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.
Pietro Canestrelli, at (202) 622-3060 and Martin Schaffer, at (202) 622-3070 (not toll-free numbers).
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.
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”.
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