The US Treasury Department and the US Internal Revenue Service (IRS) have issued two documents (2020-02653 and 2020-02654) to correct the final regulations (TD 9891) that were published in the Federal Register on 23 January 2020 to provide guidance on transfers of appreciated property by US persons to partnerships with foreign partners that are related to the transferor.
The correcting documents are scheduled to be published in the Federal Register on 18 February 2020.
The correcting documents are effective from 18 February 2020 and applicable from 23 January 2020.