[Federal Register Volume 62, Number 124 (Friday, June 27, 1997)]
[Rules and Regulations]
[Page 34634]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-55502]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1


Income Taxes

CFR Correction

    In title 26 of the Code of Federal Regulations, part 1 (Secs. 1.641 
to 1.850), revised as of April 1, 1997, on page 357, in Sec. 1.704-2, 
paragraph (m), Example 1, text was inadvertently omitted, the text 
should appear at the top of the first column. The omitted text should 
read:


Sec. 1.704-2  Allocations attributable to nonrecourse liabilities.

* * * * *
    (m) * * *
    Example 1. * * * the general partner, form a limited partnership 
to acquire and operate a commercial office building. LP contributes 
$180,000, and GP contributes $20,000. The partnership obtains an 
$800,000 nonrecourse loan and purchases the building (on leased 
land) for $1,000,000. The nonrecourse loan is secured only by the 
building, and no principal payments are due for 5 years. The 
partnership agreement provides that GP will be required to restore 
any * * *.

[FR Doc. 97-55502 Filed 6-26-97; 8:45 am]
BILLING CODE 1505-01-D