03-20666. At-Risk Limitations; Interest Other Than That of a Creditor; Correction

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to notice of proposed rulemaking.

SUMMARY:

This document contains a correction to a notice of proposed rulemaking relating to the treatment, for purposes of the at-risk limitations, of amounts borrowed from a person who has an interest in an activity other than that of a creditor or from a person related to a person (other than the borrower) with such an interest.

FOR FURTHER INFORMATION CONTACT:

Tara P. Volungis [phone] (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The proposed regulations that are the subject of this correction are under section 465 of the Internal Revenue Code.

Need for Correction

As published, the proposed regulations REG-209377-89, contains an error that may prove to be misleading and is in need of clarification.

Correction of Publication

Accordingly, the publication of the proposed regulations REG-209377-89, which is the subject of FR Doc. 03-17090, is corrected as follows:

1. On page 40583, column 3, in the preamble, under the paragraph heading For Further Information Contact paragraph 1, lines 4 and 5, the language “requests for a public hearing, [Insert Name], 202-622-7180 (not toll-free” is corrected to read “requests for a public hearing, Sonya Cruse, 202-622-4693 (not toll-free”.

Cynthia E. Grigsby,

Chief, Regulations Unit, Associate Chief Counsel (Procedure and Administration).