96-4177. Recognition of Gain or Loss by Contributing Partner on Distribution of Contributed Property or Other Property; Correction  

  • [Federal Register Volume 61, Number 39 (Tuesday, February 27, 1996)]
    [Rules and Regulations]
    [Pages 7213-7214]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 96-4177]
    
    
    
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    DEPARTMENT OF THE TREASURY
    
    Internal Revenue Service
    
    26 CFR Part 1
    
    [TD 8642]
    RIN 1545-AR48; 1545-AR93
    
    
    Recognition of Gain or Loss by Contributing Partner on 
    Distribution of Contributed Property or Other Property; Correction
    
    AGENCY: Internal Revenue Service, Treasury.
    
    ACTION: Correction to final regulations.
    
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    SUMMARY: This document contains corrections to final regulations (TD 
    8642), which were published in the Federal Register on Tuesday, 
    December 26, 1995 (60 FR 66727) relating to the recognition of gain or 
    loss on certain distributions of contributed property by a partnership, 
    and to the recognition of gain on certain distributions to a 
    contributing partner.
    
    EFFECTIVE DATE: January 9, 1995.
    
    FOR FURTHER INFORMATION CONTACT: Stephen J. Coleman at (202) 622-3060, 
    (not a toll-free number).
    
    SUPPLEMENTARY INFORMATION:
    
    Background
    
        The final regulations that are the subject of these corrections are 
    under sections 704 and 737 of the Internal Revenue Code.
    
    Need for Correction
    
        As published, the final regulations contain errors which may prove 
    to be misleading and are in need of clarification.
    
    Correction of Publication
    
        Accordingly, the publication of the final regulations (TD 8642), 
    which are the subject of FR Doc. 95-30870, is corrected as follows: 
    
    [[Page 7214]]
    
    
    
    Sec. 1.737-3  [Corrected]
    
        1. On page 66737, column 2, Sec. 1.737-3 (e), second paragraph from 
    the bottom of the column, the paragraph designated ``(e) Example 1.'' 
    is correctly designated ``Example 1.''
        2. On page 66737, column 3, Sec. 1.737-3 (e), paragraph (i) of 
    Example 2, line 4, the language ``nondepreciable real property to the'' 
    is corrected to read ``nondepreciable real property located in the 
    United States to the''.
        3. On page 66737, column 3, Sec. 1.737-3 (e), paragraph (ii) of 
    Example 2, line 2, the language ``Property B, nondepreciable real 
    property,'' is corrected to read ``Property B, nondepreciable real 
    property located outside the United States,''.
    Cynthia E. Grigsby,
    Chief, Regulations Unit,
    Assistant Chief Counsel (Corporate).
    [FR Doc. 96-4177 Filed 2-26-96; 8:45 am]
    BILLING CODE 4830-01-U
    
    

Document Information

Effective Date:
1/9/1995
Published:
02/27/1996
Department:
Internal Revenue Service
Entry Type:
Rule
Action:
Correction to final regulations.
Document Number:
96-4177
Dates:
January 9, 1995.
Pages:
7213-7214 (2 pages)
Docket Numbers:
TD 8642
PDF File:
96-4177.pdf
CFR: (1)
26 CFR 1.737-3