[Federal Register Volume 73, Number 137 (Wednesday, July 16, 2008)]
[Proposed Rules]
[Page 40793]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-16178]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-101258-08]
RIN 1545-BH66


Guidance Under Sections 642 and 643 (Income Ordering Rules); 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking (REG-101258-08) that was published in the Federal Register 
on Wednesday, June 18, 2008 (73 FR 34670) providing guidance under 
Internal Revenue Code section 642(c) with regard to the Federal tax 
consequences of an ordering provision in a trust, a will, or a 
provision of local law that attempts to determine the tax character of 
the amounts paid to a charitable beneficiary of the trust or estate. 
The proposed regulations also make conforming amendments to the 
regulations under section 643(a)(5). The proposed regulations affect 
estates, charitable lead trusts (CLTs) and other trusts making payments 
or permanently setting aside amounts for a charitable purpose.

FOR FURTHER INFORMATION CONTACT: Vishal Amin at (202) 622-3060 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The correction notice that is the subject of this document is under 
sections 642 and 643 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-101258-08) 
contains errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-101258-08), which was the subject of FR Doc. E8-13611, is 
corrected as follows:
    1. On page 34671, column 1, in the preamble, under the paragraph 
heading
    ``Explanation of Provisions'', first paragraph, line 19, the 
language ``proposed regulation will amend the'' is corrected to read 
``proposed regulations will amend the''.
    2. On page 34671, column 2, in the preamble, under the paragraph 
heading
    ``Explanation of Provisions'', first paragraph of the column, line 
3, the language ``unrelated business tax income and tax-'' is corrected 
to read ``unrelated business taxable income and tax-''.
    3. On page 34671, column 2, in the preamble, under the paragraph 
heading
    ``Explanation of Provisions'', first paragraph of the column, line 
22, the language ``independent of the income tax'' is corrected to read 
``independent of income tax''.


Sec.  1.642(c)-3  [Corrected]

    4. On page 34672, column 1, Sec.  1.642(c)-3, paragraph 2., first 
entry of the amendatory instructions, the language ``Revising the 
paragraph heading of paragraph (b) and add a heading to paragraph 
(b)(1).'' is corrected to read ``Revising the paragraph heading of 
paragraph (b) and adding a heading to paragraph (b)(1).''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
 [FR Doc. E8-16178 Filed 7-15-08; 8:45 am]
BILLING CODE 4830-01-P