[Federal Register Volume 74, Number 12 (Wednesday, January 21, 2009)]
[Rules and Regulations]
[Pages 3420-3421]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-1109]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9435]
RIN 1545-BH61


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 final and temporary regulations.

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SUMMARY: This document contains corrections to final and temporary 
regulations (TD 9435) that were published in the Federal Register on 
Monday, December 15, 2008 (73 FR 75946) providing 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). These temporary regulations will affect corporations and their 
shareholders.

DATES: Effective Date: This correction is effective January 21, 2009, 
and is applicable on December 15, 2008.

FOR FURTHER INFORMATION CONTACT: Russell P. Subin, (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 355 of the Internal Revenue Code.

Need for Correction

    As published, final and temporary regulations (TD 9435) contains 
errors that may prove to be misleading and are in need of 
clarification.

[[Page 3421]]

Correction of Publication

0
Accordingly, the publication of the final and temporary regulations (TD 
9435), which was the subject of FR Doc. E8-29544, is corrected as 
follows:
0
1. On page 75947, column 1, in the preamble, under the paragraph 
heading ``Background'', second paragraph of the column, third line from 
the bottom of the paragraph, the language ``respective corporation is 
not the'' is corrected to read ``corporation is not the''.
0
2. On page 75949, column 1, in the preamble, under the paragraph 
heading ``B. Issuances of Controlled Stock Outside the Dunn Trust or 
Predecessor Context'', first paragraph, ninth line, the language ``442, 
(1978-2 CB 143) (distributing'' is corrected to read ``442 (1978-2 CB 
143) (distributing''.
0
3. On page 75949, column 2, in the preamble, under the paragraph 
heading ``C. Redemptions of Controlled Stock'', second paragraph of the 
column, twelfth line, the language ``distributing, and generally no 
additional'' is corrected to read ``distributing and generally no 
additional''.
0
4. On page 75949, column 3, in the preamble, under the paragraph 
heading ``Effective/Applicability Date'', seventh line, the language 
``occurring after December 15, 2008 that'' is corrected to read 
``occurring after December 15, 2008, that''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
 [FR Doc. E9-1109 Filed 1-16-09; 8:45 am]
BILLING CODE 4830-01-P