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TREAS/IRS | RIN: 1545-BA50 | Publication ID: Spring 2003 |
Title: Determination of Basis of Partner's Interest; Special Rules | |
Abstract: These regulations will provide the appropriate basis adjustment under section 705 in certain situations in which a corporation has a direct or indirect interest in a partnership that owns stock in that corporation where the partnership distributes money or other property to another partner. When the partner recognizes gain or loss on the distribution or the basis of the property distributed to that partners it is adjusted during a year in which the partnership does not have an election under section 754 in effect, and the partnership subsequently sells or exchanges the stock. | |
Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 26 CFR 1 | |
Legal Authority: 26 USC 7805 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-167648-01 Drafting attorney: Barbara Campbell (202) 622-3050 Reviewing attorney: David Haglund (202) 622-3050 Treasury attorney: Stephanie Robinson (202) 622-9858 CC:PSI | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
Agency Contact: Barbara J. Campbell Attorney-Advisor Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 5106, Washington, DC 20224 Phone:202 317-4137 Fax:855 591-7867 Email: barbara.j.campbell@irscounsel.treas.gov |