[Federal Register Volume 76, Number 161 (Friday, August 19, 2011)]
[Rules and Regulations]
[Page 51878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-21179]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9538]
RIN 1545-BK14


Modifications of Certain Derivative Contracts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final and temporary regulations.

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SUMMARY: This document describes corrections to final and temporary 
regulations (TD 9538) that address when a transfer or assignment of 
certain derivative contracts does not result in an exchange to the 
nonassigning counterparty for purposes of Sec.  1.1001-1(a). These 
regulations were published in the Federal Register on Friday, July 22, 
2011.

DATES: This correction is effective on August 19, 2011, and is 
applicable on July 22, 2011.

FOR FURTHER INFORMATION CONTACT: Andrea M. Hoffenson, (202) 622-3920 
(not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final and temporary regulations that are the subject of this 
correction are under section 1001 of the Internal Revenue Code.

Need for Correction

    As published July 22, 2011 (76 FR 43892), final and temporary 
regulations (TD 9538) contain errors that may prove to be misleading 
and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the final and temporary regulations 
(TD 9538) which were the subject of FR Doc. 2011-18529 is corrected as 
follows:
    1. On page 43892, column 3, in the preamble, under the paragraph 
heading ``Explanation of Provisions'', first paragraph of the column, 
lines 5, 6, and 7, the language ``in securities or a clearinghouse 
transfers or assigns a derivative contract to another dealer in 
securities or'' is corrected to read ``or a clearinghouse transfers or 
assigns a derivative contract to another dealer or''.
    2. On page 43892, column 3, in the preamble, under the paragraph 
heading ``Explanation of Provisions'', first paragraph of the column, 
lines 12 and 13, the language ``those described in section 
475(c)(2)(D), 475(c)(2)(E), or 475(c)(2)(F). In addition,'' is 
corrected to read ``those described in sections 475(c)(2)(D), 
475(c)(2)(E), 475(c)(2)(F), 475(e)(2)(B), 475(e)(2)(C), or 
475(e)(2)(D), or Sec.  1.446-3(c)(1). In addition,''.
    3. On page 43892, column 3, in the preamble, under the paragraph 
heading ``Special Analyses'', the last line of the paragraph, the 
language ``on their impact on small business.'' is corrected to read 
``on their impact on small businesses.''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2011-21179 Filed 8-18-11; 8:45 am]
BILLING CODE 4830-01-P