Document Headings

                    Document headings vary by document type but may contain                    the following:                  
                -                       the agency or agencies that issued and signed a document                    
                -                       the number of the CFR title and the number of each part                      the document amends, proposes to amend, or is directly                      related to                    
                -                       the agency docket number / agency internal file number                    
                -                       the RIN which identifies each regulatory action listed in                      the Unified Agenda of Federal Regulatory and Deregulatory                      Actions                    

                    See the                                          Document Drafting Handbook                                        for more details.                  

###### Department of the Treasury

###### Internal Revenue Service 

          - 26 CFR Part 1 
          - [TD 8883] 
          - RIN 1545-AW53 

# AGENCY:

Internal Revenue Service (IRS), Treasury. 

# ACTION:

Correction to final regulations. 

# SUMMARY:

                        This document contains a correction to Treasury Decision 8883, which was published in the                         **Federal Register**                         on Tuesday, May 16, 2000 (65 FR 31073), which provides guidance under section 1032 of the Internal Revenue Code, relating to the treatment of a disposition by an acquiring entity of the stock of a corporation in a taxable transaction.                     

# EFFECTIVE DATE:

This correction is effective May 16, 2000. 

# FOR FURTHER INFORMATION CONTACT:

Filiz Serbes at (202) 622-7550 (not a toll-free number). 

# SUPPLEMENTARY INFORMATION:

## Background 

The final regulations that are the subject to correction are under section 1032 of the Internal Revenue Code. 

## Need for Correction 

As published, Treasury Decision 8883 contains an error which may prove to be misleading and is in need of clarification. 

## Correction of Publication 

Accordingly, the publication of the final regulations (TD 8883), which was the subject of FR Doc. 00-11900, is corrected as follows: 

§ 1.1032-3 

On page 31076, column 3, § 1.1032-3(c)(1), is corrected to read as follows: 

      ( print page 37482)    
§ 1.1032-3 

* * * * *

(c) * * * 

(1) The acquiring entity acquires stock of the issuing corporation directly or indirectly from the issuing corporation in a transaction in which, but for this section, the basis of the stock of the issuing corporation in the hands of the acquiring entity would be determined, in whole or in part, with respect to the issuing corporation's basis in the issuing corporation's stock under section 362(a) or 723 (provided that, in the case of an indirect acquisition by the acquiring entity, the transfers of issuing corporation stock through intermediate entities occur immediately after one another); 

* * * * *

Cynthia E. Grigsby,

Chief, Regulations Unit, Assistant Chief Counsel (Corporate). 

[FR Doc. 00-15036 Filed 6-14-00; 8:45 am] 

BILLING CODE 4830-01-U