# Business entities; definitions.
**AGENCY:**
Internal Revenue Service (IRS), Treasury.
**ACTION:**
Correcting amendment.
**SUMMARY:**
This document contains a correction to final regulations (TD 8697), that were published in the *Federal Register* on Wednesday, December 18, 1996 (61 FR 66584). The final regulations classify certain business organizations under an elective regime.
**DATES:**
This correction is effective on April 4, 2008 and is applicable on January 1, 1997.
**FOR FURTHER INFORMATION CONTACT:**
Stephen J. Hawes, (202) 622-3860 (not a toll-free number).
**SUPPLEMENTARY INFORMATION:**
**Background**
The final regulations (TD 8697) that is the subject of this correction is under section 7701 of the Internal Revenue Code.
**Need for Correction**
As published, TD 8697 contains an error that may prove to be misleading and is in need of clarification.
**List of Subjects 26 CFR Part 301**
Employment taxes, Estate taxes, Excise taxes, Gift taxes, Income taxes, Penalties, Reporting and recordkeeping requirements.
**26 CFR Part 301**
**Correction of Publication**
Accordingly, 26 CFR part 301 is corrected by making the following correcting amendment:
**PART 301—PROCEDURE AND ADMINISTATION**
*Paragraph 1* . The authority citation for part 301 continues to read in part as follows:
**Authority:**
26 U.S.C. 7805 * * *
**26 CFR Part 301**
*Par. 2* . Section 301.7701-2(b)(8)(i) is amended by revising the entry for “Romania, Societe pe Actiuni” to read as follows:
§ 301.7701-2
(b) * * *
(8) * * *
(i) * * *
Romania, Societate pe Actiuni
Cynthia E. Grigsby,
Senior Federal Register Liaison Officer, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).