[Federal Register Volume 69, Number 244 (Tuesday, December 21, 2004)]
[Proposed Rules]
[Page 76422]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-27913]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-149519-03]
RIN 1545-BC63


Section 707 Regarding Disguised Sales, Generally; 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 a correction to proposed regulations 
which were published in the Federal Register on Friday, November 26, 
2004 (69 FR 68838). The proposed regulations relates to the treatment 
of transactions between a partnership and its partners as disguised 
sales of partnership interests between the partners.

FOR FURTHER INFORMATION CONTACT: Deane M. Burke or Christopher L. 
Trump, (202) 622-3070 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The proposed regulations that is the subject of this correction is 
under section 707(a)(2)(B) of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing contain an error that may prove to be misleading and is 
in need of clarification.

Correction to Publication

    Accordingly, the publication of the proposed regulations (REG-
149519-03), which was the subject of FR Doc. 04-26112, is corrected as 
follows:
    On page 68843, column 3, in the preamble under the paragraph 
heading, ``Review of Existing Regulations'', line 5, the language 
``Sec. Sec.  1.707-3, 1.707-4, and 1.707-5.'' is corrected to read 
``Sec. Sec.  1.707-3, 1.707-4, 1.707-5 and 1.707-6.''.

Cynthia E. Grigsby,
Acting Chief, Regulations and Publications Branch, Legal Processing 
Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 04-27913 Filed 12-20-04; 8:45 am]
BILLING CODE 4830-01-P