tax or information return for that 
year. If the entity is not required to file a return for that year, a 
copy of its Form 8832, ``Entity Classification Election,'' must be 
attached to the Federal income tax or information return of any direct 
or indirect owner of the entity for the taxable year of the owner that 
includes the date on which the election was effective. An indirect 
owner of the entity does not have to attach a copy of the Form 8832 to 
its return if an entity in which it has an

[[Page 3220]]

interest is already filing a copy of the Form 8832 with its return. If 
an entity, or one of its direct or indirect owners, fails to attach a 
copy of a Form 8832 to its return as directed in this section, an 
otherwise valid election under Sec.  301.7701-3(c)(1)(i) will not be 
invalidated, but the non-filing party may be subject to penalties, 
including any applicable penalties if the Federal tax or information 
returns are inconsistent with the entity's election under Sec.  
301.7701-3(c)(1)(i). In the case of returns for taxable years beginning 
after December 31, 2002, the copy of Form 8832 attached to a return 
pursuant to this paragraph (c)(1)(ii) is not required to be a signed 
copy.
    (c)(1)(iii) through (h)(3) [Reserved]. For further guidance, see 
Sec.  301.7701-3(c)(1)(iii) through (h)(3).

Guy R. Traynor,
Federal Register Liaison, Publications and Regulations Br., Legal 
Processing Division, Associate Chief Counsel, (Procedures and 
Administration).
[FR Doc. 06-507 Filed 1-19-06; 8:45 am]
BILLING CODE 4830-01-P