[Federal Register Volume 73, Number 65 (Thursday, April 3, 2008)]
[Rules and Regulations]
[Pages 18159-18160]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-6879]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9383]
RIN 1545-BH21


Guidance Under Section 1502; Amendment of Matching Rule for 
Certain Gains on Member Stock; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final and temporary regulations; Correction.

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SUMMARY: This document contains a correction to final and temporary 
regulations (TD 9383) that were published in the Federal Register on 
Friday, March 7, 2008 (73 FR 12265).
    Concerning the treatment of certain intercompany gain with respect 
to consolidated group member stock. These amendments provide for the 
redetermination of an intercompany gain as excluded from gross income 
in certain member stock transactions. These regulations affect 
corporations filing consolidated returns.

DATES: This correction is effective April 3, 2008.

FOR FURTHER INFORMATION CONTACT: John F. Tarrant or Ross E. Poulsen, 
(202) 622-7790 (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final and temporary regulations that are the subject of this 
document are under section 1502 of the Internal Revenue Code.

Need for Correction

    As published, final and temporary regulations (TD 9383) contain an 
error that may prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the final and temporary regulations 
(TD 9383), which were the subject of FR Doc. E8-4573, is corrected as 
follows:
    On page 12266, column 1, in the preamble, under the paragraph 
heading

[[Page 18160]]

``Background'', lines 3 through 5 from the bottom of the column, the 
language ``extent ``the Commissioner determines that treating S's 
intercompany item as excluded from gross income is consistent with the 
purposes of Sec.  1.1502-13 and other provisions of the'' is corrected 
to read ``extent ``[t]he Commissioner determines that treating S's 
intercompany item as excluded from gross income is consistent with the 
purposes of [Sec.  1.1502-13] and other provisions of the''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E8-6879 Filed 4-2-08; 8:45 am]
BILLING CODE 4830-01-P