[Federal Register Volume 68, Number 60 (Friday, March 28, 2003)]
[Proposed Rules]
[Pages 15118-15119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-7525]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-103580-02]
RIN 1545-BA53


Noncompensatory Partnership Options

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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

SUMMARY: This document contains a correction to a notice of proposed 
rulemaking that was published in the Federal Register on Wednesday, 
January 22, 2003 (68 FR 2930) relating to the tax treatment of 
noncompensatory options and convertible instruments issued by a 
partnership.

FOR FURTHER INFORMATION CONTACT: Audrey W. Ellis at (202) 622-3060 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking that is the subject of this 
correction is under sections 704(b) and 761 of the Internal Revenue 
Code.

Need for Correction

    As published, the notice of proposed rulemaking contains errors 
that may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-103580-02), that was the subject of FR Doc. 03-872, is corrected 
as follows:


Sec.  1.704-1  [Corrected]

    1. On page 2934, paragraph (b)(0), the third entry in the table is 
corrected to read as follows:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
 
                                * * * * *
Adjustments for noncompensatory options...  1.704-1(b)(2)(iv)(h)(2 )
 
                                * * * * *
------------------------------------------------------------------------


[[Page 15119]]

Sec.  1.761-3  [Corrected]

    2. On page 2941, column 1,Sec.  1.761-3(d)(2), Example 3., 
paragraph (ii), line 10, the language, ``warrant comprise an investment 
unit with'' is corrected to read ``warrant comprise an investment unit 
within''.

Cynthia E. Grigsby,
Chief, Regulations Unit, Associate Chief Counsel (Procedure and 
Administration).
[FR Doc. 03-7525 Filed 3-27-03; 8:45 am]
BILLING CODE 4830-01-P