Internal Revenue Bulletin: 2007-38 |
September 17, 2007 |
Table of Contents
This document contains corrections to temporary regulations (T.D. 9330, 2007-31 I.R.B. 239) that were published in the Federal Register on Thursday, June 14, 2007 (72 FR 32792) applying to corporations that have undergone ownership changes within the meaning of section 382. These regulations provide guidance regarding the treatment of prepaid income under the built-in gain provisions of section 382(h).
The temporary regulations that are the subject of this document are under section 382 of the Internal Revenue Code.
As published, temporary regulations (T.D. 9330) contain errors that may prove to be misleading and are in need of clarification.
* * * * *
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.382-7T is amended by revising paragraph (b)(2) to read as follows:
* * * * *
(b) * * *
(2) The applicability of this section expires on June 14, 2010.
Par. 3. The signature block is revised by adding the language “Approved: June 4, 2007.”
LaNita Van Dyke,
Chief,
Publications and Regulations Branch,
Legal Processing Division,
Associate
Chief Counsel
(Procedure and Administration).
Note
(Filed by the Office of the Federal Register on July 31, 2007, 8:45 a.m., and published in the issue of the Federal Register for August 1, 2007, 72 F.R. 41891)
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