95-3769. Subchapter KAnti-Abuse Rule; Correction  

  • [Federal Register Volume 60, Number 35 (Wednesday, February 22, 1995)]
    [Rules and Regulations]
    [Pages 9776-9777]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 95-3769]
    
    
    
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    DEPARTMENT OF THE TREASURY
    
    Internal Revenue Service
    
    26 CFR Part 1
    
    [TD 8588]
    RIN 1545-AS70
    
    
    Subchapter K--Anti-Abuse Rule; Correction
    
    AGENCY: Internal Revenue Service (IRS), Treasury.
    
    ACTION: Correction to final regulation.
    
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    SUMMARY: This document contains corrections to the final regulation (TD 
    8588) which was published in the Federal Register for Tuesday, January 
    3, 1995 (60 FR 23). The final regulation provides an anti-abuse rule 
    authorizing the Commissioner of Internal Revenue, in certain 
    circumstances, to recast a transaction involving the use of a 
    partnership.
    
    EFFECTIVE DATE: January 3, 1995.
    
    FOR FURTHER INFORMATION CONTACT: D. Lindsay Russell or Mary A. Berman 
    at 202-622-3050 (not a toll-free number).
    
    SUPPLEMENTARY INFORMATION:
    
    Background
    
        The final regulation that is the subject of these corrections is 
    under section 701 of the Internal Revenue Code.
    
    Need for Correction
    
        As published, TD 8588 inadvertently ommitted language and contains 
    typographical errors which may prove to be misleading and are in need 
    of clarification.
    
    Correction of Publication
    
        Accordingly, the publication of the final regulation which is the 
    subject of FR Doc. 94-32331, is corrected as follows:
    
    
    Sec. 1.701-2  [Corrected]
    
        1. In the list below, for each Example in Sec. 1.701-2, paragraph 
    (d), indicated in the left column, the language in the middle column is 
    removed, and the language in the right column is added.
    
    ----------------------------------------------------------------------------------------------------------------
                  Sec. 1.701-2(d)                             Remove                              Add               
    ----------------------------------------------------------------------------------------------------------------
    Example 3, heading, p. 28, 3rd column, 2nd  limitation,......................  limitation;                      
     line.                                                                                                          
    Example 7(i), p. 29, 3rd column, 4th line.  $100.............................  $100x                            
    Example 7(i), p. 29, 3rd column, 6th line.  $6...............................  $6x                              
    Example 7(i), p. 29, 3rd column, 10th line  $50..............................  $50x                             
    Example 9(i), p. 30, 3rd column, 4th line.  $9,000, $990, and $10............  $9,000x, $900x, and $10x         
    Example 9(i), p. 30, 3rd column, 8th line.  $10,000..........................  $10,000x                         
    Example 9(i), p. 30, 3rd column, 13th line  $9,000...........................  $9,000x                          
    Example 9(i), p. 30, 3rd column, 14th line  $9,000...........................  $9,000x                          
    Example 9(i), p. 30, 3rd column, 14th line  $8,100...........................  $8,100x                          
    Example 9(i), p. 30, 3rd column, 14th line  $891.............................  $891x                            
    Example 9(i), p. 30, 3rd column, 15th line  $9...............................  $9x                              
    Example 9(i), p. 30, 3rd column, 16th line  $9,000...........................  $9,000x                          
    Example 9(i), p. 30, 3rd column, 22nd line  $1,000 and $9,000................  $1,000x and $9,000x              
    Example 9(i), p. 30, 3rd column, 24th line  $19,000..........................  $19,000x                         
    Example 9(i), p. 30, 3rd column, 25th line  $10,000..........................  $10,000x                         
    Example 9(i), p. 30, 3rd column, 26th line  $9,000...........................  $9,000x                          
    Example 9(i), p. 30, 3rd column, 27th line  $9,000...........................  $9,000x                          
    Example 9(i), p. 30, 3rd column, 30th line  $9,000, $990.....................  $9,000x, $990x                   
    Example 9(i), p. 30, 3rd column, 31st line  $10..............................  $10x                             
    Example 9(i), p. 30, 3rd column, 32nd line  $8,000...........................  $8,000x                          
    Example 9(i), p. 30, 3rd column, 35th line  $1,881 and $19...................  $1,881x and $19x                 
    Example 9(i), p. 30, 3rd column, 36th line  $9,801 and $99...................  $9,801x and $99x                 
    Example 9(i), p. 30, 3rd column, 40th line  $1,000...........................  $1,000x                          
    Example 9(i), p. 30, 3rd column, 41st line  $9,000...........................  $9,000x                          
    Example 9(i), p. 30, 3rd column, 41st line  $8,910...........................  $8,910x                          
    Example 9(i), p. 30, 3rd column, 41st line  $90..............................  $90x                             
    Example 9(i), p. 30, 3rd column, 43rd line  $891.............................  $891x                            
    Example 9(i), p. 30, 3rd column, 44th line  $9...............................  $9x                              
    Example 10(i), p. 31, 1st column, 2nd line  $100.............................  $100x                            
    Example 10(i), p. 31, 1st column, 2nd line  $60..............................  $60x                             
    Example 10(i), p. 31, 1st column, 10th      $30..............................  $30x                             
     line.                                                                                                          
    Example 10(i), p. 31, 1st column, 28th      $100.............................  $100x                            
     line.                                                                                                          
    [[Page 9777]]                                                                                                   
                                                                                                                    
