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Transfers of Certain Property by U.S. Persons to Partnerships With Related Foreign Partners; Correction

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Start Preamble

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendment.

SUMMARY:

This document contains a correction to final regulations (T.D. 9891) that were published in the Federal Register on Thursday, January 23, 2020. Treasury Decision 9891 contains final regulations that provide guidance applicable to transfers of appreciated property by U.S. persons to partnerships with foreign partners related to the transferor.

DATES:

Effective date: These regulations are effective February 18, 2020 and applicable January 23, 2020.

Applicability dates: For dates of applicability, see § 1.721(c)-6.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Chadwick Rowland, (202) 317-6937 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The final regulations (TD 9891) that are the subject of this correction are issued under section 721 of the Internal Revenue Code.

Need for Correction

As published, January 23, 2020 (85 FR 3833), the final regulations (TD 9891) contain an error that needs to be corrected.

Start List of Subjects

List of Subjects in 26 CFR Part 1

  • Income taxes, reporting and recordkeeping requirements
End List of Subjects

Correction of Publication

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

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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]
Start Amendment Part

Par. 2. Section 1.721(c)-6(g)(3)(ii) is amended by removing the date “March 17, 2020” and adding the date “July 17, 2020,” in its place.

End Amendment Part 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. 2020-02653 Filed 2-14-20; 8:45 am]

BILLING CODE 4830-01-P