Part III. Administrative, Procedural, and Miscellaneous

Pub. L. 103–465 (GATT).

The average yield on the 30-year Treasury Constant Maturities for July 1996 is 7.03 percent. The following rates were determined for the plan years beginning in the month shown below.

Weighted Average Interest Rate Update

Notice 96–43

Notice 88–73 provides guidelines for determining the weighted average interest rate and the resulting permissible

Month Year

range of interest rates used to calculate current liability for the purpose of the full funding limitation of § 412(c)(7) of the Internal Revenue Code as amended by the Omnibus Budget Reconciliation Act of 1987 and as further amended by the Uruguay Round Agreements Act,

Weighted

Average

90% to 110% Permissible

Range

90% to 108% Permissible

Range

August 1996 6.92 6.22 to 7.47 6.22 to 7.61

cise taxes, Gift taxes, Income taxes, Penalties, Reporting and recordkeeping requirements.

Accordingly, 26 CFR part 301 is corrected by making the following correcting amendment:

PART 301—PROCEDURE AND ADMINISTRATION

Paragraph 1. The authority citation for part 301 continues to read in part as follows:

Authority: 26 U.S.C. 7805 * * *

§ 301.6231(a)(7)–1T [Correctly redesignated from § 301.6231(a)(7)–1]

Par. 2. Section 301.6231(a)(7)–1 is redesignated as § 301.6231(a)(7)–1T.

Michael L. Slaughter, Acting Chief, Regulations Unit, Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on July 18, 1996, 8:45 a.m., and published in the issue of the Federal Register for July 19, 1996, 61 F.R. 37683)

Drafting Information

The principal author of this notice is Donna Prestia of the Employee Plans Division. For further information regarding this notice, call (202) 622–6076 between 2:30 and 4:00 p.m. Eastern time (not a toll-free number). Ms. Prestia’s number is (202) 622–7377 (also not a toll-free number).

Miscellaneous Provisions Relating to the Tax Treatment of Partnership Items; Procedure and Administration; OMB Control Numbers; Correction

Notice 96–44

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correcting amendment.

SUMMARY: This document contains a correction to temporary regulations (T.D. 8128 [1987–1 C.B. 325]), which were published in the Federal Register

on Thursday, March 5, 1987 (52 FR 6779) relating to certain rules for the tax treatment of partnership items.

EFFECTIVE DATE: March 5, 1987.

FOR FURTHER INFORMATION CONTACT: D. Lindsay Russell (202) 622– 3050, (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are the subject of this correction is under sections 6221 thru 6233 of the Internal Revenue Code.

Need for Correction

As published, the temporary regulations (T.D. 8128) contains an error which may prove to be misleading and is in need of clarification.

List of Subjects in 26 CFR Part 301

Employment taxes, Estate taxes, Ex

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