[Federal Register Volume 75, Number 164 (Wednesday, August 25, 2010)]
[Rules and Regulations]
[Pages 52266-52267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: C1-2010-21045]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9495]
RIN 1545-BC61


Qualified Zone Academy Bonds; Obligations of States and Political 
Subdivisions; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final regulations (TD 
9495) that were published in the Federal Register on Friday, July 30, 
2010 (75 FR 44901) providing guidance to state and local governments 
that issue qualified zone academy bonds and to banks, insurance 
companies, and other taxpayers that hold those bonds on the program 
requirements for qualified zone academy bonds.

[[Page 52267]]


DATES: This correction is effective on August 25, 2010, and is 
applicable on July 30, 2010.

FOR FURTHER INFORMATION CONTACT: Zoran Stojanovic, (202) 622-3980 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9495) that are the subject of this 
document are under section 1397E of the Internal Revenue Code.

Need for Correction

    As published, the final regulations (TD 9495) contain an error that 
may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

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

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


0
Par. 2. Section 1.1397E-1 is amended by revising the first sentence of 
paragraph (m)(3) to read as follows:


Sec.  1.1397E-1  Qualified zone academy bonds.

* * * * *
    (m) * * *
    (3) * * * Except to the extent inconsistent with the successor 
statutory provisions for QZABs in sections 54A and 54E or applicable 
public administrative or regulatory guidance under those provisions and 
except as otherwise provided in this paragraph (m)(3), issuers and 
taxpayers may apply these regulations to QZABs issued under sections 
54A and 54E that are sold after October 3, 2008. * * *

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. C1-2010-21045 Filed 8-24-10; 8:45 am]
BILLING CODE 4830-01-P