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IRS Publishes Final Regs Amending Check-the-Box Rules

DEC. 17, 2001

T.D. 8970; 66 F.R. 64911-64912

DATED DEC. 17, 2001
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Cross-Reference
    For a summary of T.D. 8844, see Tax Notes, Dec. 6, 1999, p. 1254;

    for the full text, see Doc 1999-37618 (6 original pages), 1999

    TNT 235-18, or H&D, Nov. 29, 1999, p. 2453.

    For a summary of REG-110659-00, see Tax Notes, Jan. 22, 2001,

    p. 464; for the full text, see Doc 2001-1783 (2 original pages);

    2001 TNT 11-16; H&D, Jan. 17, 2001, p. 1155.

    This document appeared in TNT as 2001 TNT 242-8 and in the AccServ

    & Microfiche as Doc 2001-30921 (7 original pages).
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    business organizations, classification
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2001-31055 (2 original pages)
  • Magazine Citation
    Tax Notes, Dec. 24, 2001, p. 1690
    93 Tax Notes 1690 (Dec. 24, 2001)
Citations: T.D. 8970; 66 F.R. 64911-64912
The IRS has published final regs (T.D. 8970) that address the application of section 332 to a deemed liquidation of an association electing to be classified as a partnership or disregarded entity. The final regs adopt the proposed regs (REG-110659-00) published January 17, 2001, without modification. (For a summary of REG-110659-00, see Tax Notes, Jan. 22, 2001, p. 464; for the full text, see Doc 2001-1783 (2 original pages); 2001 TNT 11-16 2001 TNT 11-16: IRS Proposed Regulations; H&D, Jan. 17, 2001, p. 1155.)

The final regs provide that if an association elects to convert to a partnership, it is deemed to distribute all of its assets to its shareholders who then immediately contribute all the assets to a newly formed partnership. If the association elects to convert to a disregarded entity, the association is deemed to distribute its assets to its owner. Also, the final regs provide that a plan of liquidation is deemed adopted immediately before the deemed liquidation incident to an elective change in entity classification, unless a formal plan of liquidation that contemplates the filing of the elective change is adopted at an earlier date.

T.D. 8970 is effective December 17, 2001.

Full Text Citations: 66 F.R. 64911-64912; Doc 2001- 31055 (2 original pages); H&D, Dec. 17, 2001, p. 2821

DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Cross-Reference
    For a summary of T.D. 8844, see Tax Notes, Dec. 6, 1999, p. 1254;

    for the full text, see Doc 1999-37618 (6 original pages), 1999

    TNT 235-18, or H&D, Nov. 29, 1999, p. 2453.

    For a summary of REG-110659-00, see Tax Notes, Jan. 22, 2001,

    p. 464; for the full text, see Doc 2001-1783 (2 original pages);

    2001 TNT 11-16; H&D, Jan. 17, 2001, p. 1155.

    This document appeared in TNT as 2001 TNT 242-8 and in the AccServ

    & Microfiche as Doc 2001-30921 (7 original pages).
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    business organizations, classification
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2001-31055 (2 original pages)
  • Magazine Citation
    Tax Notes, Dec. 24, 2001, p. 1690
    93 Tax Notes 1690 (Dec. 24, 2001)
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