[Federal Register: June 3, 2002 (Volume 67, Number 106)]
[Rules and Regulations]               
[Page 38199-38200]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr03jn02-4]                         

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8988]
RIN 1545-BA55

 
Guidance Under Section 355(e); Recognition of Gain on Certain 
Distributions of Stock or Securities in Connection With an Acquisition; 
Corrections

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Corrections to temporary regulations.

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SUMMARY: This document contain corrections to temporary regulations 
that were published in the Federal Register on Friday, April 26, 2002 
(67 FR 20632) relating to recognition of gain on certain distributions 
of stock or securities of a controlled corporation in connection with 
an acquisition.

DATES: Effective Date: These corrections are effective April 26, 2002.

FOR FURTHER INFORMATION CONTACT: Amber R. Cook, (202) 622-7530 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION: 

[[Page 38200]]

Background

    The temporary regulations that are the subject of these corrections 
are under section 355(e) of the Internal Revenue Code.

Need for Correction

    As published, TD 8988 contains errors which may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the temporary regulations (TD 
8988), which is the subject of FR Doc. 02-9929 is corrected as follows:
    1. On page 20635, column 2, in the preamble under the caption 
``Explanation of Provisions'', line 13 of paragraph H.(1.), the 
language ``reasonable certainty'' that, within six'' is corrected to 
read ``'reasonable certainty'' that, within 6''.


[sect] 1.355-0  [Corrected]

    2. On page 20636, column 2, [sect] 1.355-7T(k), the language 
``Effective date.'' is corrected to read ``Effective dates.''.


[sect] 1.355-7T  [Corrected]

    3. On page 20637, column 1, [sect] 1.355-7T(b)(3)(iii), line 13, 
the language ``before a distribution where a person'' is corrected to 
read ``before a distribution, a person''.

    4. On page 20637, column 1, [sect] 1.355-7T(b)(3)(iii), line 15, 
the language ``intends to cause a distribution and, as'' is corrected 
to read ``intended to cause a distribution and, as''.

    5. On page 20641, column 2, [sect] 1.355-7T(j) Example 4.(v), line 
2, the language ``of C and acquisition of X by D are part of a'' is 
corrected to read ``of C and the acquisition of X by D are part of a''.

Cynthia Grigsby,
Chief, Regulations Unit, Associate Chief Counsel, (Income Tax and 
Accounting).
[FR Doc. 02-13846 Filed 5-31-02; 8:45 am]
BILLING CODE 4830-01-P