[Federal Register Volume 76, Number 207 (Wednesday, October 26, 2011)]
[Proposed Rules]
[Page 66239]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-27631]



[[Page 66239]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1

[REG-158677-05]
RIN 1545-BF24


Effect of Election on Corporation

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Withdrawal of notice of proposed rulemaking.

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SUMMARY: This document withdraws the proposed regulation seeking to 
clarify that if a bank is an S corporation within the meaning of 
section 1361(a)(1), its status as an S corporation does not affect the 
applicability of the special rules for banks under the Internal Revenue 
Code.

FOR FURTHER INFORMATION CONTACT: Laura Fields at (202) 622-3050 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    On August 24, 2006, the Treasury Department and the IRS published 
in the Federal Register (71 FR 50007) a notice of proposed rulemaking 
under section 1363 (REG-158677-05), relating to the applicability of 
the special banking rules to banks that are S corporations within the 
meaning of section 1361(a)(1) of the Internal Revenue Code.
    The Treasury Department and the IRS received written comments on 
the proposed regulation from various interested parties. The Treasury 
Department and the IRS have decided to withdraw the proposed 
regulation.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Withdrawal of Notice of Proposed Rulemaking

    Accordingly, under the authority of 26 U.S.C. 7805, the notice of 
proposed rulemaking (REG-158677-05) that was published in the Federal 
Register on August 24, 2006 (71 FR 50007) is withdrawn.

Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2011-27631 Filed 10-25-11; 8:45 am]
BILLING CODE 4830-01-P