[Federal Register Volume 60, Number 42 (Friday, March 3, 1995)]
[Rules and Regulations]
[Page 11906]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-5286]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 8585]
RIN 1545-AS00
Allocations Reflecting Built-in Gain or Loss on Property
Contributed to a Partnership; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correction to final regulations.
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SUMMARY: This document contains corrections to final regulations [TD
8585], which were published in the Federal Register for Wednesday,
December 28, 1994 (59 FR 66724). The final regulations relate to the
remedial allocation method with respect to property contributed by a
partner to a partnership and to allocations with respect to securities
and similar investments owned by a partnership.
EFFECTIVE DATE: December 28, 1994.
FOR FURTHER INFORMATION CONTACT: Deborah Harrington at (202) 622-3050
(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the subject of these corrections are
under section 704 of the Internal Revenue Code.
Need for Correction
As published, the final regulations contain typographical errors
that are in need of correction.
Correction of Publication
Accordingly, the publication of the final regulations which is the
subject of FR Doc. 94-31435, is corrected as follows:
Sec. 1.704-3 [Corrected]
1. On page 66729, column 1, Sec. 1.704-3, paragraph (d)(7),
paragraph (iii) of Example 1., line 1, in the paragraph heading, the
word ``Years'' is corrected to read ``years''.
2. On page 66729, column 2, Sec. 1.704-3, paragraph (d)(7),
paragraph (iii)(A) of Example 1., line 1, the word ``commended'' is
corrected to read ``commented''.
3. On page 66729, Sec. 1.704-3, paragraph (d)(7), paragraph
(iii)(C) of Example 1., line 3 of the table is corrected as follows:
------------------------------------------------------------------------
L M
--------------------------------
Book Tax Book Tax
------------------------------------------------------------------------
* * * * *
Remedial allocations................... ..... 1,500 ..... <1,500>
* * * * *
------------------------------------------------------------------------
4. On page 66730, columns 1 and 2, Sec. 1.704-3, paragraph (d)(7),
paragraph (iii)(A) of Example 3. is removed.
5. On page 66732, Sec. 1.704-3, paragraph (e)(3)(ix), paragraph (i)
of Example 1., line 5 from the top of column 2, the language ``+$5,000
(net gain at end of Day 2)+'' is corrected to read ``+$5,000 (net gain
at end of Day 2)+''.
6. On page 66732, column 2, Sec. 1.704-3, paragraph (e)(3)(ix),
paragraph (iii) of Example 1., 13th line, the language ``tax gain from
the sale of Stock 2 and the loss'' is corrected to read ``tax gain from
the sale of Stock 2 and the tax loss''.
7. On page 66733, Sec. 1.704-3, paragraph (e)(3)(ix), paragraph
(iii) of Example 1., the second table on the page, line 1 is corrected
as follows:
------------------------------------------------------------------------
Z
-----------------------------------
Reevaluation
Book Tax account
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Opening Balance..................... $152,500 $152,500 0
* * * * *
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8. On page 66733, Sec. 1.704-3, paragraph (e)(3)(ix), the second
table in paragraph (iii) of Example 2, the column heading and line 1
are corrected as follows:
------------------------------------------------------------------------
X and Y
-----------------------------------
Reevaluation
Book Tax account
------------------------------------------------------------------------
Opening Balance..................... $150,000 $150,000 0
* * * * *
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Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 95-5286 Filed 3-2-95; 8:45 am]
BILLING CODE 4830-01-P
