| Announcement 2005-64 |
September 12, 2005 |
LIFO Recapture Under Section 1363(d); Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to final regulations.
This document contains a correction to final regulations (T.D. 9210,
2005-33 I.R.B. 290) that were published in the Federal
Register on July 12, 2005 (70 FR 39920) regarding the LIFO recapture
by corporations converting from C Corporations to S Corporations.
This correction is effective July 12, 2005.
FOR FURTHER INFORMATION CONTACT:
Pietro Canestrelli, at (202) 622-3060 and Martin Schaffer, at (202)
622-3070 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
The correction notice that is the subject of this document is under
section 1363 of the Internal Revenue Code.
As published, the correction notice (T.D. 9210), contains an error that
may prove to be misleading and is in need of clarification.
Correction of Publication
Accordingly, the correction notice (T.D. 9210), which was the subject
of FR Doc. 05-13383, is corrected as follows:
On page 39920, column 3, in the preamble, under the paragraph heading
”Summary of Comments and Explanation of Revisions” first paragraph,
lines 23 through 25, the language ”corporation, the date of recapture
event is a transfer of a partnership interest to an S corporation, the date
of the transfer” is corrected to read as ”corporation, the date
of the transfer”.
Guy Traynor,
Acting
Chief, Publications and Regulations Branch,
Legal Processing
Division,
Associate Chief Counsel
(Procedure
and Administration).
Note
(Filed by the Office of the Federal Register on August 10, 2005, 8:45
a.m., and published in the issue of the Federal Register for August 11, 2005,
70 F.R. 46758)
Internal Revenue Bulletin 2005-37
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