# Value of Life Insurance Contracts When Distributed From a Qualified Retirement Plan; Correction
**AGENCY:**
Internal Revenue Service (IRS), Treasury.
**ACTION:**
Correction to final regulations.
**SUMMARY:**
This document contains a correction to final regulations that were published in the *Federal Register* on Monday, August 29, 2005 (70 FR 50967) regarding the amount includible in a distributee's income when life insurance contracts are distributed by a qualified retirement plan and regarding the treatment of property sold by a qualified retirement plan to a plan participant or beneficiary for less than fair market value.
**FOR FURTHER INFORMATION CONTACT:**
Concerning the section 79 regulations, Betty Clary at (202) 622-6080; concerning the section 83 regulations, Robert Misner at (202) 622-6030; concerning the section 402 regulations, Bruce Perlin or Linda Marshall at (202) 622-6090 (not toll-free numbers).
**SUPPLEMENTARY INFORMATION:**
**Background**
The final regulations (TD 9223) that are the subject of this correction are under sections 402(a), 79 and 83 of the Internal Revenue Code.
**Need for Correction**
As published, TD 9223 contains an error that may prove to be misleading and is in need of clarification.
**Correction of Publication**
Accordingly, the publication of the final regulations (TD 9223) which was the subject of FR Doc. 05-17046, is corrected as follows:
On page 50969, column 2, in the preamble, under the paragraph heading “ *B. The 2004 Proposed Regulations* ”, line 2 from the top of the column, the language “§ 1.79-(d) to replace the term “cash” is corrected read “§ 1.79-1(d) to replace the term “cash”.
Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).