RULES and REGULATIONS

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8825]

RIN 1545-AU33

Regulations Under Section 382 of the Internal Revenue Code of 1986; Application of Section 382 in Short Taxable Years and With Respect to Controlled Groups; Correction

Thursday, September 30, 1999

*52650 AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to TD 8825, which was published in the Federal Register on Friday, July 2, 1999 (64 FR 36175). These regulations relate to limitations on net operating loss carryovers and certain built-in losses following an ownership change of a corporation.

EFFECTIVE DATE: July 2, 1999.

FOR FURTHER INFORMATION CONTACT: Lee A. Kelley at (202) 622-7550 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of these corrections are under section 382 of the Internal Revenue Code.

Need for Correction

As published, TD 8825 contains errors which may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8825), which are the subject of FR Doc. 99-16163, is corrected as follows:

1. On page 36177, column 2, instructional paragraph 2, the language “Par 2.Section 382-1 is amended by” is corrected to read “Par. 2. Section 1.382-1 is amended by:”.

2. On page 36177, column 3, the section heading “§1.1382-2 [Amended]” is corrected to read “§1.382-2 [Amended]”.

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

[FR Doc. 99-25233 Filed 9-29-99; 8:45 am]

BILLING CODE 4830-01-P

T.D. 8825, 64 FR 52650-01, 64 FR 52650, 1999 WL 769438 (IRS TD)
END OF DOCUMENT