Rule2023-16225
Guidance Under Section 1502; Amendment of Matching Rule for Certain Gains on Member Stock; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 1, 2023
Effective
August 1, 2023
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
This document contains a correction to Treasury Decision 9515, which was published in the Federal Register for Friday, March 4, 2011. Treasury Decision 9515 issued final and temporary regulations relating to the redetermination of intercompany gain as excluded from gross income in certain transactions involving stock transfers between members of a consolidated group. Treasury Decision 9515 was corrected on March 31, 2011; however, the corrections included an erroneous amendatory instruction that incorrectly removed two paragraphs from the Code of Federal Regulations. This document restores the two removed paragraphs.
Full Text
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<title>Federal Register, Volume 88 Issue 146 (Tuesday, August 1, 2023)</title>
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[Federal Register Volume 88, Number 146 (Tuesday, August 1, 2023)]
[Rules and Regulations]
[Pages 50041-50042]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-16225]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9515]
RIN 1545-BH20
Guidance Under Section 1502; Amendment of Matching Rule for
Certain Gains on Member Stock; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
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SUMMARY: This document contains a correction to Treasury Decision 9515,
which was published in the Federal Register for Friday, March 4, 2011.
[[Page 50042]]
Treasury Decision 9515 issued final and temporary regulations relating
to the redetermination of intercompany gain as excluded from gross
income in certain transactions involving stock transfers between
members of a consolidated group. Treasury Decision 9515 was corrected
on March 31, 2011; however, the corrections included an erroneous
amendatory instruction that incorrectly removed two paragraphs from the
Code of Federal Regulations. This document restores the two removed
paragraphs.
DATES: This correction is effective on August 1, 2023 and is applicable
on March 4, 2011.
FOR FURTHER INFORMATION CONTACT: Jeremy Aron-Dine at (202) 317-6847
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations (TD 9515) that are the subject of this
correction are under section 1502 of the Code. Treasury Decision 9515
was corrected at 76 CFR 17781; however, the correction included an
erroneous amendatory instruction. The instruction was intended to
revise only the introductory text of Sec. 1.1502-13(c)(6)(ii)(D)(1),
but it inadvertently removed Sec. 1.1502-13(c)(6)(ii)(D)(1)(i) and
(ii). This correction restores the two deleted paragraphs as they
existed prior to the correcting amendment.
Need for Correction
As published March 4, 2011 (76 CFR 11956), the final regulations
(TD 9515, FR Doc. 2011-4846) contain errors that needed to be
corrected. Treasury Decision 9515 was corrected at 76 FR 17781, March
31, 2011; however, the correcting amendment contained an erroneous
amendatory instruction, and two paragraphs (26 CFR 1.1502-
13(c)(6)(ii)(D)(1)(i) and (ii)) were incorrectly removed from the Code
of Federal Regulations.
Applicability of Correction
Generally, the amendments to TD 9515 apply with respect to items
taken into account on or after March 4, 2011. Section 1.1502-
13(c)(6)(ii)(D), the regulatory provision corrected in this amendment,
only applies to taxpayers that receive a determination from the
Commissioner in the form of a private letter ruling. Taxpayers and the
Internal Revenue Service have consistently applied Sec. 1.1502-
13(c)(6)(ii)(D) as if the incorrectly deleted paragraphs had not been
deleted.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following
correcting amendment:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
* * * * *
Section 1.1502-13 is also issued under 26 U.S.C. 1502.
* * * * *
0
Par. 2. Section 1.1502-13 is amended by adding paragraphs
(c)(6)(ii)(D)(1)(i) and (ii) to read as follows:
Sec. 1.1502-13 Intercompany transactions.
* * * * *
(c) * * *
(6) * * *
(ii) * * *
(D) * * *
(1) * * *
(i) In the case of an intercompany item of income, the
corresponding item is permanently disallowed; or
(ii) If the intercompany item constitutes gain, the conditions
described in paragraphs (c)(6)(ii)(C)(1)(iv) and (c)(6)(ii)(C)(1)(v) of
this section are satisfied.
* * * * *
Oluwafunmilayo A. Taylor,
Chief, Publications and Regulations Branch, Associate Chief Counsel
(Procedure and Administration).
[FR Doc. 2023-16225 Filed 7-31-23; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on August 1, 2023.
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