Proposed Rules. Correction notice

Agency: Internal Revenue Service (IRS), Treasury
Action: Correction notice
Citation: FR Doc. 06-7126 · RIN 1545-BF24 · RIN 1545-BF52 · REG-109367-06 · 26 CFR 1

Summary

This document corrects a notice of proposed rulemaking (REG-109367-06) that was published in the Federal Register on Monday, August 7, 2006 (71 FR 44600) clarifying the circumstances in which accounts or notes receivable are “acquired * * * for services rendered” within the meaning of section 1221(a)(4) of the Internal Revenue Code.

Dates

Written or electronic comments and requests for a public hearing must be received by November 22, 2006.

Supplementary Information

Background The notice of proposed rulemaking (REG-109367-06) that is the subject of this correction is under section 1221 of the Internal Revenue Code. Need for Correction As published, REG-109367-06 contains an error that may prove to be misleading and is in need of clarification. Correction of Publication Accordingly, the publication of the proposed regulations (REG-109367-06) which was the subject of FR Doc. E6-12789, is corrected as follows: 1. On page 44600, column 1, in the preamble, under the caption FOR FURTHER INFORMATION CONTACT , line 2, the language “Scott Brown (202) 622-3920 (not a toll-” is corrected to read “Scott Brown (202) 622-7454 (not a toll-”. Guy Traynor, Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration). [FR Doc. E6-14003 Filed 8-23-06; 8:45 am] BILLING CODE 4830-01-P DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-158677-05] RIN 1545-BF24 Effect of Election on Corporation AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Proposed regulations and notice of public hearing. SUMMARY: These proposed regulations clarify that if a bank is an S corporation within the meaning of section 1361(a)(1), its status as an S corporation does not affect the applicability of the special rules for banks under the Internal Revenue Code.