This document contains correcting amends to IRS’ regulations providing guidance regarding the treatment of prepaid income under the built-in gain provisions of section 382(h). These errors were made when the agency published final regulations (T.D. 9487, 2010-28 I.R.B. 48) in the Federal Register on Wednesday, June 16, 2010 (75 FR 33990).
The final regulations (T.D. 9487) that are the subject of this document are under section 382 of the Internal Revenue Code.
As published, the final regulations (T.D. 9487) contain errors that may prove to be misleading and are in need of clarification.
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Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority: 26 U.S.C. 7805 * * *
Par. 2. Section 1.382-2T is amended by revising the headings of paragraph (h)(4)(vii)(A) and paragraph (h)(4)(x)(J) to read as follows:
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(h) * * *
(4) * * *
(vii) * * *
(A) Right or obligation to issue stock.
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(x) * * *
(J) Title 11 or similar case.
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