[Federal Register Volume 61, Number 39 (Tuesday, February 27, 1996)]
[Rules and Regulations]
[Pages 7213-7214]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4177]



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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8642]
RIN 1545-AR48; 1545-AR93


Recognition of Gain or Loss by Contributing Partner on 
Distribution of Contributed Property or Other Property; Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correction to final regulations.

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

SUMMARY: This document contains corrections to final regulations (TD 
8642), which were published in the Federal Register on Tuesday, 
December 26, 1995 (60 FR 66727) relating to the recognition of gain or 
loss on certain distributions of contributed property by a partnership, 
and to the recognition of gain on certain distributions to a 
contributing partner.

EFFECTIVE DATE: January 9, 1995.

FOR FURTHER INFORMATION CONTACT: Stephen J. Coleman at (202) 622-3060, 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under sections 704 and 737 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations contain errors which may prove 
to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the final regulations (TD 8642), 
which are the subject of FR Doc. 95-30870, is corrected as follows: 

[[Page 7214]]



Sec. 1.737-3  [Corrected]

    1. On page 66737, column 2, Sec. 1.737-3 (e), second paragraph from 
the bottom of the column, the paragraph designated ``(e) Example 1.'' 
is correctly designated ``Example 1.''
    2. On page 66737, column 3, Sec. 1.737-3 (e), paragraph (i) of 
Example 2, line 4, the language ``nondepreciable real property to the'' 
is corrected to read ``nondepreciable real property located in the 
United States to the''.
    3. On page 66737, column 3, Sec. 1.737-3 (e), paragraph (ii) of 
Example 2, line 2, the language ``Property B, nondepreciable real 
property,'' is corrected to read ``Property B, nondepreciable real 
property located outside the United States,''.
Cynthia E. Grigsby,
Chief, Regulations Unit,
Assistant Chief Counsel (Corporate).
[FR Doc. 96-4177 Filed 2-26-96; 8:45 am]
BILLING CODE 4830-01-U