This document contains corrections to final regulations (T.D. 9083, 2003-40 I. R.B. 700) that were published in the Federal Register on Monday, August 4, 2003 (68 FR 45745), relating to golden parachute payments under section 280G of the Internal Revenue Code.
The final regulations that are the subject of these corrections are under section 280G of the Internal Revenue Code.
As published, the final regulations (T.D. 9083) contain errors that may prove to be misleading and are in need of clarification.
Accordingly, the publication of the final regulations (T.D. 9083), which are the subject of FR Doc. 03-19274, is corrected as follows:
1. On page 45745, column 3, in the preamble, the caption “DATES” is corrected to read as follows:
DATES: Effective Date: August 4, 2003.
Applicability Date: These regulations apply to any payment that is contingent on a change in ownership or control if the change in ownership or control occurs on or after January 1, 2004. However, taxpayers may rely on these regulations after August 4, 2003, for the treatment of any parachute payment.
2. On page 45750, column 1, in the preamble under the paragraph heading “Effective Date and Reliance”, paragraph 1, line 5, the language “on or after January 1, 2004.” is corrected to read “on or after January 1, 2004. However, taxpayers may rely on these regulations after August 4, 2003, for the treatment of any parachute payment.”.
3. On page 45750, columns 1 and 2, in the preamble under the paragraph heading “Effective Date and Reliance”, the last line in the column 1 and first line in column 2, the language “2002 proposed regulations until the effective date of the final regulations.” is corrected to read “2002 proposed regulations until January 1, 2004.”.
4. On page 45755, column 2, § 1.280G-1, paragraph (a) of A-11, line 3, the language “to receive cash, or a transfer of property” is corrected to read “to receive cash (including the value of accelerated vesting under Q/4-24(c)), or a transfer of property.”.
5. On page 45772, column 2, § 1.280G-1, A-48, line 5, the language “on or after January 1, 2004.” is corrected to read “on or after January 1, 2004. Taxpayers may rely on these regulations after August 4, 2003, for the treatment of any parachute payment.”.
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.