Internal Revenue Bulletin:  2010-33 

August 16, 2010 

Announcement 2010-50

Built-in Gains and Losses Under Section 382(h); Correction


AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendment.

SUMMARY:

This document contains correcting amends to IRS’ regulations providing guidance regarding the treatment of prepaid income under the built-in gain provisions of section 382(h). These errors were made when the agency published final regulations (T.D. 9487, 2010-28 I.R.B. 48) in the Federal Register on Wednesday, June 16, 2010 (75 FR 33990).

DATES:

This correction is effective on July 28, 2010, and is applicable on June 16, 2010.

FOR FURTHER INFORMATION CONTACT:

Keith E. Stanley, (202) 622-7750 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations (T.D. 9487) that are the subject of this document are under section 382 of the Internal Revenue Code.

Need for Correction

As published, the final regulations (T.D. 9487) contain errors that may prove to be misleading and are in need of clarification.

* * * * *.

Correction of Publication

Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:

PART 1—INCOME TAXES

Paragraph 1. The authority citation for part 1 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *

Par. 2. Section 1.382-2T is amended by revising the headings of paragraph (h)(4)(vii)(A) and paragraph (h)(4)(x)(J) to read as follows:

§1.382-2T Definition of ownership change under section 382, as amended by the tax Reform Act of 1986 (temporary).

* * * * *

(h) * * *

(4) * * *

(vii) * * *

(A) Right or obligation to issue stock.

* * * * *

(x) * * *

(J) Title 11 or similar case.

* * * * *

LaNitaVan 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 27, 2010, 8:45 a.m., and published in the issue of the Federal Register for July 28, 2010, 75 F.R. 44138)


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