Partner's Distributive Share; Correction

FR, June 12, 2008 › Rules › Internal Revenue Service

Linked as:

Text

Federal Register: June 12, 2008 (Volume 73, Number 114)

Rules and Regulations

Page 33301

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

DOCID:fr12jn08-11

DEPARTMENT OF THE TREASURY

Internal Revenue Service 26 CFR Part 1

TD 9398

RIN 1545-BD70

Partner's Distributive Share; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations; correction.

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 look-through 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 look-through entities and members of consolidated groups and, through an example, reiterate the effect of other provisions of the Internal

Revenue Code on partnership allocations.

DATES: This correction is effective June 12, 2008, and is applicable on

May 19, 2008.

FOR FURTHER INFORMATION CONTACT: Jonathan E. Cornwell and Kevin I.

Babitz at (202) 622-3050 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The 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 0

Accordingly, the publication of the final regulations (TD 9398), which were the subject of FR Doc. E8-11176, is corrected as follows:

On page 28701, column 2, in the preamble, under the paragraph heading ``B. The Baseline for Comparison in Sec. 1.704-1(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. E8-13251 Filed 6-11-08; 8:45 am

BILLING CODE 4830-01-P