[Federal Register Volume 66, Number 39 (Tuesday, February 27, 2001)]
[Proposed Rules]
[Pages 12448-12449]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-4671]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-106702-00]
RIN 1545-AX94


Determination of Basis of Partner's Interest; Special Rules; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking and notice of 
public hearing.

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SUMMARY: This document contains corrections to REG-106702-00 which

[[Page 12449]]

was published in the Federal Register on Wednesday, January 3, 2001 (66 
FR 315). These regulations relate to special rules on determination of 
basis of partner's interest under section 705 of the Internal Revenue 
Code.

FOR FURTHER INFORMATION CONTACT: Barbara MacMillan, (202) 622-3050 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking that is the subject of these 
corrections is under section 705 of the Internal Revenue Code.

Need for Correction

    As published, REG-106702-00 contains errors which may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-106702-00 ), which is the subject of FR Doc. 01-32189, is 
corrected as follows:
    1. On page 315, column 2, in the preamble, under the caption 
DATES:, last line, the language ``must be received by April 3, 2001'' 
is corrected to read ``must be received by April 12, 2001''.
    2. On page 316, column 3, in the preamble under the paragraph 
heading ``Comments and Public Hearing'', first full paragraph in the 
column, last line, the language ``April 3, 2001.'' is corrected to read 
April 12, 2001.''.


Sec. 1.705-2  [Corrected]

    3. On page 317, column 2, Sec. 1.705-2(b)(2), paragraph (ii) of the 
Example, line 1 the language ``Normally, X would be entitled to a $40'' 
is corrected to read ``Normally, X would be entitled to a $40,000''.
    4. On page 318, column 3, Sec. 1.705-2(c)(2), paragraph (vi) of 
Example 2, line 19 the language ``The amount of UTP's gain'' is 
corrected to read ``The amount of LTP's gain''.

Cynthia Grigsby,
Chief, Regulations Unit, Office of Special Counsel (Modernization & 
Strategic Planning).
[FR Doc. 01-4671 Filed 2-26-01; 8:45 am]
BILLING CODE 4830-01-P