Return of Partnership Income

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Parts 1, 301, and 602 [TD 8841] RIN
1545-AU99

TITLE: Return of Partnership Income

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

SUMMARY: This document contains final regulations revising the
partnership filing requirement. These regulations reflect changes to
the law made by the Taxpayer Relief Act of 1997 (TRA).

All partnerships required to file partnership returns, including
certain foreign partnerships, are affected by these regulations.

DATES: Effective Dates: These regulations are effective January 1,
2000, except that §1.6031(a)-1(b)(3) is effective January 1, 2001.

Applicability Dates: For dates of applicability, see
§§1.6031(a)-1(f) and 1.6063-1(c)(2).

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Martin
Schäffer, 202-622-3070; concerning foreign partnerships, Guy A.
Bracuti, 202-622-3860 (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

The collection of information contained in these final regulations
has been reviewed and approved by the Office of Management and
Budget in accordance with the Paperwork Reduction Act of 1995 (44
U.S.C. 3507(d)) under control number 1545-1583.

The collection of information in these final regulations is in
§1.6031(a)-1. This information is required to enable the IRS to
verify that a taxpayer is reporting the correct amount of income or
gain or claiming the correct amount of losses, deductions, or
credits from that taxpayer's interest in the partnership.

An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
valid control number.

The burden is reflected in the burden estimate of Form 1065.

Comments concerning the accuracy of this burden estimate and
suggestions for reducing this burden should be sent to the Internal
Revenue Service, Attn: IRS Reports Clearance Officer, T:FS:FP,
Washington, DC 20224, and to the Office of Management and Budget,
Attn: Desk Officer for the Department of the Treasury, Office of
Information and Regulatory Affairs, Washington, DC 20503.

Books or records relating to a collection of information must be
retained as long as their contents might become material in the
administration of any internal revenue law. Generally, tax returns
and tax return information are confidential, as required by 26
U.S.C. 6103.

Background

On January 26, 1998, the IRS and Treasury published in the Federal
Register (63 FR 3677) proposed amendments to the regulations
(REG-209322-82) under sections 6031 and 6063 of the Internal Revenue
Code (Code). These amendments were designed, in part, to reflect
changes made to section 6031 of the Code by section 1141 of TRA,
Public Law 105-34 (111 Stat. 788). Written comments responding to
these proposed regulations were received.

No public hearing was requested or held. After consideration of all
the comments, the proposed regulations under sections 6031 and 6063
of the Code are adopted as revised by this Treasury decision, and
the current final regulations under section 6031 of the Code are
removed.

Explanation of Revisions and Summary of Comments

A. General Filing Requirements for Foreign Partnerships Section
6031(a) of the Code requires every partnership to file a partnership
return. However, section 6031(e) of the Code provides that a foreign
partnership is not required to file a return for a taxable year
unless during that year it derives gross income from sources within
the United States (U.S.-source income) or has gross income that is
effectively connected with the conduct of a trade or business within
the United States (ECI).

Consistent with section 6031(e) of the Code, the proposed
regulations generally required a foreign partnership to file a
return under section 6031 of the Code if it had either U.S.-source
income or ECI. This general rule is adopted without change in the
final regulations.

B. Exceptions to General Filing Requirements

Under the proposed regulations, a foreign partnership that had no
ECI, and that otherwise was required to file a partnership return
only because it had U.S.-source income, was exempt from the
requirement to file a partnership return if (i) no United States
person had a direct or indirect interest in the partnership; (ii)
the U.S.-source income was either fixed or determinable annual or
periodical income described in §1.1441-2(b) or other amounts subject
to withholding described in §1.1441-2(c); (iii) Forms 1042 and 1042-
S were filed with respect to all such gross income by the
partnership, or by another withholding agent (or agents) if the
partnership was not required to file such forms; and (iv) the tax
liability of the partners with respect to such gross income was
fully satisfied by the withholding of tax at source. Most of the
written comments received with respect to the proposed regulations
requested that the IRS and Treasury modify this proposed exception
to the foreign partnership filing requirement.

In response to these comments, the final regulations liberalize the
exceptions in certain instances for foreign partnerships that have
U.S.-source income but no ECI. The changes are designed to reduce
duplicative filing requirements where other information reporting
and withholding requirements provide adequate protection for the tax
system and to recognize that where there is de minimis ownership in
a foreign partnership by U.S. partners, the return filing
requirements should not be invoked merely because the partnership
earns any amount of U.S.-source income.

