SEC. 6. EFFECTIVE DATE

This revenue procedure is effective on the date of its publication in the Internal Revenue Bulletin.

DRAFTING INFORMATION

The principal author of this revenue procedure is Carl Cooper of the Office of the Associate Chief Counsel (International). For further information regarding this revenue procedure, please contact either Carl Cooper on (202) 622-3840 or John Manton of the Foreign Payments Division on (202) 874-1800.

Requirements for Tax Exempt Section 501(c)(5) Organizations; Hearing

Announcement 96–33

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of public hearing on proposed rulemaking.

SUMMARY: This document announces a hearing on proposed regulations published on December 21, 1995; which clarify requirements of section 501(c)(5) to provide needed guidance to organizations as to the requirements an organization must meet in order to be exempt from tax.

DATES: The public hearing will be held on Wednesday, June 5, 1996, beginning at 10:00 a.m. Requests to speak and outlines of oral comments must be received by Wednesday, May 15, 1996.

ADDRESSES: The public hearing will be held in the Internal Revenue Service Commissioner’s Conference Room, Room 3313, Internal Revenue Building, 1111 Constitution Avenue, N.W., Washington, D.C. 20044. Requests to speak and outlines of oral comments should be mailed to the Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Attn: CC:DOM: CORP:R [EE–53–95], Room 5228, Washington, D.C., 20044.

FOR FURTHER INFORMATION CONTACT: Evangelista Lee of the Regulations Unit, Assistant Chief Counsel (Corporate), (202) 622-8452 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

The subject of the public hearing is proposed amendments to the Income Tax Regulations under section 501(c)(5) of the Internal Revenue Code. The proposed regulations appeared in the Federal Register for Thursday, December 21, 1995 (60 FR 66228 [EE–53–95, 1996–5 I.R.B. 23]). The rules of §601.601(a)(3) of the ‘‘Statement of Procedural Rules’’ (26 CFR Part 601) shall apply with respect to the public hearing. Persons who have submitted written comments within the time prescribed in the notice of proposed rulemaking and who also desire to present oral comments at the hearing on the proposed regulations should submit not later than Wednesday, May 15, 1996, an outline of the oral comments/testimony to be presented at the hearing and the time they wish to devote to each subject.

Each speaker (or group of speakers representing a single entity) will be limited to 10 minutes for an oral presentation exclusive of the time consumed by the questions from the panel for the government and answer thereto.

Because of controlled access restrictions, attenders cannot be admitted beyond the lobby of the Internal Revenue Building until 9:45 a.m.

An agenda showing the scheduling of the speakers will be made after outlines are received from the persons testifying. Copies of the agenda will be available free of charge at the hearing.

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

April 4, 1996, 8:45 a.m., and published in the issue of the Federal Register for April 5, 1996, 61 F.R. 15204)

Hedging Transaction by Members of a Consolidated Group; Correction

Announcement 96–34

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction of final regulations.

SUMMARY: This document contains a correction to the final regulations [TD 8653 [1996–12 I.R.B. 4]] 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:

§1.1221–2 [Corrected]

On page 520, column 2, §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).

(Filed by the Office of the Federal Register on

March 20, 1996, 8:45 a.m., and published in the issue of the Federal Register for March 21, 1996, 61 F.R. 11547)

Certain Transfers of Domestic Stock or Securities by U.S. Persons to Foreign Corporations; Correction

Announcement 96–35

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to temporary regulations.

SUMMARY: This document contains a correction to temporary regulations (TD 8638 [1996–5 I.R.B. 5]), which were published in the Federal Register Tuesday, December 26, 1995 (60 FR 66739), that amend the Income Tax Regulations with respect to certain transfers of stock or securities of domestic corporations by United States persons to foreign corporations pursuant to the corporate organization, reorganization, or liquidation provisions of the Internal Revenue Code. The temporary regulations also remove certain parts of the existing temporary regulations regarding transfers by U.S. persons of stock or securities of both domestic and foreign corporations.

EFFECTIVE DATE: December 26, 1995.

FOR FURTHER INFORMATION CONTACT: Philip L. Tretiak, (202) 622-3860 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are the subject of this correction is under section 367 Internal Revenue Code.

Need for Correction

As published, the temporary regulations (TD 8638) contains an error which may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8638), which were the subject of FR Doc. 95-30829, is corrected as follows:

On page 66739, column 2, in the preamble under the paragraph heading ‘‘Applicability and Effective Dates’’, line 9, the language ‘‘for transfers occurring January 25, 1996.’’ is corrected to read ‘‘for transfers occurring after January 25, 1996.’’

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

March 20, 1996, 8:45 a.m., and published in the issue of the Federal Register for March 21, 1996, 61 F.R. 11550)

Controlling Corporation’s Basis Adjustment in its Controlled Corporation’s Stock Following a Triangular Reorganization; Correction

Announcement 96–36

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains a correction to final regulations [TD 8648 [1996–10 I.R.B. 23]] which were published in the Federal Register for Thursday, December 21, 1995 (60 FR 66077). The final regulations relate to the rules for adjusting the basis of a

13 1996–27 I.R.B.

controlling corporation in the stock of a controlled corporation as the result of certain triangular reorganizations involving the stock of the controlling corporation.

EFFECTIVE DATE: December 21, 1995.

FOR FURTHER INFORMATION CONTACT: Curt Cutting, (202) 622-7550 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of this correction are under sections 358, 1032, and 1502 of the Internal Revenue Code.

Need for Correction

As published, TD 8648 contains a typographical error that is in need of clarification.

Correction of Publication

Accordingly, the publication of the final regulations which are the subject of FR Doc. 95–30875, is corrected as follows:

§ 1.358–6 [Corrected]

On page 66080, column 3, § 1.358–6

(c)(4), in paragraph (d) of Example 2., line 9, the language ‘‘Under 1.358–6 (c)(2)(i)(A), P ’s basis in its T ’’ is corrected to read ‘‘Under § 1.358–6 (c)(2)(i)(A), P ’s basis in its T .’’

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

March 20, 1996, 8:45 a.m., and published in the issue of the Federal Register for March 21, 1996, 61 F.R. 11547)

Consolidated Groups and Controlled Groups—Intercompany Transactions and Related Rules; Correction

Announcement 96–37

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to final regulations [TD 8597 [1995–32 I.R.B. 6]] which were published in the Federal Register for Tuesday, July 18, 1995 (60 FR 36671). The final regulations amend the intercompany transaction system of the consolidated return regulations.

EFFECTIVE DATE: July 18, 1995.

FOR FURTHER INFORMATION CONTACT: Roy Hirschhorn of the Office of Assistant Chief Counsel

(Corporate), (202) 622-7770 (not a tollfree number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of these corrections are under sections 1502 and 267 of the Internal Revenue Code.

Need for Correction

As published, TD 8597 contains errors that are in need of correction.

Correction of Publication

Accordingly, the publication of the final regulations which is the subject of FR Doc. 95–16973, is corrected as follows:

On page 36679, under amendatory instruction ‘‘Par. 2.,’’ the first column in the table is corrected by removing the reference to ‘‘1.263A–1T(b)(2)(vi)(B)’’ and in the seven entries for ‘‘1.263A–1T’’ correct the number ‘‘1.263A–1T’’ to read ‘‘1.263A–7T.’’

Cynthia E. Grigsby, Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on

March 27, 1996, 8:45 a.m., and published in the issue of the Federal Register for March 28, 1996, 61 F.R. 13762)

1996–27 I.R.B. 14