[Federal Register Volume 74, Number 206 (Tuesday, October 27, 2009)]
[Rules and Regulations]
[Page 55136]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-25737]



[[Page 55136]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 301

[TD 9460]
RIN 1545-BD67


Declaratory Judgments--Gift Tax Determinations; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains corrections to final regulations (TD 
9460) that were published in the Federal Register on Wednesday, 
September 9, 2009 regarding petitions filed with the United States Tax 
Court for declaratory judgments with respect to the valuation of gifts.

DATES: This correction is effective on October 27, 2009 and is 
applicable in taxable years ending on or after September 9, 2009.

FOR FURTHER INFORMATION CONTACT: Juli Ro Kim or George Masnik, (202) 
622-3090 (not a toll free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations (TD 9460) that are the subject of these 
corrections are under section 7477 of the Internal Revenue Code.

Need for Correction

    As published on September 9, 2002 (74 FR 46347), the final 
regulations (TD 9460) contain errors that may prove to be misleading 
and are in need of clarification.

List of Subjects in 26 CFR Part 301

    Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income 
taxes, Penalties, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 301 is corrected by making the following 
correcting amendments:

PART 301--PROCEDURE AND ADMINISTRATION

0
Paragraph 1. The authority citation for part 301 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


0
Par. 2. Section 301.7477-1 is amended by revising the second sentence 
of paragraph (d)(2) to read as follows:


Sec.  301.7477-1  Declaratory judgments relating to the value of 
certain gifts for gift tax purposes.

* * * * *
    (d) * * *
    (2) * * * For purposes of this paragraph (d)(2), the term return of 
tax imposed by chapter 12 means the last gift tax return (Form 709, 
``United States Gift (and Generation-Skipping Transfer) Tax Return'' or 
such other form as may be utilized for this purpose from time to time 
by the IRS) for the calendar year filed on or before the due date of 
the return, including extensions granted if any, or, if a timely return 
is not filed, the first gift tax return for that calendar year filed 
after the due date. * * *
* * * * *

LaNita VanDyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E9-25737 Filed 10-26-09; 8:45 am]
BILLING CODE 4830-01-P