The final regulations contain three rules that modify the reporting
obligations of certain foreign partnerships that have no ECI. These
modified reporting rules, with the exception of the de minimis
exception, are applicable for partnership taxable years beginning
after December 31, 2000, because they are dependent on rules
contained in §§1.1441-5(c) and 1.1461-1, which will be applicable
only after December 31, 2000. See Notice 99- 27 (1999-20 I.R.B. 75).
The de minimis exception, however, will be effective for partnership
taxable years beginning after December 31, 1999, the general
effective date of these regulations.

The modified reporting rules contain some common requirements. None
of these rules will apply to a withholding foreign partnership (as
defined in §1.1441-5(c)(2)(i)). Also, with the exception of the de
minimis rule, the modified reporting rules will apply only when one
or more withholding agents file the required Forms 1042 and 1042-S
and pay the associated withholding tax.

The first modified reporting rule is the de minimis exception. This
rule provides that a foreign partnership (other than a withholding
foreign partnership, as defined in §1.1441-5(c)(2)(i)) with $20,000
or less of U.S.-source income and no ECI is required to file a
partnership return only if one percent or more of any item of
partnership gain, loss, deduction, or credit is allocable in the
aggregate to direct U.S. partners.

The second modified reporting rule, which also was contained in the
proposed regulations, provides that a foreign partnership with U.S.-
source income but no ECI and no U.S. partners is not required to
file a partnership return. Under the third rule, a foreign
partnership with U.S.-source income and one or more U.S. partners
but no ECI must file a partnership return. However, such a
partnership need file Schedules K-1 only for its direct U.S.
partners and for its passthrough partners through which U.S.
partners hold an interest in the foreign partnership.

The final regulations do not require a foreign partnership to
provide Schedules K-1 for foreign partners deriving U.S.-source
income that is not ECI, because the foreign partners are subject to
information reporting on Forms 1042-S under the rules contained in
§§1.1441-5(c) and 1.1461-1 of the regulations.

These rules generally subject the foreign partners, and not the
partnership, to an information reporting regime with respect to
U.S.-source income (that is not ECI) paid to a foreign partnership.
To the extent that information returns are not required for foreign
partners under section 1461 of the Code, the IRS and Treasury have
determined that reporting under section 6031 of the Code is
unnecessary as long as the foreign partnership has no ECI.
Accordingly, a foreign partnership with no ECI need not report on a
Schedule K-1 a foreign partner's allocable share of items of income,
including U.S.-source gains that are not subject to Form 1042-S
reporting, deposit interest under section 871(i) of the Code, and
interest or OID on short-term obligations under section 871(g) of
the Code.

In contrast to the rule for U.S.-source income, the exception to
Schedule K-1 reporting does not apply to a foreign partner's
allocable share of ECI. Under the information reporting rules in
§§1.1441-5(c)(1)(ii)(B) and 1.1461-1(c) of the regulations, ECI must
be reported to a foreign partnership rather than to the foreign
partners directly. In addition, because ECI is subject to tax on a
net basis, a foreign partnership must provide a foreign partner's
allocable share of other items of partnership income, gain, loss, or
deduction to properly calculate the net taxable income. Therefore,
if a foreign partnership has ECI, it must file a complete
partnership return (with Schedules K-1 for all partners) reflecting
all items of partnership income, gain, loss, deduction, and credit.

C. Partners That are Controlled Foreign Corporations

One commentator suggested that a foreign partnership should not have
to file under section 6031 of the Code if it has no direct U.S.
partners and its only U.S.-source income is bank deposit interest
under section 871(i) of the Code. The exception to the filing
requirement in §1.6031(a)-1(b)(2) of the proposed regulations did
not apply to foreign partnerships with direct or indirect U.S.
partners. Thus, according to the commentator, this exception did not
apply to a common, nonabusive situation in which a controlled
foreign corporation (CFC) is a partner in a foreign partnership
whose only U.S.-source income is interest earned on a U.S. bank
account. (Foreign partners do not owe U.S. tax on this interest
income; see section 871(i) of the Code and §1.1441-2(a) of the
regulations (final sentence). In addition, a U.S. person who
controls a CFC must report such income on Form 5471; see §1.6038-2.)

