96-6483. Hedging Transaction by Members of a Consolidated Group; Correction

[Federal Register Volume 61, Number 56 (Thursday, March 21, 1996)]
[Rules and Regulations]
[Page 11547]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-6483]



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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8653]
RIN 1545-AS75


Hedging Transaction by Members of a Consolidated Group; 
Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction of final regulations.

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SUMMARY: This document contains a correction to the final regulations 
[TD 8653] which were published in the Federal Register for Monday, 
January 8, 1996 (61 FR 517). The final regulations relate to the 
character and timing of gain or loss from certain hedging transactions 
entered into by members of a consolidated group.

EFFECTIVE DATE: February 7, 1996.

FOR FURTHER INFORMATION CONTACT: Jo Lynn Ricks of the Office of the 
Assistant Chief Counsel (Financial Institutions and Products), (202) 
622-3920 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations which are the subject of this correction are 
under sections 446 and 1221 of the Internal Revenue Code.

Need for Correction

    As published, TD 8653 contains an error that is in need of 
correction.

Correction of Publication

    Accordingly, the publication of the final regulations which is the 
subject of FR Doc. 96-178, is corrected as follows:


Sec. 1.1221-2  [Corrected]

    On page 520, column 2, Sec. 1.1221-2, paragraph (d)(2)(iv), last 
line, the language ``after the date so indicated.'' is corrected to 
read ``after the date so indicated. The election may be revoked only 
with the consent of the Commissioner.''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 96-6483 Filed 3-20-96; 8:45 am]
BILLING CODE 4830-01-U