# Section 1367 Regarding Open Account Debt; Correction
> **IRS** · Correcting amendment. · Published 2008-11-14 · Effective 2008-11-14 · 73 FR 67388
## Document
- **Document number:** E8-27024
- **Category:** tax-irs
- **Sub-agency:** IRS
- **Federal Register citation:** 73 FR 67388
- **CFR reference:** 26 CFR 1
- **Publication date:** 2008-11-14
- **Effective date:** 2008-11-14
- **Treasury docket:** TD 9428
## Abstract

This document contains corrections to final regulations (TD 9428) that were published in the Federal Register on Monday, October 20, 2008 (73 FR62199) relating to the treatment of open account debt between S corporations and their shareholders. These final regulations provide rules regarding the definition of open account debt and the adjustments in basis of any indebtedness of an S corporation to a shareholder under section 1367(b)(2) of the Internal Revenue Code for shareholder advances and repayments on advances of open account debt. The regulations affect shareholders of S corporations and are necessary to provide guidance needed to comply with the applicable tax law.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2008/11/14/E8-27024/section-1367-regarding-open-account-debt-correction)
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