[Federal Register Volume 73, Number 61 (Friday, March 28, 2008)]
[Rules and Regulations]
[Pages 16518-16519]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-6309]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9381]
RIN 1545-BF79


TIPRA Amendments to Section 199; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final regulations (TD 
9381) that were published in the Federal Register on Friday, February 
15, 2008 (73 FR 8798) concerning the amendments made by the Tax 
Increase Prevention and Reconciliation Act of 2005 to section 199 of 
the Internal Revenue Code. These final regulations also contain a rule 
concerning the use of losses incurred by members of an expanded 
affiliated group and affect taxpayers engaged in certain domestic 
production activities.

DATES: The correction is effective March 28, 2008.

FOR FURTHER INFORMATION CONTACT: Concerning Sec. Sec.  1.199-2(e)(2) 
and 1.199-8(i)(5), Paul Handleman or David McDonnell, (202) 622-3040; 
concerning

[[Page 16519]]

Sec. Sec.  1.199-3(i)(7) and (8), and 1.199-5, William Kostak, (202) 
622-3060; and concerning Sec. Sec.  1.199-7(b)(4) and 1.199-8(i)(6), 
Ken Cohen, (202) 622-7790 (not toll-free numbers).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9381) that are the subject of the 
correction are under section 199 of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 9381) 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 1.199-8 is amended by revising the last sentence of 
paragraph (i)(5) to read as follows:


Sec.  1.199-8  Other rules.

* * * * *
    (i) * * *
    (5) * * * A taxpayer may apply Sec. Sec.  1.199-2(e)(2), 1.199-
3(i)(7) and (8), and 1.199-5 to taxable years beginning after May 17, 
2006, and before October 19, 2006, regardless of whether the taxpayer 
otherwise relied upon Notice 2005-14 (2005-1 CB 498) (see Sec.  
601.601(d)(2)(ii)(b) of this chapter), the provisions of REG-105847-05 
(2005-2 CB 987), or Sec. Sec.  1.199-1 through 1.199-8.
* * * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E8-6309 Filed 3-27-08; 8:45 am]
BILLING CODE 4830-01-P