The term indirect interest was not defined in the proposed
regulations. Thus, whether a U.S. shareholder of a CFC partner held
an indirect interest in the foreign partnership was not clear. These
final regulations define the term United States partner as any U.S.
person owning a direct or indirect interest in the foreign
partnership. An indirect interest is defined as any interest held
through one or more passthrough partners (as defined in section
6231(a)(9) of the Code). A passthrough partner is a partnership,
estate, trust, S corporation, nominee, or other similar person.
Because a CFC is not a passthrough partner, the U.S. shareholder of
a CFC has no indirect interest in the foreign partnership under
these final regulations.

Accordingly, a partnership with no ECI need not file a return solely
as a result of having a CFC partner.

D. Responsibility to Ensure Filing of Forms 1042 and 1042-S and
Payment of Associated Tax

As stated above, a foreign partnership may avail itself of the
modified filing requirements in §1.6031(a)-1(b)(3) of these
regulations, for partnership taxable years beginning after December
31, 2000, only if it or another withholding agent actually files the
Forms 1042 and 1042-S and pays the associated tax. A commentator
suggested that a foreign partnership with no withholding
responsibility should not have the burden of ensuring that another
withholding agent has properly filed Forms 1042-S in order to invoke
the modified filing requirements.

Where a withholding agent fails to withhold (and to file the
requisite forms) with respect to a partner in a foreign partnership,
the Service might be unable to assess and collect the proper tax
without information from a partnership return. A partnership return
provides the Service with the name of the foreign partner and the
amount subject to withholding.

Accordingly, these final regulations do not adopt the comment.

While this comment is not adopted, certain relief still may be
available. Each person who has control, receipt, custody, or payment
of an amount subject to withholding is a withholding agent and is
responsible for withholding tax and filing Forms 1042 and 1042-S.
Generally, a foreign partnership is a withholding agent and must
withhold tax and file the requisite forms. Under §1.1461-1(b) and
(c), one withholding agent among several may be relieved of its
responsibility to withhold if another withholding agent withholds
tax and files the proper returns. However, §1.1441-5(c)(3)(v)
augments this rule by deeming a foreign partnership (other than a
withholding foreign partnership as defined in §1.1441-5(c)(2)(i)) to
have satisfied its withholding responsibilities for an amount with
respect to a partner to the extent that the partner's distributive
share of the payment can be reliably associated with a withholding
certificate described in §1.1441-5(c)(3)(iii) pertaining to the
partner that the partnership has furnished to a withholding agent,
and the partnership does not know or has no reason to know that the
correct amount has not been withheld. These final regulations do not
alter the result under §1.1441-5(c)(3)(v). In addition, if a foreign
partnership reasonably relies on a modified filing requirement under
these regulations, but the modification is inapplicable because no
party has satisfied withholding responsibilities, the partnership
should be able to show that its failure to file a partnership return
was due to reasonable cause for purposes of section 6698 of the Code
if the foreign partnership is deemed to have satisfied its
withholding responsibilities under §1.1441-5(c)(3)(v).

E. Partnership Level Elections under Section 703 of the Code

A commentator suggested that an abbreviated return should be
permitted where a foreign partnership would be exempt from the
filing requirement but for a partnership level election under
section 703 of the Code. These final regulations clarify that a
return filed solely to make an election under section 703 of the
Code need contain only information identifying the partnership and
the type of election. In general, such a return is not considered to
be a return filed under section 6031(a) of the Code. Therefore, a
return filed solely to make an election is not a partnership return
for purposes of section 6501 (regarding the statute of limitations)
and sections 6231(a)(1)(A) and 6233 (regarding the partnership audit
rules) of the Code.

Section 1.6031(a)-1(b)(3)(ii) of the proposed regulations provided
that a return filed by or for a foreign partnership to make a
section 703 election must be signed by each partner who was a
partner at the time of election or by any partner who was authorized
(under local law or the partnership's organizational documents) to
make the election and who represented having such authority under
penalties of perjury. A commentator suggested that the signature
requirement for returns filed solely to make a partnership level
election should be restricted to partners who are U.S. persons or
are owned directly or indirectly by U.S. persons. These final
regulations do not adopt this comment but maintain the signature
requirement as proposed. Cf. §301.7701- 3(c)(2) setting forth the
same signature requirement for entity classification elections.

