[Federal Register Volume 75, Number 177 (Tuesday, September 14, 2010)]
[Proposed Rules]
[Pages 55698-55699]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-22791]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-142800-09]
RIN 1545-BI96


Guidance Regarding Deferred Discharge of Indebtedness Income of 
Corporations and Deferred Original Issue Discount Deductions; 
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-142800-09) 
that was published in the Federal Register on Friday, August 13, 2010 
(75 FR 49428) primarily affecting C corporations regarding the 
acceleration of deferred discharge of indebtedness (COD) income 
(deferred COD income) and deferred original issue discount (OID) 
deductions (deferred OID deductions) under section 108(i)(5)(D), and 
the calculation of earnings and profits as a result of an election 
under section 108(i). In addition, these regulations provide rules 
applicable to all taxpayers regarding deferred OID deductions under 
section 108(i) as a result of a reacquisition of an applicable debt 
instrument by an issuer or related party.

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations, 
Robert M. Rhyne, (202) 622-7790 and Rubin B. Ranat, (202) 622-7530 (not 
toll-free numbers).

SUPPLEMENTARY INFORMATION: 

[[Page 55699]]

Background

    The correction notice that is the subject of this document is under 
section 108 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking by cross-reference 
to temporary regulations (REG-142800-09) 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-142800-09), which was 
the subject of FR Doc. 2010-20059, is corrected as follows:
    On page 49429, column 2, in the authority citation for part 1, the 
language ``Section 1.108(i)-0T also issued under 26 U.S.C. 108(i)(7). * 
* *'' is removed and the language ``Section 1.108(i)-0T also issued 
under 26 U.S.C. 108(i)(7) and 1502. * * *'' is added in its place.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, Procedure and Administration.
[FR Doc. 2010-22791 Filed 9-13-10; 8:45 am]
BILLING CODE 4830-01-P