99-30506. Special Basis Rules for Transfer of Property by a Partnership to a Corporation  

  • [Federal Register Volume 64, Number 228 (Monday, November 29, 1999)]
    [Proposed Rules]
    [Page 66591]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 99-30506]
    
    
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    DEPARTMENT OF THE TREASURY
    
    Internal Revenue Service
    
    26 CFR Part 1
    
    [REG-105162-97]
    RIN 1545-AV16
    
    
    Special Basis Rules for Transfer of Property by a Partnership to 
    a Corporation
    
    AGENCY: Internal Revenue Service (IRS), Treasury.
    
    ACTION: Partial withdrawal of proposed regulations.
    
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    SUMMARY: This document partially withdraws certain proposed regulations 
    relating to special basis adjustments under section 743. The withdrawal 
    is in response to the publication of subsequent proposed regulations 
    (REG-209682-94) addressing the same subject matter.
    
    FOR FURTHER INFORMATION CONTACT: Daniel Carmody at (202) 622-3080 (not 
    a toll-free number).
    
    SUPPLEMENTARY INFORMATION:
    
    Background
    
        On October 28, 1997, the IRS published in the Federal Register (62 
    FR 55768) proposed regulations under section 743 of the Internal 
    Revenue Code (the proposed regulations). Section 1.743-2 of the 
    proposed regulations addresses the effect of the special basis 
    adjustment under section 743 for partnerships that participate in 
    section 351 exchanges. This issue is addressed in the proposed 
    regulations published in the Federal Register on January 29, 1998 (63 
    FR 4408), which contain general guidance on basis adjustments under 
    section 743. Therefore, this document withdraws Sec. 1.743-2 of the 
    proposed regulations published in the Federal Register on October 28, 
    1997 (62 FR 55768).
    
    List of Subjects in 26 CFR Part 1
    
        Income taxes, Reporting and recordkeeping requirements.
    
    Withdrawal of Proposed Amendments to the Regulations
    
        Accordingly, under the authority of 26 U.S.C. 7805, proposed 
    amendments to 26 CFR part 1 relating to Sec. 1.743-2 are withdrawn.
    Robert E. Wenzel,
    Deputy Commissioner of Internal Revenue.
    [FR Doc. 99-30506 Filed 11-26-99; 8:45 am]
    BILLING CODE 4830-01-P
    
    
    

Document Information

Published:
11/29/1999
Department:
Internal Revenue Service
Entry Type:
Proposed Rule
Action:
Partial withdrawal of proposed regulations.
Document Number:
99-30506
Pages:
66591-66591 (1 pages)
Docket Numbers:
REG-105162-97
RINs:
1545-AV16: Treatment of Elective Entity Classification Changes--7701
RIN Links:
https://www.federalregister.gov/regulations/1545-AV16/treatment-of-elective-entity-classification-changes-7701
PDF File:
99-30506.pdf
CFR: (1)
26 CFR 1