[Federal Register Volume 73, Number 189 (Monday, September 29, 2008)]
[Proposed Rules]
[Page 56535]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-22822]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-143544-04]
RIN 1545-BD84


Regulations Enabling Elections for Certain Transactions Under 
Section 336(e); 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-143544-04) that was published in the Federal Register 
on Monday, August 25, 2008 (73 FR 49965) under section 336(e) of the 
Internal Revenue Code. The proposed regulations, when finalized, would 
permit taxpayers to make an election to treat certain sales, exchanges, 
and distributions of another corporation's stock as taxable sales of 
that corporation's assets. These proposed regulations will affect 
corporations and their shareholders.

FOR FURTHER INFORMATION CONTACT: Mark J. Weiss, (202) 622-7750 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The correction notice that is the subject of this document is under 
sections 336 and 338 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking (REG-143544-04) 
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-143544-04), which was the subject of FR Doc. E8-19603, is 
corrected as follows:
    1. On page 49967, column 2, in the preamble, under the paragraph 
heading ``2. Requirements for a Section 336(e) Election'', line 2 from 
the bottom of the column, the language ``1(b)(4)(iii), 1.336-1(b)(11), 
and 1.338-'' is corrected to read ``1(b)(4)(iii) and 1.336-1(b)(11), 
and Sec.  1.338-''.


Sec.  1.336-2  [Corrected]

    2. On page 49973, column 3, Sec.  1.336-2(b)(1)(i)(B)(3) Example 
2.(i), line 5, the language ``class of Target Subsidiary common stock'' 
is corrected to read ``class of Target Subsidiary stock''.
    3. On page 49975, column 2, Sec.  1.336-2(b)(2)(v), line 10, the 
language ``unrelated person and the subsidiary's'' is corrected to read 
``unrelated person and the new subsidiary's''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E8-22822 Filed 9-26-08; 8:45 am]
BILLING CODE 4830-01-P