02-2155. Certain Transfers of Property to Regulated Investment Companies and Real Estate Investment Trusts; Correction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Notice of proposed rulemaking by cross-reference to temporary regulations.

SUMMARY:

This document contains corrections to REG-142299-01 and REG-209135-88 that was published in the Federal Register on January 2, 2002 (67 FR 48). These regulations apply to certain transactions or events that result in a Regulated Investment Company [RIC] or Real Estate Investment Trust [REIT] owning property that has a basis determined by reference to a C corporation's basis in the property.

DATES:

This correction is effective January 2, 2002.

FOR FURTHER INFORMATION CONTACT:

Lisa A. Fuller [phone] (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The notice of proposed rulemaking that is the subject of these corrections is under section 337(d) of the Internal Revenue Code.

Need for Correction

As published, REG-142299-01 and REG 209135-88 contains errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication REG-142299-01 and REG-209135-88, which is the subject of FR. Doc. 01-31968, is corrected as follows:

1. On page 49, column 2, in the preamble under the paragraph heading “Background”, lines 14 and 15, the language “property to a RIC or REIT, then the RIC or REIT will be subject either to section”, is corrected to read “property to a RIC or REIT, then either the RIC or REIT will be subject to section”.

LaNita Van Dyke,

Acting Chief, Regulations Unit, Associate Chief Counsel (Income Tax and Accounting).