2011-27631. Effect of Election on Corporation  

  • Start Preamble Start Printed Page 66239

    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Withdrawal of notice of proposed rulemaking.

    SUMMARY:

    This document withdraws the proposed regulation seeking to clarify that if a bank is an S corporation within the meaning of section 1361(a)(1), its status as an S corporation does not affect the applicability of the special rules for banks under the Internal Revenue Code.

    Start Further Info

    FOR FURTHER INFORMATION CONTACT:

    Laura Fields at (202) 622-3050 (not a toll-free number).

    End Further Info End Preamble Start Supplemental Information

    SUPPLEMENTARY INFORMATION:

    Background

    On August 24, 2006, the Treasury Department and the IRS published in the Federal Register (71 FR 50007) a notice of proposed rulemaking under section 1363 (REG-158677-05), relating to the applicability of the special banking rules to banks that are S corporations within the meaning of section 1361(a)(1) of the Internal Revenue Code.

    The Treasury Department and the IRS received written comments on the proposed regulation from various interested parties. The Treasury Department and the IRS have decided to withdraw the proposed regulation.

    Start List of Subjects

    List of Subjects in 26 CFR Part 1

    • Income taxes
    • Reporting and recordkeeping requirements
    End List of Subjects

    Withdrawal of Notice of Proposed Rulemaking

    Accordingly, under the authority of 26 U.S.C. 7805, the notice of proposed rulemaking (REG-158677-05) that was published in the Federal Register on August 24, 2006 (71 FR 50007) is withdrawn.

    Start Signature

    Steven T. Miller,

    Deputy Commissioner for Services and Enforcement.

    End Signature End Supplemental Information

    [FR Doc. 2011-27631 Filed 10-25-11; 8:45 am]

    BILLING CODE 4830-01-P

Document Information

Comments Received:
0 Comments
Published:
10/26/2011
Department:
Internal Revenue Service
Entry Type:
Proposed Rule
Action:
Withdrawal of notice of proposed rulemaking.
Document Number:
2011-27631
Pages:
66239-66239 (1 pages)
Docket Numbers:
REG-158677-05
RINs:
1545-BF24: Effect of Election on Corporation
RIN Links:
https://www.federalregister.gov/regulations/1545-BF24/effect-of-election-on-corporation
Topics:
Income taxes, Reporting and recordkeeping requirements
PDF File:
2011-27631.pdf
Supporting Documents:
» Effect of Election on Corporation:Withdrawal
CFR: (1)
26 CFR 1