INCOME TAX

Rev. Rul. 97–38, page 14. Calculation of a partner’s limited deficit restoration obligation. This ruling holds that the amount of a partner’s limited deficit restoration obligation is the amount of money that the partner would be required to contribute to the partnership to satisfy partnership liabilities if all partnership property were sold for the amount of the partnership’s book basis in the property.

T.D. 8729, page 4. REG–208151–91, page 21. Final, temporary, and proposed regulations relate to the application of section 263A of the Code to property produced in a farming business. A public hearing on the proposed regulations will be held on November 19, 1997.

T.D. 8730, page 16. Final regulations under section 1245 of the Code relate to the allocation of depreciation recapture among partners in a partnership.