[Federal Register Volume 74, Number 12 (Wednesday, January 21, 2009)]
[Proposed Rules]
[Page 3508]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1104]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-150670-07]
RIN 1545-BH49


Guidance Regarding the Treatment of Stock of a Controlled 
Corporation Under Section 355(a)(3)(B); Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking by cross-reference 
to temporary regulations.

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SUMMARY: This document contains a correction to a notice of proposed 
rulemaking by cross-reference to temporary regulations (REG-150670-07) 
that was published in the Federal Register on Monday, December 15, 2008 
(73 FR 75979) giving guidance regarding the distribution of stock of a 
controlled corporation acquired in a transaction described in section 
355(a)(3)(B) of the Internal Revenue Code. This action is necessary in 
light of amendments to section 355(b). The text of those regulations 
also serves as the text of these proposed regulations. These 
regulations will affect corporations and their shareholders.

FOR FURTHER INFORMATION CONTACT: Russell P. Subin, (202) 622-7790 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The correction notice that is the subject of this document is under 
section 355 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking by cross-reference 
to temporary regulations (REG-150670-07) contains an error that may 
prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
by cross-reference to temporary regulations (REG-150670-07), which was 
the subject of FR Doc. E8-29545, is corrected as follows:
    On page 75980, column 2, under the CFR part heading ``PART 1--
INCOME TAXES'', line 2 of the authority citation, the language 
``Section 1.355-2(g) also issued under 26'' is corrected to read 
``Section 1.355-2(g) and (i) also issued under 26''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E9-1104 Filed 1-16-09; 8:45 am]
BILLING CODE 4830-01-P