[Federal Register Volume 71, Number 52 (Friday, March 17, 2006)]
[Proposed Rules]
[Page 13791]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-2535]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-138879-05]
RIN 1545-BE87


Treatment of Excess Loss Accounts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking by cross-reference 
to temporary regulations.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking by cross-reference to temporary regulations that was 
published in the Federal Register on Thursday, January 26, 2006 (71 FR 
4319). These regulations provide guidance under section 1502 that 
governs certain basis determinations and adjustments of subsidiary 
stock in certain transactions involving members of a consolidated 
group.

FOR FURTHER INFORMATION CONTACT: Theresa M. Kolish, (202) 622-7530 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking by cross-reference to temporary 
regulations (REG-138879-05) that is the subject of these corrections is 
under section 1502 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking by cross-reference 
to temporary regulations (REG-138879-05) contains errors that may prove 
to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the notice of proposed rulemaking by cross-reference 
to temporary regulations (REG-138879-05), that was the subject of FR 
Doc. 06-586, are corrected as follows:

PART 1--[CORRECTED]

    1. On page 4319, column 2, in the preamble under the paragraph 
heading FOR FURTHER INFORMATION CONTACT, line 4, the language, ``Sonya 
Cruse, (202) 622-4693 (not toll-'' is corrected to read ``Treena 
Garrett, (202) 622-7180 (not toll-''.
    2. On page 4319, column 3, in the preamble under the paragraph 
heading ``Special Analysis'', line 15, the language, ``business, 
Moreover, the number of'' is corrected to read ``businesses. Moreover, 
the number of''.
    3. On page 4320, column 1, under the paragraph heading ``PART 1--
INCOME TAXES'', Par. 2., item 3, the language, ``3. Revising the 
paragraph heading for paragraph (h).'' is removed.
    4. On page 4320, column 1, under the paragraph heading ``PART 1--
INCOME TAXES'', Par. 2., item 5, the language, ``5. Adding new 
paragraph (h)(3).'' is corrected to read ``5. Adding a new sentence at 
the end of paragraph (h)(3).''.


Sec.  1.1502-19  [Corrected]

    4. On page 4320, column 1, the section heading, ``Sec.  1.1502-19 
Excess Loss Accounts.'' is corrected to read ``Sec.  1.1502-19 Excess 
loss accounts.''.
    5. On page 4320, column 1, under the heading ``BILLING CODE'', the 
language,``4820-01-P'' is corrected to read ``4830-01-P''.

Guy R. Traynor,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 06-2535 Filed 3-16-06; 8:45 am]
BILLING CODE 4830-01-P