[Federal Register Volume 72, Number 163 (Thursday, August 23, 2007)]
[Proposed Rules]
[Page 48249]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-16619]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 26

[REG-128843-05]
RIN 1545-BE70


Severance of a Trust for Generation-Skipping Transfer (GST) Tax 
Purposes II; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains a correction to notice of proposed 
rulemaking that was published in the Federal Register on Thursday, 
August 2, 2007 providing guidance regarding the generation-skipping 
transfer (GST) tax consequences of the severance of trusts in a manner 
that is effective under state law, but that does not meet the 
requirements of a qualified severance. These proposed regulations also 
provide guidance regarding the GST tax consequences of a qualified 
severance of a trust with an inclusion ratio between zero and one into 
more than two resulting trusts and provide special funding rules 
applicable to the non pro rata division of certain assets between or 
among resulting trusts.

FOR FURTHER INFORMATION CONTACT: Mayer R. Samuels at (202) 622-3090.

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking (REG-128843-05) that is the 
subject of this correction is under section 2642 of the Internal 
Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-128843-05) 
contains an error that may prove to be misleading and is in need of 
clarification.

Correction of Publication

    Accordingly, the notice of proposed rulemaking (REG-128843-05) that 
was the subject of FR Doc. E7-14850 is corrected as follows:


Sec.  26.2642-6  [Corrected]

    On page 42343, column 3, Sec.  26.2642-6(k)(1), lines 7 through 10, 
the language ``severances occurring on or after [DATE THIS DOCUMENT IS 
PUBLISHED IN THE Federal Register AS FINAL REGULATIONS]. Paragraph 
(d)(4) and'' is corrected to read ``severances occurring on or after 
August 2, 2007. Paragraph (d)(4) and''.

LaNita Van Dyke,
Branch Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. E7-16619 Filed 8-22-07; 8:45 am]
BILLING CODE 4830-01-P