[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.                                                                                                          
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    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