[Federal Register Volume 72, Number 147 (Wednesday, August 1, 2007)]
[Rules and Regulations]
[Page 41891]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-14797]



[[Page 41891]]

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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9330]
RIN 1545-BG66


Built-in Gains and Losses Under Section 382(h); Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendments.

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

SUMMARY: This document contains corrections to temporary regulations 
(TD 9330) that were published in the Federal Register on Thursday, June 
14, 2007 (72 FR 32792) applying to corporations that have undergone 
ownership changes within the meaning of section 382. These regulations 
provide guidance regarding the treatment of prepaid income under the 
built-in gain provisions of section 382(h).

DATES: These corrections are effective August 1, 2007.

FOR FURTHER INFORMATION CONTACT: Keith Stanley at (202) 622-7750 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulations that are the subject of this document are 
under section 382 of the Internal Revenue Code.

Need for Correction

    As published, temporary regulations (TD 9330) contain errors that 
may prove to be misleading and are in need of clarification.

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 * * *


0
Par. 2. Section 1.382-7T is amended by revising paragraph (b)(2) to 
read as follows:


Sec.  1.382-7T  Built-in gains and losses (temporary).

* * * * *
    (b) * * *
    (2) The applicability of this section expires on June 14, 2010.

0
Par. 3. The signature block is revised by adding the language 
``Approved: June 4, 2007.''

LaNita Van Dyke,
 Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-14797 Filed 7-31-07; 8:45 am]
BILLING CODE 4830-01-P