F. Electing Out of Subchapter K under Section 761 of the Code

A commentator suggested that the final regulations should provide a
default rule under which a foreign partnership with no direct U.S.
partners that is eligible to elect out of subchapter K of the Code
would be deemed to have elected exclusion. Under §1.6031(a)-1(c)(2)
of the proposed regulations, a partnership that was deemed to have
elected exclusion from subchapter K, as specified in §1.761-2(b)(2)
(ii), would be exempt from the partnership filing requirement.
According to the commentator, for joint ventures in which all the
direct owners are foreign, it is often difficult to clearly
demonstrate an intention to exclude the entity from U.S. partnership
treatment, as required by the section 761 regulations. To avoid
inconsistency with the requirements for deemed exclusion under
section 761 of the Code, these final regulations maintain the rule
as proposed.

Special Analyses

It has been determined that these regulations are not a significant
regulatory action as defined in Executive Order 12866. Therefore, a
regulatory assessment is not required. It also has been determined
that section 553(b) of the Administrative Procedure Act (5 U.S.C.
chapter 5) does not apply to these regulations. It is hereby
certified that the collection of information contained in these
regulations will not have a significant economic impact on a
substantial number of small entities. This certification is based on
the fact that the regulations would reduce (rather than increase)
the number of small entities that are required to file a partnership
return.

Specifically, the regulations eliminate the filing requirements for
certain foreign partnerships that are fully subject to withholding
in order to prevent duplicative filing requirements.

In addition to eliminating the filing requirements in these
circumstances, for ease of reference, the regulations update and
restate the general requirements to file a partnership return as set
forth in existing regulations. Because these regulations do not
impose any new reporting requirements that are not imposed by the
existing regulations, and the only significant modification of the
existing regulations is to eliminate the filing requirement for
certain foreign partnerships, the regulations will not have a
significant economic impact on a substantial number of small
entities. Accordingly, a Regulatory Flexibility Analysis under the
Regulatory Flexibility Act (5 U.S.C. chapter 6) is not required.
Pursuant to section 7805(f) of the Code, the proposed regulations
preceding these regulations were submitted to the Chief Counsel for
Advocacy of the Small Business Administration for comment on its
impact on small business.

Drafting Information

The principal authors of these regulations are Martin Schäffer,
Office of Assistant Chief Counsel (Passthroughs and Special
Industries), and Guy A. Bracuti, Office of Associate Chief Counsel
(International). However, other personnel from the IRS and Treasury
Department participated in their development.

List of Subjects

26 CFR Part 1 Income taxes, Reporting and recordkeeping
requirements.

26 CFR Part 301 Employment taxes, Estate taxes, Excise taxes, Gift
taxes, Income taxes, Penalties, Reporting and recordkeeping
requirements.

26 CFR Part 602 Reporting and recordkeeping requirements.

Adoption of Amendments to the Regulations Accordingly, 26 CFR parts
1, 301, and 602 are amended as follows:

PART 1--INCOME TAXES

Paragraph 1. The authority citation for part 1 is amended by adding
an entry in numerical order to read in part as follows:

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

Section 1.6031(a)-1 also issued under 26 U.S.C. 6031. * * *

§1.6031-1 [Removed]

Par. 2. Section 1.6031-1 is removed.

Par. 3. Section 1.6031(a)-1 is added to read as follows:

§1.6031(a)-1 Return of partnership income.

(a) Domestic partnerships--(1) Return required. Except as provided
in paragraphs (a)(3) and (c) of this section, every domestic
partnership must file a return of partnership income under section
6031 (partnership return) for each taxable year on the form
prescribed for the partnership return. The partnership return must
be filed for the taxable year of the partnership regardless of the
taxable years of the partners. For taxable years of a partnership
and of a partner, see section 706 and §1.706-1. For the rules
governing partnership statements to partners and nominees, see
§1.6031(b)-1T.

(2) Content of return. The partnership return must contain the
information required by the prescribed form and the accompanying
instructions.

(3) Special rule. A partnership that has no income, deductions, or
credits for federal income tax purposes for a taxable year is not
required to file a partnership return for that year.

(4) Failure to file. For the consequences of a failure to comply
with the requirements of section 6031(a) and this paragraph (a), see
sections 6229(a), 6231(f), 6698, and 7203.

