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Section 707 Regarding Disguised Sales, Generally; Correction

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Start Preamble

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendment.

SUMMARY:

This document contains corrections to final regulations (TD 9787) that were published in the Federal Register on Wednesday, October 5, 2016. The final regulations are under sections 707 and 752 of the Internal Revenue Code.

DATES:

This correction is effective October 5, 2018 and is applicable on and after October 5, 2016.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Deane M. Burke or Caroline E. Hay at (202) 317-5279 (not a toll-free number).

End Further Info End Preamble Start Supplemental Information

SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9787), published October 5, 2016 (81 FR 69291), that are the subject of this correction are under sections 707 and 752 of the Internal Revenue Code.

Need for Correction

As published, the final regulations (TD 9787) contain an error that may prove to be misleading and are in need of clarification.

Start List of Subjects

List of Subjects in 26 CFR Part 1

  • Income taxes
  • Reporting and recordkeeping requirements
End List of Subjects Start Printed Page 50259

Correction of Publication

Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:

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PART 1—INCOME TAXES

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Paragraph 1. The authority citation for part 1 continues to read in part as follows:

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Authority: 26 U.S.C. 7805 * * *

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[Amended]
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Par. 2. Section 1.707-9 is amended by revising the second sentence in paragraph (a)(1) to read as follows:

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Effective dates and transitional rules.

(a) * * *

(1) * * * For any transaction with respect to which all transfers that are part of a sale of an item of property occur after April 24, 1991, and any of such transfers occurs before October 5, 2016, §§ 1.707-3 through 1.707-6 as contained in 26 CFR part 1 revised as of April 1, 2016, apply.

* * * * *
Start Signature

Martin V. Franks,

Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).

End Signature End Supplemental Information

[FR Doc. 2018-21673 Filed 10-4-18; 8:45 am]

BILLING CODE 4830-01-P