[Federal Register Volume 73, Number 18 (Monday, January 28, 2008)]
[Rules and Regulations]
[Page 4695]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-1367]



[[Page 4695]]

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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9369]
RIN 1545-BG40


Calculating and Apportioning the Section 11(b)(1) Additional Tax 
Under Section 1561 for Controlled Groups; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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

SUMMARY: This document contains a correction to temporary regulations 
(TD 9369) that were published in the Federal Register on Wednesday, 
December 26, 2007 (72 FR 72929) affecting component members of a 
controlled group of corporations and consolidated groups filing life-
nonlife Federal income tax returns. These regulations provide guidance 
for calculating and apportioning between component members any amount 
of additional tax and any reduction in the amount exempted from the 
alternative minimum tax.

DATES: The correction is effective January 28, 2008.

FOR FURTHER INFORMATION CONTACT: Grid Glyer, (202) 622-7930 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The temporary regulations (TD 9369) that are the subject of the 
correction are under sections 11, 55, 1502, 1561 and 1563 of the 
Internal Revenue Code.

Need for Correction

    As published, temporary regulations (TD 9369) contain an error that 
may prove to be misleading and is 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 
amendment:

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 1.1561-2T is amended by revising paragraph (b)(1) to 
read as follows:


Sec.  1.1561-2T  Special rules for allocating reductions to certain 
section 1561(a) tax-benefit items (temporary).

* * * * *
    (b) * * *
    (1) Calculation. The alternative minimum taxable incomes for all 
the taxable years of the component members of a controlled group of 
corporations subjected to the same December 31st testing date shall be 
taken into account in calculating the reduction set forth in section 
55(d)(3) to the amount exempted from the alternative minimum tax (the 
exemption amount).
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch,Legal Processing 
Division,Associate Chief Counsel,(Procedure and Administration).
 [FR Doc. E8-1367 Filed 1-25-08; 8:45 am]
BILLING CODE 4830-01-P