(b) Foreign partnerships--(1) General rule. A foreign partnership is
not required to file a partnership return, if the foreign
partnership does not have gross income that is (or is treated as)
effectively connected with the conduct of a trade or business within
the United States (ECI) and does not have gross income (including
gains) derived from sources within the United States (U.S.-source
income). Except as provided in paragraphs (b)(2) and (3) of this
section, a foreign partnership that has ECI or has U.S.-source
income that is not ECI must file a partnership return for its
taxable year in accordance with the rules for domestic partnerships
in paragraph (a) of this section.

(2) Foreign partnerships with de minimis U.S.-source income and de
minimis U.S. partners. A foreign partnership (other than a
withholding foreign partnership, as defined in §1.1441-5(c)(2)(i))
that has $20,000 or less of U.S.-source income and has no ECI during
its taxable year is not required to file a partnership return if, at
no time during the partnership taxable year, one percent or more of
any item of partnership income, gain, loss, deduction, or credit is
allocable in the aggregate to direct United States partners. The
United States partners must directly report their shares of the
allocable items of partnership income, gain, loss, deduction, and
credit.

(3) Filing obligations for certain other foreign partnerships with
no ECI--(i) General requirements for modified filing obligations. A
foreign partnership will be subject to the modified filing
obligations in paragraphs (b)(3)(ii) and (iii) of this section if,
in addition to satisfying the requirements contained in paragraph
(b)(3)(ii) and (iii) of this section-- (A) The partnership is not a
withholding foreign partnership as defined in §1.1441-5(c)(2)(i);

(B) Forms 1042 and 1042-S are filed by the partnership with respect
to the amounts subject to reporting under §1.1461-1(b) and (c),
unless the partnership is not required to file such returns under
§1.1461-1(b)(2) and (c)(4), in which case Forms 1042 and 1042-S must
be filed by another withholding agent or agents; and

(C) The tax liability of the partners with respect to such amounts
has been fully satisfied by the withholding of tax at the source, if
applicable, under chapter 3 of the Internal Revenue Code.

(ii) Foreign partnerships with U.S.-source income but no U.S.
partners. A foreign partnership that has U.S.-source income is not
required to file a partnership return if the partnership has no ECI
and no United States partners at any time during the partnership's
taxable year.

(iii) Foreign partnerships with U.S.-source income and U.S.
partners. Except as provided in paragraph (b)(2) of this section, a
foreign partnership with one or more United States partners that has
U.S.-source income but no ECI must file a partnership return.
However, such a foreign partnership need not file Statements of
Partner's Share of Income, Credit, Deduction, Etc. (Schedules K-1)
for any partners other than its direct United States partners and
its passthrough partners (whether U.S. or foreign) through which
United States partners hold an interest in the foreign partnership.
Schedules K-1 that are not excepted from filing under this paragraph
(b)(3)(iii) must contain the same information required of a domestic
partnership filing under paragraph (a) of this section.

(4) Information or returns required of partners who are United
States persons--(i) In general. If a United States person is a
partner in a partnership that is not required to file a partnership
return, the district director or director of the relevant service
center may require that person to render the statements or provide
the information necessary to verify the accuracy of the reporting by
that person of any items of partnership income, gain, loss,
deduction, or credit.

(ii) Controlled foreign partnerships. Certain United States persons
who are partners in a foreign partnership controlled (within the
meaning of section 6038(e)(1)) by United States persons may be
required to provide information with respect to the partnership
under section 6038.

(5) Certain partnership elections. For a partnership that is not
otherwise required to file a partnership return, if an election that
can only be made by the partnership under section 703 (affecting the
computation of taxable income derived from a partnership) is to be
made by or for the partnership, a return on the form prescribed for
the partnership return must be filed for the partnership. Unless
otherwise provided in the form or the accompanying instructions, a
return filed solely to make an election need only contain a written
statement citing paragraph (b)(5)(ii) of this section, listing the
name and address of the partnership making the election, and clearly
identifying the specific election being made. A return filed under
paragraph (b)(5)(ii) of this section solely to make an election is
not a partnership return. Thus, such a return is not a return filed
under section 6031(a) for purposes of sections 6501 (except
regarding the specific election issue), 6231(a)(1)(A), and 6233.

The return must be signed by--

(i) Each partner that is a partner in the partnership at the time
the election is made; or

(ii) Any partner of the partnership who is authorized (under local
law or the partnership's organizational documents) to make the
election and who represents to having such authorization under
penalties of perjury.

(6) Exclusion for certain organizations. The return requirement of
section 6031 and this section does not apply to the International
Telecommunications Satellite Organization, the International
Maritime Satellite Organization, or any organization that is a
successor of either.

