Internal Revenue Bulletin: 2005-31 |
August 1, 2005 |
Table of Contents
This document corrects final regulations (T.D. 9207, 2005-26 I.R.B. 1344) that were published in the Federal Register on Thursday, May 26, 2005 (70 FR 30334). The final regulation relates to the definition of liabilities under section 752 of the Internal Revenue Code.
The final regulations (T.D. 9207) that are the subject of this correction are under sections 358, 704, 705, 737 and 752 of the Internal Revenue Code.
As published, T.D. 9207 contains an error that may prove to be misleading and is in need of clarification.
* * * * *
Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendment:
Paragraph 1. The authority citation for part 1 continues to read, in part, as follows:
Authority: 26 U.S.C. 7805 * * *
In §1.752-7(g)(5), paragraph (iii) of the Example, the table is revised as follows:
* * * * *
(g) * * *
(5) Examples (i) * * *
(iii) * * *
| B’s Basis in Property 1 after Satisfaction of Liability (in millions) | |||||
| 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 | ||||
* * * * *
Cynthia Grigsby,
Acting
Chief, Publications and Regulations Branch,
Legal Processing
Division,
Associate Chief Counsel
(Procedure
and Administration).
Note
(Filed by the Office of the Federal Register on July 8, 2005, 8:45 a.m., and published in the issue of the Federal Register for July 11, 2005, 70 F.R. 39653)
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