This document contains a correction to proposed regulations (REG-149519-03, 2004-51 I.R.B. 1009) which were published in the Federal Register on Friday, November 26, 2004 (69 FR 68838). The proposed regulations relates to the treatment of transactions between a partnership and its partners as disguised sales of partnership interests between the partners.
Deane M. Burke or Christopher L. Trump, (202) 622-3070 (not a toll-free number).
The proposed regulations that is the subject of this correction is under section 707(a)(2)(B) of the Internal Revenue Code.
As published, the notice of proposed rulemaking and notice of public hearing contain an error that may prove to be misleading and is in need of clarification.
Accordingly, the publication of the proposed regulations (REG-149519-03), which was the subject of FR Doc. 04-26112, is corrected as follows:
On page 68843, column 3, in the preamble under the paragraph heading, “Review of Existing Regulations”, line 5, the language “§§ 1.707-3, 1.707-4, and 1.707-5.” is corrected to read “§§ 1.707-3, 1.707-4, 1.707-5 and 1.707-6.”.
Cynthia E. Grigsby,The Internal Revenue Bulletin is produced and published by the Internal Revenue Service and contains IRS pronouncements affecting tax analysis under the Code and the Regulations, including but not limited to Revenue Procedures, Revenue Rulings, Notices and Announcements. Access the IRS site at https://www.irs.gov/help/irsgov-accessibility for information concerning accessibility of IRS materials. While every effort has been made to ensure that the IRB database files available through the TouchTax application are accurate, those using TouchTax for legal research should verify their results against the printed versions of the IRBs available from the IRS.