(c) Partnerships excluded from the application of subchapter K of
the Internal Revenue Code--(1) Wholly excluded--(i) Year of
election. An eligible partnership as described in §1.761-2(a) that
elects to be excluded from all the provisions of subchapter K of
chapter 1 of the Internal Revenue Code in the manner specified by
§1.761-2(b)(2)(i) must timely file the form prescribed for the
partnership return for the taxable year for which the election is
made. In lieu of the information otherwise required, the return must
contain or be accompanied by the information required by §1.761-2(b)
(2)(i).

(ii) Subsequent years. Except as otherwise provided in paragraph (c)
(1)(i) of this section, an eligible partnership that elects to be
wholly excluded from the application of subchapter K is not required
to file a partnership return.

(2) Deemed excluded. An eligible partnership that is deemed to have
elected exclusion from the application of subchapter K beginning
with its first taxable year, as specified in §1.761-2(b)(2)(ii), is
not required to file a partnership return.

(d) Definitions--(1) Partnership. For the meaning of the term
partnership, see §1.761-1(a).

(2) United States person. In applying this section, a United States
person is a person described in section 7701(a)(30); the government
of the United States, a State, or the District of Columbia
(including an agency or instrumentality thereof); or a corporation
created or organized in Guam, the Commonwealth of Northern Mariana
Islands, the U.S. Virgin Islands, and American Samoa, if the
requirements of section 881(b)(1)(A), (B), and (C) are met for such
corporation. The term does not include an alien individual who is a
resident of Puerto Rico, Guam, the Commonwealth of Northern Mariana
Islands, the U.S. Virgin Islands, or American Samoa, as determined
under §301.7701(b)-1(d) of this chapter.

(3) United States partner. In applying this section, a United States
partner is any United States person who holds a direct or indirect
interest in the partnership.

(4) Indirect interest. An indirect interest is any interest held
through one or more passthrough partners, as defined in section
6231(a)(9).

(e) Procedural requirements--(1) Place for filing. The return of a
partnership must be filed with the service center prescribed in the
relevant IRS revenue procedure, publication, form, or instructions
to the form (see §601.601(d)(2)).

(2) Time for filing. The return of a partnership must be filed on or
before the fifteenth day of the fourth month following the close of
the taxable year of the partnership.

(3) Magnetic media filing. For magnetic media filing requirements
with respect to partnerships, see section 6011(e)(2) and the
regulations thereunder.

(f) Effective dates. This section applies to taxable years of a
partnership beginning after December 31, 1999, except that paragraph
(b)(3) of this section applies to taxable years of a foreign
partnership beginning after December 31, 2000.

Par. 4. Section 1.6063-1 is amended by adding paragraph (c) to read
as follows:

§1.6063-1 Signing of returns, statements, and other documents made
by partnerships.

* * * * *

(c) Certain partnership elections--(1) In general. For rules
regarding the authority of a partner to sign a partnership return
filed solely for the purpose of making certain partnership-level
elections, see §1.6031(a)-1(b)(5)(ii).

(2) Effective date. Paragraph (c) of this section applies to taxable
years of a partnership beginning after December 31, 1999.

PART 301--PROCEDURE AND ADMINISTRATION

Par. 5. The authority citation for part 301 continues to read in
part as follows:

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

§301.6031-1 [Removed]

Par. 6. Section 301.6031-1 is removed.

Par. 7. Section 301.6031(a)-1 is added to read as follows:

§301.6031(a)-1 Return of partnership income.

For provisions relating to the requirement of returns of partnership
income, see §1.6031(a)-1 of this chapter.

PART 602--OMB CONTROL NUMBERS UNDER THE Paperwork Reduction Act

Par. 8. The authority citation for part 602 continues to read as
follows:

Authority: 26 U.S.C. 7805.

Par. 9. In §602.101, paragraph (b) is amended by removing the entry
"1.6031-1" from the table and adding the entry
"1.6031(a)-1....1545-1583" in numerical order to the table to read
as follows:

§602.101 OMB Control numbers.

* * * * *

(b) * * *

CFR part or section where Current OMB identified and described
control No.

* * * * *

1.6031(a)-1.......................................1545-1583

* * * * *

Deputy Commissioner of Internal Revenue
Approved:
Assistant Secretary of the Treasury

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