This document corrects final regulations, (T.D. 9192, 2005-15 I.R.B. 866) that were published in the Federal Register on Tuesday, March 22, 2005 (70 FR 14395), that govern the application of section 108 when a member of a consolidated group realizes discharge of indebtedness income.
The final regulations, temporary regulations, and removal of temporary regulations (T.D. 9192) that is the subject of this correction is under section 1502 of the Internal Revenue Code.
As published, T.D. 9192 contains an error that may prove to be misleading and is in need of clarification.
Accordingly, the publication of the final regulations, temporary regulations, and removal of temporary regulations (T.D. 9192) that were the subject of FR Doc. 05-5528, are corrected as follows:
1. The authority citation for 26 CFR part 1 continues to read as follows:
Authority: 26 U.S.C. 7805, unless otherwise noted. Section 1.1502-11 also issued under 26 U.S.C. 1502.
2. In Sec. 1.1502-11, paragraph (c)(5), Example 3, (ii)(E), remove the words “take into account its $80 of excluded COD.” and add in their place the words “take into account its $80 of excluded COD income.”.
Cynthia E. Grigsby,The Internal Revenue Bulletin is produced and published by the Internal Revenue Service and contains IRS pronouncements affecting tax analysis under the Code and the Regulations, including but not limited to Revenue Procedures, Revenue Rulings, Notices and Announcements. Access the IRS site at https://www.irs.gov/help/irsgov-accessibility for information concerning accessibility of IRS materials. While every effort has been made to ensure that the IRB database files available through the TouchTax application are accurate, those using TouchTax for legal research should verify their results against the printed versions of the IRBs available from the IRS.