Rules and Regulations. Notice of proposed rulemaking by cross-reference to temporary regulations

283 words·~1 min read·/register/2002/01/29/02-2155

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BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-142299-01 and REG-209135-88] RIN 1545-BA36 and 1545-AW92 Certain Transfers of Property to Regulated Investment Companies and Real Estate Investment Trusts; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking by cross-reference to temporary regulations. SUMMARY: This document contains corrections to REG-142299-01 and REG-209135-88 that was published in the **Federal Register** on January 2, 2002 (67 FR 48).

These regulations apply to certain transactions or events that result in a Regulated Investment Company [RIC] or Real Estate Investment Trust [REIT] owning property that has a basis determined by reference to a C corporation's basis in the property. DATES: This correction is effective January 2, 2002. FOR FURTHER INFORMATION CONTACT: Lisa A. Fuller

(202)622-7750 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The notice of proposed rulemaking that is the subject of these corrections is under section 337(d) of the Internal Revenue Code. Need for Correction As published, REG-142299-01 and REG 209135-88 contains errors that may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication REG-142299-01 and REG-209135-88, which is the subject of FR. Doc. 01-31968, is corrected as follows: 1. On page 49, column 2, in the preamble under the paragraph heading “ *Background* ”, lines 14 and 15, the language “property to a RIC or REIT, then the RIC or REIT will be subject either to section”, is corrected to read “property to a RIC or REIT, then either the RIC or REIT will be subject to section”. LaNita Van Dyke, Acting Chief, Regulations Unit, Associate Chief Counsel (Income Tax and Accounting). [FR Doc. 02-2155 Filed 1-28-02; 8:45 am]

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