[Federal Register Volume 80, Number 213 (Wednesday, November 4, 2015)]
[Rules and Regulations]
[Pages 68244-68245]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-28014]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9728]
RIN 1545-BD71


Determination of Distributive Share When Partner's Interest 
Changes; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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SUMMARY: This document contains corrections to final regulations (TD 
9728) that were published in the Federal Register on Monday, August 3, 
2015 (80 FR 45865). The final regulations regarding the determination 
of a partner's distributive share of partnership items of income, gain, 
loss, deduction, and credit when a partner's interest varies during a 
partnership taxable year.

DATES: This correction is effective November 4, 2015 and applicable 
August 3, 2015.

FOR FURTHER INFORMATION CONTACT: Benjamin H. Weaver of the Office of 
Associate Chief Counsel (Passthroughs and Special Industries at (202) 
317-6850 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations (TD 9728) that are the subject of this 
correction are under section 706 of the Internal Revenue Code.

[[Page 68245]]

Need for Correction

    As published, the final regulations (TD 9728) contain errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the final regulations (TD 9728), that are subject to 
FR Doc. 2015-18816, are corrected as follows:
    1. On page 45866, in the preamble, third column, last sentence of 
first full paragraph, the language ``rules, including section 706(d)(2) 
and section 706(d)(3).'' is corrected to read ``rules, including 
section 704(c), Sec.  1.704-3(a)(6) (reverse section 704(c)), section 
706(d)(2), and section 706(d)(3).''
    2. On page 45868, in the preamble, first column, fourth line from 
the bottom of the column, the language ``interim closings of its books 
except at'' is corrected to read ``interim closing of its books except 
at''.
    3. On page 45871, in the preamble, second column, third line from 
the bottom of the column, under paragraph heading ``v. Deemed Timing of 
Variations,'' the language ``taxable year was deemed to close at the'' 
is corrected to read ``taxable year was deemed to occur at the''.
    4. On page 45873, in the preamble, third column, eighth line from 
the bottom of the column, the language ``taxable as of which the 
recipients of a'' is corrected to read ``taxable year as of which the 
recipients of a''.
    5. On page 45874, second column, eight lines from the bottom of the 
column, the following sentence is added to the end of the paragraph: 
``These final regulations do not override the application of section 
704(c), including reverse section 704(c), and therefore the final 
regulations provide that the rules of section 706 do not apply in 
making allocations of book items upon a partnership revaluation.''
    6. On page 45876, in the preamble, second column, under paragraph 
heading ``Effective/Applicability Dates'', fifth line of the first 
paragraph, the language ``of a special rule applicable to Sec.  1.704-
'' is corrected to read ``of a special rule applicable to Sec.  1.706-
''.
    7. On page 45876, in the preamble, second column, under paragraph 
heading ``Effective/Applicability Dates'', third line of the second 
paragraph, the language ``regulations apply to the partnership'' is 
corrected to read ``regulations apply to partnership''.
    8. On page 45876, in the preamble, third column, fourth line from 
the top of the column, the language ``that was formed prior to April 
19, 2009.'' is corrected to read ``that was formed prior to April 14, 
2009.''
    9. On page 45877, first column, under paragraph heading ``List of 
Subjects,'' the fourth line, the language ``26 CFR part 2'' is 
corrected to read ``26 CFR part 602''.
    10. On page 45883, third column, the first line of the signature 
block, the language ``Karen L. Schiller,'' is corrected to read ``Karen 
M. Schiller,''.

Martin V. Franks,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2015-28014 Filed 11-3-15; 8:45 am]
 BILLING CODE 4830-01-P