97-19702. Income Tax; Allocation of Interest Expense Among Expenditures; Correction

[Federal Register Volume 62, Number 144 (Monday, July 28, 1997)]
[Rules and Regulations]
[Pages 40269-40270]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19702]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8145]


Income Tax; Allocation of Interest Expense Among Expenditures; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains a correction to temporary regulations 
(TD 8145), which were published in the Federal Register on Thursday, 
July 2, 1987 (52 FR 24996) relating to the allocation of interest 
expense among a taxpayer's expenditures.

EFFECTIVE DATE: July 2, 1987.

FOR FURTHER INFORMATION CONTACT: John Fischer, [phone], (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulations that are the subject of this correction 
are under section 163 of the Internal Revenue Code.

Need for Correction

    As published, temporary regulations (TD 8145) contains an error 
which may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correcting Amendment to Regulations

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


Sec. 1.163-8T  [Corrected]

    Par. 2. In Sec. 1.163-8T, paragraph (e) immediately following 
Example (2) in paragraph (c)(2)(iii) is redesignated as paragraph 
(c)(3) to read as follows:

[[Page 40270]]

Sec. 1.163-8T  Allocation of interest expense among expenditures 
(temporary).

* * * * *
    (c) * * *
    (3) Allocation of debt; proceeds not disbursed to borrower--(i) 
Third-party financing. * * *
* * * * *
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 97-19702 Filed 7-25-97; 8:45 am]
BILLING CODE 4830-01-P