    Example 10(i), p. 31, 1st column, 32nd      $40..............................  $40x                             
     line.                                                                                                          
    Example 10(ii), p. 31, 1st column, 3rd      $100.............................  $100x                            
     line.                                                                                                          
    Example 10(ii), p, 31, 1st column, 5th      $60..............................  $60x                             
     line.                                                                                                          
    Example 10(ii), p. 31, 1st column, 6th      $40..............................  $40x                             
     line.                                                                                                          
    Example 10(ii), p. 31, 1st column, 9th      $10..............................  $10x                             
     line.                                                                                                          
    Example 10(ii), p. 31, 1st column, 11th     $30..............................  $30x                             
     line.                                                                                                          
    Example 10(ii), p. 31, 1st column, 13th     $20..............................  $20x                             
     line.                                                                                                          
    Example 11(i), p. 31, 2nd column, 7th line  $100.............................  $100x                            
    Example 11(i), p. 31, 2nd column, 13th      $100.............................  $100x                            
     line.                                                                                                          
    Example 11(i), p. 31, 2nd column, 15th      $20..............................  $20x                             
     line.                                                                                                          
    Example 11(i), p. 31, 2nd column, 17th      $100.............................  $100x                            
     line.                                                                                                          
    Example 11(i), p. 31, 2nd column, 31st      that (i) A's.....................  that A's                         
     line.                                                                                                          
    Example 11(i), p. 31, 2nd column, 34th      and (ii) because.................  and because                      
     line.                                                                                                          
    Example 11(i), p. 31, 2nd column, 38th      $80..............................  $80x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 7th line  $100.............................  $100x                            
    Example 12(i), p. 31, 3rd column, 9th line  $60..............................  $60x                             
    Example 12(i), p. 31, 3rd column, 9th line  $40..............................  $40x                             
    Example 12(i), p. 31, 3rd column, 12th      $40..............................  $40x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 15th      $100.............................  $100x                            
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 20th      $50..............................  $50x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 21st      $50..............................  $50x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 22nd      $10..............................  $10x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 23rd      $60..............................  $60x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 23rd      $50..............................  $50x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 24th      $10..............................  $10x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 25th      $50..............................  $50x                             
     line.                                                                                                          
    Example 12(i), p. 31, 3rd column, 25th      $40..............................  $40x                             
     line.                                                                                                          
    Example 13(i), p. 32, 2nd column, 3rd line  $95..............................  $95x                             
    Example 13(i), p. 32, 2nd column, 4th line  $5...............................  $5x                              
    Example 13(i), p. 32, 2nd column, 10th      $100.............................  $100x                            
     line.                                                                                                          
    Example 13(i), p. 32, 2nd column, 16th      $5...............................  $5x                              
     line.                                                                                                          
    Example 13(i), p. 32, 2nd column, 19th      $100.............................  $100x                            
     line.                                                                                                          
    Example 13(i), p. 32, 2nd column, 22nd      $50..............................  $50x                             
     line.                                                                                                          
    Example 13(i), p. 32, 2nd column, 24th      $5...............................  $5x                              
     line.                                                                                                          
    Example 13(i), p. 32, 2nd column, 24th      $45..............................  $45x                             
     line.                                                                                                          
    ----------------------------------------------------------------------------------------------------------------
    
        2. On page 33, column 1, Sec. 1.701-2, paragraph (f), paragraph 
    (ii) of Example 2, line 20, the language ``corporation Z stock, and the 
    partners must'' is corrected to read ``Corporation Z stock, and the 
    partners must''.
    Dale D. Goode,
    Federal Register Liaison Ass't Chief Counsel (Corporate).
    [FR Doc. 95-3769 Filed 2-21-95; 8:45 am]
    BILLING CODE 4830-01-U
    
    

Document Information

Effective Date:
1/3/1995
Published:
02/22/1995
Department:
Internal Revenue Service
Entry Type:
Rule
Action:
Correction to final regulation.
Document Number:
95-3769
Dates:
January 3, 1995.
Pages:
9776-9777 (2 pages)
Docket Numbers:
TD 8588
RINs:
1545-AS70
PDF File:
95-3769.pdf
CFR: (2)
26 CFR 1.701-2(d)
26 CFR 1.701-2