[Federal Register Volume 73, Number 36 (Friday, February 22, 2008)]
[Rules and Regulations]
[Page 9672]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-3103]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 301

[TD 9378]
RIN 1545-BE35


Release of Lien or Discharge of Property; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendments.

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SUMMARY: This document contains corrections to final regulations (TD 
9378) that were published in the Federal Register on Thursday, January 
31, 2008 (73 FR 5741) relating to release of lien and discharge of 
property under sections 6325, 6503 and 7423 of the Internal Revenue 
Code. These regulations update existing regulations and contain 
procedures for processing a request made by a property owner for 
discharge of a Federal tax lien from his property under section 
6325(b)(4). The regulations also clarify the impact of these procedures 
on sections 6503(f)(2) and 7426(a)(4) and (b)(5).

DATES: The correction is effective February 22, 2008.

FOR FURTHER INFORMATION CONTACT: Debra A. Kohn, (202) 622-7985 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9378) that are the subject of the 
correction are under sections 6325, 6503 and 7426 of the Internal 
Revenue Code.

Need for Correction

    As published, final regulations (TD 9378) contain errors that may 
prove to be misleading and are in need of clarification.

List of Subjects in 26 CFR Part 301

    Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income 
taxes, Penalties, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 301 is corrected by making the following 
amendments:

PART 301--PROCEDURE AND ADMINISTRATION

0
Paragraph 1. The authority citation for part 301 continues to read, in 
part, as follows:

    Authority: 26 U.S.C. 7805 * * *


0
Par. 2. Section 301.6325-1 is amended by revising the second sentence 
of paragraph (b)(2)(i) and first sentence of paragraph (b)(4)(ii) to 
read as follows:


Sec.  301.6025-1  Release of lien or discharge of property.

* * * * *
    (b) * * *
    (2) * * *
    (i) * * * In determining the amount to be paid, the appropriate 
official will take into consideration all the facts and circumstances 
of the case, including the expenses to which the government has been 
put in the matter. * * *
* * * * *
    (4) * * *
    (ii) * * * The appropriate official may, in his discretion, 
determine that either the entire unsatisfied tax liability listed on 
the notice of Federal tax lien can be satisfied from a source other 
than the property sought to be discharged, or the value of the interest 
of the United States is less than the prior determination of such 
value. * * *
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E8-3103 Filed 2-21-08; 8:45 am]
BILLING CODE 4830-01-P