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CFR Citation: 26 CFR Part 1

RIN ID: RIN 1545-AX93

TD ID: [TD 9207]

NOTICE: RULES

ACTION: Income taxes:

DOCUMENT ACTION: Correcting amendment.

SUBJECT CATEGORY: Assumption of Partner Liabilities; Correction

DATES: This correction is effective on May 26, 2005.

DOCUMENT SUMMARY: This document corrects final regulations (TD 9207) that were published in the Federal Register on Thursday, May 26, 2005 (70 FR 30334).
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The final regulation relates to the definition of liabilities under section 752 of the Internal Revenue Code.

SUMMARY: Section 752 assumption of partner liabilities; Correction,

SUPPLEMENTAL INFORMATION

The final regulations (TD 9207) that are the subject of this correction are under sections 358, 704, 705, 737 and 752 of the Internal Revenue Code.

Need for Correction

As published, TD 9207 contains an error that may prove to be misleading and is in need of clarification.

List of Subject in 26 CFR Part 1

Income taxes, Reporting and recordkeeping requirements. Correction of Publication
Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendment:
PART 1INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read, in part, as follows:

Authority: 26 U.S.C. 7805 * * *
In Sec. 1.7527(g)(5), paragraph (iii) of the Example, the table is revised as follows:
Sec. 1.7527 Partnership assumption of partner's Sec. 1.7527 liability on or after June 24, 2003.
* * * * *
(g) * * *
(5) Examples (i) * * *
(iii) * * *
B's Basis in Property 1 After Satisfaction of Liability [In millions]
1. Basis in Property 1 after distribution........................ $3 2. Plus lesser of remaining builtin loss........................ ($2) or amount paid to satisfy liability ($1)................ 1 3. Basis in Property 1 after satisfaction of liability........... $4 * * * * *
Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing Division Associate Chief Counsel (Procedure and Administration). [FR Doc. 0513585 Filed 7805; 8:45 am]
BILLING CODE 483001P

FOR FURTHER INFORMATION CONTACT Laura Fields (202) 622-3050 (not a tollfree number).