Internal Revenue Service (IRS), Treasury.
This document corrects final regulations (TD 9207) that were published in the Federal Register on Thursday, May 26, 2005 (70 FR 30334). Start Printed Page 39654The final regulation relates to the definition of liabilities under section 752 of the Internal Revenue Code.
This correction is effective on May 26, 2005.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Laura Fields (202) 622-3050 (not a toll-free number).End Further Info End Preamble Start 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.Start List of Subjects
List of Subject in 26 CFR Part 1
- Income taxes
- Reporting and recordkeeping requirements
Correction of PublicationStart Amendment Part
Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendment:End Amendment Part Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
Paragraph 1. The authority citation for part 1 continues to read, in part, as follows:End Amendment Part Start Amendment Part
In § 1.752-7(g)(5), paragraph (iii) of the Example, the table is revised as follows:End Amendment Part
(g) * * *
(5) Examples (i) * * *
(iii) * * *
|1. Basis in Property 1 after distribution||$3|
|2. Plus lesser of remaining built-in loss|
|($2) or amount paid to satisfy liability ($1)||1|
|3. Basis in Property 1 after satisfaction of liability||$4|
Acting Chief, Publications and Regulations Branch, Legal Processing Division Associate Chief Counsel (Procedure and Administration).
[FR Doc. 05-13585 Filed 7-8-05; 8:45 am]
BILLING CODE 4830-01-P