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DEPARTMENT OF THE TREASURY
Internal Revenue Service
CFR Citation: 26 CFR Part 1
RIN ID: RIN 1545-BD70
TD ID: [TD 9398]
NOTICE: RULES
DOCUMENT ACTION: Final regulations; correction.
SUBJECT CATEGORY: Partner's Distributive Share; Correction
DATES: This correction is effective June 12, 2008, and is applicable on May 19, 2008.
DOCUMENT SUMMARY: This document contains a correction to final regulations (TD 9398) that were published in the Federal Register on Monday, May 19, 2008 (73 FR 28699) providing rules for testing whether the economic effect of an allocation is substantial within the meaning of section 704(b) where partners are lookthrough entities or members of a consolidated group. The final regulations clarify the application of section 704(b) to partnerships the interests of which are owned by lookthrough entities and members of consolidated groups and, through an example, reiterate the effect of other provisions of the Internal Revenue Code on partnership allocations.
SUMMARY: Partner's Distributive Share; Correction,
SUPPLEMENTAL INFORMATION
BackgroundThe final regulations that are the subject of this document are under section 704 of the Internal Revenue Code.
Need for Correction
As published, final regulations (TD 9398) contain an error that may prove to be misleading and is in need of clarification.
Correction of Publication
Accordingly, the publication of the final regulations (TD 9398), which
were the subject of FR Doc. E811176, is corrected as follows:
On page 28701, column 2, in the preamble, under the paragraph
heading ``B. The Baseline for Comparison in Sec. 1.7041(b)(2)(iii)'',
line 2 from the bottom of the second paragraph, the language ``and (2)
and the conclusions reached by'' is corrected to read ``and (2) and the conclusions reached by''.
LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. E813251 Filed 61108; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT Jonathan E. Cornwell and Kevin I. Babitz at (202) 6223050 (not a tollfree number).
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