[Federal Register Volume 72, Number 158 (Thursday, August 16, 2007)]
[Proposed Rules]
[Pages 45997-45998]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-16080]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 53 and 301

[REG-142039-06; REG-139268-06]
RIN 1545-BG18; 1545-BG20


Excise Taxes on Prohibited Tax Shelter Transactions and Related 
Disclosure Requirements; Disclosure Requirements With Respect to 
Prohibited Tax Shelter Transactions; Requirement of Return and Time for 
Filing; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

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

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SUMMARY: This document contains corrections to notice of proposed 
rulemaking by cross-reference to temporary regulations (REG-142039-06) 
and notice of proposed rulemaking (REG-139268-06) that were published 
in the Federal Register on Friday, July 6, 2007 (72 FR 36927) providing 
guidance under 4965 of the Internal Revenue Code and relating to 
entity-level and manager-level excise taxes with respect to prohibited 
tax shelter transactions to which tax-exempt entities are parties; 
Sec. Sec.  6033(a)(2) and 6011(g), relating to certain disclosure 
obligations with respect to such transactions; and Sec. Sec.  6011 and 
6071, relating to the requirement of a return and time for filing with 
respect to section 4965 taxes.

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Galina 
Kolomietz, (202) 622-6070, or Michael Blumenfeld, (202) 622-1124 (not 
toll-free numbers). For questions specifically relating to qualified 
pension plans, individual retirement accounts, and similar tax-favored 
savings arrangements, contact Dana Barry, (202) 622-6060 (not a toll-
free number).

[[Page 45998]]


SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking by cross-reference to temporary 
regulations and notice of proposed rulemaking that are the subjects of 
this correction are under sections 6011, 6033, 6071, and 4965 of the 
Internal Revenue Code.

Need for Correction

    As published, proposed regulations (REG-142039-06 and REG-139268-
06) contain errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the proposed regulations (REG-
142039-06 and REG-139268-06) which were the subjects of FR Doc.E7-
12902), is corrected as follows:


Sec.  53.4965-4  [Corrected]

    1. On page 36933, column 1, Sec.  53.4365-4(c) Example 2., line 12 
of the paragraph, the language ``by Notice 2006-16 (2006-9 IRB 538). 
The'' is corrected to read ``by Notice 2006-16 (2006-9 IRB 538)). 
The''.


Sec.  53.4965-8  [Corrected]

    2. On page 36936, column 3, Sec.  53.4965-8(e), line 2 of the 
paragraph, the language ``periods. If a transaction (other than a'' is 
corrected to read ``periods. If a transaction other than a''.

PART 301--PROCEDURE AND ADMINISTRATION

    3. On page 36938, column 1, paragraph 8, line 2, the language ``301 
continues to read, part, as follows:'' is corrected to read ``301 
continues to read, in part, as follows:''.


Sec.  301.6011(g)-1  [Corrected]

    4. On page 36938, column 1, Sec.  301.6011(g)-1(a)(2)(i), line 4 of 
the paragraph, the language ``of its tax-exempt, tax-indifferent or 
tax-'' is corrected to read ``of its tax-exempt, tax indifferent or 
tax-''.
    5. On page 36938, column 1, Sec.  301.6011(g)-1(a)(2)(ii), line 3 
of the paragraph, the language ``exempt, tax-indifferent or tax-
favored'' is corrected to read ``exempt, tax indifferent or tax-
favored''.


Sec.  301.6033-5  [Corrected]

    6. On page 36939, column 1, Sec.  301.6033-5, line 1 of the 
paragraph, the language ``[The text of this section is the same'' is 
corrected to read ``[The text of the proposed amendment to Sec.  
301.6033-5 is the same''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-16080 Filed 8-15-07; 8:45 am]
BILLING CODE 4830-01-P