[Federal Register Volume 72, Number 88 (Tuesday, May 8, 2007)]
[Proposed Rules]
[Pages 26011-26012]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-8705]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-144859-04]
RIN 1545-BD72


Section 1367 Regarding Open Account Debt; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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

SUMMARY: This document contains corrections to a notice of proposed 
rulemaking (REG-144859-04) that was published in the Federal Register 
on Thursday, April 12, 2007 (72 FR 18417) relating to the treatment of 
open account debt between S corporations and their shareholders.

FOR FURTHER INFORMATION CONTACT: Stacy L. Short or Deanne M. Burke, 
(202) 622-3070 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The correction notice that is the subject of this document is under 
section 1367 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-144859-04) 
contains errors that may prove to be misleading and are in need of 
clarification.

[[Page 26012]]

Correction of Publication

    Accordingly, the publication of proposed rulemaking (REG-144859-
04), which was the subject of FR Doc. E7-6764, is corrected as follows:
    1. On page 18417, column 3, in the preamble, under the caption 
DATES:, first sentence of the paragraph, the language ``Written or 
electronic comments and requests for a public hearing must be received 
by July 11, 2007.'' is corrected to read ``Written or electronic 
comments must be received by July 10, 2007.''.
    2. On page 18418, column 1, in the preamble, under the caption FOR 
FURTHER INFORMATION CONTACT:, lines six through eleven, the language 
``attend the hearing, Richard Hurst at (202) 622-2949 (TDD Telephone) 
(not toll free numbers) and his e-mail address is 
[email protected], (202) 622-7180 (not toll-free 
numbers).'' is corrected to read ``attend the hearing, Richard Hurst at 
[email protected], (202) 622-7180 (not toll-free 
numbers).
    3. On page 18420, column 2, in the preamble, under the paragraph 
heading ``Comments and Public Hearing'', the second paragraph of the 
column, first line, the language ``The rules of 26 CFR 606.601(a)(3)'' 
is corrected to read ``The rules of 26 CFR 601.601(a)(3)''.


Sec.  1.1367-2  [Corrected]

    4. On page 18422, column 1, Sec.  1.1367-2, first paragraph of the 
column, third line of the paragraph, the language ``1. The section 
heading is revised.'' is corrected to read ``1. The section heading and 
paragraph are revised.''.
    5. On page 18422, column 1, Sec.  1.1367-2, first paragraph of the 
column, lines four through seven are removed.


Sec.  1.1367-3  [Corrected]

    6. On page 18422, column 1, Sec.  1.1367-3, second paragraph of the 
column, the language of the paragraph heading ``Sec.  1.1367-3 
Effective dates and transitional rules.'' is corrected to read ``Sec.  
1.1367-3 Effective date.''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E7-8705 Filed 5-7-07; 8:45 am]
BILLING CODE 4830-01-P