98-26920. Failure by Certain Charitable Organizations to Meet Certain Qualification Requirements; Taxes on Excess Benefit Transactions

[Federal Register Volume 63, Number 194 (Wednesday, October 7, 1998)]
[Proposed Rules]
[Pages 53862-53863]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-26920]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 53

[REG-246256-94]
RIN 1545-AV60


Failure by Certain Charitable Organizations to Meet Certain 
Qualification Requirements; Taxes on Excess Benefit Transactions

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains a correction to REG-245256-94, which 
was published in the Federal Register on Tuesday, August 4, 1998 (63 FR 
41486), relating to the excise taxes on excess benefit transactions.

FOR FURTHER INFORMATION CONTACT:
Phyllis D. Haney, [phone] (not a toll-free number).

SUPPLEMENTARY INFORMATION: 

Background

    This notice of proposed rulemaking that is the subject of this 
correction is under section 4958 of the Internal Revenue Code.

Need for Correction

    As published, REG-246256-96 contains an error which may prove to be 
misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-246256-96), which is the subject of FR Doc. 98-20419, is corrected 
as follows:


Sec. 53.4958-4  [Corrected]

    On page 41502, column 1, Sec. 53.4958-4(b)(3)(iii), Example 2, 
ninth line from the bottom of the paragraph, the language 
``determination of whether N's compensation'' is corrected to read

[[Page 53863]]

``determination of whether K's compensation''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 98-26920 Filed 10-6-98; 8:45 am]
BILLING CODE 4830-01-M