[Federal Register Volume 78, Number 154 (Friday, August 9, 2013)]
[Rules and Regulations]
[Page 48607]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-19225]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9622]
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: Final regulations and removal of temporary regulations; 
correction.

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SUMMARY: This document contains corrections to final regulations and 
removal of temporary regulations (TD 9622) that were published in the 
Federal Register on Wednesday, July 3, 2013 (78 FR 39984). The final 
regulations provide necessary guidance regarding the accelerated 
inclusion of deferred discharge of indebtedness (also known as 
cancellation of debt (COD)) income (deferred COD income) and the 
accelerated deduction of deferred original issue discount (OID) 
(deferred OID deductions) under section 108(i)(5)(D) (acceleration 
rules), 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.

DATES: This correction is effective on August 9, 2013 and applicable on 
or after July 2, 2013.

FOR FURTHER INFORMATION CONTACT: Robert M. Rhyne, at (202) 622-7790 
(not a toll free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final regulations and removal of temporary regulations (TD 
9622) that are the subject of this correction are under section 108(i) 
of the Internal Revenue Code.

Need for Correction

    As published, the final regulations and removal of temporary 
regulations (TD 9622) contains errors that may prove to be misleading 
and are in need of clarification.

Correction of Publication

    Accordingly, the final regulations and removal of temporary 
regulations (TD 9622), that are the subject of FR Doc. 2013-15881, are 
corrected as follows:
    1. On page 39986, column 2, in the preamble, under the paragraph 
heading ``Special Analyses'', lines 19 and 20, the language ``and the 
deduction of deferred original issue discount that is otherwise'' is 
corrected to read ``and the deduction of deferred OID that is 
otherwise''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 2013-19225 Filed 8-8-13; 8:45 am]
BILLING CODE 4830-01-P