Part III. Administrative, Procedural, and Miscellaneous

disbursed to borrower—(i) Third-party fi- nancing. - * *

• • • • Cynthia E. Grigsby,

Chief, Regulations Unit Assistant Chief Counsel (Corporate).

(Filed by the Office of the Federal Register on July 25, 1997, 8:45 a.m., and published in the issue of the Federal Register for July 28, 1997, 62 F.R. 40269)

Rev. Proc. 97–32A

This revenue procedure modifies and amplifies Part A., Sections 3.02 and 7.03 (2) of Rev. Proc. 97–32, 1997–27 I.R.B. 9, which provides the Rules and Specifications for Private Printing of Forms 1096, 1098, 1099 Series, 5498 and W–2G. Please add the following sentence at the end of those sections, “Note: On Copy C, Form 1099–LTC, you may reverse the location of the policyholder’s name, street address, city, state, and ZIP code with the location of the insured’s name, street address, city, state, and ZIP code for ease in mailing.”

Effect On Other Documents

Rev. Proc. 97–32 is modified and amplified.

Income Tax; Allocation of Interest Expense Among Expenditures; Correction

Notice 97–46

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

SUMMARY: This document contains a correction to temporary regulations (T.D. 8145), which were published in the Federal Register on Thursday, July 2, 1987 (52 F.R. 24996) relating to the allocation of interest expense among a taxpayer’s expenditures.

EFFECTIVE DATE: July 2, 1987.

FOR FURTHER INFORMATION CONTACT: John Fischer, (202) 622-4950, (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

The temporary regulations that are the subject of this correction are under section 163 of the Internal Revenue Code.

Need for Correction

As published, temporary regulations (T.D. 8145 [1987–2 C.B. 47]) contains an error which may prove to be misleading and is in need of clarification.

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Correcting Amendment to Regulations

Accordingly, 26 CFR part 1 is corrected by making the following correcting amendment:

PART 1—INCOME TAXES

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

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

§ 1.163-8T [Corrected]

Par. 2. In § 1.163-8T, paragraph (e) immediately following Example (2) . in paragraph (c)(2)(iii) is redesignated as paragraph (c)(3)(i) to read as follows:

§ 1.163-8T Allocation of interest expense among expenditures (temporary).

• • • • (c) * * *

(3) Allocation of debt; proceeds not

August 25, 1997 10 1997–34 I.R.B.