[Federal Register Volume 80, Number 130 (Wednesday, July 8, 2015)]
[Rules and Regulations]
[Page 38941]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16673]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 9722]
RIN 1545-BM35


Partnership Transactions Involving Equity Interests of a Partner; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final and temporary regulations; correction.

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SUMMARY: This document contains corrections to final and temporary 
regulations (TD 9722) that were published in the Federal Register on 
June 12, 2015 (80 FR 33402). The final and temporary regulations 
prevent a corporate partner from avoiding corporate-level gain through 
transactions with a partnership involving equity interests of the 
partner.

DATES: This correction is effective on July 2, 2015 and applicable 
beginning June 12, 2015.

FOR FURTHER INFORMATION CONTACT: Kevin I. Babitz at (202) 317-6852 (not 
a toll free number).

SUPPLEMENTARY INFORMATION: 

Background

    The final and temporary regulations (TD 9722) that are the subject 
of this correction are under sections 311(b), 336(a), and 337(d) of the 
Internal Revenue Code.

Need for Correction

    As published, the final and temporary regulations (TD 9722) contain 
errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the final regulations (TD 9722), that are the subject 
of FR Doc. 2015-14405, are corrected as follows:
    1. On page 33404, in the preamble, the first column, the tenth and 
eleventh lines from the top of the column, the language ``that controls 
(within the meaning of section 304(c)) the Corporate Partner.'' is 
corrected to read ``that controls the Corporate Partner within the 
meaning of section 304(c), except that section 318(a)(1) and (3) shall 
not apply (section 304(c) control).''.
    2. On page 33404, in the preamble, the first column, the eighteenth 
through the twentieth line from the top of the first full paragraph, 
the language ``that controls the Corporate Partner within the meaning 
of section 304(c) (section 304(c) control), whereas the'' is corrected 
to read ``that possesses section 304(c) control of the Corporate 
Partner, whereas the''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2015-16673 Filed 7-2-15; 4:15 pm]
 BILLING CODE 4830-01-P