[Federal Register Volume 64, Number 228 (Monday, November 29, 1999)]
[Proposed Rules]
[Page 66591]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-30506]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-105162-97]
RIN 1545-AV16


Special Basis Rules for Transfer of Property by a Partnership to 
a Corporation

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Partial withdrawal of proposed regulations.

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

SUMMARY: This document partially withdraws certain proposed regulations 
relating to special basis adjustments under section 743. The withdrawal 
is in response to the publication of subsequent proposed regulations 
(REG-209682-94) addressing the same subject matter.

FOR FURTHER INFORMATION CONTACT: Daniel Carmody at (202) 622-3080 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    On October 28, 1997, the IRS published in the Federal Register (62 
FR 55768) proposed regulations under section 743 of the Internal 
Revenue Code (the proposed regulations). Section 1.743-2 of the 
proposed regulations addresses the effect of the special basis 
adjustment under section 743 for partnerships that participate in 
section 351 exchanges. This issue is addressed in the proposed 
regulations published in the Federal Register on January 29, 1998 (63 
FR 4408), which contain general guidance on basis adjustments under 
section 743. Therefore, this document withdraws Sec. 1.743-2 of the 
proposed regulations published in the Federal Register on October 28, 
1997 (62 FR 55768).

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Withdrawal of Proposed Amendments to the Regulations

    Accordingly, under the authority of 26 U.S.C. 7805, proposed 
amendments to 26 CFR part 1 relating to Sec. 1.743-2 are withdrawn.
Robert E. Wenzel,
Deputy Commissioner of Internal Revenue.
[FR Doc. 99-30506 Filed 11-26-99; 8:45 am]
BILLING CODE 4830-01-P