Guidance Under Section 355(d); Recognition of Gain on
Certain Distributions of Stock or Securities

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Part 1 [TD 8913] RIN 1545-AW71

TITLE: Guidance Under Section 355(d); Recognition of Gain on Certain
Distribution of Stock or Securities; Corrections

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Corrections to final regulations.

SUMMARY: This document contains corrections to final regulations
that were published in the Federal Register on Wednesday, December
20, 2000 (65 FR 79719), providing guidance relating to section
355(d), and recognition of gain on certain distributions of stock
and securities.

DATES: This correction is effective December 20, 2000.

FOR FURTHER INFORMATION CONTACT: Michael N. Kaibni (202) 622-7550
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of these corrections are
under section 355 of the Internal Revenue Code.

Need for Correction

As published, final regulations (TD 8913) contains errors that may
prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8913),
which were the subject of FR Doc. 00-32041, is corrected as follows:

1. On page 79721, column 2, in the preamble under the heading
"Transferred With Respect to an Active Trade or Business.", line 11
from the bottom of the paragraph, the language "§1.355-6(d)(3)
(iv)(4)(E), the final" is corrected to read "§1.355-6(d)(3)(iv)
(E), the final".

2. On page 79722, column 1, in the preamble, under the heading
"Options", the second paragraph, line 5, the language "rights, and
national principal contracts." is corrected to read "rights, and
notional principal contracts.". §1.355-6 [Corrected]

3. On page 79733, column 3, §1.355-6(e)(3)(i), line 19, the
language "only to exchanges that are not treated" is corrected to
read "only to exchanges that are not".

Cynthia E. Grigsby
Chief, Regulations Unit
Office of Special Counsel
(Modernization & Strategic Planning)

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