Regulations Enabling Elections for Certain Transactions Under Section 336(e); Correction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to notice of proposed rulemaking.

SUMMARY:

This document contains corrections to a notice of proposed rulemaking (REG-143544-04) that was published in the Federal Register on Monday, August 25, 2008 (73 FR 49965) under section 336(e) of the Internal Revenue Code. The proposed regulations, when finalized, would permit taxpayers to make an election to treat certain sales, exchanges, and distributions of another corporation's stock as taxable sales of that corporation's assets. These proposed regulations will affect corporations and their shareholders.

FOR FURTHER INFORMATION CONTACT:

Mark J. Weiss, (202) 622-7750 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The correction notice that is the subject of this document is under sections 336 and 338 of the Internal Revenue Code.

Need for Correction

As published, the notice of proposed rulemaking (REG-143544-04) contains errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of the notice of proposed rulemaking (REG-143544-04), which was the subject of FR Doc. E8-19603, is corrected as follows:

1. On page 49967, column 2, in the preamble, under the paragraph heading “2. Requirements for a Section 336(e) Election”, line 2 from the bottom of the column, the language “1(b)(4)(iii), 1.336-1(b)(11), and 1.338-” is corrected to read “1(b)(4)(iii) and 1.336-1(b)(11), and § 1.338-”.