[Federal Register Volume 71, Number 190 (Monday, October 2, 2006)]
[Rules and Regulations]
[Pages 57888-57889]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-16116]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9273]
RIN 1545-AX65


Stock Transfer Rules: Carryover of Earnings and Taxes; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains correction to final regulations (TD 
9273) that were published in the Federal Register on Tuesday, August 8, 
2006(71 FR 44887) addressing the carryover of certain tax attributes, 
such as earnings and profits and foreign income tax accounts, when two 
corporations combine in a corporate reorganization or liquidation that 
is described in both section 367(b) and section 381 of the Internal 
Revenue Code (Code).

DATES: The correction is effective August 8, 2006.

FOR FURTHER INFORMATION CONTACT: Jeffrey L. Parry, (202) 622-3850 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The correction notice that is the subject of this document is under

[[Page 57889]]

sections 367(b) and 381 of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 9273) contain an error that may 
prove to be misleading and are in need of clarification.

Correction of Publication

List of Subjects in 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 * * *


Sec.  1.367(b)-7  [Corrected]

0
Section 1.367(b)-7(e)(2) Example 4.(iii)(C) in the following table 
under the heading ``Foreign taxes'' the third column heading ``Taxes 
avaialable'' is corrected to read ``Foreign taxes available''.
* * * * *

Guy R. Traynor,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E6-16116 Filed 9-29-06; 8:45 am]
BILLING CODE 4830-01-P