97-11378. Income Tax; Taxable Years Beginning After December 31, 1953: Consolidated Return Regulations; Correction

[Federal Register Volume 62, Number 84 (Thursday, May 1, 1997)]
[Rules and Regulations]
[Page 23657]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-11378]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 7637]


Income Tax; Taxable Years Beginning After December 31, 1953: 
Consolidated Return Regulations; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final regulations (TD 
7637), which were published in the Federal Register on Thursday, August 
9, 1979 (44 FR 46838) relating to consolidated returns. The regulations 
provide the public with guidance needed to comply with the Tax Reform 
Act of 1969 and affect corporations that file consolidated returns.

EFFECTIVE DATE: August 9, 1979.

FOR FURTHER INFORMATION CONTACT: Edward Cohen, [phone], (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this correction are 
under section 1502 of the Internal Revenue Code.

Need for Correction

    As published, final regulations (TD 7637) contains an error which 
may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correcting Amendment to Regulations

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


Sec. 1.1502-5  [Corrected]

    Par. 2. In Sec. 1.1502-5 (b)(5), the language ``1552 and 
Sec. 1.1502(d)(2).'' is removed and the language ``1552 and 
Sec. 1.1502-33 (d)(2).'' is added in its place.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 97-11378 Filed 4-30-97; 8:45 am]
BILLING CODE 4830-01-U